Jet Protocol is one of the unique lending platforms on Solana, the Total Value Locked of the project surpassed $35M in less than three weeks. So, what set this project apart from the others, how does it work, and what does the project's token do? We'll find out in this article.
What is Jet Protocol?
Jet Protocol is a protocol built on the Solana blockchain that aims to offer innovative lending products and interest rate arbitrage. The most important aspect of this governance-first approach will be creating an inclusive community with research, design, implementation capabilities for useful financial services such as lending.
The project’s goal is to build a borrowing and lending protocol with market-driven interest rates, rather than the usage curve-based models currently seen on Ethereum. Their low fees as well as high throughput network allow them to create an experience that isn't only relevant but improves upon centralized interactions people are familiar with from everyday life.
How does Jet Protocol work?
The Protocol will allow users to deposit supported tokens that they can then withdraw at any time with interest to incentivize participation on the platform. The deposits will be locked in a pool and users are able to take out a loan in the supported tokens.
Users are able to borrow against over-collateralized debt positions. However, if the collateral assets fall under the debt ratio, their position may be liquidated under smart contracts. The project also uses a dynamic collateral ratio which can be obtained by using popular oracle projects.
Jet will launch a governance system that can leverage the protocol’s governance structure. The main goal is to support the community with a clear precedent and create transparency on the platform. In addition, the project also introduces interest rate products from the secondary market on Serum to support product research and development.
What is JET token?
Jet Protocol's native Solana-based SPL token is called JET. JET is a utility token that enables the two following primary uses:
- Governance voting rights to change and upgrade Jet Protocol.
- Tiered usage benefits of Jet Protocol earned by locking up JET.
Detailed information about JET Token
JET Token Metrics
- Token Name: Jet Protocol.
- Ticker: JET.
- Blockchain: Solana.
- Token Standard: SPL.
- Contract: JET6zMJWkCN9tpRT2v2jfAmm5VnQFDpUBCyaKojmGtz
- Token Type: Utility.
- Total Supply: 1,700,000,000 JET
- Circulating Supply: 156,257,200 JET
JET Token Allocation
- DAO: 25.5%
- Team & Advisors: 25%
- Contributors: 21.4%
- Seed Investors: 15%
- Follow-on Investors: 10%
- IEO & Market Makers: 3.06%
JET Token Sale
How to buy JET token
The token is not currently supported on Coin98 Exchange. But in the future, you can use Coin98 Exchange to swap other tokens for JET in just a few simple steps when the token is supported.
How to mine JET token
How to store JET token
You can store JET token on Coin98 Wallet when the token is supported.
Roadmaps and Updates
- Jet Protocol launches and incorporates.
- $4.85 million seed round of funding closed.
- Development of Jet Protocol begins.
- Launch capped deposit mainnet of core lending MVP.
- Audit codebase in preparation for un-capped mainnet redeploy.
- Begin research, design, & implementation of V2.
- V1 automated leveraged position management.
- V1 structured products.
- Continued V2 implementation.
- Late Q4: testing of Jet V2.
- Jet V2 Launch.
Team, Investors, and Partners
- Wil Barnes | CEO & Co-Founder: Wil Barnes is the CEO and Co-Founder of Jet Protocol. He used to work as an Engineer at MakerDAO and ConcenSys.
- James Moreau | COO & Co-Founder: James is also the Co-Founder of the project. He has over 5 years of experience in the blockchain industry. He has also worked at ConcenSys as a community lead.
The project raised a total of $4.8M from the seed round in June, 2021. They are also backed by popular investors such as DeFiance Capital, Parafi Capital and Alameda Research.
Is JET a good investment?
This article has provided some of the main ideas related to the JET token and its implications. You should always do your own research before making investment decisions.
However, it is important to note that there are a few key points that investors should take into account before making investment decisions:
- The project is still in an early-stage phase as their mainnet just launched on 6th Oct, 2021. However, the unique point of Jet Protocol is the project uses a dynamic collateral ratio which can reduce the volatility of the cryptomarket in lending & borrowing.
- Jet Protocol also leverages Wormhole and RenVN as bridges to attract value from other blockchains such as Ethereum and Binance Smart Chain to Solana users. This will utilize the advanced technology of Solana to ensure that users have the best trading experience.
I hope you have gained all of the important information about JET including its features and highlights throughout this topic.
If you have any questions about JET or want to know more about JET, please feel free to leave a comment below and join Coin98 Community for further discussions about Crypto.