Pre-emptive strike, dialogue with Port Finance, the Solana ecological early bird lending agreement
With its superior performance, Solana has become one of the fastest growing public chain ecosystems outside of Ethereum.
When it comes to the DeFi protocol in the Solana ecosystem, the first two DEXs that come to mind may be Serum and Raydium, but if you want to ask which top lending projects in the Solana ecosystem, many people may not be able to give an answer. In order to facilitate everyone to learn more about Solana and the development status of the lending sector within the ecosystem, Odaily's 116th Chaohua Community invited Captain, the co-founder of Port Finance, one of the earliest lending agreements on Solana. As an early bird lending project in the Solana ecosystem, what are the innovations of Port Finance? How does Captain view the future development of the lending track and the entire Solana ecosystem? Everyone is welcome to read and understand in the AMA highlights below.
Q1: Please briefly introduce Port.Finance to everyone.
A1: Port Finance is positioned as a money market (Odaily note: that is what we often call lending agreements, similar to Aave and Compound). We are a non-custodial liquidity agreement based on Solana, aiming to provide users with a full range of lending products, including floating rate lending products, fixed rate lending products and interest rate swap products.
Port Finance's team consists of 3 co-founders. The founding team all have a background in technology development. They have worked in large technology companies such as Google, Facebook, and Microsoft, and have also worked in trading companies. We met while studying Computer Science at Imperial College London, and previously contributed to the open source code for Solana and Serum.
We have been paying attention to the development of DeFi in the Ethereum ecosystem. Now, we will be building on Solana, and I am very excited to help such a thriving ecosystem fill the gaps in the early ecosystem.
Q2: Why did Port.Finance choose to develop based on Solana? What are the advantages of Solana compared to other public chains?
A2: Solana's low latency and high throughput are very suitable for the development of the Port Finance protocol. Higher speed means we can execute liquidations more efficiently, which means that our collateral ratio requirements will be lower compared to other mainstream lending platforms.
Based on Solana, Port Finance plans to use the on-chain order book of Serum (Solana's ecological leader DEX) to explore the possibility of building more complex financial products, which is currently difficult to achieve on Ethereum.
Through Solana, developers can use the Rust language to build applications, which is a fast-growing smart contract development language. The Port Finance team has a very orthodox computer science background, and the Rust language's free abstractions, well-designed type system, and convenient toolchain complement our expertise perfectly.
There are now more than 200 projects in the Solana ecosystem, which means that Port Finance can explore many avenues when trying to build partnerships. Cooperation is the key to supporting sustainable development!
Q3: In the past year, lending DeFi applications have achieved considerable development. Compared with established lending projects such as Aave and Compound, what innovations does Port.Finance have at the product level?
A3: Port Finance aims to provide a full range of lending products, including floating rate lending products, fixed rate lending products and interest rate swap products.
Our floating rate lending product is currently live on the mainnet. Compared to Ethereum products like Aave and Compound, we will have many different innovations:
More aggressive (Odaily note: that is, lower, less collateral is required to lend the same asset) minimum mortgage rate requirements and liquidation thresholds;
We plan to introduce the concept of sub-accounts, allowing users to divide a single address into different sub-accounts according to risk, so that even if a sub-account is liquidated, not all assets will suffer losses for the user;
We plan to integrate Serum directly to enable leveraged trading.
Q4: In order to prevent bad debts in the system, many lending applications often set a high minimum mortgage rate and liquidation threshold. The user experience is not friendly. What are the two data of Port.Finance?
In Port Finance, different assets will have different minimum mortgage rates and liquidation thresholds. For stablecoins, such as USDC, USDT, and PAI, we have set aggressive minimum mortgage rates and liquidation thresholds. For more volatile assets, such as SRM, SOL, we will set more conservative parameters.
Users can log in to our mainnet version (https://mainnet.port.finance/#/) to see the specific parameters of each asset, after completing further testing, we will strive to further reduce the parameter requirements.
In general, we are able to set more aggressive parameters for the same type of assets compared to lending protocols within the Ethereum ecosystem, and we have built custom liquidation bots that can perform liquidations faster than Ethereum applications.
Q5: Port.Finance launched the mainnet last month, how is it running? Can you give us some data?
A5: The mainnet version is running very well, and we are continuing to collect user feedback and continue to improve the product. Since the mainnet version has just been launched for less than a month, we will have some functional restrictions for security reasons. In terms of data, we currently have 240 users, and the TVL is about 400,000 US dollars. We expect that as we further increase our marketing efforts, the popularity of the platform will continue to increase, and the corresponding data performance will also increase significantly. :
Q6: We understand that Port.Finance is still a protected version, and there are certain functional limitations, such as the deposit limit and so on. When will these restrictions be fully lifted?
A6: After we completed the security audit, we have removed the deposit limit.
Q7: Have Port.Finance products completed a third-party security audit? If completed, where can I see the audit report? If it has not been completed yet, is there any plan for it? Which security companies have you contacted?
A7: The core lending procedures and liquidity mining procedures have been audited by Bramah Systems. We have also commissioned Kudelski to conduct a second round of audits. The team will share these audit reports at an appropriate time.
Q8: We noticed that Port.Finance has just completed a seed round of financing of 1.2 million US dollars, and will soon have an IDO. How to participate in PORT's IDO? Are there any specific conditions that need to be met?
LinkLinkread.
Q9: What are the specific functions of PORT in the Port.Finance system? Can you briefly introduce PORT's token economic model?
A9: The PORT token will be the governance token of Port.Finance. In addition, we will spend 50% of the Port.Finance protocol fee income to buy back and destroy PORT. :
Q10: The Solana ecosystem is developing at a high speed. We understand that there are other teams building lending applications on top of Solana. In your opinion, is the current competition fierce? If you had to use one sentence to emphasize the advantages of Port.Finance, what would you say? Why?
A10: We believe that the development of the Solana ecosystem is still at a relatively early stage, and competition means there are still potential gaps in the market. We hope to grow together with the community and other projects in the ecosystem. :
Our greatest strength lies in development execution (the founding team has rich development experience) and concentration at the product level. Compared with other lending protocols on Solana, we have launched the main network, and we are actively trying to integrate other protocols and support more new assets. We believe we have a first-mover advantage in Solana, a brand new ecosystem. We will also continue to improve the product based on user feedback.
In terms of products, Port Finance has a wider coverage than competitors, and our goal is to become a one-stop shop for the money market, offering floating rate lending products, fixed rate lending products, and interest rate swap products. From what we can tell, other competitors have a relatively smaller range of features.
