- The Jet protocol has facilitated approximately $38.58 in borrowed assets through the Solana network already.
- Solana network has dozens of lending protocols including Port Finance, Larix, Solend, and MarginFi, among others.
The Solana (SOL) network, the only blockchain ecosystem with a functional smartphone dubbed Saga mobile, has attracted significant attention from regulators, developers, and users due to its potential and future growth prospects. Although the Solana network has yet to recover from the devastations of the FTX and Alameda’s collapse late last year, the team has remained focused on building the necessary infrastructure to ensure mainstream adoption.
Moreover, Solana’s total value locked (TVL) has remained around $256 million in the past seven months, thus depicting that the bottom has already been achieved. According to the latest crypto market data, Solana’s (SOL) price gained approximately 15 percent to trade around $16.6 on Friday.
Jet Protocol Scales Via Solana Network
Jet protocol, a decentralized crypto lending and borrowing platform built on top of the Solana network, has relaunched with a fixed rate. The Jet protocol distinguishes itself from other crypto lending and borrowing protocols by the fact that it offers its users a chance to deal with fixed rates. Moreover, most crypto lending and borrowing projects offer a variable rate to their customers, which is risky positively and negatively depending on the users’ experience.
Jet isn’t just another liquidity protocol; it’s a game-changer that revolutionizes the way you manage your assets. Jet’s comprehensive DeFi offerings include lending, borrowing, and margin trading across multiple integrated trading venues on the@solana blockchain.
— Jet Protocol (@JetProtocol) June 2, 2023
According to market data provided by Defillama, Jet protocol had a total value locked of approximately $196k. The project’s native token JET had a market capitalization of approximately $1.5 million and an FDV of about $15 million. Trading around $0.00929 on Friday, the JET token reported a 24-hour trading volume of about $143k. Interestingly, the Jet protocol has facilitated approximately $38.58 in borrowed assets through the Solana network already.
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Notably, the Jet protocol uses an order book design to allow borrowers and lenders to set their terms, including the level of interest rates and payback timelines.
“It’s not some artificially derived APY,” or annualized percentage yield, said founder James Moreau. “It’s entirely market-based.”
With the crypto market going mainstream through global regulations, the Jet protocol intends to facilitate as much borrowing and lending as possible. Moreover, the more on-chain activity it records, the higher the revenue and credibility to obtain more users.
“We basically want to see as much of the lending money get borrowed as possible, and so that’s what I’m working on,” Moreau added.
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Market Outlook
Undeniably, the cryptocurrency market has significantly reduced the volume of traditional financial institutions. Already, traditional financial institutions have poured in lots of funds to develop decentralized financial protocols to enable seamless crypto adoption. The Solana network, which reported total active users of about 97k in the past 24 hours, has attracted significant attention from institutional investors and retail traders. Moreover, Solana offers affordable, secure, and scalable transfer of value with capabilities to cross-chain through its DeFi protocols.
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