Crypto Academy Week 11 - Homework Post for @imagen | Blockchain Project

Good day everyone, I want to start by thanking @imagen for giving the room for innovation in this week’s tasks. Today’s task is going to be different from everything that I have done so far. That’s because I’m going to be creating a blockchain project that would compete with the likes of Compound Finance, AAVE Protocol, JustLend and Venus Finance.

White Paper

This is a document contains relevant information on a blockchain project that states facts, stats and diagrams regarding the project. It helps founders to pass technical information about the project to readers.

Project Name and Logo

Lendity Protocol ($LENDT) is the first official lending platform that is built on the Solana blockchain. It makes it possible for Solana users to borrow and lend tokens without using the conventional methods. The platform uses artificial intelligence to determine interest rates based on the amount of SOL that is in distribution.

The name, Lendity, was chosen in order to quickly pass the information on what the platform does to our users. This is name that is easy to remember and brand-able.

Before naming my blockchain project, I ensured to conduct a web search, in order not to have a similar product bearing the same name. Hence, my blockchain project is unique and stands out.

The Purpose of Lendity Protocol

Lendity Protocol is an easy-to-use automated order matching platform for lending digital assets. The following tokens are supported on Lendity; Solana ($SOL), Raydium ($Ray), Orca ($Orca), Rope Token ($Rope), Serum ($SRM), $USDC and $USDT as deposits and for collateral.

It is no news that DeFi is of high interest in the blockchain community of recent, hence, we delighted to be bringing our services to you as well. With low charges and fast transactions, we are certain to give other lending platforms a tough time.

Primary Use Cases

• Users of Lendity Protocol can supply tokens and earn interest with relatively low risks

• Solana dApps can interact with Lendity Protocol to confirm assets on the platform

Team

Name	Position
Jeremy M. McGill	Co-Founder and CEO
Emmanuel Boholyubov	Co-Founder and CTO
Millie Rhodes	Co-founder and CMO
Kimberly J. Funderburg	Head of Big Data
Nikon Kalinin	Developer
Oliver Brennan	Head of Contents

Please note that all the names written above are fictional.

What Network will it be based?

The blockchain project, Lendity Protocol, will be based on the Solana Blockchain. The token, $LENDT, will be a governance token for running the platform. As an equity token, users will have voting rights based on the amount of stake that they own on the platform.

Links

• Website: lendity.finance

• Source code: github.com/lendity

• Whitepaper: Lendity.finance/whitepaper.pdf

• Explorer: explorer.solana.com

• Community: discord.com/lendity

• Contract: LENDApVNdxXokk5GT7XD5cUUgXMBCoAz2LHeuAoKWRt

Token Supply

There will be a maximum of 500,000,000 LENDT token that will be produced. 5% will be given as airdrop and user support programs. 25% will be sold on our IDO on Raydium AcceleRaytor. Another 25% of tokens will allocated to the team for maintenance and further development.

Burning

0.05% of the circulating supply of tokens will be burned every six (6) months. This will ensure that the value of the token continues to appreciate.

Token Price

The LENDT token will be equivalent to 0.1 SOL. This is because the token is based on the Solana blockchain, and the native currency of the chain is SOL. Hence, IDO price will be 0.1 SOL. After listing on exchanges, the price is more likely to further appreciate.

Road Map

This is a one-year roadmap that shows the activities of the Lendity team. It assures users of the project’s continuity. It is also important for a project to follow through on its roadmap.

Q2 2021: IDO on Raydium AcceleRaytor and interoperability with the Binance Smart Chain

Q3 2021: Burning of LENDT tokens, Introduction of Lendity OTC Trusted Swap

Q4 2021: Partnerships within the Solana ecosystem, Onboarding of new team members

Q1 2022: Introducing our NFT Auction Protocol

Lendity Protocol Features

● Lending: When lenders hold $LENDT tokens they are able to execute lending as fast as possible.

● Borrowing interest rate and Suppling interest rate: This is based on the forces of demand and supply.

● Matching: Smart contracts are used to match a borrower and a supplier. Hence, both parties do have need to have a discussion.

● Fund supply: Market fund pools are used in Lendity in order to provide sufficient liquidity.

● Repayment: The protocol uses the formula: CV x CF > LV + AI.

C in the formula stands for collateral, V stands for value, F stands for factor. While L stands for land and AI stands for accumulated interests. When the equation is satisfied, interests are paid.

● Interest accrual: Interest accrues when blocks are generated in the Solana blockchain. Since the blockchain is currently one of the fastest, users are sure of fast interests.

● Liquidation: There is a minimum threshold that triggers liquidation. When a borrower provides a collateral value that doesn’t meet the required value, then liquidation is initiated.

Conclusion

While creating and thinking about the idea for Lendity Protocol, I have come to understand how tasking it is to come up with ideas for Blokchain projects. It is no easy task at all. I have also seen how a good whitepaper can tell how determined the team behind a project is.

The interesting thing about the task given by @imagen is that this blockchain project can even become realistic. I think with the right motivation and skills, the project can even be turned to reality. Once again, I want to thank the professor for giving these tasks.