Percent Finance is a community-owned fork of Compound, which uses Chainlink as its price oracle. These two key differences meant that Percent could innovate quickly, and carve its own path, while of course standing on the shoulders of the above two giants. Percent already succeeded in adding 15 tokens to its money market, all securely using Chainlink prices, and there are plans for more. Percent community members also did research into interest rate models, with the results of these labours being a plan to use 6 different models across its 15 current assets.
Taking a step back, Percent Finance was created by the anon developer @PercentFinance. Their goal was always to gradually hand over control of the website to its community, thus making it truly community-owned. This happened throughout October, with multi-sig members, that were voted in by and from the community, taking the lead in adding the extra token markets and creating the interest rate models. Finally, @PercentFinance announced their departure to the multi-sig community members on the 3rd of November, expecting for them to announce it along with a product roadmap and developer hires that were being worked on to the wider community. …
Please read carefully and reach out via Discord if you’ve been affected
Dear Percent community,
We have to inform you that some of our money markets experienced an issue that can result in permanent locking of user funds.
— Due to an error in the interest rate model update, which we conducted earlier today, the USDC, WBTC, and ETH markets are frozen. You cannot supply, borrow, repay or withdraw from them at the moment.
— The net funds in these markets (supply — borrow) are locked in the contracts.
— The amount locked is: 446k USDC + 28 WBTC + 313 ETH. …
On October 1st when we launched Percent, several people pointed out that our core contract had the possibility of having funds stolen by the admin in the first 48 hours after launch due to a delayed transfer of admin privileges.
We publicly admitted this mistake, then notified users about it on Twitter, on our Discord, and via a warning on our website. As of this writing we have transferred the admin of our core contract to a timelock contract to eliminate the possibility of rug pull. All your funds are safe.
Transferring the admin keys of a contract is often simple and can be done with a single transaction from the original admin. We originally planned to initiate this transfer and set the admin of our core contract to our timelock contract within the first hour of the launch. The intention was to allow us a short window of buffer time (one hour) to be able to respond to any unforeseen issues. …
We are proud to announce that as of October 1st at 13:00 UTC the Percent money market is live on mainnet. This follows two weeks of intense development work, community discussion, and testnet and beta releases.
For those who are just getting up to speed, Percent is a lending/borrowing protocol built on Ethereum to facilitate permissionless finance. We forked code from Compound, integrated a Chainlink oracle solution for price feeds, and orchestrated a completely fair token launch.
As of today we are excited to launch with eight tokens and more are on the way. …
Lending and borrowing originated thousands of years ago in Greece and Rome, and these financial activities have become key building blocks in our modern world.
While empowering individuals and companies with access to new capital is essential to human flourishing, the traditional financial system has fundamental problems in accomplishing this goal.
Some examples include:
Total supply: 20,000,000 PCT (Hard capped. No minting capability. No admin key.)
The distribution is divided into 3 phases:
Phase I (10,000,000 PCT)
Start from: 17th Sep, 13:00 UTC
Duration: 2 weeks
10,000,000 PCT will be distributed to the following Balancer pools. The PCT/WETH pool will receive 2X rewards. Liquidity providers can farm PCT by simply staking their BPT tokens to the respective reward contract through the official website.