Introduction to Percent.finance
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:
- According to the World Bank report there are 1.7 billion unbanked people around the world who don’t have access to the traditional lending/borrowing process.
- Banks and other third-party intermediaries have the power to reject certain individuals, and as a result the existing system is not accessible to everyone.
- When these third-party intermediaries are accessible to people, they collect money as middlemen, which decreases the system’s efficiency: lenders earn less in interest, while borrowers pay higher fees.
Powered by Ethereum blockchain, decentralized finance solves the problems mentioned above and enables a fair lending/borrowing system for every participant that is supported by algorithmic, autonomous interest rates.
What is Percent.finance?
The Percent protocol is a decentralized money market that offers users access to permissionless lending and borrowing. In essence, we are a fork of Compound that is powered by Chainlink oracles.
Our aim is to create a truly decentralized lending/borrowing platform with fair distribution, fair governance, and unmanipulated data oracles.
In order to accomplish these goals we have implemented:
- Fair token distribution with 100% token allocation to liquidity providers with no pre-mining or reserves for the team, no unannounced launch.
- Chainlink price oracle integration for providing a wide range of accurate and decentralized price feeds.
- Governance token PCT with a quadratic voting mechanism to incentivize the number of participants involved in platform governance.
When Percent Money Market Will be Live?
Percent money market is planned to launch on the 1st of October.
We have created a brand new UI/UX and our testnet is available on the Kovan testnet.
To test our platform make sure you are connected to Kovan testnet, and get some free testnet ETH and LINK to test it.
What is the Utility of PCT?
PCT has no intrinsic value.
PCT will work as the governance token for percent.finance platform and PCT holders can decide on the future decisions of the platform such as:
- Adding new token markets
- Updating rewards distribution
- Updating oracle addresses
- Choosing new admins
- Tokenomics
In total there will be 20 million PCT to be distributed in 3 phases. All PCT will be distributed fairly to yield farmers (on phase 1 and phase 2) and users who lend/borrow on percent finance (on phase 2 and phase 3). You can read more about the PCT distribution here.
Learn more
Join the discussion on Discord with 850+ participants.
Follow us on Twitter.
Check our code on Github and Chainlink oracle integration code to let us know how we can improve!
