Percent Money Market Launch

Launch

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. The initial list includes: ETH, WBTC, USDC, USDT, DAI, SNX, YFI, and LINK

Audit

There has been an audit done on our Chainlink integration by the team at Chainsulting, and the rest of the code is taken directly from the battle-tested Compound smart contracts. That said, we want to ask all potential users to be responsible and do their own research before locking up any large amounts of capital.

Token distribution

For the first two weeks (until October 14th) we have some farming opportunities to offer early adopters of the project. These rewards come from our hard-capped supply of 20,000,000 PCT, and to confirm that number you can see our token contract here.

To recap for readers just coming across Percent now for the first time: 10,000,000 PCT has already been farmed by early users who took the risk of supporting us over the last two weeks since September 17th.

Over the next two weeks, there will be just under 7,000,000 in rewards available split across those who lend and borrow on our platform and those who stake Balancer pool tokens here. This is a slight update to our initial distribution, which is the result of our first successful community vote on Snapshot. Feel free to verify the Percent farms on Coingecko here.

After this initial time window i.e. after October 14th, rewards will continue for users of the protocol and PCT liquidity providers in the PCT/WETH Balancer pool. The community is currently discussing what time frame we will use to allocate the remaining roughly 3,000,000 in rewards, and we are also considering incentivizing other pools with a portion of those funds (e.g. on Uniswap). Over the coming weeks, we will offer an update here with all the specifics as they get decided.

Pro tip: Be sure to check out the Balancer pool with our native PCT token and WETH, which will have over 1,500,000 in PCT rewards allocated to it alone from today until October 14th. At the moment, only PCT/WETH liquidity providers are allowed to vote in decisions concerning the future of the protocol and token economics.

Finally, in the interest of being transparent: our use of Balancer pool tokens in the farming process is how we have managed to generate a development fund to pay for continued work on the project over the long-term, while maintaining total community ownership.

If you are interested in getting involved with Percent, or you want to request a token for us to add, please join us and our 800+ person community on Discord. We would be happy to have you.

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