Jet Protocol, a Solana-based non-custodial liquidity app offering lending products for the DeFi ecosystem, introduced immediately it has taken step one in constructing a really decentralized and censorship-resistant protocol as a way to present infrastructure to entry on-chain monetary debt devices.
Jet’s design takes benefit of Solana’s pace and low charges, permitting customers to borrow in opposition to over-collateralized debt positions while honing the worth of versatile, capital-efficient margins.
In efforts to offer an on-chain governance system consultant of not solely the Jet consumer base but additionally the broader DeFi neighborhood, Jet has launched JetGovern — a brand new mechanism to manipulate the platform in an efficient and decentralized method.
“At Jet, a well-composed and strategically maintained system of governance is important as a way to make selections on every part – from run-of-the-mill functioning of the protocol, adjustment to insurance policies of the JET token, including new collateral varieties, coping with a disaster, or deciding the path of growth and governance itself. Leveraging expertise with governance frameworks from first-mover protocols like MakerDAO, we’re establishing a really battle-tested governance ecosystem with all of the checks and balances in place to maintain progress and growth.”
– Jet Protocol CEO, Wil Barnes
Incorporating each on-chain and off-chain governance buildings, JetGovern ensures a trustless, safe, and efficient consensus-building course of.
On-chain governance employs voting mechanisms on the blockchain by way of the JET token which is used to symbolize the consumer’s stake and confer voting rights, whereas off-chain governance takes place on the Jet Protocol forum the place anybody can create or vote on a proposal.
Through the JET governance token, customers will be capable of lead the platform with none centralized or Third-party authority, placing full management within the palms of the protocol’s customers and the Jet neighborhood.