Perlin Finance has launched its decentralized money market on the Neo N3 TestNet. Users can now test the platform that will eventually allow them to earn interest on their cryptocurrencies and borrow against assets on MainNet.
Perlin’s protocol enables lenders to deposit tokens into a pool contract and create a reserve for each respective cryptocurrency. Borrowers can then take out loans from this reserve, provided they offer sufficient collateral. The protocol’s algorithm determines interest rates by considering both the total funds in the pool and the interest accrued from lending.
To begin testing the platform, users must first acquire assets on Neo N3 TestNet. The official Perlin Discord server offers a faucet that distributes NEO, GAS, fUSDT, fWBTC, and fWETH.
Users are able to manage their assets though a lend / borrow dashboard that provides relevant details for each token. An active markets tab also includes the total amount of digital assets supplied and borrowed across the platform along with their interest rates.
Looking forward, the team intends to host events on Discord in the lead-up to the platform launch on MainNet. At the time of press, a MainNet launch date for Perlin has not been announced.
About Perlin Finance
Perlin’s protocol uses algorithm-based interest rates to create a more efficient borrow and lend system, drawing inspiration from established pool-based lending platforms such as Compound and Aave.
The Korean team behind the project brings experience from DeFi protocols like RomeDAO and KlimaDAO, as well as from renowned tech companies Toss and Samsung. The group, comprising two developers and a UX designer, boasts a background in Web 2.0 development and smart contract creation, with plans to add new members over time.
The full announcement can be found at the link below: