Watching the money market tides
Winners of the Pyth prize track of the Solana Riptide Hackathon Neptunes strive to answer the question of how to weather the storms of trade. The team offers a simple answer which is innovation.
Touted as more than a borrow and lending protocol or permission-less digital bank the team at Neptune wants to outperform all dimensions of on-chain markets.
What exactly is Neptune?
The platform was born of ideas that avid Solana users wanted with the idea of developing a DeFi platform with certain features that were missing on the blockchain. The goal is to have an interface that is comfortable for a novice with options of use that are great for a professional. The core aspect of Neptune is a permission-less bank indeed with lending and borrowing the main utility but the team views the project as much more.
The team consists of a diverse group of professionals with some having even met through Discord. The team came together once they realized there weren’t any sophisticated lending and borrowing protocols on Solana. The group is taking the phrase “banking the unbanked” very seriously and running with plans to do just that. There are plans to implement Checking and Savings accounts on the platform as well.
At the very core of the project is a run for simplicity as the team believes that onboarding is much easier if the process to do so is very understandable and self-explanatory. They are very proud of their collateral swaps feature which makes trading of collateral for loans in crypto much simpler. The old way of collateral trading would be if you decided you wanted to change what you use for collateral you would have to completely close out your loans, withdraw the crypto you used at first, go to an AMM swap your coin for the coin you now want to use, go back to the lending and borrowing protocol, deposit the new token and then start all over again. The team at Neptune has changed this to a simple button click. There are more solutions and plans for the project that the team is working on including stable-rate, fixed-rate, and self-repaying loans.
Get started and governance
At the time of this writing, there is a demo available on their site for you to try out their project. The available demo is basically the version that helped them win at the Riptide Hackathon. The UI is being revamped as the team at Neptune has taken a lot of the feedback they have gotten to heart and made the necessary fixes.
The team does not believe in the current system of governance as they think that governance tokens have no value at the moment and they want to create a more modern governance system. There are plans for a timelock system where a longer timelock would bring more voting power. This means that a user with a smaller amount of tokens can be given more power to play with the power players by staking their tokens longer, this will help reduce manipulations by bigger players. Another amazing feature introduced on Solana by the team is the voting delegation feature where a user can delegate the vote to another user.
A new way
With the sudden change of the market the consensus is that many are risk-averse at the moment, the team has noticed that and believes that is exactly why Neptune is needed at this type of moment. The team at Neptune is getting ready for their lockdrop which is a very big step for them as security is of the utmost importance with the team.