Kong Protocol

Kong Protocol Main Page

Inspiration

We were inspired by projects like MakerDAO but wanted to simplify and improve on the model and deploy it on the Solana blockchain.

Kong Promo Video

What it does

The Kong DeFi protocol allows you to get a stablecoin (BANANA) instant loan for SOL collateral at zero interest with zero liquidation risk. We swap the collateralized SOL for Marinade SOL (mSOL) so we can maintain our instant close loan payout promise while continuing to gather staking rewards and issue the profits to our KONG protocol token holders. We have an arbitrage feature that incentivizes users to maintain our Banana stablecoin / USDC peg.

How we built it

We built the Kong protocol on Solana using Rust, Solana's SDK, Pyth, and Marinade with a React/Typescript user-interface deployed to a Dfinity ICP canister.

Challenges we ran into

Diving into the Solana ecosystem was a steep learning curve but the dedication and support of the Solana programming community made that a relatively smooth experience. Initially, React wallet support was incomplete but the Solana Labs team kicked out fresh library code as we were building our front-end to save the day.

Accomplishments that we're proud of

We're very proud of designing a DeFi protocol that delivers a zero liquidation risk and zero interest instant loan service to Solana customers. We believe the value proposition is very simple and advantageous.

What we learned

Our team learned a lot about the Solana blockchain programming environment and the Web3 ecosystem.

What's next for Kong Protocol

Our next step is to get to mainnet-beta with a working stablecoin peg and offer staking rewards to KONG token holders with lower collateral requirements for them.