Inspiration
Lending and Borrowing platforms that already are active in the market.
What it does
User's can deposit ERC20 assets that are supported in Persis Lend and borrow up to 70 % of the value of deposited assets in other markets. for example, a user can deposit 100$ DAI and borrow up to 70$ ETH.
How we built it
I created one contract per market and one contract for data storage of the market. for example, there is the market contract for ETH and there is one data contract for ETH. this pattern gets repeated for LINK and DAI markets.
Challenges we ran into
The important part of this project is to use the updated price of ERC20 assets in the platform, thanks to ChainLink contracts, we get the most updated price of tokens and use them to manage the 4 main actions of the platform and liquidation process.
calculation of interest rates in Persis Lend will happen in the interest model contract and is based on the total amounts of deposits and borrows in the market. If the deposits in the market increase, the interest rates decrease, making borrowing more frugal. If the borrows increase, the interest rates increase, making depositing more frugal.
there is a minimum interest rate for borrowing from Persis Lend and the value is set in the deployment process. In front of the platform, the user will see the supply and borrow rates per block. In short, we calculate the yearly interest rate in the interest model by the total deposit amount and total borrow amount, and then by dividing them by the total blocks per year, to get the rate per block.
in the core of all these markets, there is a Manager contract, the duty of this contract is to update market and user balance details and run interest rate calculations after or before any action. Manager contract is connected to all markets and at any time we can get updated withdrawable or borrowable amounts for users and use them in withdraw or borrow action.
for the Liquidation process, we have a liquidation contract. in this contract,by get last price of erc20 assets from ChainLink contracts ,we calculate liquidationLimitAssetSum $ based on margin call limit factor and userBorrowAssetSum $ and if liquidationLimitAssetSum is lower than or equal to userBorrowAssetSum, user is ready for Margin call !
Accomplishments that we're proud of
this is 100 % decentralized and users can withdraw their withdrawable assets anytime without any problem.
What we learned
I learned how I can optimize this platform more!
What's next for PersisFinance
I want to create a server by node.JS and set up a liquidation server for any market. so we can run the liquidation process in real-time and live!
I want to create a reward system and reward user's for their supply.
I want to create a DAO platform for PersisFinance. v1 of this DAO is ready and I am testing it. this DAO platform is contained only one contract. all process of governance and timelock is happening in this one contract and i named it masterDAO contract.
