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Project Overview

Just like conventional peer–to–peer lending and borrowing platforms, Specter DeFi facilitate its users to lend their NEAR to others and borrow it from the protocol pool. In exchange, the lender gets interest payments. Specter DeFi operates without any middlemen, hence, the financial rewards are sent straight away to the users. The best thing about using Specter DeFi is that the users don’t ever need to disclose their identity, and still borrow or lend NEAR tokens.

How does Specter DeFi work?

1. Lending:
The lender sends a lend request to the smart contract and then those funds get stored in the blockchain with the contract. When the lender wishes to withdraw his funds, he can send a withdraw request to the contract and receive the funds with interest rewards.
2. Borrowing:
The borrowers send a borrow request to the smart contract and those funds are transferred to the user in return. The user can repay the funds by sending a repay request, but this time the user would also have to provide the payment with the interest added. Note: Since this is still a development project, we do not take any collateral when providing funds to the borrow, this would be added in the future.

Technologies used

1. React JS (Frontend)
2. Assembly Script (Smart Contract)
3. NEAR JS SDK (Signing Transactions)
4. Figma (UI Design)

What's next for Specter DeFi

We Planning to add the following features in the future,

• Dynamic APY calculations with respect to demand and supply of NEAR in the market.
• Network token for lenders.
• Collateral is taken from the borrowers to ensure the protection of lenders.

Built With

• assemblyscript
• figma
• near
• react