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Slender is a Soroban implementation of a P2P pooled lending protocol. Slender is a decentralized non-custodial liquidity protocol where users can participate as lenders or borrowers. Lenders provide liquidity to the market to earn a passive income, while borrowers are able to borrow in an overcollateralized (perpetual) or undercollateralized (single block liquidity) fashion.
The interest rate in Slender is dynamically determined by the market supply and demand mechanics. Therefore, the borrow and supply interests could vary in different blocks. The main factor which the interest rate relies on is utilization which represents the relative amount of borrows to the total cash in the given market. Classical protocols such as Aave and Compound utilize step-wise functions to control interests when utilization is high. We propose to use a hyperbolic function for the same purposes, as it's smooth, doesn’t have any inflection points, and behaves similarly in nature.
Slender codebase will serve as an important resource for the growth Stellar DeFi ecosystem. Providing a secure Soroban proof-of-concept implementation of the codebase will make it easier for new teams to enter the ecosystem and begin building. We will release the simple UI for the interaction with the protocol. This protocol will serve as a proof of concept and will be released as open-source software. There will be no DAO or utility token, just an open-source protocol that any Soroban project can use as a building block.
We further plan to make a follow-up application that will extensively experiment with the no-liquidation approach in relation to collateralized position management within the protocol. The idea is akin to delta-hedging. The collateral portfolio will be periodically traded in and out of stablecoins depending on its performance, imitating the behavior of the protective put option and eliminating the need for position liquidation. However, we must admit that this setup is only possible with 3rd party AMM liquidity and oracles/backend to control periodic portfolio rebalancing.
Check out more information on the technical specification in our Notion doc.
Our first deliverable is the initial set of Money Market smartcontracts built on Soroban. We present an initial Pool contract and an LP token contract. For the first deliverable, we demonstrate the ability to create a market (pool) and then deposit and withdraw tokens from the market (pool) by a user. A user's share in the pool is represented by LP tokens which we call sTokens. sTokens are represented by a customized token contract.
Pool contract:
The main contract that the user interacts with. Stores information about the parameters of the pool for each asset, including the index coefficient, and user configurations - which asset is allowed to be used as collateral/debt. The contract allows for user deposits/withdrawals. When users deposit sTokens are minted. When users withdraw sTokens are burned.
sToken contract:
sTokens represent user share of the pool and accrue interest in the form of their relative to the underlying price appreciation. sTokens are minted when users deposit collateral into the pool. sTokens are burned when users withdraw collateral from the pool. Almost entirely corresponds to the Soroban token interface but has several custom methods for interacting with the pool. Burning of sToken and transferring collateral back to the user is implemented in this smartcontract and not in the pool smartcontract.
Token contract:
Token contract from examples. We use token contracts to emulate a market (e.g. XLM, XRP, USDC, e.t.c.). Tokens are used for deposits and withdrawals to/from the pool in the demonstration script.
How can a reviewer check you completed your first deliverable?
Please follow the readme instructions in this public GitHub repository
First Name: Alex
Last Name: Melikhov
Role: CEO
Linked In: https://www.linkedin.com/in/alex-melikhov-bb272532/?originalSubdomain=gi
Professional and academic background:
Serial entrepreneur in digital and fintech. Founded and co-founded companies including the renowned crypto exchange Changelly, Oxygen Trade, and EOSDT. MSc Applied Mathematics.
Bio:
Successfully launched DeFi products in EOS and Polkadot ecosystems.
Unlike Ethereum and EVM based-chains, Polkadot and EOS exhibit lower adoption figures, absence/inability to attract outside liquidity, and generally subdued interest.
Yet the EOSDT was the biggest stablecoin in EOS with > 20M collateral in EOS/ETH/BTC and > 1000 active positions. Automated liquidation engine, low collateral requirements, and multiple collateral utilization with pos staking.
Equilibrium stands out as a money market + stablecoin + dex parachain in the Polkadot ecosystem with > 6000 active token holders and a fully functioning product, portfolio-backed loans, market-driven interest rate mechanics, and cross-chain compatibility across Polka and beyond.
First Name: Benjamin
Last Name: Khrapov
Role: CTO
Linked In: https://www.linkedin.com/in/храпов-вениамин-4272ba5b/
Professional and academic background:
Specialized in blockchain DeFi projects. Works on Ethereum, Eos, and Polkadot. A SCRUM master who has developed high-load projects, automated marketing, and programs on the national trade exchanges. More than 10 years of development experience.
MSc Computer Science
Bio:
Developed a TON virtual machine smart contract in assembly-like FIFT language to connect the TON blockchain with EOS. Knows 10 ways to kill your parachain in Polkadot. Gathered a team of passionate professional developers around him. Rust wizard.
First Name: PeterLast Name: SergeevRole: COOLinked In: https://www.linkedin.com/in/peter-sergeev-32520b54/
Professional and academic background: Has managed the development of a wealth of projects and applications, including new margin trading and risk engines, automation of OTC order placement, overnight funding, and mobile trading applications. MSc applied mathematics
Bio:
Knows what financial risk is and how to measure and price it correctly in different market environments and asset classes. Developed current risk-based margin engine architecture in Polkadot. Probably knows the architecture of all types of commonly used AMMs out there. Writes lots of docs.
First Name: Igor
Last Name: Bogdanovskiy
Role: Software Developer
GitHub: https://github.com/Overseven
Professional and academic background:
MSc in Photonics Technologies. Made a research of optimization H265 encoder for Huawei by using a frequently updating background image for CCTV. Worked on space-connected projects where I developed a system of controls and saving information for scientific research. I did research on the optimization of optical phase shift detectors by using parallelism on GPU with OpenCL. I made software for medical research of using laser radiation for medical surgery on a heart.
Bio:
Has experience on cross-chain bridge development: was the lead dev behind the bridge architecture for connecting Subsrate-based networks and EVM-based networks. Has extensive experience with TON smart-contracts, participated in hackathon and made PoC of Digital Identity Infrastructure. Loves RUST and everything blockchain-related.
First Name: Ivan
Last Name: Sanin
Role: Blockchain/Backend developer
Linked In: https://www.linkedin.com/in/ivan-sanin-38844960/
Github: https://github.com/rudewalt
Professional and academic background:
Has a decade of experience in develompment, design and coding in server side using C#, Java, Typescript, three years of them in blockchain develomplent mostly in Polkadot/Substrate and Ethereum. Master degree of applied mathematics. Knows how to optimize code and make smart contracts scalable. Truly universal developer.
Bio:
Adventurer and lifelong learner. Loving husband and father. Has a strong desire for knowledge and actively seeks opportunities to learn and grow.
The USD valuation of the budget request in XLM will be calculated using the CF Stellar Lumens-Dollar Settlement Price on December 5, 2022 as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR). Learn more in the SCF Handbook.
*The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on July 5th as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
**The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on December 16, 2021 as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
*The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on September 27, 2021 as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
* The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on the date of transfer as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
*This budget request has not been fully awarded to the project. The USD valuation of the budget request in XLM will be calculated using the CF Stellar Lumens-Dollar Settlement Price on day of payment as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR). Learn more in the SCF Handbook.
*This budget request has been awarded to the project in XLM. The USD valuation of the budget request in XLM will be calculated using the CF Stellar Lumens-Dollar Settlement Price on day of payment as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR). Learn more in the SCF Handbook.
*This budget request has not been fully awarded to the project. The USD valuation of the budget request in XLM will be calculated using the CF Stellar Lumens-Dollar Settlement Price on day of payment as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR). Learn more in the SCF Handbook.
*This budget request has not been fully awarded to the project. The USD valuation of the budget request in XLM will be calculated using the CF Stellar Lumens-Dollar Settlement Price on day of payment as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR). Learn more in the SCF Handbook.
*This budget request has not been fully awarded to the project. The USD valuation of the budget request in XLM will be calculated using the CF Stellar Lumens-Dollar Settlement Price on day of payment as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR). Learn more in the SCF Handbook.
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