Jupiter, a Defi application on Solana, has launched the public beta of his new credit platform, Jupiter Lend. The project has been developed in collaboration with Fluid, a company that is known for building credit markets on Ethereum.
The security of the platform was assessed via two independent audits by Zenith and Offset Labs, with three extra audits in performance. Jupiter is planning to open the code and introduce a Bug-Bounty program once reviews are completed.
The platform comprises more than 40 vaults and offers more than $ 2 million in incentives from Jupiter, Fluid and Ecosystem partners. Within the first 24 hours, the total value exceeded Jupiter Lend $ 500 million and placed it under the fastest growing money markets in decentralized financing.
With Jupiter Lend, users can deposit assets for yield, use borrowing against collateral or leverage. The system combines insulated safes with the liquidation engine from Fluid, which reduces fines compared to standard Defi practices. It also supports cross-wallet management, which allows users to supplement collateral or repay loans from different portfolios.
In the launch, the platform supports a series of assets, including packed Bitcoin, liquid reinforcement sticks, stablecoins and Jupiter’s own token, Jup. Jup holders can use it as collateral to borrow USDC.
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