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Blockchain, UI/UX Design, Website Development
KaiLend
Algorithmic, autonomous interest rate protocol for developers building open finance apps.
Client
Confidential
Duration
2 months
Category
Blockchain
Year
2022
Technology
AWS, Mongo Atlas, Infura IPFS, Solidity, The Graph, Lambda serverless, NodeJS, ReactJS
Introduction
KaiLend is an algorithmic, autonomous interest rate protocol built for developers, to unlock a universe of open financial applications.
Challenges
KaiLend aims to create a decentralized system for the frictionless financial exchange without the flaws of existing approaches. However, several challenges stood in the way of achieving this goal:
– Ensuring robust security: With security being a top priority, continuously safeguarding the platform and user assets against evolving smart contract vulnerabilities, potential exploits, and other security threats is a critical and ongoing challenge in the DeFi space.
– Significant market volatility and liquidity risks: The inherent fluctuations in cryptocurrency values can destabilize interest rates and strain the protocol’s ability to maintain sufficient liquidity, impacting its reliability and utility for open financial applications.
– Complex developer interface and integration: If the tools, documentation, and overall experience for developers are not intuitive and seamless, it will create a significant barrier to entry, hindering the creation and deployment of innovative applications on the KaiLend protocol.
– Absence of support from chainlink: KaiLend was planned to be built on EVM chains that couldn’t receive support from chainlink. Without a robust and decentralized price feed system, the protocol would lack accurate, tamper-proof, and real-time asset pricing, which is critical for determining fair exchange rates, collateral values, and preventing manipulation.
Solutions
To overcome the challenges, Hola Tech adhered to the best practices. Key components of the solution included:
– Enhanced security infrastructure: Implement a multi-layered security approach by combining rigorous smart contract auditing (Solidity), real-time on-chain monitoring (The Graph), automated security checks (Lambda/NodeJS), and secure storage of audit information (IPFS) to proactively defend against vulnerabilities and exploits.
– Robust risk management system: Build a resilient system to manage market volatility and liquidity risks by integrating dynamic interest rate models (Solidity), reliable oracle services (Lambda/AWS), and real-time risk assessment and alerting (The Graph/AWS) to ensure protocol stability.
– Streamlined experience: Create a user-friendly platform that fosters developer adoption through intuitive interfaces and comprehensive resources, utilizing a ReactJS-based developer portal, serverless APIs (Lambda/NodeJS), and decentralized distribution of documentation and tools (Infura/IPFS).
– Proprietary price feed system development: Develop a brand-new, robust, and decentralized price feed system. This involves sourcing real-time price data from multiple reputable off-chain exchanges and on-chain liquidity pools, aggregating this data securely using a network of decentralized nodes, and pushing validated prices onto the target EVM chain.
Featured numbers
– Facilitated over $1 Million in total value locked
– Supported 50 different crypto assets for lending and borrowing
Results
Since its inception, KaiLend has facilitated over $1 Million in total value locked (TVL), demonstrating significant trust and liquidity provision from the community. We have supported 50 different crypto assets for lending and borrowing, enabling a diverse range of open finance applications to thrive on our autonomous interest rate mechanism.
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