Singapore, Oct. 08, 2021 (GLOBE NEWSWIRE) — AscendEX is thrilled to announce the listing of the Jet Protocol token (JET) under the trading pair JET/USDT on Oct. 14 at 1 p.m. UTC. To celebrate the listing of JET, AscendEX will host two separate auctions that will take place simultaneously on October 13 between 1 p.m. and 2 p.m. UTC.
Jet Protocol will be launched as an open-source, non-custodial, borrowing and lending protocol on the Solana Blockchain. It engineers new possibilities for capital efficiency, performance, and scalability. Jet allows users to participate in lending pools where they deposit supported tokens to receive interest, or “yield” over time, as a participation incentive. Those deposits remain in a pool used for issuing loans to other users for as long as the assets remain delegated.
Jet believes that borrowing and lending protocols are integral to the DeFi ecosystem. The decision to build on Solana was based on its unmatched transaction speed and low fees. The Solana integration will allow Jet to contribute and grow on-chain DeFi lending. The project anticipates a gradual integration of broader interest and more efficient trading. In addition to lending, Jet will introduce interest rate products and secondary markets on Serum, facilitating ongoing, community-driven, lending product research and development. Through these methods, Jet makes it easy for users to earn interest with their JET tokens.
Jet is planning to launch with a dedicated governance system that leverages their founding team’s unique and extensive experience in protocol governance. This governance-oriented approach aims to work with the community to set a clear precedent toward how the Protocol will operate. Jet will innovate on tested governance models from existing protocols while focusing on community ownership and engagement. The most important aspect of this approach is to build an inclusive community to research, design, and implement useful lending products. So, the token holders will have a say in the future of the platform. This focus on community is core to Jet’s mission of bringing DeFi protocols into the mainstream.
Prior to a successful mainnet launch this week, Jet recently completed a follow-on funding round that included AscendEX among other partners bringing in a total of $6.8mm to the project. This latest fundraise has highlighted the strong support for Jet from a variety of stakeholders including AscendEX.
AscendEX is a global cryptocurrency financial platform with a comprehensive product suite including spot, margin, and futures trading, wallet services, and staking support for over 200 blockchain projects such as bitcoin, ether, and ripple. Launched in 2018, AscendEX services over 1 million retail and institutional clients globally with a highly liquid trading platform and secure custody solutions.
AscendEX has emerged as a leading platform by ROI on its “initial exchange offerings” by supporting some of the industry’s most innovative projects from the DeFi ecosystem such as Thorchain, xDai Stake, and Serum. AscendEX users receive exclusive access to token airdrops and the ability to purchase tokens at the earliest possible stage. To learn more about how AscendEX is leveraging best practices from both Wall Street and the cryptocurrency ecosystem to bring the best altcoins to its users, please visit www.AscendEX.com.
About Jet Protocol
Jet Protocol will launch as an open-source, non-custodial borrowing and lending Protocol on the Solana Blockchain. Jet re-engineers what’s possible in terms of capital efficiency, performance, and scalability on Solana. The Protocol allows users to participate in lending protocols where they deposit supported tokens to the platform and then receive interest on their deposits to incentivize participation.
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