Stutek

Strike is a DeFi lending protocol built on the Ethereum blockchain. It allows interest earning for users who deposit their cryptocurrencies within a non-custodial environment. The protocol enables users to control their digital assets always. However, they are directly bound by the project’s on-chain restrictions. Through its operability, Strike’s major objective is to allows users to earn interest from their collateral in two ways. The first way is to earn as a supplier. This means that by depositing tokens, you will receive sTokens. What you receive is a representation of your stake in the pool supported by Strike. Also, you can retrieve your initial deposits from the pool any time you wish. For instance, when you deposit BTC in a pool, in return, you get sBTC. Progressively, the exchange rate for the sTokens may increase after some time following the original cryptocurrency. In that case, you’ll be able to redeem more of the original cryptocurrency than you deposited. The excess amount represents the interest you have earned. The second way of earning is by borrowing other cryptocurrencies from the pool when you deposit your holding asset as collateral. There’s a variation in the maximum loan-to-value (LTV) ratio, which depends on the collateral cryptocurrency.

Business / Technical challenges

  • To build a new innovative and flexible governance and reward system for asset suppliers and borrowers. With the current architecture and parameters of the Compound protocol there is a requirement of 100,000 COMP which is equivalent to approximately $6,000,000 to create a proposal to add a new asset into Compound.
  • To reduce the risk due to price manipulation.
  • To improve a user interface and add more utilities. Data sourced from blockchain is highly technical and detailed. Therefore, it’s important to make the protocol easier to understand and use.

Solutions

  • 1Built a governance and reward system based on STRK token.
  • 2Integrated Chainlink’s price oracle and adjusted the CF considering the price volatility of each asset.
  • 3Added Defi 3.0 vault and liquidator interface.

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