MOV JieDai Protocol Explained

What is MOV JieDai protocol?The MOV JieDai protocol is a crypto asset rate protocol based on the Bytom mainchain and Bytom layer2 sidechain Vapor. Simply speaking, MOV actually realizes the lending service like a bank through rate algorithm model based on smart contract. Users can deposit, withdraw and lending to obtain interest. Of course, different from the credit risk of traditional finance, Over-collateralized lending adopted by MOV can reduce the risk of default on chain.The advantages of MOV JieDaiInstant borrow & payback, instant deposit & withdrawalMOV is based on the high-performance sidechain Vapor, which has an instant confirmation. Depositors can withdraw the principal and interest immediately after depositing the coins, while the borrowers can quickly return the borrowed coins and obtain collateral.Zero on-chain trading fee, zero deposit service feeCompared with the borrowing and lending on Ethereum, MOV does not charge any on-chain trading fees for borrowing and depositing. At the same time, only 10% of the interest of the borrowed coins is charged as a platform service fee, and the deposit is not charged any expenses.The world’s first DeFi lending public auction toolThe world’s first product interface supports the auction of liquidation assets, lowering the threshold for use, and ordinary users can participate in, and the winners are selected through a random algorithm to ensure efficiency and fairness.Separation of JieDai pool and collateral pool to reduce riskThe MOV JieDai pool is separated from the collateral pool, and the collateral pool cannot be used for lending again, which greatly reduces the risk and prevents one pool from affecting other pools.Where does the profit come from?Like traditional finance, the profit of users who deposit coins is provided by the interest of users who borrow coins. The JieDai pool is allocated according to the proportion of the coins deposited by each deposit user…