AlterLend – EthGlobal Istanbul WIP zkApp

AlterLend – EthGlobal Istanbul WIP zkApp

Alterlend emerges as a pioneering solution in the DeFi space, uniquely prioritizing privacy in its liquidity lending and borrowing platform. While existing protocols like Aave, Compound, FraxLend, and Radiant have significantly advanced DeFi across various chains, they fall short in one critical aspect: privacy. Alterlend steps in, bridging this gap with its revolutionary approach.

The hackathon revealed the potential of the MINA blockchain as an ideal foundation for implementing a zk-Lending protocol. Although still in development, Alterlend is set to redefine the landscape with its zk-powered framework. By integrating cutting-edge zk-oracles and zk-proofs, Alterlend promises to safeguard sensitive user information, a feat unattained by its contemporaries. The inclusion of zk-SNARKs ensures that while user data remains shielded, the protocol can still perform robust Total Value Locked (TVL) and liquidity analysis, crucial for maintaining transparency and trust at the protocol level.

Alterlend is not just another lending protocol; it’s a visionary leap towards a more secure and private DeFi ecosystem, where user confidentiality is not just a feature but a foundational principle. It’s a bold stride in blending advanced technology with user-centric privacy, setting a new standard for privacy-focused financial interactions in the blockchain world.

In terms of development, Alterlend stands out in the DeFi space, built on the versatile Next.js framework and enhanced by MINA’s specialized “o1js” and “proto-kit” frameworks. These tools enable seamless integration with the MINA protocol, streamlining the development of Alterlend’s advanced features. The project skillfully leverages the SnarkyJS library, combining existing documentation with insights from MINA’s development team, particularly gleaned during a hackathon.

The use of Proto-kit has been key in mastering both frontend and backend development on the MINA Chain, leading to a user-friendly platform. Central to Alterlend’s innovation is the use of Zk-SNARK technology, ensuring privacy and security while simplifying proof verification processes. This technological edge makes MINA an optimal choice for developing a privacy-focused, efficient liquidity framework. Alterlend is thus a fusion of cutting-edge technology and user-centric design, redefining privacy and efficiency in blockchain-based financial solutions.

The development team implemented dependency injection using the tsyringe library. Tokens and lending market contracts were injected into the actual application. Additionally, configurations, including mocked tokens, token addresses, and symbols, were injected. The liquidity Market contract took center stage in the application, where the token lending and borrowing mechanism, including the partial liquidation engine, would be live.

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