In-depth Interpretation of Amara Three Core Products
— — Chapter 1 AmaraLend
Where is Amara on the steep mountain of three core products development?
Amara Finance has conquered numerous adversities and developed three core products with distinctive characteristics since its birth. With other products afoot, AmaraLend, AmaraLink and AmaraPay are recognized as three pillars of Amara Finance. This article, written by senior ambassador of Amara Finance Wee.Iris, provides insightful information about Amara’s core products.
It is a challenge in itself to develop three entirely different products simultaneously for a team with only about 10 members. Of course, it profiles the excellent execution and technical strength of the Amara team.
It is never a piece of cake to launch products in the blockchain industry. Any negligence may lead to a complete flop with painful memories even for an all-star lineup. Amara is cautious and prefers full preparation with every launch of our products in order to bring the community products of safety and stability.
At the same time, the Amara team keeps updating and enriching our bank of information to help users get a better understanding of the team and products. It is of necessity to keep users informed of what the team is doing, thinking, and planning, as well as the significance of all the hard work.
I believe this article will bridge Amara and the users and make us more bonded than ever.
Positioning of AmaraLend
AmaraLend is a multi-chain lending protocol in the Polkadot ecosystem and is also positioned as the leading product of Amara among three core products.
AmaraLend focuses on long-tail asset lending to fully release the liquidity of second-tier blue chip assets.
- At the first stage, Amara plans to deploy AmaraLend on top-level parachains within Polkadot, including main assets on the Polkadot parachain network, and eventually becoming the most popular lending hub within the Polkadot ecosystem.
- At the second stage, Amara plans to deploy AmaraLend on public chains beyond Polkadot and finally realize the vision of multi-chain deployment.
AmaraLend Beta is the test version of AmaraLend. We will name the first official product of AmaraLend as AmaraLend v1.0.
Main sections of AmaraLend v1
AmaraLend v1.0 will be a full-featured official product in the true sense and be officially deployed on the mainnet. The first public chain for AmaraLend v1.0 will be Moonriver.
Market section consists of the mainstream lending market and the innovation lending market. Amara grades assets to build up a tiered lending market according to the risk levels of different assets.
Currently, we have launched the AmaraLend Beta version and have users tested it. The Amara team is continuously optimizing the borrowing rate model and liquidation model based on the data from Beta test.
There must be a sound stake model standing behind an excellent product which ensures most participants an equitable share of benefits.
The stake model of Amara is under economic demonstration and will continue to be improved based on the demonstration conclusions drawn by Amara’s chief scientist, so it’s highly expected that the finished product would be the most efficient and friendly release model for most users.
Amara NFT is an important identifier for all early participants. Users don’t need to burn their ETH to mint it, but receive it with a negligible handling fee after their points earned by completing a series of tasks reach a certain level.
The design of the NFT module is nearing completion with details to be perfected, it will be integrated into AmaraLend as scheduled once the optimization finishes and goes into the development stage.
Preparations for the Launch of AmaraLend v1
There will be Alpha test, Beta test and and other stages before the launch of products. Of course, code auditing is also of the essence for blockchain DApps.
## Code Audit
Code audit figures prominently. The core code of AmaraLend v1 is scheduled to be audited by two code audit institutions with some codes being cross-audited.
We will make the audit report from authorized companies public before the launch of AmaraLend v1.0.
Of course, code audit is just one of the approaches to ensure security. Many blockchain projects still have fatal loopholes in logic and are attacked by hackers after the audit.
The Amara team will also conduct an internal audit for the core code and invite well-known White-Hat Hackers to conduct targeted audits, which will guarantee the security and stability of our protocol to the largest extent.
## Public Chain Integration
AmaraLend Beta is deployed on Moonbase Alpha, a testnet, and all assets on which are test assets.
By contrast, AmaraLend v1 will be integrated on Moonriver, a real parachain in operation, on which all the assets are real assets.
## The Launch of AmaraLend Protocol
The launch of AmaraLend v1 is a step by step process with all the functions preceded in a planned, orderly manner, which will give the team enough time to track and monitor the operation of the protocol and make adjustments in time till it runs safely and stably as expected.
The Launch Date of AmaraLend v1.0
Although the team has devised a detailed Milestone, no one can predict the exact date of launch, for the reason that any small variation may postpone the arrival of the train on the road of product development.
Instant and hasty success will most likely become a breeding ground for problems, just imagine what Polkadot would be like if it was launched in 2018.
For the moment, AmaraLink is expected to be launched earlier than AmaraLend, which has been officially deployed on the Moonriver mainnet. It is now at Alpha stage, a step to launch.
With the progressive growth of the blockchain ecosystem, on-chain operations are of increasing frequency. Amara Finance vision to be a connector who will contribute to blockchain infrastructure to allow more projects and users to take the ride in the blockchain wave. May joint efforts by all of us speed the growth of this emerging DeFi star.
About Amara Finance
Amara is a top lending protocol within the Polkadot ecosystem. It highlights a multi-chain assets lending protocol AmaraLend and an asset cross-chain protocol AmaraLink. AmaraLend Beta has been deployed on Moonbase Alpha testnet and it plans to be officially deployed on the Moonriver network. Amara is striving to be the most popular lending market in the short term and introduce possibly more assets into the Polkadot ecosystem.