A high-performance decentralized lending protocol built natively for Solana, featuring isolated markets, share-based accounting, and real-time interest accrual.

Pelago is an innovative lending protocol designed from the ground up for Solana's high-performance blockchain:

• Isolated Lending Markets: Independent risk pools with customizable parameters (LLTV, oracle, interest rate)
• Share-Based Accounting: Virtual shares mechanism for efficient interest distribution without loops
• Flexible Collateralization: Adjustable LLTV (Liquidation Loan-to-Value) from 0% to 100%
• Lightning Fast: ~400ms confirmations, ~$0.00025 transaction costs
• User-Friendly DApp: Modern React frontend with seamless wallet integration

.
├── pelago_contract/     # Solana smart contract (Anchor framework)
│   ├── programs/        # Rust program source
│   ├── tests/          # Integration tests
│   └── scripts/        # Deployment utilities
│
└── pelago_web/         # Frontend application
    ├── src/            # React + TypeScript
    └── public/         # Static assets

• Rust 1.70+
• Solana CLI 1.17+
• Anchor Framework 0.29+
• Node.js 18+

cd pelago_contract

# Install dependencies
yarn install

# Configure environment
cp .env.example .env
# Edit .env and add your Helius API key

# Build
anchor build

# Test
anchor test

# Deploy to devnet
anchor deploy --provider.cluster devnet

cd pelago_web

# Install dependencies
npm install

# Configure environment
cp .env.example .env
# Edit .env with your settings

# Start development server
npm run dev

Visit http://localhost:5173 to see the app.

• ✅ Market Creation: Initialize isolated lending markets
• ✅ Supply: Deposit assets to earn interest
• ✅ Borrow: Take loans against collateral
• ✅ Collateral Management: Supply and withdraw collateral
• ✅ Repayment: Repay borrowed funds
• ✅ Withdrawal: Withdraw supplied assets
• ✅ Interest Accrual: Real-time interest calculations
• ✅ Health Factor: Position risk monitoring

• Framework: Anchor (type-safe Solana development)
• Design: Isolated markets with independent risk parameters
• Accounting: Share-based for efficient interest distribution
• Instructions: Modular, composable operations

• Stack: React + TypeScript + Vite
• State: Zustand (lightweight, performant)
• Wallet: @solana/wallet-adapter (multi-wallet support)
• UI: TailwindCSS + shadcn/ui components

Contract (.env):

HELIUS_API_KEY=your_key
ANCHOR_PROVIDER_URL=https://devnet.helius-rpc.com/?api-key=${HELIUS_API_KEY}
ANCHOR_WALLET=~/.config/solana/id.json

Frontend (.env):

VITE_HELIUS_API_KEY=your_key
VITE_RPC_ENDPOINT=https://devnet.helius-rpc.com/?api-key=${VITE_HELIUS_API_KEY}
VITE_PROGRAM_ID=your_deployed_program_id

# Contract tests
cd pelago_contract
anchor test

# Frontend (if implemented)
cd pelago_web
npm test

⚠️ Important: This is a hackathon project and has NOT been audited.

Do NOT use in production without:

• Comprehensive security audit
• Extensive mainnet-beta testing
• Proper key management infrastructure

Pelago implements an efficient share-based accounting system that eliminates the need for iterating over user positions:

• Supply Shares: Users receive shares proportional to their deposits
• Borrow Shares: Borrowed amounts tracked via share mechanism
• Interest Accrual: Automatic compounding through share price updates
• Gas Efficiency: O(1) operations instead of O(n) loops

Smart Contract:

• Written in Rust using Anchor Framework v0.29
• Modular instruction design for composability
• Real-time interest rate calculations (linear model)
• Health factor validation for safe borrowing

Frontend:

• React 19 + TypeScript for type safety
• Zustand for lightweight state management
• @solana/wallet-adapter for multi-wallet support
• Real-time position monitoring and health factor tracking

MIT License - see LICENSE file

• Anchor Framework - Solana development framework
• Solana Foundation - Blockchain infrastructure
• DeFi community for lending protocol design patterns

Built with ❤️ for the Solana Ecosystem

Hackathon Submission 2025