PembRock Finance: Leveraged Yield Farming
Leveraged Yield Farming Platform on NEAR Protocol.
PembRock Finance is the first leveraged yield farming project built on NEAR, integrated with Ref Finance DEX and other dApps in the blockchain’s ecosystem. With a focus on automation and user-friendliness, the platform aims to bring in new users with stable lending returns and the ability to obtain undercollateralized loans for yield farming with up to 3x leverage.
Challenges
Build the first-ever leveraged yield farming platform on the NEAR blockchain with an intelligible and plain interface. Create the reference model for similar future solutions on NEAR.
Solve complex tasks brought by leveraged yield farming peculiarities to smart contract development’s technical and financial aspects. Prepare complex and precise mathematical formulas for appropriate liquidation thresholds and reward distribution calculations.
Provide the development of the product from scratch involving marketing support and community growth.
Architect, TechLead, 2 Blockchain Developers, 2 Back-End Developers, 2 DevOps, 4 Front-End Developers, 2 QA, Product Manager, UI/UX Designer, 2 Marketing Specialists, Project Manager, 3 Advisors
It took us from Initiation to App Full Launch. To achieve faster results, development was made in parallel with interface design.
Tech stack we used
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Rust .svg)
NEAR 
Node.js 
TypeScript 
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Gatsby 
Terraform 
AWS Kubernetes .svg)
Prometheus 
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Implementation
Implementation
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Research Phase
We researched leveraged yield farming and its peculiarities. That is a relatively new development in the DeFi field, and there was no such product on NEAR before, so we worked on inferring both best practices and things we should avoid.
Smart Contract Architecture
A significant scope of work involving multiple developers was drawing up the contract architecture. We figured out all possible scenarios: depositing, leveraging, adjusting open positions, closing positions, and so on. Only after this main scheme finalization could we start creating other parts of the platform.
We have established a working relationship with the NEAR team and consulted with them on the technical and mathematical aspects of the contracts.
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Interface development and tokenomics
Once the smart contract architecture was in place, we could begin creating the front end and building the application flow and interface. For better app operation, we created a system of calculations on the front, and a large amount of mathematical work fell on the shoulders of front-end developers. Meanwhile, back-end developers also began working on the smart contract.
At this time, tokenomics was finalized with the aid of three experienced financial analysts. They looked at the token distribution and the flow of funds to model different strategies for how the project can be best secured over the long term.
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Testnet deployment and audit
With the platform having taken shape, we deployed the smart contracts to the testnet with the following audit processes followed:
- Technical and security audit with BlockSec
- Internal testing
- Inspection by the NEAR community
These points confirm that PembRock is a robust and transparent project.
Mainnet release & further support
Before launch, we ran token sale fundraisers to bring in locked value, ensuring project efficiency and confidence. With the completion of these activities, we launched PembRock on the mainnet.
We keep on supporting the development of PembRock Finance and have released a bunch of new features such as DAO, Staking & Voting mechanism, Stable farms support, and more exciting components.
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Project outcome
$6M
TVL despite the bear market
300+
Opened farming positions
~12K
Community members
0-bug
Reliable user interface
Contact us to realize your most daring ideas with an expert development team
