Bru Finance

Bridging the Gap - CeFi to DeFi for $4 Trillion Asset Backed Loans

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Last updated: 01 August 2021 04:44 PM

Created project

The problem Bru Finance solves

Bru Finance is linking real-world assets ranging from agricultural commodities, real-estate, gold, mortgages, receivables, loans against securities and exotic assets with a new DeFi ecosystem, free from speculative products and protocols, brining the two worlds of TradFi and DeFi together.

Bru brings the best of both worlds - the safety and diversified assets of TradFi and efficiencies and speed of DeFi. The asset value on the Bru Finance platform isn’t derived from speculation, rather by using authentic market data from Oracles - protecting the lenders’ interest, all the while protecting the Borrowers’ interest via the carefully integrated Bru token.

Challenges we ran into

We ran into two very critical challenges while building this. One was with how the Kilogram-to-NFT conversion was to be done as well as how to accomodate for non-fungibility amongst separate NFTs and the fungibility in the total quantity of an agri-NFT. We solved this by switching from ERC721 to ERC1155 which provides semi-fungibility.

Another problem we faced was with the usage of Chainlink's oracles. They currently do not have any such agriculture related oracle which we could use out of the box. We solved this by digging deeper and using Chainlink's External Adapters to fetch the prices from one of India's agricultural indices - eNAM - straight into our smart contracts and then using the same throughout the borrow functionality.