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Last updated: 03 April 2022 06:53 PM

Updated video and google drive links

The problem CREDFI solves

CREDFI is revolutionizing the lending world by introducing a pool that can be used to borrow money by using NFTs as Collateral. Our idea is that your NFT is yours, but then too you can borrow cryptocurrencies by keeping NFT as Collateral. We ensure that your NFT is safe with us. Now you can get loans for the Art and collectibles you own. This space is growing like crazy and in the future, NFT will have a major space, major things and records will become NFT.
Beta app live now .
CREDFI allows users to see all of his NFTs at one place from any of the collection, acting as an NFT blockchain explorer.
Our UI is simple and easy to use for the user. You can browse across all the section. Dashboard to see your NFT collection and

How does it work?

  1. NFT is held in our escrow account and we fix the value of those to be used as collateral
  2. The borrowing can be done for some stable crypto by paying some of the interest for the peroid
  3. Lender can lend his own cryptocurrency to the pool and earn interest.
  4. When the borrower repays back the amount with the interest, he can withdraw his NFT.

Sponsor technology used

  1. Polygon - Mumbai Testnet used for deploying .
  2. AAVE - pool, aTokens are used.(not integrated yet)
  3. Alchemy- NFT API to fetch NFTs for the user's address and node provider
  4. CHAIN LINK - Price feeds(not integrated yet)

Future plans :

  1. We will be introducing NFT pools so that borrow and lender can directly communicate with each other making it a P2P platform .They can finalixe among themselves the value of NFT and then CREDFI issue tokens to both lender , borrower and Escrow , so that the lending is safe and secure .
  2. Buy now Pay later services for NFT , so that you don't hesitate to buy a high value NFT due to lack of funds. That feature is under build .
    Features are yet to work as integration part is still remaining, will be updated soon .
    The website is not yet live on vercel . Check our readme on git hub repo.

Challenges we ran into

This was our first of its kind of real-world project based on using multiple technologies with no prior experience in making one. I had learned solidity recently and had not made any project based on it, had to go through multiple tutorials . Integrating smart contracts with our front end and the lending pool using Aave is very challenging. Linking and routing pages together in the frontend and all we made was our learning on the go .

First of all making an attractive frontend was a task which we tried to accomplish using tailwind CSS , makes it very easy to integrate but then too it was new to learn and apply it in the real world.

I had a hard time to make the smart contracts and integrating them , still the task is not fully completed but we are on it , so will try to update that thing asap

Discussion