Created on 16th April 2023
•
In the landscape of lending protocols such as Aave, we recognize there exists a problem of overcollaterized loans, where consumers are forced to provide more collateral than their loan is worth. Why is this an issue? 1. This limits liquidity in the markets which prevents consumers from generating better interest and hinders efficient transactions and transparency 2. This implies an inefficient lending infrastructure for the protocol.
Our purpose is to provide a means for defi consumers to better understand their transactions and make more of their crypto. Conversely, for lending providers, we want them to gain a better understanding of the risks associated with individual clients.
With a score metric, defi platforms can now understand the wallets they are interacting with. Rather than having to offer the same loan condition to each user, we can tailor it to the user's behaviour and offer capital efficient loans.
We also want to aggregate a users wallet transactions for them to be able to see their interactions across defi apps and protocols. With the dashboard, we allow them to understand their Web3 exposure in a granular and aggregate fashion.
Our team faced many difficulties during the data extraction process as we had to extract data from a range of sources, many of which did not have usable APIs. These data sources include Aave, web scraping, NFT data, NFT values, wallet data etc.
Given the circumstances of a small team, we overcome these issues by efficiently splitting the workload and tailoring tasks to our backgrounds.