The problem LendChips solves

Suppose I need a $1,000 loan, and I own four NFTs on different blockchains such as Avalanche, Polygon, Binance Smart Chain (BSC), and Ethereum, each valued at $250. When seeking a loan while using these NFTs as collateral, I'd typically have to engage with four different lending platforms. Additionally, I'd need to ensure that the health and value of my NFTs are maintained on each of these platforms to prevent my valuable NFTs from getting liquidated. This process can be quite cumbersome, involving repayments on multiple chains.

What we're accomplishing with this platform is the ability to lend these NFTs in one centralized place. Here, I can accumulate equivalent borrowing power across all chains, enabling me to mint DUSD tokens on the blockchain of my choice. After minting tokens equal to the cumulative value of my NFT collateral, my borrowing power is cleared on all chains. This entire process of adding and removing borrowing power is facilitated through Wormhole messaging.

Our platform represents a revolutionary approach to NFT utility, reshaping how NFTs can be harnessed.

Challenges we ran into

We encountered a challenge with Wormhole during the development of our project. To address this issue, we reached out to Ben, a Wormhole developer, and arranged a meeting where he generously offered his expertise. With Ben's guidance, we were able to resolve the Wormhole issue, ensuring smooth interchain communication for our platform.

Once the Wormhole issue was resolved, our development team proceeded to integrate the frontend seamlessly. This integration proved to be a critical step, as it required striking a balance between a user-friendly design and the underlying blockchain functionality. With a successfully integrated frontend, we were well on our way to providing an excellent user experience.

Subsequently, having resolved the Wormhole issue and integrated the frontend, we were able to tackle the challenge of message transfer efficiently. This involved ensuring that messages could be transmitted smoothly across different chains, a crucial aspect of our multi-chain NFT lending and borrowing platform. The collaborative efforts of our team and Ben's expertise were instrumental in overcoming these technical hurdles.