The problem MultiFi solves

The adoption of blockchain technology in the world of finance has strengthened its decentralization, creating a new world of DeFi. Thanks to DeFi, there are now more decentralized and peer-to-peer networks for financial banking and lending, as well as advanced financial instruments.

Despite the notable success of these ecosystems, DeFi is still in its infancy. There are some things that keep DeFi from popularizing despite its many benefits.

Some of the issues with existing DeFi protocols:

1. Low liquidity
2. Loan problems for borrowers.

Lenders can withdraw their deposits whenever they want, this can cause the above problems at any point in time for any market. Implementing a mandatory locking period in the lending pool itself will not work since many lenders might be unwilling to do so.

With MultiFi, lenders have an option to stake the mTokens (equivalent to cTokens in Compound) they receive on their deposits. What this does is that lenders will be locking up their mTokens for a certain period of time ensuring that they cannot withdraw the equivalent deposits, thus not only ensuring greater liquidity in the pool but also increasing the TVL, benefitting both the lenders and the borrowers.

Some of the features of MultiFi include:
Deposit/Withdraw
Borrow/Repay
Earn Incentives in MULTI Token (MLT)
Staking MLT, MDai
Polygon Bridge
View Transactions and export as CSV

Challenges I ran into

Implementing the entire project within the given time constraints was a major challenge that I had faced. Also, research on existing protocols further reduced the implementation period. Using decentralized oracles was something new for me. Also went through the tools that polygon provides. Overall, it was an amazing experience.