The problem PeerLend:Revolutionizing Decentralized P2P Lending solves

PeerLend: Revolutionizing Decentralized P2P Lending and Borrowing

Inspiration

In the rapidly evolving world of decentralized finance (DeFi), platforms like Aave and Compound have paved the way for accessible borrowing and lending. However, these platforms often leave users feeling constrained. Borrowers face inflexible interest rates and limited options, while lenders lack the assurance of personalized engagements. This sparked the creation of PeerLend, a platform designed to give users unprecedented control and flexibility over their financial transactions.

Imagine a borrower needing a loan but unable to find favorable terms, forced to accept high-interest rates and rigid repayment plans. Conversely, consider a lender seeking investment opportunities but struggling to find borrowers meeting their specific criteria. The current DeFi landscape offers no solution to these issues. PeerLend emerged to empower users, allowing borrowers to specify their exact needs and lenders to provide tailored offers, creating a more inclusive and user-centric financial ecosystem.

What It Does

PeerLend is a groundbreaking platform that brings a new level of sophistication and user empowerment to the DeFi space. Here's how:

Custom Loan Requests: Unlike the rigid structures of Aave and Compound, PeerLend allows borrowers to create loan requests tailored to their specific needs. Borrowers can set their desired loan amount, interest rate, and repayment period, offering unmatched flexibility.

Personalized Offers: Lenders can review these requests and propose offers that fully or partially meet the borrower’s terms, creating a dynamic marketplace for negotiation and mutually beneficial agreements.

Smart Collateral Management: Users can collateralize assets and manage multiple loan requests without exceeding 85% of their collateral value, ensuring financial safety and flexibility.

Automated Liquidation: Leveraging Chainlink automation, PeerLend ensures t

Challenges we ran into

Challenges in Developing PeerLend

Developing a cutting-edge platform like PeerLend came with its share of challenges. Here are some of the major hurdles we faced and how we overcame them:

External Adapter Integration

Challenge: We aimed to integrate Chainlink external adapters to send emails directly from smart contracts. This required utilizing the Chainlink node operator backend in our smart contract to trigger our endpoint. Finding the right Chainlink node provider to host our adapter proved to be challenging.

Solution: We successfully integrated the system with the help of the LinkWell node. By leveraging their backend adapter, we were able to trigger our endpoint without needing to host our own adapter. This significantly enhanced our platform's functionality and ensured reliable email communication from our smart contracts.

User Trust and Verification

Challenge: Balancing effective KYC (Know Your Customer) procedures with the principles of decentralization was complex. Ensuring user trust and security while maintaining a decentralized ethos required careful consideration.

Solution: We integrated Gitcoin for user verification to establish on-chain presence and community trust. Although this was an effective solution, we recognize the need for continuous improvement in this area to further enhance trust and security. Future updates will focus on refining our KYC processes to better serve our users.

Real-Time Communication

Challenge: Ensuring real-time communication with users was vital to keep them informed about their transactions and platform activities. Relying solely on email notifications was not enough to meet user expectations for timely updates.

Solution: We integrated an efficient email service using Spring Boot and Brevo, ensuring users receive instant notifications for offers, requests, and important activities. Moving forward, we plan to expand our communication methods to include SMS