WAGBI
Future of On-Chain Lending
Created on 4th December 2022
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WAGBI
Future of On-Chain Lending
The problem WAGBI solves
WAGBI is a money market protocol that solves the current On-Chain Lending problems using the several new technologies and the account abstraction primitive.
The major problems we are targeting is:
- On-chain lending is the future. It can not be over-collateralized.
- Mass adoption of users can not happen with the current UX, Added gas fees, and time-inefficient tx processes
- Higher supply rates can not occur without capital efficiency.
With WAGBI the key features are:
- Maximised borrow capacity for Users
- Seamless User Experience
- Increased capital efficiency due to a unified liquidity pool and multiple borrower markets.
- NFT-based marketplace to buy liquidatable positions in the protocol (Liquidator's market)
The key uses are:
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Users can borrow more than their collateral. They can go Leverage Long. Get >10x exposure on their tokens, leverage their staking yields, Use the borrowed funds and invest in Vaults and Indices to earn passive yield or Leverage Liquidity Provisioning on Uniswap.
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Earn higher supply rates: WAGBI's multiple borrower markets increase borrow utilization. This ensures higher rates for the suppliers.
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Buy underwater positions at a discount from the Liquidator's Market
Challenges we ran into
EIP-4337 implementation was hard due to the lack of literature available around it.
Enabling undercollateralisation was hard considering the lack of good projects around it.
Tracks Applied (8)
Push Protocol
Push Protocol
General Storage Track
Protocol Labs
ENS
ENS
Cronos
Cronos
The Graph
The Graph
QuickNode
QuickNode
Shardeum
Shardeum
Ethereum Foundation
Ethereum Foundation
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