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Lending protocols - Money Legos bounty #23

Open dunnerbitz opened 1 year ago

dunnerbitz commented 1 year ago

Inspiration

In life, there comes a time when we have to borrow money e.g. student loan, car loan, mortgage etc. Lending is an essential service in any financial system. Traditional lenders such as banks, provide loans in exchange for a fee in the form of interest rates. Similar situations can also be found on the blockchain as well. A borrower needs a sum of money immediately available for an operation, and a lender may agree to provide such a loan in exchange for a fee.

Challenge Description

DeFi lending protocols are trustless platforms fueled by smart contracts. They allow users to become lenders or borrowers in a completely decentralized and permissionless way whilst maintaining full custody over their cryptocurrency tokens. Users, who want to become lenders, supply their tokens to a particular money market and start receiving interest on their tokens according to the current supply APY (Annual Percentage Yield). Borrowers can also borrow assets with collateral without intermediaries. In this bounty, we are seeking for DeFi lending protocols solutions that will help connect over the blockchain users who are looking for yields to their investments, and those users looking for short or long-term financing.

Hints

We recommend making use of the existing project in the Checker codebase. References or inspirational links

Requirements:

Prize

$13000 in tez for the best submission $5000 in tez for the the second best submission $2000 in tez for the third best submission

We reserve the right to not pay out prizes if none of the applicable submissions meet the minimum criteria.

gitcoinbot commented 1 year ago

Issue Status: 1. Open 2. Started 3. Submitted 4. Done

This issue now has a funding of 20000.0 XTZ (37400.0 USD @ $1.87/XTZ) attached to it as part of the tezos-contrib fund.

gitcoinbot commented 1 year ago

Issue Status: 1. Open 2. Started 3. Submitted 4. Done

Work has been started.

These users each claimed they can complete the work by 24 minutes from now. Please review their action plans below:

1) antpong has started work.

NPics is the First NFT Leveraged Trading Platform for Web3. NPics’ first attempt is NFT leveraged trading, whose inspiration is derived from the well-proven forms of traditional and crypto derivatives, backed with real state, stable assets in the existing financial markets. Our products have been primarily built on financial instruments that build NFTs. With multiple financial tools as the lever and NFT trading as the fulcrum, NPics help users stimulate, maintain and accelerate the growth of NFT liquidity. 2) tkkdream has started work.

What is Palm Finance Palm Finance is a Web3 Asset Yield Accelerator, and a creative decentralized lending protocol for new assets like NFTs, LP tokens & Interest-bearing tokens, which allows users to borrow at 0% interest.

Inspiration Nowadays there is emerging many new assets in Defi, Gamefi, and NFT markets, and these new assets (such as NFTs, LP, interest-bearing tokens) are adopted by more and more users. However, there are still not enough usage scenarios for them, we need a protocol to improve their capital efficiency.

What it does Palm Finance is a cross-chain deployed cross-margin lending protocol that allows users to borrow up to 22x against their portfolio of NFTs, LP tokens, interest-bearing tokens, and base assets in a single debt position for 0% interest.

How we built it We already built the product in a Dapp and now has been in testing

Challenges we ran into We met challenges on some technical points but we keep studying and resolving it. We met challenges in funds and marketing issues and hope to get help.

Accomplishments that we're proud of Palm protoclo completed 80% after months of developing Palm has some brand-new features that will make it interesting and competitive.

What we learned We made many pratice on blockchain and we learned how to find a market need and give some creative solution to it and grow with the WEB3

What's next for Palm Finance Next we will complete it 100% and to get ready to launch 3) tezosmiami has started work.

Tezos NFT Collaterized Loans 4) littlezigy has started work.

Lending Protocol on Tezos that has a collaterized borrowing as well as credit delegation

Learn more on the Gitcoin Issue Details page.

gitcoinbot commented 1 year ago

Issue Status: 1. Open 2. Started 3. Submitted 4. Done

Work for 20000.0 XTZ (29600.0 USD @ $1.48/XTZ) has been submitted by:

  1. @antpong
  2. @pokesi
  3. @tkkdream
  4. @ivan-tigan
  5. @manni-io
  6. @tezosmiami
  7. @littlezigy

@dunnerbitz please take a look at the submitted work:

Antpong commented 1 year ago

NPics is already submitted sir, please take a look at it.

gitcoinbot commented 1 year ago

Issue Status: 1. Open 2. Started 3. Submitted 4. Done

The funding of 0.02 XTZ (20000.00 USD @ $1.44/XTZ) attached to this issue has been approved & issued to @ivan-tigan.