Loan Less

Problem statement: Access to credit is a major issue in emerging markets like Mexico or Argentina, where traditional financial systems are often inaccessible or expensive. At the same time, cryptocurrency adoption is growing in these markets, creating an opportunity to use digital assets as collateral for fiat loans. However, there is currently no user-friendly, decentralized platform that allows borrowers to access fiat loans using ERC20 tokens as collateral.

Solution: The project aims to build a P2P fiat loans protocol that enables borrowers to use ERC20 tokens as collateral for loans in local currencies like MXN or ARS. The protocol will be built on the Ethereum blockchain, using smart contracts to manage the loans and collateral. The key features of the protocol will include:

Borrowers can deposit ERC20 tokens as collateral for loans in local currencies Lenders can fund loans and earn interest on their investments Loans are managed by smart contracts, with repayments automatically enforced Borrowers can extend or refinance their loans, subject to the agreement of the lender A decentralized reputation system will be implemented to ensure trustworthy borrowers and lenders

It is made with solidity deployed on scroll test net.

To build this protocol, the project will use the following technologies:

Solidity smart contracts OpenZeppelin ERC20 token and contract libraries Web3.js and Truffle for development and testing React for building the frontend user interface IPFS for storing off-chain data

This is for the future integration.