List your NFT as collateral and get a loan of up to 40% of your NFT's Eth value in GHO tokens. Once you hit the button, your NFT gets transferred into an escrow smart contract for the loan duration. The user is required to repay the loan before the selected tenure along with 4% interest. In case of default, our DAO can foreclose user's NFT and decrease their credit score. Collateral duration can vary between 1 month to 4 months, this period is decided to avoid NFT fluctuations. With more repaying of loans, users will be able to increase their credit limit and borrow percentage over 40%.
We built this using Next.js and solidity. Moralis is used for fetching Nfts. Web3.storage for storing the receipts data of individual NFT stakes and Chainlink Data Feeds for getting external eth/usdt data on Sepolia testnet (usdt price is considered similar to GHO at this point).