Fund In Need (FIN)

FIN (Fund In Need) give a solution for enhancing creditworthiness in decentralized finance (DeFi) by tokenizing users' on-chain credit scores into ERC-1155 tokens, referred to as FIN Tokens. These tokens represent a user's financial reputation and can be used as collateral on lending platforms like Aave. By leveraging on subgraphs provided by The Graph's, we aim to create a system where users can monetize their creditworthiness, access better loan terms, and participate more fully in the DeFi ecosystem. In one line, we allow people to borrow money, by collaterizing their social credit. The more legit they are, they can borrow more money.

Sus people = low credit = cannot borrow money.

Background

The DeFi landscape has revolutionized financial services by enabling decentralized lending, borrowing, and trading without intermediaries. However, most lending protocols rely heavily on over-collateralization to mitigate risk, which can be prohibitive for many users. Traditional credit scoring mechanisms are absent, limiting the ability to assess borrower reliability and offer personalized loan terms.

Problem Statement

• Lack of Credit Assessment: DeFi platforms lack robust mechanisms to evaluate borrower creditworthiness.
• Over-Collateralization Requirement: High collateral requirements limit access to loans for users with limited assets.
• Underutilized On-Chain Data: Valuable on-chain activity data is not leveraged effectively to assess risk.
• Need for Incentivization: Users have little incentive to maintain responsible financial behavior without tangible rewards.

Using the foundry framework for smart contracts and NextJS for the frontend. We also integrated multiple chains to support this project as well as Oracles to pull in data. The frontend also used multiple front end UI library to make it look aesthetic as well as cool. The backend we used Solidity and have a full fledge calculation, minting and borrow and lending mechanism.