GHO NFT Market
An AAVE for NFTs where we act as a facilitator for GHO for people to borrow against their uTokens minted by fractionalizing their NFTs on the flooring.io platform.
Project Description
Our project generates overcollateralized loans using GHO tokens, with tokens from the floor protocol serving as collateral.
It consists of 5 contracts that interact with each other to complete the platform's workflow. The vault handles the deposit and withdrawal of collateral, as well as the request and repayment of loans in GHO. The vault acts as the custodian of the assets backing the issuance of GHO. A control contract stores user position information as well as data on the asset eligible for collateral.
The rewards vault is where GHO tokens are stored for reward payments.
One of the most crucial contracts is the facilitator contract, responsible for minting overcollateralized GHO tokens and burning GHO when the loan is repaid. In the future, it will handle burning tokens according to the rebalancing strategy to maintain the peg.
How it's Made
The project is developed using Next.js. To interact with the blockchain, the ethers.js library is used, and for wallet connections, web3auth is utilized for authentication. Currently, there is no backend as all information is obtained in real-time from the blockchain. We bring the information directly from the blockchain to provide security to the client, ensuring that it has not been altered when stored in a traditional database. With the web3auth SDK, we are planning to enhance adoption in the future by enabling connection to the platform through social networks.
