A platform to borrow and lend NFT, and use NFT as a collateral.


Created At

HackMoney 2021

Project Description

The project has allows the user to borrow DAI against an NFT collateral. The project uses last paid data as the price of the NFT, where 70% of the value of the NFT can be taken in terms of loan - it is the usual 130% overcollateralization. There are a bunch of things we need to complete before judgement day! :)

How it's Made

The project allows the user to borrow DAI loans using NFT using a Smart Contract. Initial plan was to use a Rarible-only platform but further brainstorming made us rethink that. We could use latest ERC721 price from the Smart Contract. On a talk with Adam, they suggested we use Compound to get interest on NFT, however we are still brainstorming on that. We'd like to develop this further!

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