Lenstarter

We have created a tool for creators to finance their future projects by leveraging the support of their community. Creators will be able to access an under-collateralized credit line by staking their Lens profile, financed by a community crowdfunding mechanism.

Using an abstract wallet as an escrow, the creator's Lens handle will be used as collateral to borrow funds on Aave against community donations. If the creator doesn't repay the loan before maturity, they will lose control of their Lens handle, and their reputation will be tainted.

In comparison to traditional donations for creators, in this case, the community doesn't lose the principal donated to support the creator unless the loan is liquidated. This mechanism gives the opportunity for donations to be returned to the community once the creator returns the loan while also earning yield on Aave during this period.

The Lens revenue split feature allows creators to repay the loan automatically by producing content worth collecting.

We used Safe{Core} to create and manage an abstract wallet to hold the creators' handles and developed a module to support all the logic for the collateralized borrowing system. We used the Lens Protocol, so when the user transfers their handle to the abstract wallet, they are still able to do actions like posting, thanks to our customized guardian. For the frontend, we used WalletConnect and Tailwind to create some elements. The smart contracts were developed using Foundry and deployed on Polygon. Furthermore, we used Aave Pool V3 to create the loans.