Loanyee

DeFi enables finance without middlemen and it is already a big financial market with $70 billion TVL. But, the current DeFi focuses on asset portfolios, where people can manage and increase their assets, not so many real use cases yet.

We believe next billions people come to the crypto space for an income opportunity, which is more familiar for them, compared to asset management. But right now, if they receive a salary with crypto, they have challenges borrowing money in both DeFi and TradFi.

・Major lending protocols are still overcollateralized with the need of 125% collateral

・Existing undercollateralized lending protocols are mainly for institutions

・They don’t like or don’t have a credit on TradFi

That’s where Loanyee comes in! Loanyee is uncollateralized lending against your on-chain salary.

If they receive the salary with Superfluid cash stream, they can borrow instant and uncollateralized loans by splitting some portion of their future salary to lenders. Our goal is to empower people and help their daily life by giving them the access to uncollateralized loans and providing instant funds. For lenders, they can also enjoy higher APY than overcollateralized lending protocol up to 30%.

We make it happen with just simple steps:

1 Borrowers set their loan conditions like the amount or duration they want to borrow. we limit it with 50% DTI (debt-to-income ratio) as the maximum.

2 Borrowers ask employers to change the destination of their salary stream, from their wallet address to our contract address.

3 Once lenders deploy the loan to borrowers, the salary stream will be automatically split between borrowers and lenders, depending on the loan condition and interest rate.

This is just a beginning, we are planning to improve the mechanic to be more capital efficient, like Dynamic APR based on DTI and employer/employee credit, a peer-to-pool model instead of peer-to-peer by dividing the borrower with the risk level, and collateral mechanism to reduce the risk. Also, we are planning to use ZKP to hide their actual wallet address, so they can borrow money while keeping their privacy.

We will expand the use cases, not only to employees but also businesses or creators who receive income with Superfluid money stream.

@Polygon We use Polygon to deploy our Lending smart contract deployed on the Mumbai Testnet. https://mumbai.polygonscan.com/address/0x946B5A569BD5261d1433f0E8c5019B1A1C6A3e4C https://github.com/ericy-eth/eth-online-loanyee/blob/main/loan-contracts/contracts/LoanFactory.sol

@Optimism We use Optimism to deploy our Lending smart contract deployed on the Optimism Goerli Testnet in an effort to make lending network agnostic. https://optimistic.etherscan.io/address/0x2e32ab1066C89e606a143238057ba542895c0c4F https://github.com/ericy-eth/eth-online-loanyee/blob/main/loan-contracts/contracts/LoanFactory.sol

@Superfluid We use Superfluid to implement the lending stream and our service is for people who receive the salary or income with Superfluid money stream. If they receive a salary with Superfluid, they can switch the destination of the salary stream from their wallet address to our contract address with the approval of their employer, and they can be eligible for the loan. https://github.com/ericy-eth/eth-online-loanyee/blob/main/loan-contracts/contracts/LoanFactory.sol

@Tableland We use Tableland to save loan ids, so that we can save and call loan data easily, on the homepage and loan detail page. Tableland is used to keep track of the ongoing active loans, so that lenders can easily lend to these users. https://github.com/ericy-eth/eth-online-loanyee/blob/main/loan-contracts/contracts/LoanFactory.sol

@The Graph We use the Graph to query our loan history data in an efficient, streamlined way and We deploy our subgraph. The subgraph is used to query the entire loan history, so that we can also display the loan histories for each user, which is important for lenders to know. We will also use it for getting the live money stream on Superfluid with Superfluid subgraph and show it on the loan detail. We are planning to get the salary history with Superfluid subgraph, so that we can make APR dynamic based on DTI (debt to income ratio). https://testnet.thegraph.com/subgraph?id=5K3qfRyyq8YgNJEAzhKBY9hxyBNzU1fjSf4BZ3BNwEpg&view=Overview

@ENS We use ENS to show the users’ address with ENS through Rainbow kit, to be more readable and recognizable. We are also assigning loanyee.eth to our contract, so lenders, borrowers and employers can easily recognize where the money stream is outgoing and incoming. https://github.com/ericy-eth/eth-online-loanyee/blob/main/app/components/Header.js

@EPNS We are using EPNS to notify borrowers when lenders send the loan to them and split of lending stream starts. https://github.com/ericy-eth/eth-online-loanyee/blob/main/loan-contracts/contracts/EPNS.sol

@NFTPort We are using NFTPort as the proof of lenders and the owner of this NFT will be the destination of the salary stream as a lender. Lenders can sell it in the market as a loan bond. https://github.com/ericy-eth/eth-online-loanyee/tree/main/app/pages/api