Loki
Loki gives the opportunity to raise capital through social media, enabling the power of communities. Today we can purchase products directly on Instagram thanks to e-commerce websites. Tomorrow we will finance people on Lenster thanks to DeFi protocols, like Aave or Superfluid.
Loki
Created At
Winner of
💳 AAVE Grants DAO — 🥇 Credit Delegation
🏊♂️ Superfluid — Pool Prize
Project Description
Loki protocol gives the opportunity to obtain loans through social media, enabling the power of communities. The two main actors are the borrowers and the lenders. For the firsts, the advantage is that they can obtain funds using the power of their community through Lenster, without the deposit of collateral. For the seconds, instead, the benefit is that they can earn a double interest thanks to the use of credit delegation, one from the borrower through a stream on superfluid and one from Aave. The process can be splitted in 6 steps: Step 1: the borrower goes to Loki website and generate the loan Step 2: the borrower posts the loan on Lenster Step 3: the lender collects the post on Lenster and through this finance the loan Step 4: Aave credit delegation is actioned, enabling a double interest yield Step 5: Superfluid starts to stream the interest of the loan to the lender Step 6: Loki smart contracts sends finally the funds to the borrower
How it's Made
We used Aave, Superfluid and Lenster with respectively the functions of credit delegation, constant flow agreement and collect modules. The two smart contracts of Loki protocol are Loan.sol and Manager.sol, and we also wrote a new collect module in a mocked version on Lenster called LendCollectModule.sol. With the credit delegation on Aave we enable the opportunity to earn a double interest yield, one on the collateral deposited on aave and one (agreed with Loki protocol) on the amount borrowed by the borrower through the delegation. On Superfluid we converted our DAI tokens into DAIx tokens (from ERC20token to SuperToken) and then use the CFA library for create a stream of interest from the borrower to the lender (the borrower cannot stop or delete the stream because is created by our smartcontract and the money are locked in) On Lenster we use the collect function (triggered on the click of the collect button under the post), that call a Lens module. With the creation of a new module (LendCollectModule.sol) we call the Loki loan contract in order to use our protocol functionalities.
