"Mose the Hose" is a groundbreaking innovation aimed at revolutionizing the NFT lending landscape, which, in its current state, is inefficient and harmful to borrowers. Traditional NFT liquidation processes are predatory, often leading borrowers to lose the entirety of their assets. Over the last 30 days, borrowers have lost significant amounts - in the millions - due to these practices.
"Mose the Hose" seeks to rectify this issue by allowing borrowers to liquidate their own NFTs, repay their loans, and keep the remaining balance.
We first build and deploy a subgraph to aggregate all the loans token on NFTFI and X2Y2, allowing us to provide the user with a simple interface to track their loan status and trigger the self liquidation. The front end is a project made with react and Next.js.
For the solidity smart contract, we first take a flash loan on Aave and swap it for WETH on uniswap (aave have their own weth). We then repay the loan on NFTFI. Once the loan is repaid, the nft is given back to the user. After that, we'll sell the NFT instantly on OpenSea to the hightest Bid. We swap back in aave WETH and repay the flashloan. The remaining amount will go directly to the borrower minus a 5% fee.