Rate & Trust OTC

Rate&Trust OTC feature allows users to rate each other based on their experience after an over-the-counter (OTC) deal. Users can rate each other on a scale of 1 to 5, with 5 being the highest rating, after each OTC deal. This feedback system provides transparency and helps build trust between users, as they can assess the reliability of their counterpart before engaging in any future transactions.

The rating feature will also help to create a more secure OTC marketplace by deterring fraudulent behavior. Users with consistently low ratings will find it difficult to attract counterparties and may be flagged or banned from the platform altogether.

Additionally, users can set their own interest rate based on their trust level. By allowing users to set their own interest rates, this feature promotes transparency and allows users to accurately reflect their level of trustworthiness. Users with higher trust ratings can set a higher interest rate, which will incentivize users to be more professional when they are dealing with customers.

Overall, the Rate and Trust feature is a powerful tool for creating a trustworthy and transparent OTC marketplace, which allows users to make more informed decisions when engaging in OTC transactions.

We came up with the idea to rate each other in the OTC market, and used Figma to visualize what it would look like. Because of a lack of time, we only applied the UI of the new feature.

For further improvement, Rate&Trust OTC feature would likely involve the use of a database to store user ratings, an authentication system to ensure that only verified users can access the feature, and an interface for users to view and rate their counterparts. Additionally, to implement the feature that allows users to set their own interest rate based on their trust level, we would use Secured Finance's smart contracts and orderbook.