Trust Credit

Owner of the EOA connects his wallet and mints a social ID, which is a Soulbound Token, in Trust Credit. We managed to customize the 6551 accounts implementation contract of the SBT to be able to deposit NFTs inside in it. We fetch the data ,and implemented an oracle contract for the protocol contracts to process the data on-chain. Fetched data includes 6551 accounts and NFTs inside them, and it is used for creating the bonuses for Credit Points. These bonuses are weighted as %80 NFT’s and %20 loan payment histories and user credit score is calculated in lending protocol contracts’ repay function. Basically the user has a base Credit Score, and after every successfully paid loan user gets a bonus points added to the Credit Score, which is calculated in oracle contract. After supplying tokens to the platform, user can now borrow from the desired pool, with special collateral rates according to his Credit Score. ERC 6551’s capabilities to become an agent to compose multiple fungible assets, trackable transaction histories and permissionless registry opportunities in comparison with the 721 Standart makes Trust Credit a ground-breaking innovation for the trustworthy and sustainable future of DeFi. Users now will have the chance to be rewarded for their actions and access improved UX which will help to onboard next billion users from TradFi to DeFi.

The project is on Polygon Mainnet. User connects with Wallet Connect to the Trust Credit and uses ERC721 as a user ID to create a SBT to perform like an agent to hold 6551 accounts ( NFT’s) without making them collaterals like Blend. We query the 6551 Accounts and the NFTs owned by 6551 Accounts from Airstack API. In addition, the USD Rates in the protocol contract is fetched from the Chainlink by using Price Feed. For Liquidation of users, we were planning to use the combination of the Chainlink’s price feed and Automation services to liquidation functionality and Push Protocol to helps users to get notified in the emerging circumstances in their ongoing loans such as Health Score. Trust Credit uses Ape Coin collection in 6551 accounts and gives great incentives and utilization to this collection by doing it.

Airstack: Query the 6551 Accounts and the NFTs owned by 6551 Accounts WalletConnect: User connection Apecoin: Using APE coin in 6551 accounts to get bonus points and incentivize ape coin holders. Chainlink: Fetching the price data for lending, borrowing and liquidations.