Waffy

The Waffy Protocol is a decentralized non-custodial NFT lending protocol where users can participate as lenders or bidders. Lenders can lend out their ERC721 NFTs at a fixed interest rate, while bidders can outbid the highest bidders. The protocol is designed to be a low-risk, low-fee, and secured protocol.

Anyone can lend out their ERC721 NFTs at a fixed interest rate for a specified time. During the loan period, anyone can bid on the NFTs, and the lender can draw any amount from the highest bid. To outbid the highest bidder, the user must repay the last amount drawn from the bid along with interest to the previous highest bidder.

If a default on a loan, anyone may either seize the NFT and repay the bidder or seize the NFT for the highest bidder and get rewarded. As a result, loans are always repaid in full since third parties are encouraged to contribute to the general protocol's health by acting in their interests (to obtain rewards or NFT)

Waffy uses the fast and low-cost network of polygons to connect with its smart contracts to store all the data and data from the lenders' markets in a decentralized manner.

Waffy additionally leverages the Covalent APIs to retrieve ERC721 NFTs from users and NFT metadata.

To build up its analytics platform, and track the number of users signed up and the number of NFTs seized, Waffy uses The Graph protocol to build subgraphs and query them.

Waffy also leverages Valist to safely publish this waffy software on a decentralized platform in addition to HyperDApp, which it uses to create the verifiable frontends and enable anyone to incorporate Waffy in their DApp.

To evaluate the lender's reliability on-chain, Waffy also employs POAP to lay out the POAP of the lender.

All smart contracts are analyzed by Solhint, which provides linting solutions for detecting code vulnerabilities of the Solidity smart contracts.