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SoFiLend 🌱

Banner

Prizes won 🏆

Sponsors Prizes
Polygon Best use of Polygon zkEVM
Mask Network Best Use of Next.ID & Most Creative Project
Scroll Pool Prize
Arbitrum Pool Prize
Chiliz Pool Prize

Short Description

SoFiLend is an DeFi overcollateralised lending protocol using on-chain social profiles (Lens, ENS, etc.) as collateral for borrowing assets.

Our appplication uses smart analytics to monitor blockchain activity, generating a reputation score for each user with an advanced social graph system. Depending on the reputation score obtained by the user, he is eligible to borrow an amount of assets.

This project has been built during ETH Global Istanbul 2023 Hackathon. More information here.

  • Try the application for yourself here 👉 website
  • Watch the demo video and project page here 👉 video

The project has been deployed and has leveraged the solutions of the following sponsors: Aave, Spark, Arbitrum, Gnosis Chain, WalletConnect, Arbitrum, Mask Network, Lens Protocol, Polygon, IPFS & Filecoin, Metamask, Chilliz, Scroll, Push Protocol, ENS, Celo, Mantle, Neon EVM, Ethereum Attestation Service, Nouns DAO

Problem

Current undercollateralized lending protocols struggle with effectiveness due to inadequate incentives for borrowers to ensure loan repayment. The rise of the creator economy and social finance initiatives, including on-chain social media and profiles like those offered by the Lens Protocol, signal a shift towards leveraging digital identity and reputation as potential solutions to this challenge.

How does it work

Collateral Deposits: Social profiles

Your Lens or ENS profiles are not just digital identities; they are tokens with inherent value based on your reputation within the ecosystem.

Features

  • Continued Access: Even after depositing your Lens or ENS profiles as collateral, you maintain full access to these accounts.
  • Repayment Notifications: As the loan repayment date nears, you'll receive push notifications about your health factor and potential liquidation risks.
  • Reclaiming Collateral: Once you repay the loan, your deposited collateral is returned to you.

Consequences of Non-Payment

Failure to repay the loan triggers a soft ban, imposing the following restrictions:

  • Lens: Blocks all interactions on the platform.
  • ENS: Funds due to you are frozen in an escrow account, which then directs the funds to the lender.
  • Vouching Limit: Restricts vouching capabilities (up to a maximum of 2 per wallet).

Contributors

Deployed on

Chilliz mainnet

LoanContract : 0x9E7a4e8EF0A5F7949602e2Ff71dD0FFBC4F9Db91
Asset. : 0xc81c0D879650a41d0C7A1ff588df7e11A5BFFeC4

Gnosis Chain

Main contract: 0x06a885610f0777c12125cba1470461cc4ca032af
AssetProof: 0x6739e925c617FD8d72Ee9466439fFF7c0d5Bef8D

Polygon ZkEvm Testnet:

AssetProof: 0xdF139C6B1283514472Afc5d3e0A0D52b7f64f8Ed
MainContract: 0x532E6Ce0763Da28346906E06C8C9922f3B5F479b

Arbitrum Sepolia Testnet:

LoanContract : 0x9E7a4e8EF0A5F7949602e2Ff71dD0FFBC4F9Db91
AssetProof : 0xf5a672774a53872e7C6773Aa04F41a7F6c37e327

Scroll Asset

scroll asset: 0x5f3f1dBD7B74C6B46e8c44f98792A1dAf8d69154
Loan Contract : Talked with Raza and couldn't deploy due to RPC problems

Celo

Asset: 0x0B15b524011cDF374B87Bd3ED0c844F8948B8608
Loan Contract : 0xe8B3CB3BF75Ae25ec97942AaAce603590DE2b668

Linea

LoanContract : 0x9E7a4e8EF0A5F7949602e2Ff71dD0FFBC4F9Db91
AssetProof : 0xc81c0D879650a41d0C7A1ff588df7e11A5BFFeC4

Application Architecture

Social Credit Scoring Banner

On-Chain Reputation as Collateral Banner

Sybil Resistant Vouching System Banner