Bitloan marketplace

Project name

BitLoan marketplace

Project official website

http://www.bitloan.cc/

OverView

BitLoan is an NFT lending and borrowing marketplace.

Problems we can solve.

BitLoan allows NFT owners to stake their NFT pieces or collections in exchange for cryptocurrencies. Due to the illiquidity of many NFTs on the market are, several DeFi projects have identified the growing need to improve NFT liquidity using solutions such as lending.BitLoan is one of the few projects to make the lending happen. NFTs are not fungaible,which basically means they are not divisible and can not be replicated. However, the cryptocurrencies are divisible and investors do not have to buy NFTs in their entirety.

Solution

BitLoan allows holders to borrow funds and set terms without an intermediary. Borrowers can get a loan amount of approximately 50% of the value of the NFT, with interest rates ranging from 20% to 80%, depending on the popularity of the NFT.

BitLoan uses smart contracts to give users complete control over their funds. Assets that function as collateral are sent to a secure smart contract, which acts as an impartial, automated third party programmed to facilitate the lending and borrowing process.

We obtained the price of ETH on the test network through chainlink's oracle machine for display on the front-end page, which is convenient for users to obtain the current price of ETH to control risks