Credix

Democratizing credit investing with a positive impact

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Inspiration

The Credix team is inspired to make traditional finance 10x better and more accessible. Solana blockchain technology is at the core of our mission to democratise credit investing.
Our protocol is built on the following principles:

  • Connect DeFi to real-world assets (e.g. emerging markets credit) to unlock liquidity and hedge against crypto-volatility
  • Build a compliant protocol to allow access for institutional finance
  • Provide a better UI/UX experience for retail investors to access DeFi and global credit opportunities
  • Have a positive socio-economic impact in emerging markets leveraging crypto borderless nature

What it does

Credix is a decentralised credit marketplace powered by Solana blockchain technology. Our protocol enables global access to efficient undercollateralized lending for loan originators (e.g. FinTech companies) in emerging markets and fixed-income investment opportunities for investors. Credix bridges traditional finance and DeFi with the regulatory compliant framework institutions need. We are DeFi 2.0

Our protocol works with three main stakeholders:

Investors - a person or organization that provides capital to the liquidity pool

Underwriters - accredited investors that evaluate and invest in single credit lines (='deals')

Borrowers - Fintech's and non-bank loan originators who get access to capital through the Credix marketplace

How we built it

The platform was built using the Anchor framework. After a bit of research, as well as reading some blog posts of previous hackathon participants, a lot of people recommended using Anchor as this streamlines a lot of the development process. It was a steep, but interesting learning curve. We now have a backpack of knowledge to continue expanding the program.

For the client, we opted to work with React.Js, as it's still regarded one of the leading Javascript frameworks out there.

Challenges we ran into

One of the biggest challenges was finding answers to questions you may have. Documentation at this early stage is lacking a bit, and although the Discord channels are very friendly, often question would go unanswered so you would be left alone to figure stuff out by trying to find existing examples on Github etc.

Accomplishments that we're proud of

During a very short timespan, we succeeded in working very closely as a team on multiple fronts, exceeding our predetermined goals when joining the hackathon.

  • Business: We got to speak and work together with many FinTech and law firms in LatAm, collecting valuable feedback and confirming our hypothesis. Subsequently, we launched our early borrowers' program with multiple LOIs signed. Additionally, from the investors' side, we've received strong interest both from the retail and institutional side to provide capital during our early investors' program and beyond.
  • Technical: In a very short time-span, we learned the Anchor framework and got our main-flows working. We started from scratch as we have quite a few non-standard flows in our program. We built a foundation on which we will continue to expand after the hackathon.

What we learned

The initial learning curve is also quite steep, but once everything starts to click then it makes the process a lot smoother. Finding existing examples of programs on Github and seeing how they do things is very useful, and utilise the Discord channels as much as possible. Would also highly recommend doing and fully understanding the Paulx Escrow Program tutorial, once you properly understand that, you should be well equipped.

What's next for Credix

We are currently working with 6 borrowers in LatAm and our early investors globally to supply the first liquidity and credit by the end of 2021. We will be launching our closed alpha soon. Please reach out if you want to be involved! www.credix.finance

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