Inspiration

We developed this project during Unfold 2023, and the initial idea originated from my experience with Wormhole. However, we encountered numerous challenges during its implementation. Subsequently, I discovered CCIP, a truly decentralized bridging solution, and learned about the Constellation hackathon. We then pivoted to building a real-time working MVP on top of CCIP, which is now live.

What it does

The Cross-Chain Lending and Borrowing DApp, presented as a submission to the Chainlink Constellation hackathon, stands out as an innovative solution. It simplifies the lending and borrowing of NFTs across different blockchain networks, addressing common challenges faced by NFT owners seeking loans across multiple chains.

  1. Multiple Chain NFTs and Loans: Traditionally, lending NFTs across different chains involves using separate protocols for each blockchain, leading to complexity and increased risk. The project streamlines this process, allowing users to deposit NFTs on any supported chain and accumulate borrowing power in USD tokens.

  2. Repaying Loans Across Multiple Protocols: The DApp facilitates borrowing tokens across multiple chains by synchronizing information across all chains. This ensures a seamless borrowing experience, allowing users to repay loans on any supported chain.

In summary, the Cross-Chain Lending and Borrowing DApp introduces a revolutionary approach to NFT lending and borrowing, providing flexibility and simplicity across the blockchain landscape.

How we built it

The DApp is built on Chainlink CCIP, leveraging its capabilities to enable cross-chain NFT deposits, borrowing power accumulation, token withdrawal, and loan repayment. We manually set up NFT floor prices during development, intending to switch to live price feeds for production deployment.

Challenges we ran into

The main challenge was obtaining live NFT floor prices and health factor information across multiple chains. Chainlink only provided NFT floor prices on Goerli initially. To overcome this, we initially used price feeds for one chain but opted for manual floor price setting during development to deploy the project live.

Accomplishments that we're proud of

All core functions, including NFT deposit, token withdrawal, and loan repayment, are operational. The DApp seamlessly handles cross-chain interactions, allowing users to deposit NFTs on any chain, accumulate borrowing power, and repay loans across multiple chains.

What we learned

We identified security issues, particularly the need for block confirmations before minting tokens on different chains to prevent potential exploits. Additionally, we acknowledged the importance of integrating live price feeds for accurate NFT floor prices, essential for the liquidation process.

What's next for LendChips

Pending positive feedback and attention, the next steps involve deploying the protocol in a real-time environment. To achieve this, we seek both monetary and development support. Future enhancements include resolving security issues, integrating with stable coins, and establishing a DAO contract for NFT auctioning and recovery from losses.

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