Inspiration - Liqwid’s founding ethos has always been the disruption of banking and mobile money service models that 2 billion global citizens are stuck with as the only option available today. The inability to access credit plus rent-seeking payday lending schemes create capital inefficient and economically destructive conditions for 2/3 of global users. The lack of verifiable credit and identity are the main barriers to creating equitable peer to peer lending markets.
What it does - Liqwid establishes peer to peer lending markets for Cardano native assets to enable borrowers and lenders to earn interest and open loans from a smart contract of pooled funds, all on chain and non-custodial. Open API's and SDK's also enable developers to build entire data and credit market applications that enable Liqwid user's to monetize their data and credit generated passively within Liqwid (Cardano transaction metadata). Open-source software stack meets algorithmically optimized lending pool.
How I built it - Our core development team has partnered with software venture studio Appinventiv and Haskell Fintech experts Tweag to build Liqwid v1 on Plutus testnet.
Challenges I ran into - Challenges faced on the development side were fairly minimal, our main issue was tracking where specific repos were located (Marlowe source code hidden in the Plutus repo for example) and once we overcame this challenge developing our contract functions in the Marlowe environment and testing them in the simulator and static analysis tools were very straightforward. Having Simon and Shruti from the Marlowe team in the Discord channel helped us quickly overcome any issues we faced, many thanks to them both.
Accomplishments that I'm proud of - The solution our newly formed team developed over the course of this hackathon.
What I learned - Extending Marlowe's functionality to include new primitive contracts and functions is a very streamlined process once you access the Haskell data structure in the Marlowe source code. We were initially unsure if this would be a viable option and it was awesome to see our devs be able to implement this and port the code back in Marlowe Playground environment to use the static analysis and simulation tools on newly constructed contract blocks.
What's next for Liqwid Finance - Liqwid is competing in Cardano's Project Catalyst dcFund2 where our team aims to secure seed funding to finance the development of Liqwid v1 which will launch on Cardano's Plutus testnet in late Q1/early Q2 2021.