Nomis

Inspiration

Initially, we started building Nomis to crush two of the most significant barriers to entry and adoption of the whole DeFi lending which are over-collateralization and lack of reputation-based terms. Today mainstream borrowers are either not using DeFi lending due to its unattractiveness compared to TradFi lending, or taking over-collateralized loans with unfair collateral, APR and liquidation terms.

In other words, today's DeFi loans suck:

125%+ collateral scares away mainstream borrowers from DeFi loans;
Collateral liquidation terms are tricky and make it even more unattractive;
No personalized terms exist even if a user has a 'good' or 'fair' on-chain history.

Banks, in their turn, overcome this problem by hiring credit scores. Such a tool could also be implemented in DeFi making crypto loans more accessible for fair users and underserved populations, cultivating trust and reputation culture. Moreover, credit score negatively impacts the number of crypto fraud cases by disincentivizing actors to play dirty.

Our long-term vision is to allow one to borrow capital using one’s on-chain reputation as a form of collateral (best-case scenario), or at least provide better terms.

What it does

Nomis is an open-source protocol that helps developers build better products, solutions and experiences. Every DeFi protocol, DAO, GameFi and NFT project will be able to provide its end-users with extremely personalized experiences by using Nomis API.

Nomis will help Theta to grow its TVL, MAU (as a result of the acquisition of mainstream borrowers), MAD, # of on-chain use cases (as a result of the opportunity provided to develop new solutions on-top of the Nomis open-source protocol).

What we built during the Hackathon

As far as we aspire to build a multi-chain solution and offer the most robust financial snapshot of a potential borrower, we are highly interested in developing Nomis on top of Theta.

As a result, we have developed an open-source MVP for Theta wallets based on wallet and transaction data. We also have developed API and its documentation.

Our Hackathon roadmap was as the following:

Extracted wallet and transaction data from Theta and constructed initial variables;
Aligned the Nomis mathematical model to the variables extracted;
Developed credit score and UI for Theta wallets;
Developed API and documentation for Theta developers.

How we built it

We hired the explorer's API to get wallet, transaction, and NFT movement data.
We constructed variables, based on the data extracted, which can be received via Nomis API.
Finally, we hired our mathematical model to develop Nomis Score based on the constructed variables.

Our solution is based on the .NET 6 platform and the ASP Net Core framework. We used the Docker toolset to build and deploy the solution.

To build, run the command below:

docker build -f src/Common/Nomis.Web.Server.Common/Dockerfile -t nomis-web-api . docker -dp 80:80 nomis-web-api

What's next for Nomis

We'd love to launch joint pilots with projects on Theta to make the network experience more personalized and secure. Our vision goes far beyond credit scoring for DeFi, so we're going to explore as many use cases as possible within the Theta Ecosystem.