Nomis

Open-source wallet qualifier and credit score protocol enabling Moonbeam developers build better DeFi solutions.

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Inspiration

We build 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 comparing 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;
  • There are no personalized terms even if a user has 'good' or 'fair' on-chain history.

Banks, in their turn, overcomes this problem by hiring credit scores. Such 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 impact 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 cace scenario), or at least provide better terms.

What it does

Nomis is an open-source protocol which helps on-chain developers both to build better DeFi products and use cases, and to balance already existing high-TVL protocols. Every lending/borrowing platform will be able to provide its end-users with extremely customized loan terms for borrowers by using Nomis API.

Nomis is designed to be a multi/cross-chain solution to offer the most robust financial snapshot of a potential borrower by hiring hierarchy analysis as a scoring method.

Before the Hackathon we had MVPs on Ethereum, Solana, Polygon, Ripple, and BSC.

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

What we built during the Hackathon

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

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

Our Hackathon roadmap was as the following:

  1. Extracted wallet and transaction data from Moonbeam and constructed initial variables;
  2. Aligned the Nomis mathematical model to the variables extracted;
  3. Developed credit score and UI for Moonbeam wallets;
  4. Developed API for Moonbeam and its documentation.

How we built it

  1. We hired Moonscan API to get wallet, transaction and NFT-movement data.
  2. We constructed variables, based on the data extracted, which further can be received via Nomis API.
  3. Finally, we hired our mathematical model to develop Nomis (credit) Score based on the constructed variabled.

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/Nomis.Web.Client.Moonbeam/Dockerfile -t nomis-moonbeam . docker -dp 80:80 nomis-moonbeam

Challenges we ran into

  1. Choose and justify the appropriate methods for the model.
  2. Build the appropriate mathematical model for credit score calculation based on expert opinions.

Accomplishments that we're proud of

  1. We're proud that we developed MVP for Moonbeam during the Hackathon. Moreover, the prototype correctly works based on wallet and transaction data only.
  2. We took a step further and developed several product- and business model-related hypotheses during the Hackathon.

What we learned

  1. How to work with Moonscan API.
  2. Deepen our knowledge about the structure of the Moonbeam blockchain.

What's next for Nomis

As mentioned above, our goal is to allow one to borrow capital using one’s on-chain reputation as a form of collateral (best cace scenario), or at least provide better terms. Although, the long-term vision for Nomis goes far beyond credit scoring for DeFi. In the future, other dApps will use Nomis Score as a wallet qualifier for making job offers, adding in whitelists, offering special marketing terms, or just for inviting to a private party, etc.

We plan to make Nomis self-sufficient by hiring one of the B2B or Web3 business models and GTMs.

Team

Fedor
- PhD in CS
- Solidity & Rust developer
- 8 patents’ holder (neural networks)
- Ex. custom L1 blockchain solution

Alex
LinkedIn • Telegram
- MSс in Mathematics and Economics
- 5-year C-level experience
- 15-year experience in neural networks
- Ex. GoRecruit — employee scoring SaaS for HR

Arty
Twitter • LinkedIn • Telegram
- MSc in International Business Development
- 4-year experience of PM/UI/UX in crypto
- Ex. KickCity — web3 event dapp on Ethereum
- TON Hackathon Awardee

Nick
- Degree in CS
- .NET developer
- Active open source contributor
- 5 times blockchain hackathons awardee

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