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UI example
Inspiration
NFTs as collateral are quite difficult to implement as the price of the NFT is volatile, our platform tries to solve this problem by using UniswapV3 LP NFTs as collateral for loans. The UniswapV3 LP Tokens are represented as NFTs, Once the user buys it he/she gets fees on that NFT. But if the user needs some money selling the NFT is the only option, On our dapp users can stake their NFT and get a loan against it. It implements a peer-to-peer lending and borrowing contract. Lenders can lend their USDC to the NFT owners and gain the interest of that NFT by lending less amount than the NFT's underlying liquidity.
What it does
Peer-to-peer loan for UniswapV3 LP Tokens. User lists his/her NFT on the platform, all the listed NFTs are available on the Lend page on which users can lend money to the NFTs.
How we built it
We used moralis for the NFT transfers and authentication, the NFT is transferred to the contract. Then the user can lend money to the NFT which will include the transfer of the ERC20 token to the lister of the NFT.
Challenges we ran into
We ran into a number of challenges, transferring NFTs was cumbersome but moralis made it quite easy for us.
Accomplishments that we're proud of
Being a beginner we are very happy that we completed this project.
What we learned
We've learned a lot of things as the NFT needs to be approved from the front-end for them to be transferred by the contract.
What's next for UniLoan
We have deployed it on Rinkeby testnet, apart from deploying it on the mainnet, we want to add more functionality to the dapp.
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