Nearlend

Dapps for Lending & Borrowing Crypto Asset in Near Protocol

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Inspiration

Defi, the acronym for Decentralized Finance, is now one of the fastest-growing sectors in the blockchain and cryptocurrency market. As we have already familiar with, the primary services in the financial industry are lending and borrowing of crypto assets, which are based on the concept of credit and collateralization. As of April 2021, the borrowing volume increased 102 times after 12 months, reaching $9.7 billion. Realizing the incredible opportunity, a small group of young developers from Vietnam decided to gather and jointly develop Nearlend - Dapp that provides lending and borrowing services on Near Protocol.

What it does

Nearlend – the financial hub on Near Protocol, adopted a dynamic interest rate model and created more capital-efficient risk management pools, allowing a broad selection of collateral types to be fully utilized in a safe way.

How we built your project

Nearlend is a Near Protocol-based, open-source money market protocol aimed at establishing liquidity pools whose interest rates are determined by an algorithm based on supply and demand. Suppliers supply assets to the liquidity pool to earn interest, while borrowers take a loan from the liquidity pool and pay interest on their debt. Besides the cryptocurrency lending service, Nearlend will focus in creating a protocol for NFT Fi. So NFTs will be supported on Nearlend as collaterals for borrowing cryptocurrency and even NFT for rent.

In essence, Nearlend bridges the gaps between lenders who wish to accrue interest from idle funds and borrowers who want to borrow tokens to funding for productive or investment use. And we believe NFT Fi will make NFT Market more liquidity

Challenges we ran into

  • Defi is a very new field, and there is a lot of knowledge that needs to be updated to build a test-net for Nearlend.
  • Researching a new governance model to ensure the long-term development of Nearlend.
  • And the biggest challenge is the commitment of the founding members of Nearlend

Accomplishments that we're proud of

Nearlend - Most favorite project on Vietnam Blockchain Innovation Hackathon 2021! This is a great pride of Nearlend members after a short time working together.

What's next for Nearlend

► Q2/2022: Dapps Development

► Q3/2022: Dapps Development & Testnet Launch

► Q4/2022: Beta Mainnet Launch

► Q1/2023: Mainnet launch

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