RapidFlow Finance -A Defi Protocol on XDC Network

Empowering the lenders and borrowers through RapidFlow finance in a decentralized world!

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Inspiration

RapidFlow Finance -A Defi Protocol on XDC Network

Every startup company or a SME's would face this issue of CREDIT period and they dont get paid on time from their client. During such period, they always get OD or Loans from the bank with high interest rate and manage their day to day business activities.

Through RapidFlow Finance, we want to reduce this pain through crypto lending for genuine and trustable Invoice, with speed, thus we call it as RapidFlow

With proper credit score calculation, now lenders can choose the right borrowers and assure the debt payback on time.

What it does

  • Every user is getting onboarded here, through a KYC to eliminate the bad actors and build the trust.
  • Users once onboarded, they can submit their invoice and mint NFT
  • Once the NFT Is minted, they can raise a loan borrowing request and the loan to acquired in crypto(PLI, USPLUS or CGO tokens)
  • On the othe side, Lender or LP provider who has so much crypto in kitty, can review these request and offer the LOAN for some interest. Here, the flexibility is given to Lendre to decide the interset rate and pay back period.
  • Similarly, the borrower can have flexibility to accept or deny the offers. When they accept the offer, the loan date starts and calculate the interst to pay on the set loan maturity date.
  • Borrower, should be able to pay back the loan
  • Lender aka LP Provider, can able to claim back their loan once the maturity period is over.

How we built it

  • Smart Contract is desined in a way to accept multiple loan offers for specific request
  • Lender will be able to claim back their loan offered
  • Contract is deployed in Apothem
  • Pricing for each token is bridged using #PLI oracle

Challenges we ran into

  • USPLUS apothem tokens acquisition

Accomplishments that we're proud of

  • We were able to build a working product and deployed in Vercel App for user review

What we learned

  • Invoice Based Lending Protocol

What's next for RapidFlow Finance -A Defi Protocol

  • Bringing Collateral for loans
  • Bringing Credit Score for Borrower to increase the trust
  • Multi Crypto Acceptance for a single Loan
  • Distributing the dividends for all the LP's, who is contributing to this lending protocol
  • Platform Fee Enablement
  • Platform Token

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