The project is an innovative P2P (peer-to-peer) borrowing and lending protocol specifically tailored for Ordinals. Here's how it works in detail:
Bridging Ordinals:
- Users can bridge their Ordinals from other networks to the platform, ensuring they can interact seamlessly within the ecosystem. This bridging process allows Ordinals to be transferred securely and become compatible with the protocol.
Minting as Open Campus NFTs:
- Once the Ordinals are bridged, users can mint them as Open Campus NFTs. These NFTs represent the Ordinals in a standardized, tokenized format, making them easier to manage and trade within the platform.
Creating Borrow Requests:
- Users who own these Open Campus NFTs can create borrow requests on a smart contract. These requests specify the amount of Edu-Coin they wish to borrow, using their NFTs as collateral. The smart contract ensures that the NFTs are locked and secured during the borrowing period.
Lending Loans:
- Other users on the platform can view these borrow requests and choose to lend their Edu-Coin. In return, lenders earn interest on their loans, with attractive APYs that can go up to 350%, depending on market conditions and the value of the NFTs used as collateral.
NFT as Collateral:
- The Open Campus NFTs serve as collateral for the loan. If the borrower defaults on repayment, the smart contract automatically transfers the collateralized NFTs to the lender, ensuring that lenders are protected.
This protocol is fully decentralized, leveraging smart contracts to automate and secure the entire process. It offers a transparent and efficient way for users to unlock the value of their Ordinals, providing liquidity while ensuring that lenders have a safeguard in the form of NFTs as collateral.
Flow Diagram
