Web-App 👀 At first, there's the web-app where you guys can connect your sol wallets, and have a look at your NFT collection showcased with the up-to-date prices from our oracle...
Pricing oracle 🧠 Pricing oracle is the most crucial part of the loan product - it evaluates NFTs. It's based on a machine-learning algorithm and a huge dataset: sales records, attributes, currency rates, network of NFT holders stats...
Borrow 💰 Once the user connected his wallet and agreed with the price shown he can borrow against any of his NFTs (up to 30% of the price - cuz we don't wanna be conned out of bread) - it's just in a click on a "borrow" button.
SOL liquidity pool 💵 In the first ver. NFT holders will be able to borrow in SOL from the SOL liquidity pool. It's the aggregate of deposits made by other users - depositors - who have some free cash to make a profit.
Interest rates 📈 Both sides: borrowers and depositors have their interest rates: borrowers pay % on their loans, depositors get % on the liquidity provided. And only a tiny difference between these rates accumulated as gnomies' reward.
Liquidation ⚖️ In case of the borrower doesn't pay his debt and % gnomies will have to liquidate his asset through the weekly raffle for Gnomies&Frakts holders or on one of Solana marketplaces.