Magnify Cash
Decentralized Credit Markets: Permissionless lending and borrowing for any onchain asset!
About
The problem it solves Magnify makes lending and borrowing easier and safer than other lending platforms. It can be used to lend any ERC-20 token against any ERC-1155 or ERC-721 (NFTs and RWAs). Unlike other platforms that support only a few assets for lending or require governance proposals to approve new assets, Magnify allows anyone to list any asset on their own accord. Lenders create a lending desk, setting their desired lending parameters in ranges. This includes interest rates, loan duration, and loan amount along with the preferred lending currency and collateral option. Borrowers can browse lending desk based on their preferred terms and easily execute a loan once they like an offer. Interest rates then fluctuate based on a bonding curve and the ranges of parameters set by the lender. This method eliminates the need for an oracle and thus eliminates oracle-related risks such as price feed failures, false data, etc. Additionally, lenders own the key to their lending desk so they are always in control. They can even trade their lending desk and the future yield from its active loans!
How it's made
Challenges we ran into Many UI errors were uncovered by testnet users. Most of these were not critical errors but instead just display issues. Testnet users played an important role in helping to uncover all of these issues. You can read about them in our weekly release notes https://blog.magnify.cash/