Project Name: RapidLoans Project Track:DeFi Team Member(s): We are a team of 4, @soham@raghavv@adipundir and @jaskaran DevPost Project Link: (Devpost) Website rapidloans.vercel.app Project Goal: We are providing flash loans without any collateral for arbitrage on Dex’s and may other onchain opportunities and we have our own liquidity pool for TRX/JST. Project Value: Uncollateralized loans. Sounds risky? With blockchain, it’s not. If the user has successfully paid back the loan, transaction goes through or else the entire transaction from 0 to 1, reverts to the initial state like it never happened! Yeah that’s the bright side of blockchain, and the next revolutionary mechanism for TRON. Project Info:
Project Website: https://rapidloans.vercel.app Project Video: https://www.youtube.com/watch?v=YxHOb3WWdqA Project Test Instructions:
For testing out liquidity pool, go to the website, head over to liquidity pool. Here you can borrow,withdraw,invest TRX/JST tokens on nile testnet.
For testing out flash loans, checkout the flash loans section, the website has all the addresses and interfaces can be found on github, simply run the example subject contract provided on tron ide. Project Details:
Basic TRX/JST liquidity pool, fixed interest rates.
Lending pool has functions to invest and borrow TRX or JST, providing 15 day fixed investments and 30 day normal loans.
Flash Loans will be issued by this lending pool- It sends the funds to a user’s contract(yes users have to create a contract and inherit IRapidLoanReceiver contract interface.
Next user has to trigger a function on RapidLoansCore to request a Flash loan for either TRX or JST.
On the user’s contract, user will inherit execute function which must contain the logic for sending back the funds with a fee, and perform flash loan implementation logic, for example arbitrage.
If the user fails to pay back the loans, transaction reverts to initial state, funds are never transferred since all this is done in a single transaction.
So in one single transaction, user gets the request amount, user does arbitrage and user pays back the loan.
You can try out yourself, by making your own subject contract and try sending no amount back after receiving the flash loan, it will revert and no transfer of funds will occur.
Checkout github and website for instructions and details on this.
Many fellow web3 enthusiasts were concerned about the safety of this project, I assure you that this is a robust mechanism all using smart contracts and blockchain never disappoints. As I explained earlier, all this is done in a single transaction so it can be reverted like it never happened.
Our Idea is inspired from Aave, providing flash loans on evm. Smart Contract links: RapidLoans · GitHub, check contracts repo readme for contract links. Project Milestones: Website is ready and integrated for liquidity pool, we have robust docs on how to initiate a flash loan using RapidLoans.
Welcome to the Hackathon of season 7, you present a short project in writing format, I think you have very creative project as you are creating loan system without collateral, I think this will send many banks packing, please tell me how are you going to handle default on payment and also non payment, thank you
Welcome to season 7
Basically RapidLoans is a new platform that uses blockchain to give people quick and easy access to loans without needing collateral.
It works with other companies to make sure transactions are safe, transparent, and efficient.
Thanks for coming up with such but my questions is
How will RapidLoans handle problems like people not paying back loans, running out of money, or security issues with their technology.
Secondly And how will they make sure the platform keeps working well and growing over time.
Welcome to hackaTron S7. It’s great to see a project that aims to revolutionize access to credit facility. By eliminate the need for collateral when applying for the loan, how do you ensure that borrowers keep to the terms and how do you plan to handle the issue of delay in paying up the loans?
Welcome to S7, I like what you are building because it makes things easy for people will might be of help in one way or the other, am so surprised that they will be no collateral involved and I wonder how you will do it.
Sir,my question is can anyone apply for this loan, or are there certain requirements to be eligible for it?
Welcome to Hackathon Season 7, when I first saw this is a loan service first thing that struck my mind was LAPO, only difference is it’s on Blockchain.
Aiming to provide instant, uncollateralized flash loans on the TRON Blockchain with the goal of removing traditional finance barriers like high credit requirements is quite ambitious.
Will RapidLoans offer loan customization features, such as variable interest rates or repayment schedules?
P.S: @Nweke-nature1.com can give further insight as to what LAPO means lol.
Welcome to Grand hackathon S7
First thing that hit on my head when I saw that I can take loan without any collateral is what if the user fails to pay as @Prince-Onscolo asked because without any solid fund backing or so definitely it will collapse, so how would you manage as a new project who is soliciting for funds to start up fresh project like this so therefore in a situation where many users can’t repay how would you handle it
Your project milestones show a clear plan and timeline for achieving your goals.
I like that you’re openly sharing your progress, which helps build trust and understanding.
It’s great to see a clear vision and roadmap for RapidLoans.
Hi there, There is no non payment of funds. User creates a contract that does the transaction and we check if funds are returned though robust contracts on tron network. If the transaction fails, it reverts to the initial state like it never happened. Sounds interesting right? stay tuned for the next post im gonna upload soon on this forum !!
Hi there, There is no non payment of funds. User creates a contract that does the transaction and we check if funds are returned though robust contracts on tron network. If the transaction fails, it reverts to the initial state like it never happened. Sounds interesting right? stay tuned for the next post im gonna upload soon on this forum !! Over time, our future scope is to deploy upgradable contracts all using transparent proxy!
Hi there, There is no non payment of funds. User creates a contract that does the transaction and we check if funds are returned though robust contracts on tron network. If the transaction fails, it reverts to the initial state like it never happened. Sounds interesting right? stay tuned for the next post im gonna upload soon on this forum !! For Funding, we have created a liquidity pool of TRX/JST which functions from a normal liquidity pool.
Thanks for responding to my previous query but I have another
Given RapidLoans innovative approach to decentralized lending, how does the project plan to mitigate the risks associated with flash loans, particularly regarding the potential for malicious actors to exploit vulnerabilities and cause financial losses.
As you see aave is a popular flash loan app, which I have personally used for may opportunities, so I think this is great for tron defi revolution.Regarding vulnarebilities, initially yes it would be a working model showing the idea, if we really succeed we will create solid, robust security tweaks too!
