My goal in MetaCartel was always to meet the best people (which I did) and then start a project that could take some funds from the DAO. Introducing Rocket.
Rocket is an under-collaterized (or non-financially collaterized) #DeFi bank that takes NFTs (instead of DAI as usual) as collateral. We’re mainly a team of 3 people, me, a Solidity dev Elliot and André Pardal for Web/Front-end. Team suspect to evolve/change.
Logo by Peter Pan coming out later this week. This is a prototype just holding NFTs: https://acpardal.github.io/mvp-bank/
Rationale for the product:
- Overcollaterization like Compound or Maker Vaults only works for rich people
- 99% of the market (TAM) relies on normal people’s loans, that have NFTs but don’t want to put more money down than borrowed
- NFTs can be seized and auctioned on OpenSea if lenders default
- NFTs are valuable: ENS domains, crypto art, Unlock membership
Payments will happen off-chain and decided on a case-by-case basis. Eventually the bank pool will be a DAO for people to put liquidity in.
Asking for 2000 DAI. Most funds will likely go towards borrowers that we think have valuable NFTs.
Thanks and I like all of you. Would love feedback