RociFi launches DeFi’s first, permissionless under-collateralized credit protocol on Polygon.

RociFi is live on Polygon! We are excited to bring permissionless under-collateralized loans to Polygon’s fast, safe, and vibrant ecosystem! Over the coming months, RociFi will look to grow every key protocol metric across the Polygon ecosystem. The alpha launch is just the first step on a long, fruitful journey on Polygon!

For the last year and a half, RociFi has been heads down building the future of finance – permissionless, under-collateralized lending. Thanks to a post on Soulbound tokens (SBTs) by Vitalik, RociFi’s core thesis has been validated by one of the deepest thinkers in the industry. 

Soulbound tokens are no different than RociFi’s Non-Fungible Credit Score (NFCS), which was ideated and built long before there was ever a mention of SBTs. The NFCS is a non-transferable NFT that is tied to a user’s on-chain identity and DeFi history, providing access to under-collateralized loans. The NFCS unlocks tremendous value across DeFi and Web3 by becoming the verified credential for credit, reputation, and trust. 

RociFi’s creation of an entirely new credit market and loan type is only the first step. As NFCS ownership grows across Web3 and DeFi, it will unleash utility beyond lending, including social recourse, reputation-based governance voting, and much more. 

The NFCS carries with it a real-time record of a borrower’s creditworthiness, so in the event of a default, it automatically reflects the impairment of credit, reputation, and trust on-chain – forever. 

As Vitalik mentions with SBTs, RociFi’s NFCS is only going to become more valuable over time — the big question is: do you think your on-chain identity and history will be more or less valuable in 5 years? We think the answer is a resounding YES.

About RociFi

RociFi — under-collateralized credit protocol for Web3

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About Polygon

Polygon is the leading blockchain development platform, offering scalable, affordable, secure and sustainable blockchains for Web3. Its growing suite of products offers developers easy access to major scaling solutions including L2 (ZK Rollups and Optimistic Rollups), sidechains, hybrid, stand-alone and enterprise chains, and data availability. Polygon’s scaling solutions have seen widespread adoption with 19,000+ decentralized applications hosted, 1.6B+ total transactions processed, 142M+ unique user addresses, and $5B+ in assets secured. Polygon is carbon neutral with the goal of leading the Web3 ecosystem in becoming carbon negative.

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Source : Coinwire

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