Zoracles to Launch Unibond Financial NFT Marketplace
September 28 2021 - 9:32AM
NEWSBTC
A credit score is a statistical value or number that helps lenders
assess the creditworthiness of their customers based on their past
credit and repayment history. Zoracles has developed an on-chain
solution called the Zora Score to calculate the creditworthiness of
an Ethereum wallet based on factors such as the age of the wallet,
DeFi activity, and loan repayment. Credit scores are standard in
traditional finance and are necessary for making and issuing loans.
Zoracles has developed an API for Zora Score that allows
decentralized crypto lending platforms to not require collateral
due to their algorithmic scoring. This was the first in
cryptocurrency projects and protocols. The Zoracles product team
will implement the Zora Score in an NFT marketplace to serve as a
data point for buyer and seller reputation. Hacks are common in
DeFi, and this metric protects market participants from transacting
with people with a bad DeFi reputation or in connection with banned
wallets. Zora Score was very different from the typical scoring
system of a rating agency. Consumers have the opportunity to
enhance their traditional creditworthiness with complementary
products and services from companies like Credit Karma and credit
partners like banks. In this era of financial uncertainty and rapid
advancement, the pace of crypto protocol development is no
different. Zoracles has contacted several major protocols that have
requested submission of their Zora score before implementation. The
team then developed an NFT exchange product to meet the needs of
more extensive lender protocols and generated a lot of interest in
the standalone product. The product has evolved and includes not
only exchanges of NFTs, but also data analysis to assign value to
these NFTs. Next Evolution: Unibond In early May, Uniswap v3
introduced a concept called concentrated liquidity positions,
expressed as NFT. Generally, liquidity providers are tasked with
specifying a price range for their token pairs. These positions are
converted to NFT based on the unique parameters underlying each
asset. Uniswap v3 NFT is currently an underserved market, while art
and collectibles NFTs will have sales of more than 2.3 billion in
2021. Zoracles plans to use as much data analytics as possible to
help buyers and sellers fix the price of your liquidity positions
based on the percentage of time spent in the area and other factors
the team is currently considering, including historical APY. This
would resolve an essential missing piece that other Uniswap NFT
Assets NFT markets have that do not guide the price of this new
asset class.
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