HomeNewsChainlink Collaboration Elevates Lendvest Alpha App for DeFi Credit Scoring

Chainlink Collaboration Elevates Lendvest Alpha App for DeFi Credit Scoring

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  • Lendvest collaborates with Chainlink to refine its decentralized credit score system for DeFi platforms.
  • As a gesture of collaboration, Lendvest commits 4% of its native token supply to Chainlink service providers.

Lendvest’s Alpha Release: Revolutionizing Decentralized Finance

In a significant leap for decentralized finance (DeFi), Lendvest has announced its partnership with Chainlink through the Chainlink BUILD program. This collaboration aims to harness Chainlink’s state-of-the-art oracle services and technical know-how to bolster Lendvest’s decentralized credit score framework for DeFi platforms.

A Deep Dive into Lendvest’s Alpha App

The decentralized nature of Lendvest’s credit score is explicitly crafted for DeFi lending platforms. Their primary mission is to present DeFi markets with credible underwriting and a decentralized delivery system. This structure ensures the generation of fair and transparent rates for all users.

Lendvest’s freshly released alpha app is a testament to their innovation. This app facilitates users to view credit scores directly on-chain. There are two distinctive ways users can experience the alpha app:

  1. On-Chain Version: Allows users to connect their wallet and fetch a credit score on the Sepolia testnet.
  2. Off-Chain Version: Enables users without an Aave v2 lending history to interact with a dashboard, offering them wallets with borrowing data verifiable on Etherscan.

Further solidifying Lendvest’s commitment to security and reliability is their utilization of Chainlink’s oracle infrastructure. In the alpha app, Lendvest will employ Chainlink’s external adapter for a safe delivery of its credit score. And, being a Chainlink BUILD member, Lendvest gets a head start, gaining early access to more products for seamless integration into future versions of its credit score app.

Navigating the Alpha App: What Users Need to Know

For a smoother user experience, Lendvest has provided a comprehensive guide:

  • On-Chain App: Users can effortlessly connect their wallets, set up Sepolia as their network, and view wallet scores on-chain. The detailed process involves easy steps, such as connecting to the Sepolia testnet and obtaining test tokens for Sepolia ETH to cover the gas fees.
  • Off-Chain App: It offers a “random wallet” button, allowing users to cycle through selected wallets with on-chain loans, providing insights into a score and loan transaction details on the Lendvest dashboard.

A Glimpse into the Future of DeFi Credit Scores

Lendvest, with its mission of aggregating on-chain lending data, seeks to create a foolproof credit score for DeFi protocols. By leveraging Chainlink‘s capabilities, Lendvest is on the path to emerge as a pioneering decentralized credit scoring protocol. This integration will empower decentralized lending platforms to algorithmically deduce the risk profiles of individual users, ensuring optimal terms for users and elevating risk-adjusted returns for platforms.

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Godfrey Benjamin
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose primary goal is to educate everyone about the prospects of Web 3.0. His love for crypto was sparked during his time as a former banker when he recognized the clear advantages of decentralized money over traditional payments. Business Email: info@ethnews.com Phone: +49 160 92211628