Nomis <> ICON

Credit Score MVP for ICON wallets
Title

Inspiration

Initially, we started building Nomis to crush two of the most significant barriers to entry and adoption of the whole DeFi lending which are over-collateralization and lack of reputation-based terms. Today mainstream borrowers are either not using DeFi lending due to its unattractiveness compared to TradFi lending, or taking over-collateralized loans with unfair collateral, APR and liquidation terms.

In other words, today's DeFi loans suck:

﹥125% collateral scares away mainstream borrowers from DeFi loans;
Collateral liquidation terms are tricky and make it even more unattractive;
No personalized terms exist even if a user has a 'good' or 'fair' on-chain history.

Banks, in their turn, overcome this problem by hiring credit scores. Such a tool could also be implemented in DeFi making crypto loans more accessible for fair users and underserved populations, cultivating trust and reputation culture. Moreover, credit score negatively impacts the number of crypto fraud cases by disincentivizing actors to play dirty.

Our long-term vision is to allow one to borrow capital using one’s on-chain reputation as a form of collateral (best-case scenario), or at least provide better terms.

What it does

Nomis is an open-source protocol that helps developers build better DeFi solutions and experiences. Every lending/borrowing platform will be able to provide its end-users with extremely customized initial lending terms for borrowers by using Nomis API.

Nomis is designed to be a multi/cross-chain solution to offer the most robust financial snapshot of a potential borrower by hiring hierarchy analysis as a scoring method.

Nomis will help ICON to grow its TVL, MAU (as a result of the acquisition of mainstream borrowers), MAD, # of on-chain use cases (as a result of the opportunity provided to develop new DeFi solutions on-top of the Nomis open-source protocol).

What we built during the Hackathon

As far as we aspire to build a multi-chain solution and offer the most robust financial snapshot of a potential borrower, we are highly interested in developing Nomis on top of ICON, one of the best blockchains for DeFi projects.

As a result, we have developed an open-source MVP for ICON wallets based on wallet and transaction data. We also have developed API and its documentation.

Our Hackathon roadmap was as the following:

Extracted wallet and transaction data from ICON and constructed initial variables;
Aligned the Nomis mathematical model to the variables extracted;
Developed credit score and UI for ICON wallets;
Developed API for ICON and its documentation.

How we built it

We hired Icon Go API to get wallet, transaction, and NFT movement data.
We constructed variables, based on the data extracted, which can be received via Nomis API.
Finally, we hired our mathematical model to develop Nomis (credit) Score based on the constructed variables.
Our solution is based on the .NET 6 platform and the ASP Net Core framework. We used the Docker toolset to build and deploy the solution. To build, run the command below: docker build -f src/Common/Nomis.Web.Server.Common/Dockerfile -t nomis-web-api . docker -dp 80:80 nomis-web-api

What's next for Nomis

As mentioned above, our goal is to allow one to borrow capital using one’s on-chain reputation as a form of collateral (best-case scenario) or at least provide better terms. We'd love to launch joint pilots with lending/borrowing protocols on ICON to make under-collateralized loans possible. Our vision goes far beyond credit scoring for DeFi, so we're going to explore as many joint use cases as possible within the ICON Ecosystem.