Unicred — Status Update

With great enthusiasm, I’m happy to share with you all that we have made major strides in terms of developing the project from a technical standpoint and also from a fundraising standpoint.

We have finalised our raise and are full steam into development. We will make an official press/community release about this shortly.

Here are the checkpoints in going live. We have had to adjust our roadmap to incorporate changing technical capabilities and certain market realities. As you are aware, there are two elements to the platform, viz. NFT monetization protocol and a crypto money market protocol. The TGE could be on either side of going live and the chain on which it will be released will be made public as the date nears.

Firstly, we have completed the development of the first version of the model to value NFTs based on parameters such as historical trading prices, liquidity, rarity and other such data. This will determine the LTV for a specific NFT when collateralised. Work has started in making NFT based borrowing trustless, meaning, how an ERC721 is deposited and an ERC20 token can be borrowed against it. NFT based lending will initially be for top NFT projects like Cryptopunks, Bored Apes etc.

Secondly, we are deploying a fork of Compound on Fetch.ai which will be version 1 (v1) and have started work on the development of the data science model that enables us to offer better interest rates and higher LTVs. Subsequently, the money market protocol will be released on multiple blockchains.

Rakesh Lavi, CEO, unicred.org

Twitter: https://twitter.com/unicredofficial

Telegram: https://t.me/unicredofficial

Discord: discord.gg/pnrecVk6ZY