GhoSafe

Screenshots

Problem Statement

GhoSafe is an innovative DeFi lending platform that seamlessly integrates advanced blockchain technologies to offer a comprehensive lending and borrowing experience. It's built on a robust smart contract architecture and leverages the power of Aave, Chainlink, and Ethereum to provide a secure, efficient, and user-friendly service.Core Mechanism At its core, GhoSafe enables users to stake digital assets as collateral and take out loans in the form of GHO tokens. The platform introduces a unique credit scoring system, where users are assigned non-transferable tokens reflecting their creditworthiness, based on their loan history and repayment behavior.Smart Contract Architecture The GhoSafe ecosystem is composed of several interconnected smart contracts: Access Control Management: This contract manages user permissions, ensuring secure interactions within the GhoSafe ecosystem. Credit Scoring Contract: It issues non-transferable tokens representing users' credit scores, which play a crucial role in determining loan terms. Loan Advertisement and Management: This system allows users to publish loan offers and manage ongoing loans, including terms, durations, and interest rates. Cross-Chain Collateralization: Utilizing Chainlink’s Cross-Chain Interoperability Protocol (CCIP), GhoSafe supports cross-chain collateral, enabling users to stake assets from different blockchains.User Experience GhoSafe prioritizes a seamless user experience. It integrates ConnectKit for easy wallet connections and presents a user-friendly interface that abstracts complex blockchain interactions, making DeFi accessible to a broader audience.GhoSafe's Unique Offerings Credit Delegation: Borrowers can obtain loans without collateral based on their credit score, while lenders earn interest. Cross-Chain Borrowing and Lending: Expanding the utility of assets across different blockchains. Integration with Aave and Chainlink: Leveraging Aave for liquidity and Chainlink for secure, reliable off-chain data and cross-chain functionality.

Solution

Building GhoSafe involved a strategic amalgamation of various blockchain technologies and tools, each playing a crucial role in shaping the platform's functionality and user experience. Here's an in-depth look at the construction process:Technology Stack and Integration Scaffold-ETH-2 with Hardhat: The backbone of GhoSafe was developed using Scaffold-ETH-2, a development framework that simplifies Ethereum app building. Hardhat, an Ethereum development environment within this framework, was instrumental in compiling, deploying, and testing smart contracts on the Ethereum blockchain.Smart Contracts Development: Solidity was used to write the smart contracts. This included contracts for managing user permissions, handling credit scoring, loan advertisements, and managing the loans themselves. Each contract serves a distinct purpose, like the GhoSafeAccessManager for access control, GhoSafeID for credit scoring, and LoanManager for loan handling. Chainlink CCIP for Cross-Chain Functionality: Chainlink's Cross-Chain Interoperability Protocol (CCIP) was utilized to enable cross-chain collateralization. This allowed the platform to securely and efficiently interact with assets across multiple blockchains, enhancing the lending and borrowing capabilities of GhoSafe. Aave Integration: GhoSafe integrated with Aave to access its liquidity pools for borrowing and lending GHO tokens. This integration was crucial in providing users with a broader range of DeFi services within the GhoSafe ecosystem.ConnectKit Integration: ConnectKit, developed by Family, was incorporated to offer a streamlined and user-friendly experience for wallet connections. This React component library supports popular connectors and chains, significantly improving the platform's accessibility and ease of use.