Presto

Screenshots

Problem Statement

https://twitter.com/PrestoFiPresto is a peer-to-pool NFT lending protocol with individual asset appraisal and a down payment feature. It aims to fix the pain point of the lack of rare NFT evaluations which led to rare assets being underutilized for collateralization. The down payment feature aims to allow users to lock in an NFT despite having not enough funds, which will allow them to use their liquidity more efficiently.The lending/borrowing mechanism for the peer-to-pool protocol will work very similar to Aave/Compound’s rate model, where the higher the utilization of the funds, the higher the rates for both borrowers and the lenders.In this protocol, for the lender side, they lend ETH into a common eth pool and earn deposit APRs.For the borrowers, the protocol firstly estimates the value of their NFTs so the borrowers know how much liquidity they can leverage. Then they can approve and collateralize their NFTs to the protocol and borrow up to the defined collateral ratio. The protocol sets all the parameters such as collateral ratio and borrowing rates. Thus, the borrowers are able to access instant liquidity and leverage more with their rare NFTs. After the NFT is collateralized and the loan is taken, the NFT is locked in the protocol until the borrower pays back the loan.For the down payment feature, the users can essentially put a down payment and borrow funds from the protocol to purchase an NFT from the market. This effectively helps traders/collectors who don’t have enough liquidity yet but want to lock in the price right away. After the down payment is executed and the NFT is bought, the NFT is locked in the protocol until they pay back the loan.

Solution

The frontend for this app is in React and Chakra UI. The contract is written from scratch in Solidity with Hardhat and Remix as the testing/deploy tool.Regarding the specific technologies, we used Opensea's API to get all the historical listing data for our pricing model. We explored Chainlink for making API calls to the backend server and used Tenderly extensively for debugging transaction failures. Also used reservoir to fetch historical prices for BAYC on both Opensea and Looksrare and displayed a line chart on the stats page.