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RociFi launches on Kovan Testnet

After a few weeks of battle-testing with RociFi community, we are excited to share that RociFi is available for everyone to try on Kovan Testnet!

RociFi is building decentralized credit economy with transferable, blockchain-native credit scores designed to facilitate zero and under-collateralized lending. At its core, the protocol leverages machine learning algorithms for scoring on-chain data and decentralised identity data points to effectively facilitate under-collateralized loans via the blockchain.

Read more about RociFi’s vision statement here.

This release demonstrates core functionality of the future RociFi product on Ethereum blockchain. For the testing purposes, the release is done on Kovan Testnet where users can lend and borrow test tokens.

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The key functionalities of the release

  • Connect wallet in Chrome, Brave or Firefox desktop browsers via Metamask and mint your personal Non-Fungible Credit Score (NFCS) for the bundle of connected addresses. NFCS is minted on Kovan

  • Mint NFCS token preferably for the wallet that has good balance and history of DeFi activity (borrowing, liquidity provision, DEX trading) on the Mainnets of EVM-compatible chains: Ethereum Mainnet, Avalanche, Moonriver, Polygon, Arbitrum, BSC, Fantom, Optimism

  • Generate your personal credit score for your NFCS. RociFi Credit Scores are from 1 to 10, where 1–6 — are the best scores that would give access to the undercollateralized lending. Read here more on RociFi’s scoring terminology

  • Deposit to various risk-based testDAI, testUSDC and testUSDT pools and earn interest on your stablecoins

  • Borrow stablecoins against your testETH and testWBTC with the rates that depend on your score. Take 2–3 loans of different configurations and track their performance over time

  • Withdraw your lending position anytime and cash out interest earnings

  • Do repayment of your loans

  • Review the actual status of your lending and borrowing positions via Dashboard

  • Manage collateral holdings on the platform

  • As a test, you can also miss repayment of the loan and try the experience

Set up

1. First of all, configure your wallet to connect to Kovan test network:

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1.1 If you don’t see test networks in the list, click “Show/hide”

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and enable “Show test networks”.

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2. Ensure that there are testUSDC, testUSDT, testDAI coins in your wallet for deposit and testETH, testBTC for collateral and borrowing. Get them via Kovan faucet here: https://roci-testnet-faucet.netlify.app/

3. Enable showing these custom tokens in Metamask. 3.1 Read Instructions. https://metamask.zendesk.com/hc/en-us/articles/360015489031-How-to-add-unlisted-tokens-custom-tokens-in-MetaMask (“How to add a custom token”)

3.2 Add these contract addresses in the Import token field:

  • NFCS (RCT) Token: 0xFCbC5c9E4256887eC4e02dc05D845b8F6370589B. Decimals: 1

  • testETH: 0xbFBd09C03Eddfd8E3b7b3FdfB65DCd1B95B96A1A. Decimals: 18

  • testWBTC: 0x8258aA6ad716800502212e1d3A399693E05acB4A. Decimals: 18

  • testDAI: 0xd2b5784b7f0ff40c010638177744588d33a1f929. Decimals: 18

  • testUSDT: 0x5E6d1d6cd912bdB47B821358299e5215648F4318. Decimals: 18

  • testUSDC: 0xC2D2AD1C133C5f9b5c4388Fb0082c4c3777fB3AF. Decimals: 18

    4. IMPORTANT! You also need to get ETH (not the same as testETH!) for paying transactions on Kovan. Get them here: https://faucets.chain.link/kovan

Video instructions

If you have any trouble figuring out the process, we’ve put together this walkthrough video as well: https://www.loom.com/share/73433aeeb1f6460dacd64d712ef9c876

Support and Help FAQ

1. Borrow operation has failed. What to do?

2. I wanted to get test tokens (testDAI, testUSDC etc) but faucet does not work. What to do?

  • Most likely the reason is that faucet has run out of ETH to pay for transaction costs. Help the community to fix the faucet by doing the following steps:

  • Mint ETH on Kovan here: https://faucets.chain.link/kovan (select ‘ETH’)

  • Send minted ETH to 0x42446E8d0873dCb7c5DDf649DBEEa6538b8F9f05

    Thanks! 😍

    3.If you have any issues or questions regarding Testnet usage, please reach out for help in RociFi Discord.

Feedback

We are very much looking to receiving your feedback!

It’d be great if you would sum up your feedback, impressions about the product and wishes about the improvements and let us know in the Feedback channel in RociFi Discord: discord.gg/tGgKkSqHZz.

Known limitations and issues

  • Accessing Application from Ledger wallets is not supported

  • ETH Collateral price is hardcoded and set to 2700 USD

  • Only desktop experience — using application on mobile is disabled

  • LTVs and APRs values are ‘dummy’. They will be different in the final mainnet product

  • Only full loan repayment and full withdrawal are possible

  • By default, repayment does not do collateral withdrawal; collateral withdrawal needs to be done explicitly via “Collateral” tab

  • During the liquidation of the overcollateralized loans, part of the ‘excessive’ collateral that is higher than LTV=100%, will not be returned to the borrower

Testnet Instructions in Chinese

有关中文说明，请参见此处：https://mirror.xyz/0xbEE3C272ad4215cb352291af334dDC014BB3c20b/lO2AtgnMI-Bmw-57o2ll6zxs_mb57bxwAzmAZdjGUMg

RociFi is the Layer 1 for a permissionless, multi-chain web3.0 credit economy.