• Unibond Financial NFT Marketplace to be Launched by Zoracles

  • A credit score is a statistical value or number that lenders use to assess their customers’ creditworthiness based on their previous credit and repayment history. Zoracles has created the Zora Score, an on-chain solution that calculates the creditworthiness of an Ethereum wallet based on factors such as wallet age, DeFi activity, and loan repayment.

    Credit scores are common in traditional finance and are required when making and issuing loans. Zoracles has created an API for Zora Score, which enables decentralized crypto lending platforms to operate without the need for collateral due to their algorithmic scoring. This was the first of its kind in cryptocurrency projects and protocols.

    The Zoracles product team will use the Zora Score as a data point for buyer and seller reputation in an NFT marketplace. Hacks are common in DeFi, and this metric prevents market participants from transacting with people who have a bad DeFi reputation or who use banned wallets.

    Zora Score differed greatly from the typical rating agency scoring system. Consumers can improve their traditional creditworthiness by using complementary products and services from companies such as Credit Karma and credit partners such as banks.

    The pace of crypto protocol development is no different in this era of financial uncertainty and rapid advancement. Zoracles has contacted several major protocols, all of which have requested that their Zora score be submitted prior to implementation. The team then created an NFT exchange product to meet the needs of more extensive lender protocols, and the standalone product drew a lot of attention. The product has evolved to include not only NFT exchanges, but also data analysis to assign a value to these NFTs.

    Unibond is the next evolution.

    Uniswap v3 introduced a concept known as concentrated liquidity positions, abbreviated as NFT, in early May. Liquidity providers are typically tasked with defining a price range for their token pairs. Based on the unique parameters underlying each asset, these positions are converted to NFT.

    What's your reaction?