Nomis —on-chain credit score protocol.

Username

sxlveign

Grant Description

Nomis is a crypto protocol based on a mathematical prediction and AI model enabling protocol users with a favorable on-chain credit score to borrow crypto with a fair collateral and APR on a case-by-case basis. On the other hand, Nomis is an open-source protocol that helps web3 developers both building new on-chain solutions and use cases, and balancing already existing high-TVL protocols.

Overview

We propose to provide the Nomis team with $75k grant funding to build on-chain credential data protocol increasing the utility of the Synthetix network.

The problem that Nomis is going to solve is the over-collateralization in DeFi borrowing which is an entry- and adoption barrier for mainstream borrowers.

Nomis is a crypto protocol based on a mathematical prediction and AI model enabling protocol users with a favorable on-chain credit score to borrow crypto with a fair collateral and APR on a case-by-case basis. On the other hand, Nomis is an open-source protocol that helps web3 developers both building new on-chain solutions and use cases, and balancing already existing higher-TVL protocols.

Nomis brings two crucial competitive advantages to the table:

1. Nomis is an open-source solution that helps web3 developers leverage credit scores building better on-chain products and communities.
2. Nomis offers the most robust financial snapshot of a potential borrower hiring hierarchy analysis as a scoring method.

Value to Synthetix

Nomis will help Synthetix to grow its TVL, # of active users (as a result of acquisition of mainstream borrowers), as well as to expand its ecosystem (as a result of new value-added use cases that Synthetix may provide). How? Nomis will improve the Synthetix protocol’s unique pooled collateral model providing it with wallet credit score data, thus, enabling it to offer highly-customized offers for the ecosystem partners.

Project Implementation Plan

Milestone 1: Data extraction from Ethereum; Basic attribute calculation (on-chain data and transaction history) (09/01/2022)

• Code for attribute extraction.
• Landing with calculated attributes. Cost: $15,000

Milestone 2: Credit score calculation via Nomis' AI-algorithm; Web3 login connection to boost UX (10/01/2022)

• Code for credit score calculation.
• Web-wallet integration. Cost: $15,000

Milestone 3: API & documentation development (11/01/2022)

• API for credit score calculation.
• Documentation for using API.
• Personal area to API stats. Cost: $20,000

Milestone 4: DST (Decentralized Score Token, non-transferable dynamic NFT which contains wallet’s current credit score) implementation (12/01/2022)

• Contracts for tokens.
• Web-page for token exploration. Cost: $15,000

Milestone 5: Community building (Twitter, Discord, Telegram) — 20K total followers as a milestone for 3 months (01/01/2023)

• Twitter Account with ≥ 5,000 followers.
• Discord Account with ≥ 5,000 followers.
• Telegram Account with ≥ 10,000 followers. Cost: $15,000

Additional Information

Links Deck: https://docs.google.com/presentation/d/17giV9I1EaBYhzJ7Ugei1ijMDZXCFqBpLolRd46qJNWU/edit#slide=id.HdP7JHhx Whitepaper: https://artemshtlv.notion.site/Nomis-Protocol-e859b9e3bae6412fb99d6119a8d2e5a4#8d6d2b96fa994dcf84ac142217d9ca77 MVP: https://nomis.cc Github: https://github.com/fc-ha/Nomis.ETH

Funding Request

$75,000 in total. 70% —product development (mathematicians & developers cost), 30% —marketing (social media, performance-).