Announcing RociFi Lending V2

Jan 17

Hello All dear RociFi Users and Fans!

We are thrilled to announce RociFi V2, the next iteration of RociFi’s DeFi credit score, under-collateralized and capital-efficient lending protocol on Polygon. RociFi allows borrowers to take fixed-term fixed-rate stablecoin loans with reduced collateral as low as 75% while giving lenders the possibility to earn interest from depositing their assets into lending pools.

The key differences between V2 and V1

1. Support for additional borrowable assets. At the launch time, RociFi V2 allows interest-bearing deposit and borrowing of USDT and USDC.

2. Multiple collaterals. At the launch time, RociFi V2 allows staking WETH, WBTC, MATIC, USDC, USDT and DAI as collateral for capital-efficient loans.

3. Various durations. At the point of launch of V2, all loans are 7- and 30-days long, but in the future versions we will aim to provide 14- and 60-days long loans as well.

4. Ability to ‘repay’ your debt and restore your score in case you have missed the repayment time.

5. Ability to choose loans with various LTV/APR configurations. Unlike V1, where borrowers with good scores could only take loan with 1 configuration (lower LTV & higher APR), borrowers on V2 could choose the configuration that suits them best (lower LTV/higher APR vs higher LTV/lower APR). The lowest collateral ratio on RociFi is 75%, accessible to Score1. Borrowers of over-collateralized loans can take loans with collateral ratio as low as 120%. Better scores (1–9) will decrease collateral ratios of loans.

A complete list of loan parameters is available in the documentation.

6. New dashboard. Users of V2 will see a new revamped UX of dashboard which allows far better loan and deposit position management.

7. Upgraded Non-fungible credit score (NFCS) contract.

8. Higher security and better code: deposit, borrow and limit logic rewritten.

9. New V9 of RociFi scoring model, as the result of which, 7% of NFCS holders will have their score improved.

Most importantly, V2 design will allow us to raise limits, scale borrow amounts and TVL of the lending platform.

Audit results

RociFi V2 has been audited by the great Hexens team.

Important message for the users of V1

Given RociFi V1 will be phased-out, you have to repay your loans, withdraw your deposit and collateral and move it to V2 by Feb 28, 2023.

After that RociFi V1 UI will be shut down.

Thank you!

Thank you to our users, testers, feedback givers — your engagement, passion and attention to detail are contributors of incredible value to the mission of bringing under-collateralized lending to DeFi.

RociFi — Under-Collateralized DeFi Credit Protocol on Polygon