RociFi — 2024 In Focus
Looking ahead to 2024
Hey everyone!
2023 was quite a rollercoaster for us at RociFi and the whole Web3 world. Tough times hit the market, but we’re still standing strong and super excited about what 2024 has in store.
From Dream to Reality
RociFi kicked off with a big dream: make capital efficient lending in Web3 a breeze using just a user’s on-chain wallet history. Now, we’re diving deeper into the world of decentralized credit scoring and data feeds. It’s all about making Web3 finance smoother and smarter.
How Our Credit Scoring Rolls
Our credit score system crunches over 30 data points like wallet balances in USD, your DeFi moves (like loans, repayments and liquidations), and those premium NFTs you like to hold. This helps us whip up a risk score from 1 to 10 — lower the number, lower the risk.
NFCS Tokens
We introduced NFCS (non-fungible credit score) tokens, and they’re not just for show. Holding these tokens means better loan terms from our partners, getting your hands on exclusive airdrops, and monetizing your on-chain history.
Playing Nice with Dapps
Our scoring isn’t just numbers in a vacuum. Take ShadowWar, for instance. They use our API to rank users based on their credit score and NFT holdings. It’s all about keeping things fair and transparent while rewarding power users of Dapps with extra rewards or cold hard cash.
Enter ROCK
Here’s where it gets really interesting. ROCK (RociFi Omni-chain Credit Oracle Network) is our brainchild to shake up credit data access in DeFi. Imagine getting loan terms tailored to your history, avoiding those pesky airdrop hunters, and cleaning up spam in Web3 messaging. ROCK’s going to make data access as easy as checking the ETH/USD price, but for any address on EVM-compatible chains. This will dramatically increase capital efficiency across DeFi; just in time for the next bull run.
Partners can tap into ROCK’s data through Web2 or directly from their smart contracts. We’re dead serious about data quality, so checks and balances will be in place to keep nodes honest.
Big Plans Ahead
In Q1, keep an eye out for our ROCK v2 lightpaper. It’s going to lay out all the deep stuff about ROCK’s setup and what we’re planning tech-wise. The alpha version with the ROCK client software will be released shortly thereafter. This means moving from a centralized to a decentralized setup that’s verifiable onchain.
DeFi on Steroids with Under-Collateralization
Priming the pump for 2024, we recently announced partnerships with Zerolend (zkSync) and Qoda Finance (Arbitrum) to integrate our credit scores in early 2024 to offer under-collateralized terms to their users! Our goal is to grow the list of users demonstrably in 2024 and with it the value accrual for our governance asset, $ROCI.
$ROCI and veROCI Explained
$ROCI is the heart of our protocol. ROCK node operators will stake it, and customers will use it to pay for data — simple. 50% of fees will go to node operators for securing the network.
veROCI is our new kid on the block — it’s a liquid staking token with governance rights and fee accrual of 50%. As ROCK grows, so does the value of veROCI and node stakers.
Thinking Beyond Ethereum
We love Ethereum, but let’s face it, L2 chains have some sweet deals on gas fees. Not only is this better for ROCK processing speeds, but also $ROCI liquidity. So, we’re scouting for the best chains out there, aiming to roll this out in Q2.
The DAO
And then there’s the DAO we’re setting up in Q2-Q3. After some of the key milestones above have been reached, it’s time to hand over the reins to the community for decisions on scoring, nodes, marketing, and how to allocate DAO funds for growth. A ‘hivemind’ of community stakeholders is the key to unlocking the full potential of the protocol.
Conclusion
So, that’s the scoop!
We’re all in on a decentralized, fair, and community-driven future in Web3 credit scoring. Stay tuned for future announcements because RociFi’s just getting started!
