Check Your RociFi Credit Score on Algorand — GORA incentivized Testnet

Gora Network recently made RociFi credit scores available on Algorand. The credit scores allow developers the ability to build apps that offer customized terms to each user based on their history in DeFi, such as lower borrow rates or under-collateralization. Furthermore, Algorand-based dApps can effectively target incentives to the right users, improving marketing capital efficiency.

Incentivized Testnet Task — Check Your EVM Credit Score

In honor of RociFi’s token launch on Fjord Foundry, Gora has launched a new Incentivized Testnet Task!

Instructions

To be eligible, users must log into the Gora data explorer, and check their credit score, then click save. The whole process takes just 2 minutes! The top 200 users with the highest credit scores will receive 10 $GORA each! The runner-up 200 will receive 5 $GORA each. Click below to see a video tutorial.

RociFi benefits to Algorand Ecosystem

RociFi’s credit score is a set of Machine Learning models which consume 50+ on-chain data points to produce a risk score between 1 to 10 where 10 is the riskiest and 1 is the least risky. This score is delivered on-chain via web2 API.

Targeting EVM Liquidity

Apps building on non-EVM chains have a hard time reaching the levels of liquidity by the oldest smart contract network, Ethereum. In fact, Layer-2s try to scale Ethereum rather than implement a scalable network to take advantage of Ethereum’s user base.

By integrating these data feeds, Algorand dApps can offer lower borrow rates to users with a good standing history, making Algorand DeFi more competitive and attractive to these generally knowledgeable users.

Furthermore, under-collatorized loans have been a highly touted next step in DeFi but have not been reliably implemented. Algorand DeFi apps have a chance to be among the first protocols to provide this through the use of Credit Scoring.

Targeted Incentives

The current model of spray-and-pray airdrop campaigns creates a ton of unwanted, low-value ‘airdrop farmers’, and are far from being sybil resistant. In fact, they’re frequently gamed.

Algorand-based dApps will now have a reliable method to offer incentives to the most sought-after web3 user base. This has a double benefit —higher rewards per user, with less of an overall budget. Apps with a compelling use case can now use their marketing budget much more efficiently.

About RociFi

RociFi is a decentralized credit market with non-transferable, blockchain-native credit scores designed to facilitate under-collateralized and capital-efficient lending. At its core, the protocol leverages on-chain data, machine learning, and web3 risk management to effectively and profitably facilitate under-collateralized loans via the blockchain. RociFi consists of an on-chain lending protocol and an off-chain credit scoring API.

RociFi’s Token launch is happening on September 19. Learn more about the project by visiting their Linktree.

About Gora

Gora is an oracle platform that provides secure, reliable, and decentralized data feeds for Algorand and other blockchains. With a mission to enable seamless data integration for smart contracts, Gora empowers projects to make data-driven decisions and unleash the full potential of dApps.

For more information about Gora, visit our Linktree.