LoanIntent

LoanIntent is a decentralized finance (DeFi) application designed to streamline borrowing and lending using intent-based transactions on the blockchain. In this system, users can create two types of intents: borrower and lender intents.A borrow intent represents a user's desire to secure a loan by offering an NFT as collateral. A lender intent, on the other hand, reflects a lender's willingness to provide cryptocurrency. These user-signed intents encapsulate their desired outcomes in a secure, single transaction.A solver mechanism matches borrower and lender intents based on predefined compatibility criteria. Once matched, the NFT provided by the borrower is held as collateral, while the lender supplies the agreed-upon cryptocurrency to the borrower.If the borrower fails to repay the principal amount along with the interest within the specified period, the lender has the right to claim ownership of the collateralized NFT. However, if the borrower completes the repayment within the agreed timeframe, the loan is fulfilled, and both intents are marked as completed. Our interest strategy is limit order and once solution is made we use the lower interest which is by the lender.LoanIntent enhances the flexibility and transparency of lending in the DeFi ecosystem, providing secure mechanisms for both parties in a transaction.

Our project is based on EIP ERC 7521, introducing the concept of intents where users can create intents in the mempool, and a solver attempts to satisfy these intents based on predefined compatibility criteria. We deployed our contracts and interacted with our dApp on the Rootstock testnet. For the frontend, built with NextJS, we utilized viem, wagmi, and RainbowKit to interact with the smart contracts. We created ERC20 tokens for lending and borrowing in the application, and ERC721 NFTs are used as collateral by borrowers. On the backend, we built the solver using an ExpressJS server with viem. We used foundry to compile and deploy the smart contracts.