RociFi Credit Score NFTs: FOMO or PASS?

George Tung of CryptosRus and Brian D. Evans invited Chris from RociFi on to pitch his project on the latest episode of FOMO or PASS. RociFi is a decentralized finance (DeFi) project focused on on-chain scoring and capital efficient lending. Their protocol enables highly capital efficient lending markets through on-chain credit scores that are powered by machine learning. 

So what is highly capital efficient lending? Chris explained that it means loan to value (LTV) ratios that can go up to 100% of the loan collateral. Within DeFi, capital efficiency is usually not that high. Users typically need to offer a lot more capital than the value of the loan. This is something that is slowing down the ability of DeFi to scale according to Chris. 


The on-chain credit scoring mechanism of RociFi looks at the EVM compatible wallet of users and examines it’s history. They assign the wallet a score and then that individual has the ability and eligibility potential to take out a loan with max LTV. The protocol has been live on Polygon for the last year. Over that time period, they have served 812,000 credit scores through their API, issued almost 37,000 soul bound credit credential NFTs, and facilitated almost 6,000 capital efficient loans.

Their goal is always user focused, allowing anyone to tap in and benefit from the protocol, whether they are on or off-chain. To be able to do that, they needed to have a “slick UI” that is very user friendly and user focused. 

Chris showed the UI during the presentation to display the ease of use of the app. Users can borrow without minting, but by minting a credit score there are benefits beyond capital efficiency. It develops a reputation and trust and opens options for boosted rewards with some of their other ecosystem partners. On the app, users who mint will get a Non-fungible credit score ID and be presented with the markets that are available to them. 

The score decides the users credit risk and how much each user can borrow. If someone is a 1, they can customize the LTV and get a larger loan with a lower interest rate. Customization options depend on the user’s score. 

The app has a dashboard that shows deposits, past loans, collateral, future ROCI token rewards that are accrued during borrowing and lending, and any historical transactions. 

RociFi is spearheading the next initiative of DeFi 2.0 that has a real world application, according to Chris. The goal is to gradually make it easier for users to onboard and participate by creating credit scores that have utility. 

Following the presentation from Chris, Brian opened up the questions wondering how the program calculates the credit score. Chris showed the team the calculator dashboard. Once an address was entered into the credit score calculator it shows an intense amount of data including past liquidations, loans, and transaction history. It ultimately scans all the info and decides if the user is likely to repay the loan. The credit score is assigned and the user then receives the LTV rate and Interest rate. Users can also bundle multiple wallets together so the user can offer a better picture of their entire transaction history. 

George then followed up clarifying some items on the scoring. He wanted to know the difference between someone who scores a 1 vs. a 10. Chris explained that currently, someone with a 1 credit score could get an LTV of 102% and someone with a 10 could get an LTV of 84%. George then touched on the topic of the 2022 centralized lending crashes and asked how they can ensure their project would not be subject to some of the same issues. Chris explained that there is probably only 3-4% of users that will qualify for the under collateralized loans and their wallets are vetted through their scoring system. Their loans are decentralized and publicly verifiable on chain, and RociFi aims to be the FICO of on-chain data. 

So did they FOMO or PASS, watch the episode here to find out: 


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