RociFi launches on Kovan Testnet
After a few weeks of battle-testing with RociFi community, we are excited to share that RociFi is available for everyone to try on Kovan Testnet!
RociFi is building decentralized credit economy with transferable, blockchain-native credit scores designed to facilitate zero and under-collateralized lending. At its core, the protocol leverages machine learning algorithms for scoring on-chain data and decentralised identity data points to effectively facilitate under-collateralized loans via the blockchain.
Read more about RociFi’s vision statement here.
This release demonstrates core functionality of the future RociFi product on Ethereum blockchain. For the testing purposes, the release is done on Kovan Testnet where users can lend and borrow test tokens.
The key functionalities of the release
Connect wallet in Chrome, Brave or Firefox desktop browsers via Metamask and mint your personal Non-Fungible Credit Score (NFCS) for the bundle of connected addresses. NFCS is minted on Kovan
Mint NFCS token preferably for the wallet that has good balance and history of DeFi activity (borrowing, liquidity provision, DEX trading) on the Mainnets of EVM-compatible chains: Ethereum Mainnet, Avalanche, Moonriver, Polygon, Arbitrum, BSC, Fantom, Optimism
Generate your personal credit score for your NFCS. RociFi Credit Scores are from 1 to 10, where 1–6 — are the best scores that would give access to the undercollateralized lending. Read here more on RociFi’s scoring terminology
Deposit to various risk-based testDAI, testUSDC and testUSDT pools and earn interest on your stablecoins
Borrow stablecoins against your testETH and testWBTC with the rates that depend on your score. Take 2–3 loans of different configurations and track their performance over time
Withdraw your lending position anytime and cash out interest earnings
Do repayment of your loans
Review the actual status of your lending and borrowing positions via Dashboard
Manage collateral holdings on the platform
As a test, you can also miss repayment of the loan and try the experience
Set up
First of all, configure your wallet to connect to Kovan test network:
1.1 If you don’t see test networks in the list, click “Show/hide”
and enable “Show test networks”.
- Ensure that there are testUSDC, testUSDT, testDAI coins in your wallet for deposit and testETH, testBTC for collateral and borrowing.
Get them via Kovan faucet here: https://roci-testnet-faucet.netlify.app/ - Enable showing these custom tokens in Metamask.
3.1 Read Instructions. https://metamask.zendesk.com/hc/en-us/articles/360015489031-How-to-add-unlisted-tokens-custom-tokens-in-MetaMask (“How to add a custom token”)
3.2 Add these contract addresses in the Import token field:
NFCS (RCT) Token: 0xFCbC5c9E4256887eC4e02dc05D845b8F6370589B. Decimals: 1
testETH: 0xbFBd09C03Eddfd8E3b7b3FdfB65DCd1B95B96A1A. Decimals: 18
testWBTC: 0x8258aA6ad716800502212e1d3A399693E05acB4A. Decimals: 18
testDAI: 0xd2b5784b7f0ff40c010638177744588d33a1f929. Decimals: 18
testUSDT: 0x5E6d1d6cd912bdB47B821358299e5215648F4318. Decimals: 18
testUSDC: 0xC2D2AD1C133C5f9b5c4388Fb0082c4c3777fB3AF. Decimals: 18 - IMPORTANT! You also need to get ETH (not the same as testETH!) for paying transactions on Kovan. Get them here: https://faucets.chain.link/kovan
Video instructions
If you have any trouble figuring out the process, we’ve put together this walkthrough video as well https://www.loom.com/share/73433aeeb1f6460dacd64d712ef9c876
Support and Help FAQ
Borrow operation has failed. What to do?
Most likely the reason is that Chainlink oracle that RociFi is using has run out of LINK. You can help the whole community to unblock Borrow flow by doing following steps:
Check balance of Chainlink oracle here: https://kovan.etherscan.io/address/0xfbbbddbb2b53e50400c0339474323f8b2a3e6939.
If it is low, connect your wallet and mint it here: https://faucets.chain.link/kovan (select ‘LINK’)
Then send minted LINK from your Kovan wallet to 0xfbbbddbb2b53e50400c0339474323f8b2a3e6939
Thank you! 🙏 - I wanted to get test tokens (testDAI, testUSDC etc) but faucet does not work. What to do?
Most likely the reason is that faucet has run out of ETH to pay for transaction costs. Help the community to fix the faucet by doing the following steps:
Mint ETH on Kovan here: https://faucets.chain.link/kovan (select ‘ETH’)
Send minted ETH to 0xB0dC3B1f04529984dc65a0A541797b184feB50b9
Thanks! 😍 - If you have any issues or questions regarding Testnet usage, please reach out for help in RociFi Discord.
Feedback
We are very much looking to receiving your feedback!
It’d be great if you would sum up your feedback, impressions about the product and wishes about the improvements and let us know in the Feedback channel in RociFi Discord: discord.gg/tGgKkSqHZz.
Known limitations and issues
Accessing Application from Ledger wallets is not supported
ETH Collateral price is hardcoded and set to 2700 USD
Only desktop experience — using application on mobile is disabled
LTVs and APRs values are ‘dummy’. They will be different in the final product
Only full loan repayment and full withdrawal are possible
By default, repayment does not do collateral withdrawal; collateral withdrawal needs to be done explicitly via “Collateral” tab
During the liquidation of the overcollateralized loans, part of the ‘excessive’ collateral that is higher than LTV=100%, will not be returned to the borrower
Testnet Instructions in Chinese
有关中文说明，请参见此处：https://mirror.xyz/0xbEE3C272ad4215cb352291af334dDC014BB3c20b/lO2AtgnMI-Bmw-57o2ll6zxs_mb57bxwAzmAZdjGUMg
RociFi is the Layer 1 for a permissionless, multi-chain web3.0 credit economy.
Follow us on Twitter: https://twitter.com/rocifi
Join our Discord: http://discord.gg/tGgKkSqHZz
Join us on Telegram: http://t.me/RociFi
Read our Mirror: https://mirror.xyz/rocifi.eth