Project Name: MyOrdinals.Loan
Founder Name: Waheed Rahuman
Submission Date: 19/09/2024
Award Amount: 0.0805 RBTC, (equivalent to approx. 5k USD at today’s rate)
Project Stage: Prototype
Sector: DeFi Lending Protocol
Links to Deck / Video / Images:
Pitch Deck RootStock PitchDeck MyOrdinals.pptx - Google Slides
Demo Link
https://www.youtube.com/watch?v=Aes2IrnUHIU
Description: MyOrdinals.Loan is a decentralized platform that facilitates the lending and borrowing of rBTC using Ordinals as collateral in a permissionless manner. This project benefits the Rootstock ecosystem by integrating Bitcoin traders who are actively engaged in trading Ordinals, thereby expanding Rootstock’s user base and bridging the gap between Bitcoin and DeFi on Rootstock. By providing liquidity and financial tools to Ordinals traders, it promotes more activity within the Rootstock network, contributing to its growth and adoption.
Mission: Our larger mission with MyOrdinals.Loan is to bring Bitcoiners into the Rootstock EVM chain by leveraging its speed and security. We aim to simplify and enhance the lending and borrowing process for rBTC, especially for Ordinals traders, by seamlessly bridging Ordinals into Rootstock. Our vision includes incorporating the Rune token for lending and borrowing on Rootstock, which will expand the ecosystem further. By providing these DeFi features, we aim to revolutionize the Bitcoin market, making financial tools more accessible and fostering broader Bitcoin adoption within the Rootstock ecosystem.
Product: On MyOrdinals.Loan, lenders can seamlessly lend rBTC using Ordinals as collateral, and borrowers can secure rBTC loans by choosing from multiple offers provided by lenders. The process allows borrowers to bridge their Bitcoin Ordinals into the Rootstock network, mint them as Rootstock NFTs, and then request loans. Lenders can then fulfill these loan requests, providing a fluid and permissionless lending and borrowing experience within the Rootstock ecosystem.
Team:
The MyOrdinals.Loan team is spearheaded by Waheed, who has over 15 years of experience in software development and more than 3 years of experience in the blockchain space. With a deep understanding of both traditional software engineering and the intricacies of blockchain technology, Waheed is well-positioned to address the challenges of bridging Bitcoin Ordinals with Rootstock. His expertise ensures that the platform not only functions seamlessly but also leverages the unique capabilities of the Rootstock ecosystem for speed and security.
Abisek, a talented front-end developer, brings his skills in creating user-friendly and intuitive interfaces. His work ensures that both borrowers and lenders have a smooth and accessible experience on the platform. Together, the team’s combined experience in blockchain and software development makes them uniquely qualified to deliver a robust and innovative solution for Bitcoin Ordinals traders and rBTC lenders. Their expertise and track record of success in the field provide the confidence needed to make this project a game-changer in the lending and borrowing space.
Progress:
- Successfully bridged Bitcoin Ordinals into Rootstock as NFTs.
- Developed and deployed core lending and borrowing smart contracts.
- Currently working on GitBook documentation for user guidance.
- Conducting contract testing to ensure security and functionality.
- Preparing for mainnet deployment to provide a seamless user experience.
Roadmap: The roadmap for MyOrdinals.Loan is focused on some exciting milestones in the next couple of months. The primary goal is the full launch of the platform, which will include the mainnet deployment of the lending and borrowing contracts. This will enable users to start borrowing and lending rBTC using Ordinals as collateral in a permissionless and decentralized manner.
Additionally, we’re working on releasing a comprehensive user guide through our GitBook documentation, which will provide step-by-step instructions for borrowers and lenders. This will ensure that users can navigate the platform with ease. We’re excited about offering the community a seamless, secure, and fully operational platform that will bring new liquidity and opportunities to both Bitcoin Ordinals traders and the Rootstock ecosystem.
Conclusion:
- We are among the first projects building a DeFi platform on the Rootstock EVM chain, tailored for Bitcoiners.
- Our solution integrates Ordinals, which Bitcoiners are passionate about, with the speed and reliability of Rootstock.
- We offer a seamless way for Bitcoiners to access rBTC loans using their Ordinals as collateral.
- Our platform enhances liquidity and financial tools for Bitcoiners, driving broader adoption within the Rootstock ecosystem.
- Voting for us supports a project that bridges Bitcoin Ordinals and DeFi, providing unique opportunities for Bitcoin traders.