CryptoNinjas » Decentralized lending app Bird.Money to integrate data feeds from API3
API3, a provider of decentralized APIs for web3, today announced an integration partnership with Bird.Money, a decentralized lending platform. The goal of this partnership is to natively integrate API3’s data feeds with Bird.Money, to provide reliable, transparent, and decentralized data for V2 of their lending platform. The novel ‘Trust Score API’ that powers the platform will also be made available over Airnode, to provide Bird.Money with a potential extra revenue stream in the future, through monetization of this data.
“API3 is thrilled to partner with Bird.Money in bringing sophistication to DeFi through credit score analysis and customized lending and borrowing rates. These are both functions that we believe to be extremely valuable and needed for the growth of DeFi as a whole. Thus, we are very excited to support Bird.Money with API3’s data connectivity solutions.” – Heikki Vänttinen, Co-Founder, API3
Bird.Money
Bird.Money’s Trust Score API is based around the on-chain behavior shown by an Ethereum address. Actions like repaying loans and having a long history of activity are rewarded, and risky behavior penalized. Combining this data with the Bird.Money platform allows the platform to take an individually tailored, data-based approach to the amount users are able to borrow.
For the V1 platform release, Bird can increase access to funds for borrowers with market intelligence and payment analysis through Bird.Money analytics in a scheme called Bird+.
Bird+ is the additional amount of tokens offered to borrowers without any additional collateral, which is based on their transaction history and rating from Bird.Money analytics.
The Borrower would be required to pay back the amount of digital assets with interest, at the stipulated time. Interest on the extra Bird+ tokens would be reduced to a minimum. Any users defaulting on a loan would be penalized with a lower Trust Score rating on the Bird.Money Analytics Platform, thereby reducing their access to additional funds in the future.
“Bird.Money is extremely excited to establish an integral technical partnership with API3 to utilize their cutting-edge first-party Airnode Oracle technology. API3 is poised to disrupt the current blockchain data-delivery and Oracle technology landscape. We are extremely excited to be able to work with them in order to securely deliver our Trust Score across the DeFi spectrum.” – Luciano Sebastián, Brand, Growth and Strategic Operations, Bird.Money
CryptoNinjas » Decentralized lending app Bird.Money to integrate data feeds from API3
Title: Decentralized lending app Bird.Money to integrate data feeds from API3Sourced From: www.cryptoninjas.net/2021/02/08/decentralized-lending-app-bird-money-to-integrate-data-feeds-from-api3/
Published Date: Mon, 08 Feb 2021 17:58:42 +0000
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