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BLOCKCHAIN
AtlanSui
A pioneering NFT lending protocol on the Sui Network
Client
Confidential
Duration
2 months
Category
Blockchain
Year
2024
Technology
AWS, Mongo Atlas, Infura IPFS, Move, The Graph, Lambda serverless, NodeJS, ReactJS
Introduction
AtlanSui is a pioneering NFT lending protocol on the Sui Network that aims to revolutionize the way users interact with their digital assets. It provides a seamless platform for users to offer loans collateralized by NFTs, while NFT holders can instantly borrow liquidity with a single click.
Challenges
AtlanSui aims to be the first NFT lending protocol on the Sui Network, enabling users to easily offer and obtain loans against their NFTs. However, several challenges stood in the way of achieving this goal:
– User experience for complex financial products: While the goal is “instant borrow with a single click,” translating the intricacies of interest rates, loan terms, collateral management, and potential liquidations into a simple and intuitive user experience is a significant challenge. Educating users about the risks and mechanics of NFT lending while maintaining ease of use is crucial for adoption.
– Data consistency and real-time market data integration: An NFT lending platform heavily relies on real-time and accurate market data (e.g., NFT floor prices, collection liquidity) to assess collateral value and manage loan health. Ensuring seamless and secure synchronization between off-chain market data sources and the on-chain smart contracts on the Sui Network is vital for reliable operations.
– Smart contract security and: As a lending protocol, AtlanSui deals directly with user funds and valuable NFTs. The immutable nature of smart contracts means any vulnerabilities could lead to significant financial losses for users. Ensuring the absolute security and integrity of the lending and borrowing mechanisms, especially with the unique object model of Sui, is paramount.
Solutions
To overcome the challenges, Hola Tech adhered to the best practices. Key components of the solution included:
– Intuitive and user-friendly front-end: ReactJS was employed to build a dynamic and responsive user interface that simplifies the complexities of NFT lending. The platform provides clear visualizations of loan terms, interest rates, and collateral status, making it easy for users to understand their financial positions. Through streamlined workflows and intuitive design, AtlanSui enables “instant borrow with a single click” while ensuring users are fully informed about the underlying mechanics and risks.
– Robust data consistency and real-time market data integration: A NodeJS backend running on AWS Lambda functions collects and processes real-time market data, such as NFT floor prices and collection liquidity, from multiple off-chain marketplace sources. The backend then posts this data to the Move smart contracts on the Sui Network through a signed price feed, so the contracts can assess collateral value and monitor loan health accurately. MongoDB Atlas stores and manages this changing off-chain data and stays in sync with on-chain state through event listeners. A custom indexer built on Sui’s indexing framework handles fast, efficient queries for all on-chain loan and NFT collateral information.
– Secure and transparent smart contract interactions: The lending and borrowing logic on the Sui Network is written as smart contracts in Move, a language designed for safe handling of digital assets. These contracts handle NFT collateral, loan payouts, interest accrual and liquidations, with a strong focus on financial accuracy. To reduce the risk of vulnerabilities and protect user funds and NFTs, the contracts went through extensive testing and security reviews before deployment.
Featured numbers
– Secured over $1 million in Total Value Locked in NFT collateral
– Facilitated over 500 NFT-collateralized loans, covering a diverse range of Sui NFT collections
Results
The implemented system successfully met AtlanSui’s requirements for performance, security, and functionality. The platform has significantly lowered the barrier to entry for NFT holders to access instant liquidity against their digital assets, attracting a growing number of both lenders and borrowers on the Sui Network. AtlanSui has empowered these users to leverage their NFT portfolios efficiently and securely, enabling new financial strategies within the Web3 ecosystem. This demonstrates AtlanSui’s success in providing a seamless, secure, and accessible solution for the burgeoning NFT lending market on Sui.
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