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BNPL

BNPL (Buy now, pay later) is a decentralized lending protocol that puts credit in the hands of those who need it the most: users without capital. We tackle the problems presented by uncollateralized borrowing through a unique design in which a decentralized network of banking nodes services the needs of the industry. With our protocol anyone can become a bank, and anyone can apply for a loan. The BNPL Protocol utilizes a decentralized network of centralized banking nodes (CeDeFi) to service a maximum number of loans. We have chosen such an approach for multiple reasons.

The BNPL Protocol allows for anyone to create a banking node, and these nodes compete for capital from lenders and for the loan fulfillment of borrowers. Such a system is conducive in reaching maximum utility for both borrowers and lenders. We have designed our protocol to allow banking nodes full autonomy in their individual operations. At the same time, we provide lenders full transparency of each banking node’s track record and other relevant metrics.

Credit and counterparty risk are inherent to uncollateralized lending. Without the need for collateral or global ability for enforcement, borrowers have little incentive to meet their obligations. We set out to merge the borderless, permissionless world of Ethereum with the segregated and widely varying rules of the legal world. Therefore, we have chosen a CeDeFi model. The protocol is decentralized by allowing anyone to set up nodes or lend capital. The nodes are centralized to delegate the tasks for the legal world and service loans based on their individual abilities to mitigate counterparty risk.

Node operators will be required to stake a minimum of 2,500,000 BNPL tokens to have skin in the game to manage capital, and are rewarded with a percentage of interest accrued by their pool. These tokens are subject to slashing in the case of lost funds. Node operators and independent stakers can become further involved through our vouching system, where additional tokens can be staked into a node. Both risk and reward is shared equally with the node operator. With this, lenders know in the event of default loss any penalizing action taken against nodes and stakers will be rewarded directly back to them as a form of rebate. They can judge which pools to commit capital to based on the Staked Asset to Liquidity (SATL) ratio of a given pool.