VIP3 Credit Infrastructure

During the development of VIP3, we have established partnerships with numerous CEXs, DEXs, cross-chain bridges, and many Web2 platforms, collaborating with over 80 platforms to date. We have observed that VIP3 can easily accumulate credit data for users in Web3. With user consent, VIP3 can utilize advanced technologies like zero-knowledge proofs to create a privacy-protecting Web3 credit model for users. This model accurately describes key information such as a user's activity level in Web3, asset level, and risk preference. The input for this credit model includes but is not limited to user interactions on different blockchains, activity on CEX platforms, participation in Web3 events, and even data from Web2 platforms to enhance the accuracy and reliability of the credit model.

Credit is an intangible but powerful asset that plays a crucial role in our social and economic systems. In the Web3 domain, credit is even more essential. We understand that the lending model in Web3 is based on an over-collateralization mode, meaning users can only borrow 60-70 USDT with 100 USDT worth of ETH. This model reduces the available liquidity for users, hindering the achievement of financial prosperity. In contrast, credit cards and uncollateralized loans in the real world create more liquidity, fostering financial prosperity. The U.S. stock market has significantly benefited from this, becoming the world's most renowned stock market.

VIP3 has already initiated close collaborations with some on-chain lending platforms. We aim to enable qualified VIP3 users to get access to more funds in the over-collateralized lending process using the credit data provided by VIP3. For instance, where a regular user can only borrow 60 USDT with 100 USDT worth of ETH; we hope that with a VIP3 credit score, they could borrow up to 75 or even 80 USDT.

From the lending platforms' perspective, they are eager to lend funds to increase income. However, the lack of a fair, decentralized credit infrastructure in Web3 makes it challenging to accurately assess a user's credit value, hence limiting their ability to expand lending limits for more income. VIP3's credit infrastructure will fill this gap, providing lending platforms with accurate user credit information, and helping them to increase limits and achieve higher returns.

In the future, VIP3 looks forward to launching an on-chain credit card with a moderate limit, a true uncollateralized credit card, marking a significant milestone in credit lending in the Web3 domain.