In this tutorial, we will guide you through the process of creating a decentralized NFT loan platform on the Celo blockchain. By following this step-by-step guide, you will learn how to leverage smart contracts and the Celo ecosystem to enable borrowers to request loans by collateralizing their NFTs and lenders to provide funds for these loans. The tutorial utilizes Solidity, the programming language for Celo smart contracts, and incorporates essential features for loan requests, lending, repayment, and collateral seizure.
Throughout the tutorial, we will cover the following topics:
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Contract Structure: We will explore the structure of the NFT Loan contract, understanding key components such as loan structures, loan statuses, and events. Additionally, we will implement necessary modifiers for access control.
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Loan Requests: Learn how borrowers can initiate loan requests by transferring their NFTs to the contract. We will discuss the process of calculating loan amounts, including interest, and managing loan durations.
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Lending: Discover how lenders can view open loan requests and provide funds to borrowers. We will cover the steps involved in lending money to borrowers and updating the loan status accordingly.
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Loan Repayment: Understand how borrowers can repay the loan amount and retrieve their NFTs. We will explore the repayment process and the associated conditions for successful loan closure.
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Collateral Seizure: Explore the mechanism for collateral seizure if the borrower fails to repay the loan within the specified duration. Learn how lenders can claim the collateralized NFT.
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Helper Functions and Data Retrieval: Discover helper functions used within the contract, such as interest calculation. Additionally, learn how to retrieve loan details and the current loan ID.