How & Why to mint cNFT
Last updated
Last updated
The CreDA protocol utilizes real world (off-chain) and blockchain (on-chain) data to compute a user credit score, also known as a credit rating. CreDA provides on-chain credit ratings for the blockchain world by minting a user’s credit profile into a non-fungible token (cNFT). The cNFT than enables the user privilege to unlock preferential rates and incentives across a variety of use cases e.g. reduced borrowing rates on decentralized finance (DeFi) platforms.
CreDA wants to give you back ownership of your credit with the on-chain credit NFT (cNFT) that represents your on-chain transactional history, like payment history, liquidation history, amounts owed and repaid, and length of credit history. Credit NFTs (cNFT) can communicate with multiple operating interfaces, making themselves accessible to, and interoperable with, a wide variety of DeFi protocols.
To incentivize loyal users in the CreDA ecosystem, the cNFT will be also upgradeable. When the credit rating meets certain requirements, users can pay CREDA tokens to upgrade their cNFT. The higher the cNFT's credit rating, the more rights and privileges it has, and the easier it is to get preferential terms from DeFi protocols.
That's why CreDA is giving credit, where credit is due.
Before you are able to mint you cNFT, you need to connect your wallet to creda.app and get your Credit Score.
After you get your Credit Score, follow the next steps to mint your cNFT.
To be able to mint cNFT, your credit score needs to be above 50!
On the Profile tab on the right, click “Approve”. Pay attention to confirm tx as it will appear on your MetaMask.
You need at least 1 unlocked CREDA token + some AETH for gas fee, to be eligible to “Mint” cNFT. You can buy unlocked CREDA directly on https://app.sushi.com/swap
Once you have 1 CREDA on your wallet balance, click “Mint” to mint the cNFT.
After a successful transaction, you will see your cNFT: - Level 1 is only possible at the moment. - Number (NO.) that is unique and belongs to your wallet
Users will be able to use CREDA tokens to upgrade the cNFT they already own. At this stage only Level 1 is possible! Don't lock more than 1 CREDA! cNFT upgrades will be available over time as the user base grows and will be announced as they are available via social media channels.
