Inclusive pool barriers to adoption

I wanted to start this thread to recognize where the Inclusive pool could have improvements to encourage more adoption. This is not a proposal as much as a discussion point.

The goal of the Inclusive pool is for people to build up credit and borrow without sufficient collateral. This would be especially useful for non-crypto and the unbanked. Right now, borrowing is limited to stablecoins, and in low amounts, for a short amount of time (7 days).

I see 3 major barriers to sustainability:

  1. High interest rates and low loan periods. This will change in time, I’m sure, but I do wonder if the interest rates will remain too high for most “normies” to bother borrowing from Wing Finance.

  2. Onboarding and offboarding is a major issue. If we truly are targeting the unbanked, all the transactions and steps to simply get a loan is extremely challenging to understand.

  3. With the gas fees, building up credit is essentially throwing money away, which works against adoption for any unbanked individual. ie for a 100 USD loan, you would potentially pay 10-20 USD in gas fees.

I understand this all will improve and grow, but I thought we could start discussing some of these problems.

My Suggestions:

  1. In an ideal world, taking a loan after KYC would be as simply as a single click, and seeing USD in your account without slippage of gas fees. My suggestion is that we create a community treasury locked in smart contract for all stablecoins, and perhaps even USD if such is possible, where the asset allocations change and are always open and auditable, but there is no actual onboarding and offboarding of tokens with each transaction, and batch-withdrawing them instead. This could help reduce fees, but I am not a developer and the vulnerabilities would be quite dangerous if found.

  2. To help reduce risk of loss to the platform, perhaps we could implement a low membership fee before participation that would add to the treasuries in order to cover the gas fees in general, as there will always be some gas fees for some withdraw/depositing.

  3. Interest rate bidding. Allowing interest rate bidders that can set parameters such as credit score, amount borrowed minimums, APR, which will allow the interest rates to scale with adoption and demand naturally.

What other ideas can we consider?

I hope :crossed_fingers: US and China will come on board.