Introduction
Purpose: The purpose of this document is to define the requirements for a decentralized finance (DeFi) peer-to-peer lending platform that allows users to lend and borrow digital assets in a trustless and decentralized manner. This document includes development times, MVP and future features.
User Personas
Borrowers: Individuals or organizations who wish to borrow digital assets using the platform
Lenders: Individuals or organizations who wish to lend digital assets using the platform
Functional Requirements
Decentralized: The platform should be built on a decentralized blockchain network to ensure trustlessness and transparency.
Asset Support: The platform should support a wide range of digital assets, including but not limited to Bitcoin, Ethereum, and stablecoins.
Lending and Borrowing: Users should be able to lend and borrow digital assets through the platform.
Interest Rate: The platform should support variable interest rates based on supply and demand.
Collateral: The platform should support the use of collateral for borrowers to secure loans.
Liquidity: The platform should have built-in liquidity mechanisms to ensure the smooth functioning of the lending and borrowing process.
Smart Contracts: Platform should use smart contracts to automate the lending and borrowing process and to ensure the security and transparency of transactions.
Identity: The platform should have an identity verification process to ensure that only verified users can participate in lending and borrowing.
Non-Functional Requirements
Security: The platform should have robust security measures in place to protect user’s digital assets and personal information.
Scalability: The platform should be designed to handle a high volume of transactions.
Usability: The platform should have a user-friendly interface to make it easy for users to navigate and use.
Accessibility: The platform should be accessible from multiple devices and platforms.
Acceptance Criteria
- The platform should be able to handle at least 1000 transactions per second.
- The platform should have an average response time of less than 1 second.
- The platform should have a user retention rate of at least 90%.
- The platform should have an average transaction success rate of at least 98%.
Development Timeline
MVP: Minimum viable product should be completed within 6 months after the start of development. It should include the basic functionalities such as lending and borrowing, interest rate, collateral, smart contract, and identity verification.
Future features: Additional features such as support for more digital assets, liquidity mechanisms, advanced security measures, and user-friendly interface should be added in the following 6-12 months.
Conclusion
This document outlines the requirements for a DeFi peer-to-peer lending platform that allows users to lend and borrow digital assets in a trustless and decentralized manner. By implementing these requirements, the platform will provide users with a secure and user-friendly experience while also promoting the growth and adoption of decentralized finance. The development timeline and MVP are included to provide a clear understanding of the project’s goals and expectations.
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