Litentry, a cross-opportunity decentralized identity (DID) aggregator, today announced a new partnership with Konomi, a decentralized money market protocol built with Polkadot’s Substrate, to leverage its on-chain DID data to better meet the needs of Konomi’s growing borrower and customer base of lenders.
Under this partnership, Litentry’s on-chain identity aggregation data and credit calculation model will add value to Konomi, exploring new ways to adjust and integrate collateral rates, as well as credit scores based on a user’s verified identity in the chain.
This credit score will also are derived from advanced algorithms with variables such as the average loan repayment period, leverage ratio, credit utilization ratio, net asset value, risk preference, etc.
Litentry has developed a litany of decentralized identification-oriented products. Konomi will use Litentry’s decentralized credit rating model and comprehensive data to gain more significant insights and results through this partnership.
Expansion of the decentralized money market platform
Litentry makes it easier for users to authenticate themselves and access various decentralized financial applications with its identity aggregation protocol.
As an interoperable platform with many of the currently available DeFi infrastructures, this integration will make it easier for Konomi users to efficiently leverage other DeFi platforms that require enhanced KYC or AML regulations from their user base, adds a new layer of usability as Litenry will take advantage of their DID data across multiple networks.
“The first use case we will implement concerns users’ credit scores and how Konomi can adjust collateral rates based on the individual user. However, this is just the tip of the iceberg. Litentry offers many exciting opportunities and we will continue to work with Konomi to add more value to their network. “
The Litentry team