Open Campus (@opencampus_xyz): On-chain student lending works, and there is now a full cycle to prove it
Estimated coin impact
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On-chain student lending works, and there is now a full cycle to prove it $1M was deployed as student loans and repaid by borrowers, with yield returned to everyone who put up the capital. Nobody had taken student lending all the way through on-chain before. We are happy about this one, most of all because of who it reached. 6,600 students across 118 schools and universities in the Philippines and Indonesia, where just over half had never borrowed formally in their lives and 93% came from lower-income households, so there was no credit history for a bank to score. An independent study by 60 Decibels went back and asked them how it went: - 9 in 10 said their quality of life improved - over 90% said they could take their education further - 97% said they had no good alternative anywhere else With the cycle closed, the same capital can go straight back out to the next group of students, and the people who funded it have every reason to do it again. A student in Manila got funded, someone on the other side of the world put up the capital, and both could watch it happen in real time. Student lending now has a completed on-chain track record rather than a projection, which is what makes the next one easier to fund and faster for the students waiting on it. Funded by Open Campus with @animocabrands and NewCampus, deployed through ErudiFi on @pencilfinance_ ↴ https://www.animocabrands.com/announcement/pencil-finance-completes-first-us-1-million-fully-on-chain-student-lending-cycle