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Zipcode, formerly known as RESI, has released its public documentation and open-sourced its codebase, marking the project's latest major step toward launching its onchain credit network.
Zipcode is building a credit rail that provides warehouse-style business lines of credit to home equity line of credit (HELOC) originators. The team's next objective is to fill an initial vault, which will provide the capital used to fund credit facilities for participating originators.
“Today we are releasing the Zipcode Finance docs and code base,” CEO Seby Rubino said. “After a year of work, the first step to scaling credit onchain is now here.”
Alongside working to fill the initial vault, the team is planning to open the system to additional curators. On Zipcode, curators are actually miners working to achieve two goals, as outlined in the new documentation:
- Curators are graded on what their incentives spend is vs. their yield.
- Curators are graded on their risk management, in the form of their Default Rate.
Miners are then scored on their performance, and emissions are distributed accordingly.
The documentation is available through Zipcode's website, while the protocol’s codebase is now publicly accessible on GitHub and currently undergoing an audit.
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