Ace Token Farm

A basic yield farming Dapp, where users can stake and unstake their crypto assets to get rewarded with an ERC20 token from the Dapp contract.

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Inspiration

I'm working in fintech so I wanted to start off with a project related to DeFi. After getting to know more about yield farming which is the practice of staking or lending crypto assets in order to generate high returns or rewards in the form of additional cryptocurrency, I decided to create a Dapp for yield farming which also gives an experience of creating our own ERC20 token and rewarding that to users.

What it does

A Dapp that allows users to stake thier crypto assets into the TokenFarm smart contract used on the Dapp and get rewarded with an ERC20 token that I have created and added on the contract. Users can also unstake thier assets as required and take back the rewards, they have recieved for staking.

How we built it

I built it using the Ethereum network, Truffle suit, Ganache and OpenZeppelin for smart contract development along with React and Javascript for frontend development. Used metamask as wallet to complete the transactions between the contract and Ropsten testnet.

Challenges we ran into

Initially learning the stack was quite overwhelming, but as majority of the sessions got covered in the hackathon, I got comfortable with it. Learning JavaScript and React was yet another hurdle, but with some effort and time got okay with that too.

Accomplishments that we're proud of

Really proud that I completed my first proper Dapp on the topic that I was interested for a long time. Creating an ERC20 token by myself and asking my friends to try and trade the token using the Dapp was really exciting.

What we learned

Learned a lot and still learning. Really excited to complete and submit a working Dapp, because when the hackathon started I just wanted to start with this space and do some development, but never thought I would make a submission.

What's next for Ace Token Farm

For Ace Token Farm, I'm planning to add more applications like betting, gambling and many more using chainlink and other protocols that where covered during the hackathon. Participating in these applications would need ACE tokens, so this will increase the demand for ACE tokens. When users get interested they can always come in and stake thier ETH and claim the rewards and dividends to participate in the applications rather than buying the token. I'm also looking to add other crypto assets like DAI to the staking pool so that users need not only bring in ETH for staking.

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