Bancambios DeFi

First Impact-driven DeFi project on Solana Blockchain.

Inspiration

Our inspiration has always been to build a better present and contribute to a better future. This vision is the core reason for building the first, impact-driven DeFi project on Solana. We have envisioned and drafted a system that promotes the protection of Earth’s biodiversity through automatic contributions while trading in the cryptocurrency markets. This system employs DeFi, the blockchain-based form of finance, and is built on Solana to minimize the cost and speed of transactions.

What it does

We are building tools that both make our DEX and DeFi System unique and will allow for easy implementation by other Solana-based projects. Easy implementation is a vital factor when it comes to successfully broadening the reach and impact of our core mission. Each time a transaction takes place on our platform, the architecture will automatically charge a stablecoin micro-fee that will be deposited into an Impact-Wallet. This micro-fee occurs after the normal transaction fee on SOL takes place. In other words, each trade provides a direct contribution that will be donated to chosen Impact Partners to clean and protect the environment. The Impact-Wallet is 100% fully auditable and Impact partners were selected for their commitment to the core mission, their transparency measured by earning a gold or platinum badge through GuideStart, as well as their ability to accept and make use of cryptocurrency donations. Each Impact Partner has agreed to show proof of spending and proof of impact in the form of a before and after video documenting their involvement with environmental cleanup missions. With these impact partners, we then help them to tokenize the "Before & After NFT" to document their impact. Additionally, we are the first project in Solana to apply the "Reflective Balance" mechanism which allows any holder of the BX token (a SPL token on top of Solana) to receive "reflections" on BX according to the trading volume on the Bacambios Defi Platform. In later stages, a DAO will take place to issue new proposals for impact and functionality of the platform and DeFi Ecosystem. StableSwap and Lendbook functionalities are also on the roadmap.

How I built it

The front-end is on Reactjs, connecting to Web3, and the code is in Rust.

Challenges I ran into

We faced a deficit on Rust programmers with experience or interest in coding Rust on Blockchain infrastructure. We have the challenge of working remote, we want to bring the team together and have a successful launch.

Accomplishments that I'm proud of

Selecting Solana in November 2020 was an achievement and we are proud to be the co-founder of the Tulum Crypto Club, a Community that has grown from 6 to 180 people from all around the world. Additionally, our NFT Community increased from 4 people in the group in June 2020 to 7000 by April 2021. We, and our followers in these communities, look forward to the future of DeFi.

What I learned

Each day, we are learning more about Solana and how this infrastructure can be used to make global impacts. Over the course of the past 6 years, we have become convinced that, of all DLT communities, Solana is the best. As a team, we are expanding our knowledge of decentralized storage systems, censorship resistant platforms able to promote universal access, and sharpening our programming skills to build more impactful DeFi tools.

What's next for Bancambios DeFi

Up next for Bancambios DeFi are the fundraising and development of the Platform, the deployment and audit of the BX token, and working towards the success of our Token Sale. We also hope to start an educational program, the Bancambios DeFi Academy, to help promote access and understanding of DeFi. A central priority is having our code developed in an open-source manner so other teams later can easily implement into their platforms. Establishing an online presence and gaining as many of BX holders as possible will be central to informing the public of our platform and its mission. Following development, we are committed to running cyber security audits with 4 established companies to ensure we offer a safe and trustworthy transaction platform that will be attractive to the casual User, traditional trader and the expert DeFi community.