Inspiration
We're building the first Impact-driven DeFi project on the Solana blockchain, with a programmable mechanism that donates a micro-fee from each trade to to organizations retrieving plastic from the Ocean. π Unless you want a Sunset or Sunrise full of plastic with dead fishes on your feet! π We find it truly inspiring that Solana is bringing speed and interoperability to the Web3- and in a way that's ultra-scalable, ultra-fast, and above all else, programmable. This is what inspires our mission. Together, we hope to create positive social impact in a way that helps mitigate the environmental issues our planet faces. By leveraging fees derived from our trading platform, we hope to alleviate over-population, increase biodiversity, and create lasting value for our community. Value that extends well beyond finance.
What it does
We've created unique tools that make our DEX and DeFi unique. For each transaction on our platform, the system automatically captures a micro-fee on stable coins (taken after the Solana network fees). These micro-contributions are then collected in a wallet to be dispersed into initiatives that serve to benefit the environment. β¨ππ π This is a project for mass adoption i.e. onboard new retail into TVL, it is not a project to those who already know, it is a project to the 95% of the global population that does not know what is DeFi! β‘οΈ
Our impact fund is 100% fully auditable, 24/7. Those we choose to partner with agree to show expenditure reports as well as provide tangible proof of any work paid for through the platform. For example, any cleaning initiatives would require proof of completion through the recording of a before and after video of the positively impacted location. This then allows us to mint proof of impact as an NFT. As a precaution, the projects we choose to support must be granted a gold or platinum transparency badge by GuideStart.org. ππΌ
We believe we are the first project on the Solana blockchain to apply the "Reflective Balance" mechanism, which allows any holder of our BX token (an SPL token hosted on Solana) to receive BX "reflections". The amount received will be determined by the individual user's trading volume on our platform. In addition, a DAO will be implemented at a later date, allowing the democratic issuance of new proposals (suggestions on impact, protocol functionality, addition or removal of DeFi instruments, etc). β±
How we built it
We are building the front-end on Reactjs to connect to Web3. Everything past this point is Rust, Python.
- We are using Solana Docs, Serum docs + Raydium LP + Bonfida repos, and customizing it to our Vision.
Challenges we ran into
We have not find DLT investors who care for the environment and technology to build impact, some funds behave like Wall St. banksters. However it is the community who is passionate and shows motivation and support. At the beginning we faced a deficit of Rust programmers who had experience, or even interest, in coding Rust on a Blockchain. With the founding of the project happening in a relatively remote locale, finding team members to come together on this project is an essential and uniquely sensitive step. π
Accomplishments that I'm proud of
We are super proud of our Team, passionate people looking to do impact, and our Community. We are super proud of our Developers who have took the challenge and dedication to build this project. We are definitely proud to push impact on every single trade on our Orderbook and build open-source tool to be implemented on every DEX on the chains with the most DEX volume. We are proud to register our URL in February 6, 2014 (who.is) We are proud to register the our Trademark in 2015 using the Bitcoinsymbol.org logo (see attachment) We are proud to got SOL at $3 and be staking SOL & RAY. We are proud of taking the decision of building in Solana in November 2020. We are also proud to be one of the co-founders of the Tulum Crypto Club that grew from a meeting of 6 people to 300 people from all around the world meeting every Wednesday. Our NFT Community has increased from 4 people in June 2020 to to over 7000 members by April 2021. As well we are part of the Dubai Blockchain Entrepreneurial Community, having both the Estonian e-residency and UAE residency. π€
What we learned
We never stop learning and wouldn't have it any other way! Educating ourselves about the world we engage with allows us to adapt, excel, and truly appreciate. This is especially true with regard to Solana and emerging blockchain technologies. We've taken a deep dive into learning about network security, decentralized storage systems, and censorship resistant platforms that offer universal access. With the founder of Bancambios, Oscar, learning himself Rust, our team's culture has naturally gravitated towards a desire to acquire new skillsets. π
What's next for Bancambios DeFi
The next for step for Bancambios DeFi is fundraising and the deployment, audit of and sale of our flagship token, BX. The fundraising will be used to fund code development and a set of unique tools that we plan on rolling out in the future. Fundraising will also cover the cost of 4 different cybersecurity auditors. This will reassure traders that they're transacting with a high-quality and trustworthy platform. We'll also be working to strengthen our community by expanding our online presence. We believe that keeping our communities' best interests in mind (both on and off the blockchain) will ultimately motivate the growth of a global network of long-term BX holders. π°οΈ
Feel free to review our Social Media: Discord - https://discord.com/invite/BXcommunity Twitter - https://twitter.com/bancambios Telegram - https://t.me/bancambiosx
Built With
- blockchain
- crypto
- defi
- react
- rust
- solana
- web3
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