Inspiration
I always thought my 1 BTC is 1 BTC, irrespective of market fluctuations, but money lenders differed to agree so. So I thought may be I should develop an application, for individuals who share the same feeling, so they don't have to worry about short-term market fluctuations and margin calls.
What it does
Someone with the knowledge of market, a financial analyst, would create a fund. minimum needed collateral and minimum members to start the fund. Individuals who agree to such terms would join that fund by depositing WBTC as collateral. Fund duration is divided into equal number of intervals as the members in that group. Everyone would bid atmost once when bidding opens during an interval. Highest bidder would collect the USDC. Others would have to pay their share of USDC, incase of default, part of collateral equivalent to his/her share would be liquidated. Once fund closes, everyone could collect their collateral.
How we built it
Challenges we ran into
Application is not getting enough recognization.
What's next for Bid And Collect Crypto
To extend project support to stable commodities like Gold & Silver pegged ERC20 tokens as collateral and also include other stable currencies for borrowing. Show fund details on the Web Application.
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