Inspiration

120 million ETH lies unused in cryptocurrency wallet every year. Why isn’t there an option to earn interest on it? Why isn’t there an solution to lend your crypto safely and earn some extra bucks? This very fact inspired us to come up with GigaWallet.

What it does

Our project is a decentralized banking platform. Our project allows users to deposit their crypto’s and earn interest on it calculated by seconds, i.e, 31668017 WEI per second. They can withdraw their crypto-currency anytime and can be assured to get an interest on their deposited sum. The user's can also transfer their crypto to another wallet directly from our platform, without losing on any interest and paying double the gas fees.

How we built it

We used several different tech stacks for this project.

  • On the frontend:
    • ReactJS
    • Web3.JS
    • Material UI
    • OpenZeppelin
    • MetaMask
  • On the backend:
    • NodeJS
    • Solidity
    • Solidity-Remix
    • Openzeppelin Contracts
    • Ganache
    • Truffle

Challenges we ran into

  • The first big complication we hit was giving out interest on the deposited amount. As the crypto space is wildly volatile, paying back ethereum was not viable, so we decided to come up with DBC, a ERC20 token minted by our platform and this token was paid out in form of interest to our users.
  • The second problem we faced was creating the DBank smart contract, which is a very sensitive smart contract and can be misused easily, if the minting function was exposed. There wasn’t a way we cannot expose the function as it’s on the blockchain. So we decided to create a migration script that would pass the minting ability to the contract address of the bank. Through this only the DAO regulatory smart contract could mint the DBC tokens.

Accomplishments that we're proud of

We are proud that we being a team formed at the opening ceremony at the opening ceremony of the hackathon managed to pull together a full-fledged Web3 DeFi project. We are also happy that we could push ourselves to learn different platforms and tech stacks in a span of 2 day.

What's next for DBank Protocol

We are planning to add features like receiving payments from other platforms directly to their Virtual Account & an option to lend / borrow their tokens & NFT’s. This will help in fast and less-fee’d cross-border payments as well as gaining value over their crypto / NFT’s. In the far future we also plan to add a option to buy crypto directly through our platform by integrating with external platform like Moonpay, Coinbase Pay, etc… and a crypto exchange protocol, thus creating a single-stop solution for DeFi

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