Riding motorcycles and managing a large portfolio of crypto assets is a recipe for disaster, unless you're prepared. The biggest problem about this lifestyle is that you are constantly on the edge of technology and life itself. As we grow older, we start to think about how to pass down our assets to our heirs. Setting up a traditional trust requires human intervention, which, lets be honest, we don't trust. Many crypto users are young, fearless, at the prime of their professional career, but also naive. Many of them aren't thinking about death. Good luck passing down those synths to your children! The fact remains: if we die, so will our crypto.
What it does
Defi Custody is a will on the blockchain. If you don't sign the contract by your predetermined "deadline", your erc20 assets get sent to your predesignated heirs. While you are alive, DC earns interest via RAY (compound, bzx, dydx)
How we built it
Our fellow colleague Devan (engineer from Staked) was kind enough to introduce us to their team to provide api tools for integration. It allowed our protocol to earn interest via Compound, bzx and dydx. DC could not have been built without an interest bearing product. Earning interest was the missing link to build DC -- it keeps the users' funds evergreen.
Challenges we ran into
Time, money, talent and vision are constant challenges. We actually gave up on trying to apply for this hackathon since we started building the prototype only 2 weeks ago. The stars aligned and the deadline was extended. The world needs a proper end-of-life custodial product as soon as possible!!!
Accomplishments that we're proud of
We're proud to build something of tremendous value for the defi ecosystem. This off-boarding ramp helps secondary users like our family members -- They simply sign up for a Coinbase account and give us their ETH address. We can take care of the rest - peacefully knowing that if anything happens, our family will be taken care of. In only 2 weeks, our team was able to dig deep, and deliver a strong prototype of what DC can do.
What's next for Defi Custody
Liquidation tools would turbocharge DC. Imagine trying to pass down your synthetic assets to your heirs after you die. Future iterations of DC would allow users to liquidate their assets back into a common asset like ETH before sending it to their heir's wallet. Transferring NFT's would be useful too, all that land you own on Decentraland needs to get passed down too!