Since publishing educational guides about popular DeFi tools (DeFiTutorials.com) and observing early-users’ simulations on DeFi Strategies, we were inspired to create an easy way for anyone (no matter how much they know about using each DeFi tool) to get instant access to multiple DeFi protocols.
Right now, DeFi is just a buzzword to most people. We even noticed someone taking advantage of the DeFi community's current traction. They set up "DeFi" tokens to make gains through the unawareness of other people who believe 'DeFi' is an asset they can invest in through these tokens. People see ETH locked in DeFi going up and think, “How can I get exposure to that growth?!” We are putting education at the core of our approach to make sure this doesn't happen to anyone.
What it does
1-click access interesting opportunities in DeFi directly from your Ethereum wallet. Lending, Staking Pooling, Leveraged Liquidity Pooling and more.
How we built it
For the LenderZap (see here), we have 3 Smart Contracts that deploy the investment received from the user into cDai and dLETH2x. The primary reason to write 3 different Smart Contracts is to keep all the Smart Contract code modularised, keeping security as the prime goal.
Keeping Security in mind, our Main Smart Contract also has security toggles that can stop the function of making any investments.
Challenges we ran into
No sync on Test Nets: We could not, unfortunately, Test our contracts on Test Nets due to main reason that the DAI and WETH tokens that the Kyber Network, Compound Protocol or bzx Protocol recognized were different (their own custom addresses). Due to which the interaction between multiple protocols on the Test Net was a challenge.
A Global Team: Our team is spread across 5 cities from 4 different countries with 4 different time zones. Singapore, Mumbai, Pune, Peru, & New York. We all come from various individual backgrounds, but ended up working as a team for this hackathon. We range from Accountants, to Entrepreneurs, to Developers, to recent Computer Science graduates. Despite all of our variations, we acclimated to seamlessly communicate and actualize the product from the ground up effectively.
Accomplishments that we're proud of
-Accessing DeFi protocols through Zaps, costs less gas than individually transacting on each one to attain the same result. For example, going from ETH to cDai on Compound and ETH to dLETH2x on Fulcrum will end up costing you ~$5-$6 in transaction fees. Lender's Zap helps you acheive ETH to cDai + LONG2xBZX in a single transaction, for ~$0.86-$1.76.
-Registering Lender Zap on ENS, now investing into Compound + Fulcrum is as easy as sending a deposit from your wallet to Lender.DefiZap.eth
What we learned
We learned a lot about different investment strategies that could be ‘remixed’ with available DeFi tools and how to calculate overall ROIs.
How to interact with Kyber, Compound, Fulcrum and TokenSets smart contracts.