While working with a lot of NFT projects in the past month, the biggest struggle that projects are facing is to provide a utility for buyers. Most projects have a longterm ambitious roadmap to create a community and provide some sort of utility. In the short term, when launching, they often lack of any kind of utility.

What it does

The goal of DeThetaFi is to help such projects by providing them with a possibility to give their NFTs a direct utility after minting. This is done by building on top of the very successful TBILL token and their NFT multipliers. A new NFT project can create their own TBILL-TFuel Liquidity token staking pool on DeThetaFi and deposit a TBILL-Multiplier. When creating the staking pool they can set an NFT address as access token and the amount of tokens needed to be able to add new LP-Tokens to the pool. If someone owns the NFTs from the project, they can stake their TBILL-TFuel LP-Tokens in the pool and profit from the multiplier NFT. This incentivizes people to invest into the NFT project because buying your own multiplier NFT is very costly (currently about $2000 for the cheapest 2x multiplier). Another advantage to pool a lot of money together is that compounding is cheaper because the transaction fees need to be paid once only. Thats why we added the compound functionality to each pool.

How we built it

On the Theta blockchain we have the core protocol running. In this smart contract everything is defined, from depositing and withdrawing to compounding the earned TBILL-Tokens. Here, we interact with the smart contracts from Gworld where the staking needs to be activated. For compounding the thetaswap smart contracts are called to sell the TBILL tokens and to add the newly earned TBILL-TFuel token pair to the liquidity pool. On the frontend we have a vue.js webapp running which currently loads all the information from the smart contract. So, it doesn't need to interact with a centralized backend.

Challenges we ran into

The biggest challenge was figuring out how to interact with the Gworld (TBILL) smart contracts to activate the smart contract for LP-staking. Then, we also needed to interact with the thetaswap smart contracts which was not so hard to implement because they are a fork of the uniswap protocol.

Accomplishments that we're proud of

By creating this platform we can bring more utility to NFT projects and with that have more people looking into Theta based NFTs. Our website is still in development but we already have one pool open where people can stake their TBILL-TFuel LP-Tokens if they hold the respective NFT. This not only provides more utility to the NFT but also brings new small investors to invest into TBILL.

What we learned

Developing this new platform we learned a lot about different staking mechanisms and how to interact with all kinds of smart contracts on the blockchain. Especially looking more deeply into the uniswap smart contracts will be very helpful to continue this project and expand its capabilities.

What's next for DeThetaFi

Our goal for DeThetaFi is to grow to a leading defi platform on the Theta blockchain. We want to expand our capabilities to all kinds of tokens that launch on Theta in the future. In the short term it is on our roadmap to automate the creation of new pools, so that we don't have to create them manually for each project. After that we want to expand our product line and add NFT staking to DeThetaFi, so each NFT project can easily create their TNT-20 token and enable their NFTs to earn this token when staked.

Built With

+ 2 more
Share this project: