Defi ecosystem grows fast and appears a lot of projects and most of them distribute tokens in some way, and while projects strive to find the community that will suit them, that's not the case for major instances, mainly projects couldn't control whom they distribute their tokens and questioning themself: are they distributing tokens to the right hands? On the other hand, usually, there are a lot of applicants missing the sale that can be beneficial for the project. Usually, there is no proper selection, investors receive their allocations depending on how fast they are, or even randomly, or via whitelists based on some off-chain data, such as KYC, Social Networks activity, and other bullshit. We are thinking that your allocation should depend on your on-chain activity.
What it does
First of all, the project provides information about planning a fundraising campaign and some selection criteria for investors. Then anyone can provide his address to participate in token-sale and commit the amount, that he wants to invest. All applicants registered via Eligible smart contract. After that our Degen Guardians start their screening and Kick out flippers, week hands, and other not eligible guys. After that, they provide Merkle proof into Eligible smart contract,
How we built it
Our solution is based on:
The Graph to collect on-chain data for further analysis
In Eligible we use The Graph for querying criteria eligibility data (liquidity provision and POAP criteria). Cases covered by now include Aave subgraph, POAP subgraph, Uniswap subgraph (V2 and V3), and Curve subgraph.
Our own addresses scoring system
We are using a system that assigns scores for each applicant based on his on-chain activity.
WalletConnect/Metamask as a convenient way to authenticate users and their addresses, to apply for token-sale.
Smart contracts on Solidity The smart contract allows to set up sales and receive deposits. When the sale is over the seller reveals eligible addresses. The seller can reveal an array of eligible addresses from the degen Guardian or provide a Merkle tree that includes all eligible addresses and their allocations
POAP's to identify applicants interest based on meetups, which he visited
Challenges we ran into
First of all, it's not an easy challenge to arrive in Lisbon from Moscow and bring to the hackathon all our friends without tickets - that's a joke, obviously(maybe not). Also, we was in Lisbon since 16th October and it's a big challenge to participate in a hackathon after being high every day during all week.
Accomplishments that we're proud of
We are really proud that we went through all of these challenges successfully and managed to develop cute UI/UX, developed robust smart-contracts and our own scoring mechanism for applicant's screening.
What we learned
During the hackathon, we improved our skills in creating Node.js backend applications and interacting with The Graph. Also learned how to use WalletConnect to authenticate users.
What's next for Eligible
Next step we are planning to create Eligible DAO