Light Finance

OUR STX WALLET: SPGQ5VF1JPQN3CV9B5SWYR3DQQ4CZSH67NV6NQZC

Inspiration

We forked Blast and are also using a similar marketing strategy for bringing in users through airdrops and community engagement through social media sharing and liking on our socials but that is coming later in Q2 for us. Click here for more information

Problem Statement

Other stablecoins don't have native yield for Bitcoin, so the value of the currency depreciates over time. No stablecoin abstracts the complexity away from users to receive native yield for Bitcoin directly from Bitcoin L1, but Light does!

Solution Statement

Introducing Light, an impartial, transparent, collateral-supported, and soon-to-be-decentralized cryptocurrency softly pegged to the US Dollar that offers native yield for Bitcoin and stable interest on USD. Light uses sBTC, which is directly linked to Bitcoin through a Two-Way Peg System as its foundation for a decentralized collateral that scales on chain, allowing for native yield in Bitcoin DeFi.

By having Light and Bitcoin as the cornerstone of Bitcoin DeFi, users can also deposit Stacks (STX) as collateral and boost earnings for Bitcoin and Light even further. In addition, users can enjoy Light staking products to generate predictable and stable yield over time on their USD. Similarly, users have access to yield aggregation services that abstract away the complexity from their investments, earning the highest yield at all times in Bitcoin DeFi with no effort.

For quick in depth of our solution, please check our pitch deck here

How we built it

We built it using the Hiro development kit for smart contracts and for integration to our frontend. We integrated Xverse wallet to let users sign in and start using our dApp on Stacks testnet. For the frontend, we used Next.js and typescript.

Challenges we ran into

Testnet takes forever and it is a pain for testing our functionality rapidly. We are aware that Nakamoto comes soon, so we hope it comes quick lol.

sBTC is still in development, so we were only able to replicate the behaviour through the SIP 10 from Kenny's repo, facilitating our job for this hackathon.

Accomplishments that we're proud of

We were able to not only build the app so that users can test on Stack testnet, but we were also able to set everything on the app for launch day next week, website, whitepaper, roadmap, social media accounts, domains, and so forth.

What we learned

We learned that we work very well together, we care more about direction than speed since we focus on what matters. In addition, we are greatly appreciative of the Stacks team for mentoring and helping us along the way. We are proud of building on top of Bitcoin, and this would not be possible without Stacks and its community.