Inspiration

After we had participated in several launchpads and a couple of initial distribution offerings (IDO) of project tokens. We felt that it was a zero sum game and that market conditions sentiment dictated much of the success or failure of projects.

We believe that in order for projects to launch successfully on any decentralized platform through a crowdfunding platform it needs to put ICP token holders front and center of it. Driving value to them is a critical part of enabling them to back projects.

Value proposition user:

  • They are not swapping all their ICP tokens in a project, just their staking rewards.
  • They get exposure to different projects and their tokens.

Value proposition for the project:

  • Projects get funding from the community, helping the decentralization of ICP.
  • Easy channel for projects to distribute their tokens.
  • Not a price discovery mechanism, projects are getting funding to kickstart the development.
  • This mechanism could also be used to launch farms on DEXs and AMMs. After utility has been delivered for the project tokens.

What it does

A crowdfunding platform for ICP using staking. Projects that need to fund their product can request an amount of Neurons that they need to launch their product/app. Users stake ICP and all the Neurons rewards from staking go to the project and the users get the native token from the project. Users get a receipt for their ICP staked, so they can claim it after the project has earned all their rewards. Important: Users need to lock their staking tokens, so they guarantee the funding to the project through the staking rewards.

One aspect that is crucial is that the project sets the amount they want to crowdfund and if that goal is not met, all tokens staked are returned to the backers and this includes the neuron rewards. The project receives the same amount of tokens that it placed on Meta Yield to be traded for the neuron rewards, so they can get another opportunity at proposing another campaign in favorable market conditions.

How we built it

Building on ICP was a new experience for our development team, we reviewed some tutorials and had some great support from the DEVREL team to understand the fundamentals of the protocol.

Our team had previous RUST experience, so getting familiar with the Motoko SDK was the first thing to tackle.

The backend is using Motoko and the frontend is built on Next JS.

Challenges we ran into

Manage token transfers with a call back function on the receiver address was something we had to learn from scratch.

Error handling had an interesting learning curve for us, but we managed to learn a ton from the feedback of the DFinity dev team and also found their Discord helpful to collaborate with other members of the community.

For our crowdfunding platform it is important to initialize the balance on a canister and to make the deposit of the custom DIP20 token to it. We ran into some issues and we are currently investigating them.

The client side canister does not allow pre-rendering and server-side rendering, we had to manage Next Js application to be exported as static HTML assets.

Accomplishments that we're proud of

In 6 weeks we manage to get our team to learn Motoko and we are really excited on what ICP can offer developers to build on a decentralized protocol.

Deliver a simple version of the crowdfunding platform, with deposit of ICP tokens and distribution of a project token to the backers.

What we learned

There are some key takeaways from the Office Hours with the ICP team:

  • Using nanoseconds or milliseconds in date format, use the latter.
  • Get familiar how motoko handles UI calls and errors, plenty of good stuff here -> link
  • Understanding shared and non-shared types is important when a function returns an array.

What's next for Meta Yield - liquid staking crowdfunding platform for ICP.

Launching it on mainnet for September of 2022, we think this platform will allow new projects to be onboarded into ICP and de risking the process of crowdfunding them through the native staking mechanism of DFinity.

Roll out new products based on staking ICP tokens.

Really excited to continue engaging with the DFinity team and the community.

Built With

  • motoko
  • next-js
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