Traditional finance requires traditional methods including going for Personal loans or Equity against loans or credit cards or even loaning against 401k. Current custodians do not offer any such programs to access an investment portfolio that includes Equities , Mutual funds , ETFs etc.
What it does
The idea is to offer a state of art platform that provides easy and credible sources of funding from the DEFI world using the Traditional assets as collaterals. It ensures the overall investment portfolio of the user is not disturbed or liquidated . It is merely used as collaterals for better lending terms. The platform will partner with accredited lenders and traditional custodians to ensure that the interest of clients , lenders and custodians are taken care of.
How we built it
The platform is built on ETH, and utilizes ERC20 smart contracts to ensures the integrity of the chain. It relies on real world oracles to calculate monetization factor of the traditional assets. Platform is built on DAPP written using Solidity & Truffle framework and uses reactjs front end. We are using the FinnHub APIs to access Market data.
Challenges we ran into
Access to multiple domain APIs, Error handling, Custodial and other agreements to be in place. Solidity doesn't support nested objects in memory and debugging errors on the blockchain is not straightforward. We started off with native swift app and angular application but most of the web3 ecosystem is built around react and so we had to pivot.
Accomplishments that we're proud of
We are proud to provide a rich experience to the end user , clarity of the idea and how it will improve the lives of Advisors and end users Clients . We were able to pull in the market data API from Finnhub and deploy smart contract on a Ganache testnet. We are also proud to introduce conversational way of marketing our ideas.
What we learned
Learned about the potentials of DEFI and how we can apply it to the Advisory space. We learned about the current DEFI marketplace , stablecoins and how they work. This allowed us to bring our idea together where we can marry the traditional with the crypto area. The Traditional market place has very restrictive options for users to monetize assets without liquidating them.
What's next for Monnex(TM) - Accessing Finance the Confident way(TM)
As we initiate the journey , we will continue to define the roadmap and the bring all different types of monetization experiences to the end users. We also plan to bring this to institutional clients as well.