We aim to broaden the accessibility of web3 by integrating the best of both web2 and web3 technologies. Chainlink Functions open up an infinite array of possibilities for developers to interact with the internet, inspiring us to create a peer-to-peer protocol that simplifies the onboarding process for retailers.
What it does
Our protocol serves as a peer-to-peer marketplace for token trading, primarily targeting 'whales', or investors with large-scale holdings. These investors often encounter difficulties in liquidating their positions due to their substantial size. Our solution mitigates this issue by allowing whales to avoid 'sandwich attacks' on Decentralized Exchanges (DEXs), thereby facilitating smoother exits from their positions. This is particularly beneficial for those holding memecoins, which are typically illiquid and highly volatile. In addition, we've incorporated exotic financial instruments like options into our platform, offering a diversity of on-chain products that are currently less common in the market.
How we built it
We used Foundry, Solidity, React, NextJs, Chakra UI, ChainLink.
Challenges we ran into
During the development of our smart contracts, we encountered numerous challenges. Striking a balance between code optimization and security was certainly a demanding task. However, our most significant challenge was integrating Chainlink Functions. Due to the complexity of the process and a time constraint, we were unable to fully realize the transaction flow from PayPal payments to token swaps. This was also compounded by the fact that our idea was conceived later in the process and the overall flow presented complex uncertainties that we were unsure how to navigate.
Accomplishments that we're proud of
Developing this comprehensive project with a team that only came together a month ago was an accomplishment in itself, and one that we are extremely proud of. Starting from scratch, we brainstormed and brought our collective idea to life, which was an immensely rewarding experience. Although our PayPal integration was only partial, it filled us with immense pride. Seeing that such an integration was not only possible, but also had the potential to revolutionize web3, was incredibly inspiring and reinforced our belief in the transformative power of our project.
What's next for OTCNexus
Our ultimate goal is to move into production and make this project accessible to everyone. We recognize there are challenges related to PayPal and off-chain payments, so we are seeking guidance to navigate these complexities effectively. Despite these challenges, we are extremely proud of what we've accomplished so far and are committed to pushing forward. We are enthusiastic about the potential for our project to create a significant impact in the web3 space, and we're eager to see where this journey will take us.