Portalz

Deposit Screen

*For the demo link, please send lesser than 0.1 solana (ideally 0.01) as we might not have many funds left in the test NEAR account *

💡 - Inspiration

Converting crypto to NEAR is complex and takes too long which is becoming a challenge for existing crypto users to get on board.
It's hard for Near users to receive funds from another network.
Current decentralized solutions are not good enough. Extremely poor UX and requires users to have deep knowledge in crypto. Very high entry barrier.
Exchanging fund in CEX is slow and a bad experience. It requires those who just want to try out Near Protocol for some simple actions to pay A LOT of effort. Many of them would just end up giving up.

❓- What it does

Portalz provides an extremely simple way for users to get Near from any other crypto within seconds. Low fee, hastle free

⭐ - How it works

User Flow

Users select a network (Any blockchain, but for hackathon there's only Solana)
Users insert their receiver network (Near or Aurora), the receiver account id and amount. Then click "pay"
A transaction is initiated for the user to send the respective amount of selected crypto to our generated address.
Users sign the transaction and receive the crypto in their near/aurora wallet.
Whole process should be completed within a minute (very likely to be <20 seconds)

System Flow

After user submitted the form (with a selected blockchain), we save the info in our DB and generate a new wallet address using BIP39 standard, and send then address back to frontend.
We initiate a transaction and the user signs it.
Once the transaction is approved, it sends a transaction hash to our server.
Our server retrieve the info from blockchain and verify the transaction.
If transaction is valid, we proceed with sending the fund we receive to our CEX (binance, coinbase huobi, kucoin or etc) account
We invoke the CEX's api to make an order using user's requested amount and the selected crypto pair.
Once order is fully filled, we compute the final exchange rate between the crypto pair.
We send the received Near/Aurora amount to our Near/Aurora account.
Without waiting for the withdrawal, we send out that amount to the user's account on Near/Aurora directly with our Near/Aurora wallet (So it eliminates the few minutes waiting process)
The order is considered complete.

Funds Flow

We will have A LOT of generated wallets that accept other cryptos. They will have 0 balance because all the funds will be send to our CEX immediately after we receive those.
We will have a near/aurora wallet (or a few) that sends fund to users' wallet. We use this extra layer to make sure users receive fund quickly without waiting for the CEX withdrawal process. This wallet will also have a fix amount of near as once we received the users' crypto, we will convert them into Near and send it to our wallet. (after deducting a small fee)
We have a CEX account that should have more and more funds as we charge small percentage of fee from each order
The fee will be 0.3%~0.4% which is still cheaper/same from doing it cross chain bridge + swaps as users very likely need to route their cryptos a few times.

🔥 - Challenges we run into

There are some third-party dependencies in the project which we have to carefully try out to make sure it works.

🌠 - Accomplishments that we're proud of

The idea and ability to implement a working MVP. It feels good when you work on a product that a lot have mentioned they need and it feels better when they said they really appreciate it (We asked our friends during the Nearcon)