Inspiration

We really wanted to do something bold, and perhaps a little controversial for an eth hackathon! And build a product that really solves a user need for crypto newbies without necessarily "onboarding" them into the ecosystem.

What it does

Rainy Day is a mobile app that allows people to make payments in GBP and see their GBP deposit earn interest in real-time, built on DeFi, whilst completely obfuscating crypto from the user experience.

How we built it

Designs were done in Figma. @Ricardo to fill this bit in

Challenges we ran into

"This seems pretty straightforward!", we said on Friday evening. Famous last words! What we discovered was that there was no way to decentralize our product without incurring such hefty payment and transaction fees it would make the business untenable, and we would not be able to pass on the great interest rates to users. Exploring different fiat to crypto onboarding solutions took up more time than we wanted, which meant that we couldn't spend more time on actually building the different parts of the backend/smart contracts to have a working product.

Accomplishments that we're proud of

We really narrowed in on our intended user, fleshed out what they would need, and planned the interface accordingly. Initial response from other people about our idea was enthusiasm. We're also pleased that we have really focussed on solving the user problem rather than exposing them to blockchain. We think our approach is innovative (for an eth hackathon), and adds some diversity to the other projects.

What we learned

We learned that the one of the biggest hurdles to making DeFi more popular is user onboarding, including KYC and converting fiat to crypto programatically and for a good price. The gateways that are currently available are very expensive and because of that it wipes out many good business ideas. As well as that, we learned how to interact with the Aave lending platform beyond their API documentation.

What's next for Rainy Day

Our next steps would be to user test the prototype with profiled users to gauge likelihood that it would provide value (and understand how it could be improved), perform some market sizing to understand the possible business opportunity, and further explore the back end requirements to ensure that the product could work as intended.

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