Springboard Finance

Logo
Springboard app

Inspiration

In an expanding blockchain where more and more DeFi products are emerging, we dream to build a DAO that brings cohesion to the ecosystem by integrating with a wide range of protocols while leaving the decision-making power to the community users.

Springboard is only the first step towards DeFi 2.0 in Solana. This community yield aggregator will become the backbone of new money markets in the Solana ecosystem.

What it does

The protocol allows DeFi users to diversify their investments across the entire ecosystem in a seamless and straightforward way. Springboard is based on three fundamental pillars:

Automatic strategies for earning yield
Daults (Decentralized vaults governed by the community)
Incentivized liquidity towards other protocols

How we built it

Passionate about open source and community projects, we wanted to build something that will contribute to the future of the network. After researching a lot in both Ethereum and Solana ecosystems and some good feedback from the community, we found a niche to be explored: decentralized investment strategies.

Regarding the technical part, the use of Anchor for the programs and the @web3/solana libraries for the react application has greatly facilitated our development. We look forward to a future where we can also contribute to the open-source repositories, furthering the ecosystem as a whole.

Challenges we ran into

Despite the difficulty of learning a new programming paradigm in which programs are stateless and any perdurable data has to be stored in accounts, undoubtedly the biggest challenge we faced was Solana’s transaction limit. Given that our strategies have to interact with multiple protocols and that all the accounts to be used should be listed in the transaction, we spent a long time thinking and designing a solution that scales as the number of protocols increases.

On the other hand, the integration with open-source projects has been way easier. This is one of the reasons we would love to build an open product for the community in which anyone can take a look and build on top of it.

Accomplishments that we are proud of

It has been huge excitement to get involved in one of the cutting-edge blockchains, especially for those on our team who did not have a strong familiarity with these technologies nor the DeFi ecosystem. We are really proud that with our very limited resources (two rust and one front-end developer, one designer, and one CM) we have been able to build a product in devnet in just a few weeks.

What we learned

We realized that using Rust and Solana we could push the boundaries of DeFi, and envision a world where retail users could interact with protocols safely without even realizing they are using Solana dApps. The user experience of Phantom wallet over Metamask is the best example of this, and we’re excited to implement these into our own dApp.

Additionally, the community built around Solana is amazing, united in the goal to bring this ecosystem to the next level. There is no way we would have gotten this far without the work of other developers, relying on open source repositories like Anchor or Mango’s work. Truly, we stand on the shoulders of giants.

What’s next for Springboard Finance

We came into this hackathon with a proof-of-concept UI and strategy board, and this is nowhere near the end for us. The next priority for us is to implement and support DAO & Governance on Solana, believing that this is the best evolution path for us. We aim to become a DAO, relying on our power users to come up with new strategies (labeled Daults) and utilize our platform as a trustless bridge to implement strategies for retail users.

We also want to utilize our ability to attract TVL to help projects bootstrap initial liquidity, instead of relying on tactics that attract mercenary capital such as aggressive liquidity mining programs. We aim to achieve this through decentralized incentivized strategies, where our community can vote on what strategies or protocols to run.

After that? As a DAO, our community and token holders will decide the direction.