Stable Bridge

Inspiration

We were trying to solve the biggest problem on DeFi, bridges and transparency.

What it does

You can bridge a token in a safer and cheaper way, with a more secure protocol by design

How we built it

The main difference here is that we dont lock any token on the process, so the exposure for attack on the Smart Contract is lower. The token is burned in origin chain and minted in the destination chain, using a cross chain communication protocol like Layer0, we would use CCIP if it already launched! For this token, we tought in doing a stablecoin, based in Brazilian currency because we can do a working prototype. We integrated with a mock of proof of reserve (https://goerli.etherscan.io/address/0x62e6ba0ffeb7404ef666c58b66b739a4ced5b013), because a feed for brazilian banks doesn't exists. The logic of using PoR here, is on the mint function. If the reserve is greater the the total supply + the amount to mint on the on ramp, só the token will be minted. This forces the currency to be backed, if the solvency is some how affected, no new tokens will be minted. So deposits and on ramp wouldn't work (https://goerli.etherscan.io/address/0x091f87f4629c0e8c5b4b892b40f9a8f5d9af1322#code).

Challenges we ran into

Integrating with Layer0, unfortunally we started coding hard 4 days ago, so we didn't got this integration finished. Not having a real integration with a brazilian bank is a big difficulty for this project going on production, we would love to help providing chainlink this data to go forward for this use case.

Google Cloud was a big challenge to, for running the backend for the onramp process

Accomplishments that we're proud of

Functional Onramp, bridge was working, but in a centralized way, not integrated with layer0, and a very cool use case for PoR and with a huge impact on transparency for DeFi