Stonksly

Inspiration

We observed that many investors are more interested in price exposure rather than owning real assets. Whether it's the crypto market, stock market, or any other investment, these individuals want an easy way to buy assets and sell them when their prices increase. They are not concerned with voting rights, project or company development, and so on.

Revolut, for example, allows people to buy cryptocurrencies without actually owning them, and many customers have used this option. If people desire such an option, we want to provide them with an opportunity to invest in various types of assets using blockchain technology and of course Chainlink products

What it does

Stonksly allows you to invest in real-world assets without physically owning them. With Stonksly, you can exchange your cryptocurrency for tokens that are directly linked to the valuations of real assets. It's important to note that these tokens are synthetic assets and cannot be exchanged for real shares. However, if you just want exposure to the stock market without having to create a brokerage account or go through KYC procedures, Stonksly can be a great option.

How we built it

We build in in standard way. We were building smart contracts part and frontend simultaneously and at the end we integrated all together. The work was divided into task so both of us know what to do in particular moments.

We also decided to put source code for Chainlink Functions inside our consumers. It makes requests transparent to people.

Challenges we ran into

The biggest challenge which we ran into was Chainlink Functions integration. We had to learn how to use it, then test it and implement it in our solution. Another challenge was potential liquidity problems. That's why we introduce mechanism which allow people to supply our protocol with Matic, and in the future we would like to add reward mechanism.

Accomplishments that we're proud of

We're in general proud of entire functionality. Even though it is just a proof of concept, the whole mechanism works, you can buy and sell tokens representing real assets.

What we learned

The most important thing which we've learned is how to use Chainlink Functions mechanism.

What's next for Stonksly

We are aware that liquidity may pose a challenge, so we have decided to allocate half of the fee for liquidity purposes. However, we are considering modifying this mechanism. Instead of keeping half of the fee within the protocol, we would like to send it to a lending protocol such as AAVE. By doing so, we can generate interest and use the profits to enhance liquidity. We may even utilize Chainlink Keepers to automate the process of collecting interest from AAVE and transferring it to the protocol, perhaps weekly or monthly.

Furthermore, we aim to introduce the possibility of purchasing our tokens with stable coins or even eliminate the reliance on MATIC entirely and switch to stable coins. This adjustment would reduce liquidity volatility.

Additionally, we aspire to expand investment options beyond company shares. With our mechanism, it's easy to create price exposure to entire market indices like the S&P 500 or specific industries such as the housing market. You can envision it as a kind of synthetic ETF.

At the end we would like to turn Stonksly into DAO.