Sweet.Fi

Sweet.Fi is the first DeFi platform that allows liquid TFUEL staking. Stake from as little as 1 TFUEL and enjoy easy, instant unstaking, and higher APY. Join us in inventing DeFI on Theta Network!

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Inspiration

As Theta Network community members ourselves, we know it has an underdeveloped DeFi sphere and infrastructure. That's why we decided to create Sweet Finance!

What it does

The first product Sweet.Fi features is TFUEL liquid staking. This means, when you stake your TFUEL, you get stTFUEL tokens representing your share. The stTFUEL is a TNT-20 token, so you can use it anywhere inside of Theta Network ecosystem.

What are your benefits when staking with Sweet.Fi?

  1. Stake easily. You don't have to set up and run a node yourself. Just visit our website or app, connect your wallet, and choose the amount of TFUEL you want to stake.
  2. Unstake instantly. You can exchange your stTFUEL tokens for TFUEL at any time on a decentralized exchange, such as Theta Swap by the Theta team. That's why our staking is the most liquid.
  3. Stake from as little as 1 TFUEL. You can stake any amount of TFUEL you like. If you have less than 10,000 TFUEL, simply buy stTFUEL on a decentralized exchange (e.g. Theta Swap).
  4. Get higher APY than on other staking platforms. The users can use stTFUEL tokens on other DeFi platforms (for example, provide liquidity on the Theta Swap) to increase their income.

Challenges we ran into

Developing Sweet.Fi presented a few challenges that we were happy to solve.

The biggest challenge was that, unfortunately, the Theta Network only allows unstaking the full stake amount, so we have to invent a unique period-based protocol system. The Sweet.Fi TFUEL staking contract has two main states: staking and unstaking. In the staking phase, anyone can stake TFUEL and get stTFUEL back. The contract earns staking rewards during this state. In the unstaking phase, users can only unstake the protocol's TFUEL from edge nodes and get their TFUEL back. But you can swap your stTFUEL for TFUEL on decentralized exchanges at any moment, so you can take your TFUEL out anytime!

Accomplishments that we're proud of

Our main Sweet.Fi accomplishments include:

  • Openness to everyone: as the protocol allows staking from as low as 1 TFUEL, any Theta Community member can participate in supporting the network!
  • Time saving: when creating Sweet.Fi, our main goal was to make the staking protocol as easy-to-use and time saving as possible. That's why our site is minimalistic and only requires the user to connect their Metamask wallet and sign one transaction to stake.
  • Security: the protocol uses just two smart contracts, one of which is TNT-20 token contract (stTFUEL token). That approach decreases the odds of the system getting exploited.

We're really proud of the protocol, and are thrilled to know what the community thinks of it!

What we learned

We learned a lot on how Theta operates under the hood and network-specific operations.

What's next for Sweet.Fi

We care deeply about the security of our users, so the first thing we want to do next is to perform a smart contract audit to make sure our application is secure. Then we will deploy the protocol on Theta Mainnet.

After that we are looking forward to creating more different DeFi applications on Theta to improve the Network infrastructure and create convenient ways of income for our users.

Join our discord here!

Watch our demo video here!

Test our demo here!

For the judges: we have two GitHub repositories sweet-fi-core (smart contracts) and interface (website)

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