Token Lock

choose chain
search locks (on-click brings to etherscan with more details)

Inspiration

The idea sparked when I had a friend ask if it were possible to lock tokens for the purpose of family inheritance plans or trust funds on the blockchain. Additionally I recalled while early in the space looking for ways to lock liquidity tokens for some of my smaller projects. Options were very limited and expensive (ex. DxSale app charges about $500 minimum). Above this they did not have support for newer chains so often you were out of luck entirely. There are some token lock applications out there today but they are severely limited in what chains are available, centralized and expensive.

What it does

TokenLock Allows users to generate their own token locking smart contract without having any prior coding knowledge. The user can then lock tokens such as liquidity provider tokens or any other kind of token for release at a later date to another user or to themselves. Our Dapp also displays a clear and solid proof of the lock which will increase trust among potential token investors.

Some time locked wallet use cases:

Token vesting for teams, ICO's and new projects
Crypto based "last will" or dead man switch giving guaranteed funds after enough time has passed (ex. 18th birthday)
Pension or trust fund
An additional layer of security in case a wallet is compromised
Much more!

Problems it solves:

rugpull prevention (especially on newer chains where they are typically rampant)
proof of locked tokens to code illiterate users
transfer of crypto to heirs
protection of generational wealth
diamond hands proof (prevent yourself from panic selling)
payment for job completion
many more!

How we built it

Built from scratch using MUI5 reactjs components, ethersjs and a solidity smart contract factory. All data gathered is pulled directly from on-chain sources.

Challenges we ran into

Managing custom tokens is tricky. We are in the process of making a work around where we store temporary data of locked tokens to make the withdraw process as simple as one click. For now a user must input the token address when withdrawing. We plan to continuously make improvements to the protocol as we grow.

Accomplishments that we're proud of

Having built a fully functional mvp product within less than a month which is also gas efficient and easily accessible.

What we learned

Ideas are easy. Execution is hard.

What's next for Token Lock

In the future we plan to make Improvements on polishing of the existing UI. We also would like to add many more features:

Make the search more automated so it can scan a users wallet to see if we currently have any of their tokens in locks
Have recent locks as a default placeholder in the search area
Show balances in the withdraw lock area
Make the Dapp multichain and launch on as many evm chains as possible (3 currently running, 11 planned for later. And expand to 50+ eventually)
Add more features such as layered unlock times
Gassless Deposits and withdrawals for gas expensive chains like Eth. (ex. user Alice deposits 500 DAI to be unlocked by Bob, but pays no gas. Once the timer is finished 20 DAI is subtracted from the lock upon withdrawal. Bob receives 480 DAI and also pays no gas).