Uruz | Devpost

Markets
Staking
Portfolio
Governance
Market Details
Landing
Supply

Inspiration

The evolution of decentralized finance has created a diverse financial ecosystem built directly on blockchains. These platforms are redefining the structure of money markets without the need for a central authority or third-party decision-makers. In today’s traditional world, users will need to provide creditworthiness, provable income, and other factors for a lender to make a decision even when the user provides collaterals such as homes or cars.

Uruz help bridge these gaps between traditional financial lending into decentralized protocols on top of Aurora. There have been protocols that achieved this with billions in assets locked into the protocols. However, these protocols are primarily built on Ethereum, which has become costly, slow, and has caused pain points in user experience.

What it does

Uruz is a decentralized, non-custodial, pool-based interest rates platform that enables users to supply assets to earn interest, and to borrow against them to unlock liquidity.

How it works:

Fund supply: Users deposit assets to the money markets of Uruz DAO smart contracts, and the assets supplied are the underlying assets. Smart contracts distribute uToken that corresponds to underlying assets to users’ accounts at the exchange rate.
Matching: Orders are matched by smart contracts automatically. There is no need for suppliers and borrowers to negotiate interest rates, loan terms, etc.
Interest accrual: Interest accrues as each block is generated on Aurora.
Lending: Lending is executed in real time. Suppliers can enjoy interest without any action as long as they hold uToken.
Repayment: Borrow and repay as you go. Borrowing can be done as long as the collateral value * collateral factor > loan value + accumulated interest.
Supplying/borrowing interest rate: The floating interest rate is automatically calculated by Uruz smart contracts based on market supply and demand.
Liquidation: If the borrower’s collateral value falls below the liquidation threshold, Uruz smart contracts will automatically trigger liquidation.

How we built it

We started by looking at designs of other established protocols and re-imagining what a platform like Uruz would look like and how it can stand out from the crowd.

After that, we started coding Uruz’s front end user interface using react, nextjs and chakra.

Next up, we dived deep into contracts and methods owned by similar protocols that have been audited intensively by reputable firms and began working on Uruzs’ contracts.

Upon completion of Uruzs’ contracts, we began integrating functions on Uruz’s front end code that talks to these contracts.

Finally, we tested and debugged everything entirely before working on Uruz’s landing page, and submission.

Project Milestones:

Theming, branding, logo and color design
Uruz UI
- Lend - completed (29 Sep 2022)
  - Supply / Withdraw and Borrow / Repay Modals UI - completed (30 Sep 2022)
  - Individual Lend Market Details completed (10 Oct 2022)
- Portfolio - completed (4 Oct 2022)
- Governance - completed (6 Oct 2022)
  - Governance Voting & Details Page - completed (7 Oct 2022)
- Stake - completed (7 Oct 2022)
Uruz smart contracts
- Deployed and initialized contracts on Aurora testnet - completed (24 Oct)
- Minted governance token (URZ) on Aurora testnet - completed (26 Oct)
- Created uETH, uURZ, uNEAR borrowing markets on Aurora testnet - completed (29 Oct)
Frontend integration
- Login flow - completed (18 Oct 2022)
- Lend
  - Market details api and integration - completed (3 Nov)
  - Lend stats api and integration - completed (4 Nov)
  - Able to supply and withdraw assets on Aurora testnet - completed (30 Oct)
  - Able to borrow and repay assets on Aurora testnet - completed (31 Oct)
  - Generate interest rate model and implementing utilization chart - completed (7 Nov)
- Portfolio - completed (8 Nov)
- Governance
  - Create proposals, vote on proposal, vote balances integration completed (11 Nov)
- Stake
  - Stake and withdraw completed (9 Nov)
Landing page completed (11 Nov)

Accomplishments that we're proud of

Uruz has been designed to give platform users a decentralized and secure marketplace to take loans, earn interest and borrow assets. The protocol runs entirely on Aurora, which removes current pain-points on the Ethereum blockchain in terms of congestion, lack of cross-chain compatible assets, and high transaction fees. These standards are coupled to give a scalable solution on a money market that will be completely controlled by the community through its governance token URZ.