Inspiration
More than two-thirds of Americans have less than $1,000 saved up. Around 45% of adult Americans were unable to save any money in 2019. Households in the lowest income bracket spend 13% of their annual income on lottery tickets. Just 30% of Americans have a financial plan that includes savings.
What it does
Prioritize ease of use to investing/staking in crypto currencies with high potential yields. After depositing, they will get a minimum of 8% returns from staking the crypto. Afterwards, the remaining revenue pool will be given to lottery winners, giving a chance of up to 20% of the total earnings as winnings. We are effectively creating a transparent and secure network that streamlines the staking process. Give those who don’t have the ability to save the opportunity to plan for their financial future by allowing them to save easily.
How we built it
We used solidity to make smart contracts on the Binance Smart Chain. We connected it with a Express.Js to a react front end.
Smart contract architecture and flow
Our basic mechanism for profit-staking is through pancake swap. When users use the fiat-to-crypto on ramp, they obtain BNB, which we swap to Cake and then stake through pancake swap. Pancake swap farms are not available on the testnet, so we created a fake pancake swap farm with a similar interface to represent the staking/earning functionality. The staking pool would receive passive income, which would then be distributed via lottery to users.
Challenges we ran into
There are not a lot of documentation on staking USDC, so transferring the deposit back into fiat money proved difficult. On/Off ramping has a high barrier of entry as most services require you to be a recognized organization.
Accomplishments that we're proud of
We deployed a smart contract to the Binance smart chain. We made a decentralized application.
What we learned
We learned about smart contracts and the Binance smart chain. We learned the limitations of decentralized applications and solidity.
What's next for BitSnacks
We want to push to the main net. We also want to fully implement an off ramp so we can completely abstract a user having to deal with wallets.
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