DeFi Crowd Lending & Savings

Why is defi crowd-lending useful?

Defi crowd-lending leverages the F6 funded proposal of Thrift Finance; https://cardano.ideascale.com/a/dtd/Defi-Credit-Union-Via-Crowd-staking/367062-48088 to pool funds together, lend to aggregated/integrated third party lending platforms. This mechanism uses smart contracts to advance the funded proposal which is focused on crowd-staking with ADA to Stable Currency Group Lending and eliminate the problems currently experienced with using the traditional Esusu/Ajo system. Problems like trusting & knowing participants, decrimation and giving out capital in obtaining credit.

Why build an assistant & DeFi crowd-lending on top of Cardano?

Cardano's vision is about to start driving the adoption of the protocol in places where solutions are most needed, where access to traditional banking and fair access to services is lacking. This is why our Open Decentralized Finance Approach will be at the forefront of pioneering Real financial inclusion and Cardano adoption in Africa. The project fits perfectly with Cardano's short-term objectives, especially focused on Defi and Africa.

In addition, we are laying the groundwork for adding smart contracts features to boost users holdings and achieve a healthy financial life. Motivate to save, plan, budget, invest etc. From the same decentralized wallet.

USE CASES

Integrate DeFi Crowd-lending and DeFi Crowd-staking ( DeFi crowd-staking was funded in fund 6) services directly from the mobile wallets.

DETAILED PROPOSED SOLUTION:

DeFi Crowd-lending

Term Definition

DCLG- DeFi Crowd Lending Group

Description

An investment vehicle in Thrift wallet that allows a predetermined number of savers to contribute a constant or equal amount (Stable Currency) to a DCLG, within a set duration for rewards to a third party integrated lending pool.

Lending pool rewards from the DCLG pool are bundled together to reward one random contributor in the DCLG at a time (weekly, fortnightly, monthly or bi-monthly), till all contributors are rewarded. Once all contributors are rewarded, the Time locked contributors capital is released to the contributors, unless they unanimously commit their funds to the same DCLG for another cycle.

The MVP Roadmap

Phase 0**/ 6 months- PAB and DeFi integrations:**

A. Design UI/UX for DeFi services.

  1. Crowd-Staking process.

  2. Crowd-Lending process.

B. Implement mobile Frontend views from UI/UX designs.

C. Integrate PAB.

  1. Smart contract transaction for Crowd-Staking mechanism.

D. Design and develop the Crowd-Lending mechanism.

  1. Start development of the Plutus smart contracts.

  2. Internal testing phase.

  3. Deploy the end2end on the testnet network.

  4. Integration within mobile wallet PAB.

BLOCKING PROBLEM AND EVIDENCES:

PABs

The connection between mobile applications and smart contracts requires libraries compatible with languages such as Java and Swift. These libraries take longer to implement, so we will first see the connector available for web applications.

For future plans, the final integration with smart contracts to interact with the DeFi mechanisms and other use cases will depend on the availability of the PAB (Plutus Application Backend) implementation by IOHK and, subsequently, adapted to mobile devices as SDK. Given this, phase 3 will begin after these PABs are launched.

FUTURE PLANS(not covered in this proposal):

Integrate the Dapp Connector for interacting with the Crowd-Staking mechanism.

KPIs:

• End2End PAB transaction from mobile app. PoC.
• Number github commits.
• Engage with local small businesses and civil servants how to leverage the wallet features and DeFi Crowd Lending.

Tracking:

Tracking of project progress and KPIs will be publicly reported every two weeks to Catalyst organizers and the rest of the community through our social media channels.

The Team:

Project Manager & Growth Hacker: Odosu Josiah is an active member of the Cardano community, Plutus Pioneer, Founder of Thrift.finance, founder of two businesses on ground in Nigeria focused in bridging IT and e-commerce gaps for local businesses with previous experience in the banking sector (GTBank).

https://www.linkedin.com/in/cjosiah/

Wallet Developer: Jaime Caso Onzain is the founder of C64 Wallet, Cardano ambassador, Cardano stake pool operator (BOOST), full-stack developer, Emurgo Academy alumni, genesis founding member & tester for Mina protocol and a wallet integration developer at Ardana.

https://www.linkedin.com/in/jaime-caso/

Plutus Developer: Genty Samvura is the Hub lead in Kinshasa, technically savy, agropreneur, experienced programmer and Plutus developer.

https://www.linkedin.com/in/fr%C3%A9d%C3%A9ric-samvura-907aa53b/

Financial Analyst: Loveth Chukwu is a Finance Executive. MBA Fintech. She is the co-founder, Morgate Financial Services, a firm that provides accounting, audit and consulting services to business owners in Nigeria. She is the convener, Morgate Tax boot Camp; an organization that brings together business owners to get awareness and knowledge about accounting, tax and investments annually.

https://www.linkedin.com/in/lovethchukwu/

DESIRED OUTCOME:

Project Manager: 2 600 USD

Plutus Developers = 21 000 USD

-> Total: 23 600 USD

TIMELINE:

We're planning to have the phase 0 in 6 months, since the funds are received.

REFERENCES:

[0] https://cardano.ideascale.com/a/dtd/Defi-Credit-Union-Via-Crowd-staking/367062-48088

https://sustainabledevelopment.un.org/content/documents/2655SDG_Compendium_Digital_Financial_Inclusion_September_2018.pdf

https://www.businessperspectives.org/index.php/journals?controller=pdfview&task=download&item_id=14277

https://www.oecd-ilibrary.org/docserver/5k94cqqx90wl-en.pdf?expires=1629496134&id=id&accname=guest&checksum=9A60A046549A848136F112F2A940F938

https://www.dataguidance.com/opinion/international-digital-inheritance-and-post-mortem

https://fastpayltd.co.uk/blog/what-is-open-finance/

Requested funds in USD 23600