CryptoVC

CryptoVC introduces a revolutionary approach to transparent and trustless investments in the world of cryptocurrencies.

We believe that Crypto Natives should be funded by Crypto Natives onchain.

With CryptoVC Entrepreneurs have the opportunity to showcase their ideas and projects, seeking financial support. However, a crucial prerequisite is that all projects must begin with a certain amount of collateral. Preference is given to crypto-related projects, and, by using ETH as collateral, project initiators can quickly secure a DAI loan through Sparklend integration. This collateral serves as a commitment signal to potential investors.

Investors have the ability to explore existing projects and submit funding proposals in DAI. Once a project reaches its funding target, all DAI investments are aggregated and securely stored within a smart contract. Investors receive project shares in the form of ERC-20 tokens, distributed on a pro-rata basis. Each funded project automatically gets a multi-sig Safe for management actions.

Project creators can then request a tranche of the total invested funds. To do so, they must make a UMA assertion regarding the project's current status. For the tranche to be released, investors must collectively agree on the assertion and sign a multi-sig transaction in project management Safe.

Following the publication of the assertion, anyone in the community can review and challenge the project's status. If no challenges are raised, and the assertion is settled, the tranche is released and disbursed to the project creator.

Funds allocated to the project are automatically converted into sDAI when not in use, allowing all participants to earn beefy interest on their holdings.

CryptoVC is deployed to Goerli for testing: https://goerli.etherscan.io/address/0x662806c86678dd086bb6b2f37a18ff6ece94b28c

On smart contract side:

• when creating a project some ETH collateral is required, which will be sent to Sparklend pool in exchange for DAI, also ERC-20 smart-contract will be deployed for project shares allocation
• DAI is automatically converted to sDAI to accumulate the interest during fundraise
• project then can be partially funded in DAI
• when funded in full
  • all DAI funding is pooled from the investors and converted to sDAI to accumulate interest
  • at the same time ERC-20 project shares are distributed on pro-rata basis
  • and Safe multi-sig is deployed with investors and the creator as signers
• after funding succeeded the creator can request a tranche of funds
  • creator should first propose a request tranche transaction to project Safe for everyone to sign
  • when signed and executed – UMA assertion is posted to confirm the project status
  • if no challenged and settled, then the tranche will be withdrawn from sDAI and sent as DAI to the creator

On webapp side:

• the app allows to interact with CryptoVC smart-contract functions

• it also allows to propose the project Safe transactions by the creator via Safe API SDK

• all the data is fetched via subgraph based on dedicated subgraph (via thegraph)

• project metadata is stored in ipfs via web3.storage

• we also use Next.ID by Mask Network to fetch identity information about project creators

• push.org is used to send project notifications

• xmtp is used to handle communication between creator and investors

Contracts:

• foundry (+openzeppelin,solmate,uma,aave/spark,sdai) for CryptoVC contract
• deployed to goeli

Web:

• next.js
• rainbowkit + wagmi + viem
• safe api sdk
• web3.storage for ipfs
• xmtp for communication
• push.org for notifications
• next.id for creator identities

Other:

• custom thegraph subgraph