nocadena
A “decentralised Coinbase”, offering the same great UX as CeFi does like instant transactions, secure custody of keys and no exposure to technical details, but still enabling users to take advantage of the composability of DeFi.
nocadena
Created At
Winner of
📲 Web3Auth — Best Overall App
🎓 APWine — Wine Scholar
💸 Hyperlane — Best Use (DeFi)
🥉 Pocket Network — Best Use
🏊♂️ Pocket Network — Pool Prize
🥇 Moonbeam — Best Use
Project Description
We believe conventional wallets are not ready for the multi-chain/appchain future. Current wallets require the user to think in chains and to bridge their assets manually leading to poor UX due to high fees and long wait times. On the other hand, CeFi solutions are isolated from DeFi, centralised and have high fees.
With our solution, we want to oppose the prevalent “thinking in chains” and build a UX that onboards the next billion users by utilizing a master chain which acts as a register for the user’s funds and multiple satellite chains where the user’s funds are escrowed.
During the hackathon, we built a basic prototype which allows to log in with social logins, read a user's balance from our master chain and invest funds into Aave and Lido on a different chain.
How it's Made
We built a mobile friendly frontend using NextJS. For the backend we utilized Solidity and Foundry for deployment. Pocket Network helped us to connect with RPC endpoints in a decentralized manner.
We utilized web3Auth for private key abstraction and key management. It was the natural choice for us given that we are targeting current CeFi users. We specifically utilized their MPC feature, which allows for more security during private key handling as multiple key shares are necessary. The user interacts with our masterchain through web3Auth. For our masterchain, we chose Moonbeam because of the low finality time it offers. For the crosschain communication we decided to use Hyperlane because it enabled general message passing in a trustless way. For the satellite chains, we decided to go for Polygon, Optimism and Ethereum because of the strong DeFi ecosystems on each chain.
The DeFi investment dApps we decided to integrate with were Aave and Lido. The variable APY they offer is suboptimal for the enduser however. Here, APWine came to our rescue and allowed us to offer fixed APY products.
We are most proud of successfully managing to deploy contracts on multiple chains in that short amount of time and successfully establishing the crosschain communication between them.
