SalaryFi

SalaryFi is a platform designed to bridge the gap between traditional salary systems and DeFi. At its core, it's a tool that allows individuals to access their earned salaries ahead of the traditional payday, offering flexibility and empowerment in personal financial management. And offer higher-yielding real-world assets for the lenders.

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Core Functionalities:

1. Integration with Deel:
   • Using an API key, users and companies can quickly link their SalaryFi account to Deel, a platform widely recognized for handling contractual and payment solutions, especially for freelancers and remote teams.
2. Invoice Management:
   • Once integrated, SalaryFi pulls the user's invoice data from Deel.
   • This data undergoes two primary storage processes:
     • It's securely stored on Web3 storage, a decentralized storage network, ensuring that the user's data remains tamper-proof and safe from centralized server failures.
     • For users who prefer a structured and tabular view of their data, the invoice is also systematically organized in TableLand, a database solution, allowing for easier tracking and management.
3. Tokenization of Invoices:
   • SalaryFi allows users to mint their invoices as InvoiceTokens. These tokens effectively tokenize the user's earned salary.
4. Borrowing Mechanism:
   • With these minted InvoiceTokens, users can borrow DAI.
   • This borrowing leverages Spark Conduits, which act as middlemen protocols, facilitating the deposit of InvoiceTokens and ensuring the seamless borrowing of DAI against them.
5. Currency Conversion:
   • SalaryFi is integrated with Uniswap. Users can swap their borrowed DAI for USDC (or any other currency) right within the platform.
6. Repayment through Deel:
   • Unlike conventional systems, SalaryFi's repayment process stands out. Users don't need to handle the repayment of their borrowed amount manually.
   • Instead, repayments are automated and channeled directly through the Deel payroll system. Once a user's payday arrives on Deel, the borrowed amount is automatically deducted from the invoice, settling the loan.
   • This integration ensures a hassle-free experience, clearing the dues without manual intervention.

Technological Stack:

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Backend:

• Node.js and Express.js: For our API api, seamlessly weaving together Deel.

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Frontend:

• Next.js: Next.js was our ace for delivering a snappy interface.

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Blockchain & DeFi Integration:

• Wagmi: For intuitive and secure wallet interactions. This not only facilitated seamless token transactions but also bolstered the trust quotient for our users, ensuring they truly felt "We're all gonna make it!".
• Solidity and Smart Contracts:

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Data Management & Storage:

• Web3.storage/Filecoin: Utilizing IPFS's and Filecoin's decentralized architecture, it provided an impregnable sanctuary for our invoice data.
• TableLand: A perfect choice for orderly data storage.

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Integration & Plugins:

• Deel API: The linchpin of SalaryFi. Integrating it was paramount to resonate with the dynamic world of remote work.
• SparkConduit: Central to our operations, enhancing token transactions and making loan mechanisms silky smooth.
• Uniswap: Beyond mere currency conversion, it's our passport to the expansive realms of DeFi for our user base.