Welcome to Saffron!
To build our project, please refer to the ReadMe in the root of our project :)
User-Focused Summary
When users join our platform, they create a secure escrow account that allows them to trade digital assets safely. Each user can initiate their first trade by offering either CosmWasm tokens or NFTs, which are securely held in escrow until both parties fulfil their trade agreements.
To enhance their trading options, users can browse various trade offers from other users. Each offer represents a unique opportunity, and the assets involved may vary in value and rarity, depending on the specifics of the trade.
As more users join the platform, the variety of available trade offers increases, providing a broader selection of assets for users to engage with. This growing community helps facilitate secure and private transactions, allowing participants to access a wider range of valuable digital assets while ensuring their trades remain safe and confidential.
Investor Pitch: Unlocking Secure DeFi with CosmWasm Escrow Services
The decentralised finance (DeFi) ecosystem is rapidly expanding, with platforms offering innovative solutions on various blockchains. However, despite CosmWasm's cutting-edge smart contract functionality on the Secret Network, one critical gap remains: the absence of a secure, decentralised escrow service.
We’re building the first-ever escrow platform for CosmWasm that will bring unmatched security and privacy to both coin-to-coin and NFT-to-coin trades.
Problem: As CosmWasm emerges as a leading platform for privacy-centric smart contracts, users lack a trusted mechanism for facilitating secure trades, whether for digital assets or NFTs. Existing DeFi solutions on other blockchains do not match the privacy standards of CosmWasm on Secret Network, leaving users exposed to potential fraud and risk.
Solution: Our platform will leverage CosmWasm and the privacy layer of Secret Network to offer a trustless escrow service, ensuring safe and anonymous trades between users. Key functionalities include:
Escrow-based Coin Trading: Secure coin-to-coin exchanges with a built-in escrow service between all CosmWasm Tokens. NFT Escrow Trading: Private swaps between NFTs and cryptocurrencies with a built-in escrow service. Keplr Wallet Integration: Ensuring easy wallet management and fast transactions. Private Messaging: Communication between users during transactions.
Market Opportunity: The demand for private and secure DeFi solutions is skyrocketing, with the global DeFi market projected to reach $507.92 billion by 2030. By filling the critical gap of escrow services in the CosmWasm ecosystem, we aim to fill this gap in the ecosystem.
Development Deepdive
This contract facilitates the trading of both fungible tokens (SNIP-20) and non-fungible tokens (SNIP-721) using the privacy-preserving features of the Secret Network. Users can create trade offers, accept trades, and view trade-related activities in a secure, private manner.
To create a trade offer, users can offer CosmWasm tokens (currently locally deployed) in exchange for either other CosmWasm tokens or NFT tokens. When a trade is created, the offered assets (NFTs or tokens) are placed in an escrow contract. These assets remain in escrow until another user accepts the trade.
Users can also communicate with others via a messaging feature or filter and search current trade offers to find suitable ones. Once an acceptable trade is found, the user can accept it, which will send their tokens to escrow. When both sides fulfil the contract, the assets will be swapped, and the user will receive the items from the trade.
The system is designed with future development in mind. With additional work, this platform could be expanded to support more CosmWasm coins. It is also built with extensibility, allowing features like trade expiry times to be added, enabling users to set a timeframe after which they can reclaim their assets if a trade is not completed.