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Absurd finance
  • Crypto / Web3

Participating Grant:

BNB Grant
Updated 4 days ago
Banking, reimagined

Absurd finance is an ambitious project that seeks to bridge the gap between web2 and web3. Traditionally, these two worlds have coexisted separately, with only a few players trying building bridges through asset tokenisation, digital copyright, or stablecoins. Nevertheless, we believe that the potential for a deeper connection between these worlds hasn't been fully grasped and we are committed to exploring new ways of integrating both web2 and web3 technologies in a realistic yet future-proof way. While there have been previous attempts to integrate blockchain technology into the banking sector, notable examples being Ripple and Stellar, these efforts have had limited success. Replacing the existing financial infrastructure with DLT is not a practical short-term goal.

Absurd finance is a hybrid web3-fintech project aimed at blending the power of decentralised ledger technology (DLT) with the requirements of modern-day finance. While web3 has seen significant development, very few projects have been able to make a tangible impact on people's daily lives. Most web3 users are traders or speculators who have little interest in the technology itself. Attempts at bridging DeFi and TradFi have mostly failed or are built for a speculative future. Instead, we are working towards a solution that combines the best of both worlds and that it is achievable now. Our vision is to create a hybrid software that is mostly decentralised, able to perform all expected functions while also meeting all relevant regulatory requirements. We are committed to ensuring that our platform is fully compliant with PSD2 regulations in the European Union, as well as GDPR and PCI requirements. By adapting to what is legally and technically possible today (instead of hoping for a better future) we aim to create a new financial ecosystem that is more accessible, transparent, and secure than ever before starting from today. To achieve its mission, Absurd finance focuses on practicality over idealistic and unrealistic notions such as complete decentralisation or no-KYC. Instead, the project acknowledges the limitations and regulations surrounding finance and seeks to find ways to leverage blockchain and fintech to make a meaningful impact on people's daily lives. By prioritising the needs and interests of both web3 and "traditional" users, Absurd finance aims to create a new financial ecosystem that is accessible and beneficial to everyone. The project is committed to creating a solution that is both compliant with regulatory requirements and effective in achieving its mission. By leveraging DLTs in a practical way, Absurd finance aims to show that the existing financial world and DLT can work together to create real-world solutions that positively impact people's daily lives beyond basic speculation. Ultimately, the goal is to create a new financial ecosystem that is accessible, flexible, and beneficial to all users, while driving innovation in the fintech sector. Absurd finance recognises the potential of blockchain technology and is committed to unlocking its full potential. By creating a flexible and practical solution that combines the strengths of DLT and fintech, the project aims to make a meaningful impact on people's daily lives. Whether you are a web3 user or a traditional finance user, Absurd finance is dedicated to creating a solution that meets your needs and improves your financial situation.

The architecture is divided into 2 parts. More on this in the white paper. A set of smart contracts that manage most of the user accounting, P2P payments and fiat<>crypto bridges. An off-chain backend made of several micro services on AWS to tackle specific tasks like processing bank transfers (via SWIFT or SEPA), connecting to card schemes (Visa, Mastercard, Maestro, ...) and secondary auditing. An API gateway allows for PSD2 integration for other web2 fintechs while web3 companies can directly connect to the smart contracts instead. Through account abstraction, users will be able to retain self custody or to completely hide all web3 jargon and have a fully web2-like experience, without having to worry about seed phrases, gas costs, transaction errors, etc. BNB fits perfectly in the plan as it allows smart contracts of high complexity to run with very low gas fees and, in light of the upcoming zk-chain, smart contracts could run the user browser and just publish the end computational result on-chain, saving up on gas costs and allowing for much more complex logic to be implemented. This last part is what the initial grant will cover, basically validating how much of the backend responsibilities part can be delegated to smart contracts.

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  • BNB Grant

    Ongoing  · 3 days 32 mins
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