Wi-Fi (Wholly Integrated Finance)

Problem

DeFi has opened diverse opportunities not possible from the centralized finance systems. It is free from many regulations and products are easily customizable and flexible. However, the complicated user experience in interacting with DeFi protocols hinders DeFi’s true potential. There are three main problems in DeFi that hinders a seamless UX.

1. People who are not familiar with DeFi do not know WHERE to invest in. What kind of protocols there are, how they work, which one are the optimal, lucrative choice to invest in.
2. Event if they knew where to invest in, there lies the problem of HOW to invest. Even if they knew their source and destination of moving their asset, they would need to know how to optimally swap, bridge, aggregate assets multiple times and finally deposit assets to the DeFi protocol.
3. Finally, even if they solved the first two problems, they would need to navigate through multiple dApps, moving back and forth through different pages, which can be time consuming and stressful.

Solution

Our project aggregates all the necessary components needed for a seamless DeFi experience. First by aggregating DeFi protocol information via TheGraph API and DeFi aggregator APIs, we give a diverse investment option with high APR to choose from. Next, our Funnel Algorithm aggregates source value, composed of multiple assets from multiple chains, to the destination chain. The Funnel Contract receives assets from the Funnel Algorithm and swaps the assets to the right amount and type of asset and deposits the funds in the DeFi protocol. This whole complicated process is abstracted, and the user only needs to choose how much and where to invest in. Other utilities such as gathering multiple assets and sending it to other chains for paying gas fees and withdrawal functionality complete the seamless UX. All the functionalities mentioned are integrated into a single dApp, making the DeFi experience accessible for everyone.

Challenge

1. Despite the effort to reduce the amount of transactions for a frictionless experience, the process of transferring the assets (via swap, bridging) to the DeFi protocol could not be done in a single transaction, due to bridging and transaction signatures. Swap ratio, bridging fees, gas prices are constantly changing, making these results non-deterministic which created an obstacle of depositing the exact amount of assets and optimal path in each step.
2. Testnets lacked some DeFi infrastructures we needed for our project demo.

Solution

1. Through recalculation after each step, we were able to calculate the optimal path for each step and the exact amount to transfer to the next step. For example, for a path abstracted into 6 steps, initially, the optimal path for step 16 is calculated and step 1 is executed. After step 1, the optimal path and assets for path 26 are recalculated and so on until the very last step.
2. We deployed and used some custom dexes and bridges.

By abstracting and automating the complicated where and how of DeFi investment, we simplify the UX so that users only need to choose how much and what to invest in. Through the aggregation of every element needed for DeFi into o a single dApp with a seamless UX, diverse opportunities that DeFi offers is easily available to everyone.

DeFi may seem much more complicated and time consuming, but once the complicated process is abstracted through our UX, people will realize that DeFi is actually much more flexible, simple, fast compared to Web 2.0 Finance. Since our dApp requires almost no knowledge of the technology to use, initially, non-web3-native people can onboard to the ecosystem through our dApp. As mass adoption occurs in our dApp, people will naturally acknowledge the utilities and opportunities that the web3 ecosystem can offer and our dApp will act as a gateway to DeFi protocols via ‘Invest’ option and furthermore to the Web 3.0 in general through our ‘Gather Multichain Assets’ option.