Why are you participating for Based Africa?

We are hoping to build to build a solution to help the financial well being of Africans on the continent that are currently unbanked or underbanked and we believe our solution with the power of Base will help create a solution that is open, transparent and in a trustless self custody environment.

What challenges are you focusing on?

We are focusing on giving informally employed Africans an option to save and grow the wealth and financial means through savings yield and tokenised fractionalised stocks and etfs

The problem

Erosion of Savings Value: High inflation rates in Africa can quickly erode the value of saved and invested money. The World Bank points out that only 40% of adults in Sub-Saharan Africa have an account.

Stagnant Wealth: The lack of long-term investment options. The Zimbabwean All-Share Index grew by 79.38% in 2022 however, Zimbabwe, closed out December of 2022 with an inflation rate of 243.8%

Zimbabwe has a large informal sector 62% of Zimbabwe’s GDP is in the informal sector without access to banking, investment and credit opportunities.

How does your submission address this challenge?

Our platform offers access to USDC on Base savings with yield earnings not only allowing our users to protect their wealth from inflation but it also grows over time for their long term financial goals.

We are also offering yield farming opportunities on you USDc from AAVE and Moonwell that can allow our users to earn as much as 7.5% on their saved USDC which is much much more than what any bank in the country is offering to consumers for saved USDC.

We also want to offer fractionalized investing in US stocks and ETFs using 1-1 token backed assets and soon region stocks and bonds that perform well on the continent. Giving our community access to wealth building tools that are taken for granted by most of the World.

We are building our a community rewards pool and platform that will rewards users for saving and investing using various tools like token rewards and prize-linked savings (no loss lotteries) to reward our community for being financially diligent.

Challenges I ran into

I have to complete and deploy our token exchange contracts including price tracking for accurate pricing and buying and selling of assets. This is a big goal we were not able to finish right now but we are working towards.

Additional Features

We had a local build but we managed to to create a development build thats live and open to testing.

We also have started writing token exchange contracts and pricing oracles to work with these.

We implemented thirdweb account abstraction and smart accounts to make it easier for our users to onboard without deep crypto knowledge.

We also built a goal tracking functionality using ERC-721 NFTs deployed on Base as demonstrated in the video.

We built some of the token exchange mechanisms as displayed in the video.

We worked on our UI/UX to make it mo aesthetically pleasing and easier to use.

We we are now tracking wallet balances in realtime to keep our users informed on their finance information.