The problem CarbonDEX solves

India currently does not have a dedicated platform for carbon credits trading and the market for this in India is around $1.2 Billion and it is growing at a CAGR of 24.4% annually. We have made a decentralized carbon credits trading platform to address this gap. By leveraging this decentralized system, our platform ensures complete transparency in all transactions and all issues related to fraud and corruption which are possible today in other centralized carbon credit trading systems, are mitigated.

We have also leveraged Base's Ethereum compatibility, low costs, and high throughput to make our sytem highly scalable which is essential for the growing market. Our user friendly UI makes it accessible to individuals who are new to Web3 and it will broaden the potential user base.

We offer a unique feature to tokenize carbon credits on our platform. Companies can convert their government-issued carbon credits into our tokens by uploading their certificate and serial no. after which the verification process will start and the company will receive the tokens equal to the amout which is mentioned in the certificate. This simplifies and streamlines the process for them to enter this decentralized marketplace. The example to test the tokenize feature is given in the video.

Another major problem we are solving is that we are enabling users to earn returns while contributing to environmental sustainability. Our marketplace incentivizes participation in carbon credit trading and also promotes eco-friendly practices.

We also provide a feature for people to buy custom amount of tokens from our platform which is the business aspect of our project. By selling tokens at price slightly higher than the current market price, we plan to monetize our platform, ensuring its profitability.

Challenges we ran into

We ran into difficulties constructing the trading logic in the smart contracts and handling the necessary calculations and data on the blockchain. The correct issuance of tokens to buyers and developing the logic behind these transactions was also complex.

On frontend, calculating gas estimations accurately was very challenging. Learning to integrate Thirdweb's React SDK also required a lot of effort and making the frontend compatible with the smart contracts added another layer of complexity.

We attempted to integrate Synthetix's perps market and other trading logic into our platform. However, due to time constraints, this integration could not be completed.

These challenges highlights the technical complexities and time constraints our team faced, but overcoming them made our platform more robust and functional.