Why are you participating for Based Africa?

My team is passionate about using decentralized finance (DeFi) to solve financial challenges within African communities. Many people in the region lack access to sophisticated financial tools that promote savings and investment. CoinSafe aims to bridge this gap by providing an accessible platform for automated savings and personalized financial management, allowing users to grow wealth efficiently and securely.

What challenges are you focusing on?

CoinSafe is primarily focused on addressing the following challenges:

1. Inflation Protection: CoinSafe aims to help users combat inflation, especially in regions like Nigeria, by allowing them to not only save but also earn a return on their savings, protecting their funds from losing value over time.

2. Automated Savings: By automating savings transactions, CoinSafe encourages users to save consistently, helping them build long-term financial stability without the need for active management.

3. Access to Onchain Financial Services: CoinSafe seeks to provide decentralized financial solutions such as savings vaults, synthetic staking rewards, and non-penal staking options, giving users more control over their finances without relying on traditional banks.

4. Onchain Credit Score Building: CoinSafe is developing a system that allows users to build their credit scores through regular savings. This system will enable users to access loans based on their onchain credit score, incentivizing responsible financial behavior.

Financial Personalization: Through AI-driven personalization, CoinSafe is focused on tailoring savings and investment plans to individual user needs, optimizing their financial management.

These solutions aim to promote financial inclusion, fight inflation, and empower users with transparent, decentralized financial tools.

How does your submission address this challenge?

CoinSafe's submission addresses these challenges through several innovative features designed to offer practical and decentralized solutions:

1. Inflation Protection:

   • Synthetic Staking Rewards: By offering synthetic staking, users can earn returns on their savings that exceed the rate of inflation, preserving and potentially growing their purchasing power. This is particularly vital in inflation-affected regions like Nigeria, where fiat currency often loses value rapidly.
   • Decentralized Finance (DeFi) Integration: CoinSafe utilizes DeFi protocols to ensure users earn high returns on their savings while keeping their assets secure and accessible, hedging against inflation.

2. Automated Savings:

   • Automated Savings Mechanism: Users can set automated savings intervals (daily, monthly, or yearly) using ChainLink data feeds. This feature makes it easy for users to build financial discipline without needing to manually manage their savings every time, ensuring consistent contributions.

3. Access to Onchain Financial Services:

   • Savings Vaults: CoinSafe offers savings vaults where users can store their assets in a decentralized, trustless environment. This system eliminates the need for traditional banks while providing the security and transparency of blockchain technology.
   • Spend-and-Save Functionality: Every transaction on CoinSafe has a "spend-and-save" mechanism, where a portion of each transaction is automatically saved, creating a passive saving experience for users.

4. Onchain Credit Score Building:

   • Credit Score NFTs: Users can build their credit score based on regular saving behavior. Each credit score is represented as an NFT, providing verifiable, transparent proof of the user’s financial reliability. As their

Challenges we ran into

We encountered several hurdles, especially around integrating decentralized oracles and automating savings schedules on-chain.

Additional Features

CoinSafe was initially designed as a general DeFi savings tool, but during the Buildathon, I focused on creating a localized version that better addresses the unique financial challenges faced by users in Africa. This includes tailoring the savings mechanisms to align with local financial behaviors and incorporating features like flexible deposit schedules.