Why are you participating for Based LatAm?

Our team has been hacking since ETHGlobal Mexico in 2022 where we created Mexico's stablecoin pegged to the MXN using collateral such as ETH and BTC plus yield-bearing tokens like stakedETH. Since then, we've remained committed to exploring and building the DeFi ecosystem in Mexico, which still has significant room for growth. Our mission is to tokenize the Mexican economy through the use of stablecoins, fostering financial inclusion and empowering underserved communities.

Now, with CrediTalent, we are addressing a key niche—micro-loans based on reputation. We believe that access to credit should not be limited to traditional credit scores, but rather expand to on-chain activity and contributions. Talent Protocol's on-chain score allows us to empower builders, especially those in the growing MX builder community, who may not have access to credit through traditional means. By leveraging decentralized protocols, we are creating a pathway for individuals to grow financially based on their reputation, without the barriers of traditional banking.

We see Based LAtam as the perfect platform to propel this vision forward, as we aim to build a robust, inclusive credit system tailored for the Latin American builder ecosystem. By participating, we hope to continue growing as a team, collaborate with other innovators, and bring tangible impact to the region's decentralized economy.

What challenges are you focusing on?

In Mexico, a significant challenge is the lack of access to affordable credit. Traditional financial systems often exclude large segments of the population, especially freelancers, small business owners, and independent builders, who struggle to qualify for loans without formal credit histories. This leaves many talented individuals without the resources they need to grow and contribute to the economy.

Another challenge is trust in financial institutions. Due to high-interest rates, hidden fees, and centralized control, people are often hesitant to engage with traditional lending solutions. This skepticism creates a barrier for those who might benefit from credit but fear exploitation. Building trust through transparent, decentralized systems is crucial for increasing participation.

With Base, we can address these challenges by providing a decentralized micro-loan platform that leverages on-chain reputation as a trust mechanism. Base’s low-cost, scalable infrastructure allows us to offer credit to underserved communities without the prohibitive fees and complexity of traditional finance, while maintaining the security and transparency needed to build lasting trust.

How does your submission address this challenge?

Our submission is going to leverage the scaffolding that Base's Smart Wallet provides, getting the user's wallet address and calling the Talent Protocol API to match the address to a Talent Passport. This will be enough for us to whitelist the address in a contract we developed for this hackathon (based on Morpho's smart contracts) and after getting approved, the user will be able to sign another transaction and get the funds directly into their account. We are using our XOC stablecoin (pegged to the $MXN) to distribute the funds, which users can then either swap on a DEX or off-ramp into their MX bank account through Bando, our latest partner to support us.

The potential impact of our project is significant, as it aims to provide underserved builders with a reliable and accessible source of credit that can catalyze their entrepreneurial endeavors. By focusing on reputation-based lending, we empower users to leverage their contributions and activities within the community, fostering a culture of trust and collaboration. Ultimately, CrediTalent not only seeks to improve individual financial situations but also aspires to contribute to the broader economic landscape in Mexico by nurturing a new generation of builders and innovators who can drive local growth and development in the decentralized economy.

Challenges we ran into

More than a technical challenge, we ran into a coordination challenge since we gathered around 6 people for the hack and distributing task for a relative small build is always a challenge to coordinate, at the end, we are all trying to learn and have fun in the process so we managed to get something working.

Also, we couldn't add all our teammembers into this project since we submitted the project into Devfolio to preview it but didn't know we couldn't add more teammates afterwards. I contacted Devfolio directly (Anshuman responded) but no change is visible.

Additional Features

The only thing of this build that was built beforehand was XOC - the stablecoin, as that was deployed in 2022, but we are in distribution mode trying to get it out to users so that is what this build aimed to do. The integration of the Talent API and a new smart contract that whitelists and extends credit to approved wallets is what we built during this hackathon.