The problem DeFine: Powered by Diamante solves

In today's digital landscape, cryptocurrencies are gaining popularity alongside traditional fiat currencies for daily transactions. However, a significant gap exists: there's no unified platform that seamlessly integrates both crypto and fiat transactions under a common payment method.

Currently, most digital payment applications like PhonePe and Google Pay operate exclusively with fiat currencies. They facilitate transactions in Indian Rupees (INR) and are widely used for various daily needs. On the other hand, cryptocurrencies operate on separate platforms and wallets, using different identifiers such as wallet addresses or QR codes.

Flash loans as we know are a type of uncollateralized loan in the cryptocurrency world and are high technically in nature. And, its very tough to find a real-life example for it. So, we have developed a flash loan system where users will find no difficulty in performing flash loans. The platform aims to enhance user experience by leveraging arena-based systems which are nothing but bots powered by smart contracts. These arenas(bots) are deployed and managed by users who in turn get 0.01 DIAM as commission fee for each flash loan processed. The bot also performs arbitrage (exploiting price differences across markets) and returns the profit to the user on withdrawal.

Challenges we ran into

Regulatory Compliance: Navigating diverse regulatory landscapes for both fiat currencies and cryptocurrencies.
Security Measures: Designing robust security mechanisms to bridge the different financial systems securely.
Value Fluctuation: Managing the fluctuating nature of cryptocurrency values to maintain consistent transaction values and exchange rates.