The problem Denero solves

Our project is a DeFi aggregator that allows users to interact with any defi protocol through our dapp. All blockchains require basic financial instruments to provide liquidity if wish to thrive. The need for money markets and exchanges in the FVM ecosystem is crucial for it's growth and our product is ready to tackle that.

Since, there are no protocols deployed on the hyperspace testnet yet, we had to build everything from scratch.

Our product gives users a smart contract wallet which interacts with protocols we have built for the chain. The user can deposit FIL and reedem Filcoin native stablecoins, they can exchange their tokens with our exchange and even see the balance of each asset they own.

Due to limited time, we were forced to leave out many features but we are planning to work hard even after the hackathon and implement ideas like account abstraction, adding NFTs to the protocol, creating governance and making it truly decentralised.

Challenges we ran into

Building this project was not an easy task. Even though we haven't invented anything new, the lack of infrastructure like price oracles and lending/borrowing platforms made our life very difficult.

We had to build very hacky oracles that hard coded values for the MVP and had to build our own stablecoin that locks FIL and allows users to withdraw upto 80% of its value. It's also possible to liquidate the locked FIL if the position becomes undercollateralised. We had to deploy our own exchange and several token addresses to showcase our product.

The main USP is the smart contract wallet. When a user interacts with the dapp, they use metamask to sign transactions which are then executed by a smart account. Using smart accounts instead of EOAs gives us the ability to add several functionalities like multisig, batched transactions, meta transactions and even some custom spending logics set by users.