Charit3
Charit3 creates a UBI system where ETH is staked once and the yield is donated forever. Using quadratic funding, the community fairly decides how the yield is distributed to causes.
Created on 6th October 2024
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Charit3
Charit3 creates a UBI system where ETH is staked once and the yield is donated forever. Using quadratic funding, the community fairly decides how the yield is distributed to causes.
Why are you participating for Based SEA?
We're participating in Based SEA as Parallax, a leading Web3 software house, to showcase our expertise and gain recognition while exploring the innovative Base ecosystem. This allows us to build meaningful connections, contribute to the growth of decentralized technologies, and apply our skills in creating impactful solutions. Our goal is to collaborate with the community, share knowledge, and strengthen our position as a top player in the Web3 space.
What challenges are you focusing on?
We're focusing on leveraging the Base Smart Wallet sponsorship program for paymaster integration to leverage low gas fees on Base, making it 0 gas fee, and seamless onboarding with Passkey. This allows us to make interactions more affordable and accessible. Our goal is to create seamless, cost-efficient blockchain experience while optimizing the yield-generating mechanisms from cbETH LST and ensuring fair allocation of donation resources using quadratic funding.
How does your submission address this challenge?
Our submission addresses this challenge by leveraging the Base Smart Wallet paymaster integration, combined with it's feature to use Passkey. This allows us to enable seamless, zero gas fee onboarding and transactions on the Base network. By reducing costs and simplifying wallet creation, we enhance accessibility. Additionally, we optimize yield generation from cbETH LST and use quadratic funding to fairly allocate donation resources.
Challenges we ran into
A key challenge we encountered was that the Uniswap V3 router on Base mainnet didn't follow the standard configuration from the Uniswap library—it doesn't use the 'deadline' param. We had to spend extra time debugging swap functions and ensuring that the token pairs (ETH to cbETH) were properly configured.
Another significant challenge was optimizing the on-chain voting process. Since on-chain votes can be costly, we've spent some time exploring methods like merkle tree, until we decide to utilize binary format in uint256 type. Users can batch commit their yes/no votes in a binary format. By using this approach, each vote session was represented as a bitmap, allowing us to store multiple votes in a single transaction, which dramatically reduced gas fees. This not only streamlined the user experience but also made the voting process far more cost-effective for participants, while still maintaining transparency and security on the blockchain.