The problem FLOAN- Cross-chain Debt Teleporter solves

PROBLEM
Mainnet users face significant challenges due to high gas fees, making it expensive and cumbersome to manage debt positions (collateral + debt). Migrating these debt positions to faster, cheaper chains involves complex and time-consuming processes, which can be a major deterrent for users looking for more efficient solutions.

SOLUTION:
FLOAN provides a seamless, one-click solution for migrating debt positions from one chain to another, allowing users to enjoy cheaper borrowing rates on faster chains. By utilizing Teleporter contracts and Connext, FLOAN simplifies the migration process, making it easy for users to move their positions without incurring high gas fees or navigating complex procedures

1. Intention: Allow users to migrate their debt positions from Chain A (e.g., Aave on Rinkeby) to Chain B (e.g., Compound on Kovan).

2. Architecture

-Teleporter Contracts: Deployed on each chain to manage liquidity and facilitate the debt migration process.
-Connext: Used to bridge assets between chains through signed xcalls.
-For demo purpose, we are only using 2 chains and one protocol on each chain (Aave on Rinkeby and Compound on Kovan)

3. Pipeline:

-Debt Repayment: The Teleporter contract on Chain A pays back the user's loan.
-Collateral Withdrawal: The Teleporter contract withdraws the user's collateral.
-Asset Bridging: The collateral is bridged from Chain A to Chain B using Connext.
-Collateral Deposit: The collateral is deposited into the new platform on Chain B.
-New Borrowing: With the collateral deposited, new assets are borrowed on the new chain.
-Liquidity Provision: The borrowed assets are used to provide liquidity back to the pool, completing the migration process.

This streamlined approach ensures that users can quickly and efficiently migrate their debt positions, taking advantage of lower fees and faster transaction times on the new chain.

Challenges I ran into

1. Liquidity Management
2. Cross-Chain Communication
3. Gas Fee Optimization
4. User Experience
5. Security
   These steps ensured a robust, user-friendly platform for seamless debt migration across chains.