The problem FrenMint by GODDOG solves

I. The Problem

Buying and Selling shares on Friend.Tech is expensive, with a transaction cost of 10%. This high fee significantly restricts traders, particularly because shares are untransferrable and can either only be bought or sold within the native Friend.Tech application.

II. The FrenMint Solution

FrenMint addresses the high costs and limited functionality associated with trading shares on the Friend.Tech platform by leveraging the ERC-1155 token standard, integrating with Sudoswap's dual-token standard liquidity provisioning and charging a fee of 6.9% on trades.

III. Features and Benefits

A. Lower Fees and Increased Revenue

FrenMint’s fee structure is 31% lower than FriendTech, making it more affordable for traders. Additionally, it allows hosts to earn up to 38% more revenue, making it a more lucrative option to provide liquidity.

B. ERC-1155 Token Standard

This token standard can be used throughout DeFi wherever ERC-1155's are supported, offering greater versatility in asset management and trading.

IV. How FrenMint Makes Tasks Easier and Safer

A. Accessibility

FrenMint is accessible to anyone in the DeFi space, even if they do not have an account on FriendTech, broadening its potential user base.

B. Simplicity

FrenMint understands the importance of simplicity while not completely abstracting every aspect in liquidity provisioning. With that in mind, the users' experience was the main point of focus during the development of this app.

V. Summary

FrenMint provides a more flexible, cost-effective, and integrated approach that allows users to seamlessly provide liquidity on Sudoswap while being more cost-effective and capitally efficient without the user having to leave the application or do math on their own. This solution significantly simplifies liquidity provisioning, reduces fees for traders, simultaneously increases potential revenue for hosts aka liquidity providers while opening the doors for Friend.Tech to DeFi.

Challenges we ran into

One of the main challenges we faced while building this project was finding a reliable way to retrieve balance data. The solution involved using DeBank's API to get users' holdings. For each iteration, we called the Friend wrapper contract and simultaneously queried the API to get accurate FriendTech share data. This solution presented us with another problem, where we were spending tons of units of Debank API per day, and just before our full launch that we had planned on June 9th, 2024 we had already run out of our credits for DeBank's API Cloud Service.