Why are you participating for Based Africa?

We're participating in Based Africa to leverage the power of blockchain technology to create a truly robust savings solution for Nigerians. We want to solve a really important problem which a lot of people have with existing saving platforms like Piggyvest and Cowryrise.

What challenges are you focusing on?

In my community, many individuals struggle to save money effectively and protect their savings from currency devaluation. Traditional savings methods often offer low interest rates and are vulnerable to inflation. Crypto can solve the problem but existing savings platforms like Binance and Bybit don't have a user interface that isn't friendly to users coming onchain.

How does your submission address this challenge?

We are addressing this challenge by providing an existing platform that bridges traditional finance with crypto, allowing anyone to save in USDC, EURC or crypto like cbBTC with significantly higher interest than existing platforms that provide the solution. We aim to give at least 10 million Nigerians the power to save in USDC and hedge against Naira devaluation and Inflation.

Challenges we ran into

We ran into some issues, when we started building the platform which includes implementing the savings pool for the app, where all the funds would be deposited in as no one in my team has implemented a savings pool before. We also ran into an issue with onchainkit, as we wanted to add basenames to our app, but basenames don't work on testnet, so we decided to leave that out too. We also tried to integrate Naira deposits in our app, but the process of getting an api key wasn't timely so we decided to leave that out too