The problem GoldSmith Finance solves

GoldSmith Finance makes it extremely simple to hold crosschain precious metals which are backed by real metals. The Protocol is completely chain agnostic and users can buy gold/silver on any chain they want. They can also use the lending/borrow pools to borrow or lend Gold/Silver/Dai. This allows for a new precious metal backed Defi narrative that isn't present on web3 currently

Each Gold/Silver token is backing 1gm of the respective metal. The funds used to mint the metal is used to issue gold in an offchain, real treasury. The price fetching for Gold/Silver is done with the help of Chainlink.

The contracts use a Hub and Spoke model to maintain unified state throughout different chains. This is enabled by wanchain.
This means that tokens can exist seamlessly on any chain and can be scaled to any new EVM compatible chain by deploying the spoke chain, while the hub chain resides on XDC.

Challenges we ran into

It was a bit of a learning curve integrating wanchain and learning XDC ecosystem