TinyRaise
Raise money from anyone, completely gaslessly.
Created on 30th March 2024
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TinyRaise
Raise money from anyone, completely gaslessly.
The problem TinyRaise solves
TinyRaise makes fundraising easier with a variety of tokens and eases funders' minds by doing away with gas expenses. Funders merely need to sign a transaction, which will then be carried out by the contract owner or any third party.
This process additionally offers various benefits to funders, such as:
- Traditional fundraising methods involve gas fees for executing transactions on the blockchain but TinyRaise eliminates this issue by allowing users to just sign transactions instead of executing them immediately.
- Users can deposit various tokens (such as ETH, USDC, DAI, GHO, etc.) into an Aave address without incurring any gas costs, instead of having to first swap to the required token for the fund.
- While waiting for the fundraising goal to be met, their deposited tokens can earn yield or interest, instead of idly lying in a contract, thereby increasing capital efficiency.
- All Aave assets have the permit functionality by default. This means that tokens which do not have a permit functionality can be turned into one after depositing into Aave.
- The fundraiser need not swap any tokens into the token they wanted to raise as well, since Aave allows them to borrow against the collateral raised. This means that the fundraiser can essentially use the funds at 50% capacity while still earning interest on the collateral.
- If the funds need to be swapped anyway, that can be done when the price is at an optimal minimum instead of buying the tokens when they are high.
In summary, TinyRaise empowers people to raise funds using different tokens, provides funders with gasless transactions, and offers additional benefits like interest earnings and token swapping.
Challenges we ran into
Getting the supplyWithPermit functionality of Aave was a tricky to get working but we managed to work it out nonethesless. Farcaster frames do not allow signing transactions right now, so we had to resort to sending transactions normally from the frame but included a link to the website so that people can still contribute gaslessly.
Tracks Applied (5)
Social
DeFi
Scaffold-ETH
Ethereum Support Program
Farcaster Social Graph
Purple DAO
Farcaster Frames
Purple DAO
Technologies used
Cheer Project
Cheering for a project means supporting a project you like with as little as 0.0025 ETH. Right now, you can Cheer using ETH on Arbitrum, Optimism and Base.