Why are you participating for Based India?

Participants in the Based India hackathon often engage for various compelling reasons. One primary motivation is the opportunity to innovate. Hackathons, in general,provide a unique platform for individuals to brainstorm and develop solutions to real-world problems, encouraging the exploration of new ideas and technologies in a collaborative environment.
Networking is another significant aspect of participating in hackathons. These events allow individuals to connect with like-minded peers, mentors, and industry professionals. Building these connections can lead to future collaborations, job opportunities, and valuable relationships within the tech and social impact communities.
Skill development is also a key benefit. Hackathons often involve hands-on experience with coding, design, project management, and teamwork. Participants can learn new skills or enhance existing ones in a fast-paced, dynamic setting that encourages growth and experimentation.
Finally, hackathons are not only challenging but also fun. They offer an exhilarating experience where participants can push their limits while working on exciting and impactful projects. Overall, participating in the Based India hackathon presents a unique blend of innovation, collaboration, and personal growth, those are the reasons we decided to participate.

What challenges are you focusing on?

Decentralized Exchanges often struggle with significant market impact when they're faced with large-scale orders that exceed their existing liquidity. This prompts whales and institutional investors to migrate their assets to Centralized Exchanges (CEXs) when they're contemplating large-scale trades however in turn taking risk of "Whale alerts". Traditional DEXs also face slippage and front-running attacks. There is a need for a DEX which can help institutional investors to enagage in large scale trades without much market impact.

How does your submission address this challenge?

Veil-Trade, is designed to proficiently manage large orders, thereby complementing the current range of DEXs. Inspired by "dark pool" in traditional financial markets, Veil-Trade operates a private double auction which aids institutional investors in large-scale trading. The auction process in Veil-Trade is bifurcated into two phases.
The first is the open auction phase, where traders submit the ZK proof of their balance along with their encrypted orders. During this stage, orders are accumulated but not processed. Once the auction concludes, the secret sharing Multiparty Computation (MPC) servers anonymously compare the orders to ascertain a single settlement price. This ensures all corresponding orders are settled instantly at this unified price, with zero spread. Veil-Trade delivers several notable advantages to the ecosystem. It serves as a dark pool for institutional investors, similar to traditional markets, thereby drawing in large scale orders previously handled exclusively by CEXs. Furthermore, token pairs with lower liquidity pools can leverage Veil-Trade to minimize their slippage. Moreover, Veil-Trade effectively neutralizes the advantage of any front-runners prevalent in current DEXs, as they can't extract any pre-trade information from public transactions.

In this manner, Veil-Trade minimizes slippage, prevents front-running, and is ideal for low liquidity pools and institutional investors

Challenges we ran into

During our hackathon, we encountered several challenges that tested our team's adaptability and problem-solving skills:

we accidentally left one of our smart contracts incomplete. Fortunately, we identified this issue early in the development process, which allowed us to address it before final submission. This experience highlighted the importance of thorough review and testing of our contracts to ensure all functionalities were implemented correctly.

We initially used a lower version of the wagmi library, which led to compatibility issues with other components of our project. Given the limited time we had, we decided to stick with this lower version rather than undertake a potentially lengthy migration process. This decision allowed us to focus on completing our core functionalities without getting bogged down by the complexities of upgrading.
Integrating a smart wallet posed a significant challenge, primarily due to the required migration from wagmi v1 to v2. This transition demanded a considerable amount of time and effort. To circumvent this hurdle, we opted to integrate the Coinbase wallet instead, which provided a more straightforward solution and allowed us to maintain our development momentum.

Overall, these experiences underscored the importance of adaptability in the face of challenges. By identifying issues promptly and making strategic decisions, we were able to navigate our way through the hackathon successfully.