Why are you participating for Based India?

Why We're Participating in Based India

We're participating in Based India 2024 because we see tremendous potential in the Base blockchain for DeFi applications, particularly in the Indian market. Our project, Zeneth, aligns perfectly with Base's advantages:

1.Higher Returns: Base offers more DeFi activity and higher returns compared to other chains like Arbitrum, crucial for our target users seeking to maximize yields.

2.Lower Fees: Base provides lower gas fees, making complex DeFi strategies more accessible and cost-effective for traders.

3.Faster Transactions: Quick transaction confirmations on Base enable our one-click solution to work more efficiently, enhancing user experience.

4.Growing Ecosystem: As a rapidly expanding blockchain in India, Base offers an ideal environment to launch and grow our project, tapping into the country's increasing interest in DeFi.

What challenges are you focusing on?

Challenges We're Focusing On

With Zeneth on Base, we're addressing several critical challenges faced by DeFi traders in our community:

1.Complexity of Cross-Chain Operations
-Many traders struggle with executing cross-chain strategies.
-Funds are often locked on one chain while better opportunities exist on another.
-Zeneth simplifies this by enabling complex cross-chain DeFi strategies with just one click.

2.Lack of Knowledge About Reliable Bridges
-Users are often unsure which bridges are safe and efficient for moving assets between chains.
-This uncertainty can lead to hesitation in exploring cross-chain opportunities.
-We solve this by integrating Chainlink CCIP, a trusted solution for bridging to Base.

3.Manual Effort in DeFi Positioning
-Currently, traders need to:
a)Manually bridge assets
b)Separately interact with DeFi protocols on the destination chain
-This process is time-consuming, error-prone, and requires constant attention.
-Zeneth automates this entire process on Base, saving time and reducing errors.

4.Yield Optimization Challenges
-Traders constantly seek higher APYs but may lack:
a)Time to research optimal strategies
b)Expertise to execute complex DeFi positions
-Our solution on Base allows easy access to optimal DeFi opportunities, such as the wstETH strategy on Aave.

How does your submission address this challenge?

Key Features and Solutions

1. One-Click Cross-Chain Execution

• Simplified Execution: Users can execute complex cross-chain DeFi strategies with a single click.
• Time and Effort Reduction: Significantly reduces the time, effort, and technical knowledge required to optimize DeFi positions.
• Example Use Case: Bob can transfer his wstETH from Arbitrum to a higher-yield position on Base in just one transaction.

2. Secure Cross-Chain Bridging

• Reliable Bridging: Integration of Chainlink CCIP ensures secure and reliable token bridging from chains like Arbitrum or Optimism to Base.
• Reduced Research Effort: Eliminates the need for users to research and trust various bridging solutions.
• Seamless Experience: Offers a streamlined process with reduced risk of errors during the bridging process.

3. Automated Strategy Deployment

• Automated Asset Management: Once assets are on Base, Zeneth automatically:
  • Deposits them into protocols like Aave.
  • Executes optimized strategies (e.g., looping) to maximize returns.
• Hands-Free Interaction: Removes the need for manual interaction with multiple DeFi protocols.
• Efficient Strategy Execution: Ensures that strategies are executed efficiently and consistently.

4. Dynamic Yield Optimization

• Higher DeFi Returns: Leverages Base's increased DeFi activity to generate better yields.
• Continuous Monitoring: Constantly tracks and adjusts positions for optimal yield.
• Enhanced User Benefits: Allows users to take advantage of better opportunities without the need for continuous manual oversight.

Challenges we ran into

Challenges We Faced

1. Automating Aave Interactions

• Complexity: We encountered difficulties in automating multiple manual steps, such as activating E-mode and other Aave-specific interactions.
• One-Click Goal: This challenge hindered our aim of delivering a seamless one-click solution for executing complex cross-chain DeFi strategies.

2. Smart Contract Complexity

• Design Requirements: We needed to create a system capable of handling bridged funds while interacting with Aave in an efficient and secure manner.
• Balancing Efficiency and Safety: Ensuring the automation process maintained both efficiency and safety was a key concern.

How We Overcame These Challenges

Pool Contract Architecture

• Innovative Design: We developed a pool contract architecture that operates on both the source and destination chains.
• Pre-Configured Management: This approach allows for the pre-configuration and management of complex interactions across multiple chains.

Automated Aave Actions

• Base-Side Automation: Our Base-side pool contract automatically executes Aave-specific actions, including the activation of E-mode when necessary.
• Real-Time Optimization: We introduced flexible, parameterized functions that enable real-time strategy optimization.

Extensive Testing

• Base Testnet: Conducted comprehensive testing on the Base testnet to ensure correct functionality and gas efficiency.
• Seamless Integration: This thorough testing phase helped us fine-tune the automation process, ensuring a smoother user experience.