The problem Basket Protocol solves

Basket Protocol addresses several key problems in the asset management space:

• Lack of Decentralisation in Asset Management: Traditional asset management systems often rely on centralised authorities, making them susceptible to single points of failure, data breaches, and potential manipulation. Basket Protocol offers a decentralised solution, enabling fund managers and advisors to create and manage ETF-like baskets of assets directly on the Flow blockchain.

• Limited Access to Investment Opportunities: Many investors face barriers when trying to access diversified investment products like ETFs, especially in regions with restricted financial infrastructure. Basket Protocol democratises access to diversified assets, as users can seamlessly invest in various tokenised baskets using Flow tokens.

• Cost and Efficiency: Traditional asset management often involves complex and costly intermediaries, leading to higher fees and lower returns for investors. Basket Protocol leverages the efficiency of smart contracts, reducing administrative costs and providing users with a transparent, cost-effective solution.

Challenges I ran into

Building a dapp on Flow chain was an exciting but challenging task for our team. It was our first time writing smart contracts in Cadence, and it was overwhelming at first. We spent a significant amount of time studying the documentation, learning the syntax, and experimenting with different approaches to ensure we had a solid understanding of the language. Despite the initial difficulties, we persisted, and eventually, we were able to write efficient and robust smart contracts for our decentralized asset management service.

• Integrating with Increment Finance: To enable the deposit of Flow tokens and subsequent swapping for underlying assets in the baskets, secure asset swapping mechanisms had to be integrated. Managing dex, liquidity, and price fluctuations presented technical complexities.
• Additionally, we faced a tight deadline. We had prior commitments that delayed our start, so we were left with only a few days to build the entire product from scratch. Despite these challenges, we remained focused and determined, working long hours to ensure we met the deadline.
  Overall, we're proud of what we have accomplished, and we're confident that our solution will revolutionize the way asset management works. Our team has demonstrated our ability to tackle complex problems and deliver innovative solutions in a tight timeline. We look forward to continuing our journey and contributing to the growth and evolution of the decentralized finance.