We developed an MVP that allows users, either individuals or companies, to deposit dollars on a secured wallet and earn stable high-yield interest rates, paid in dollars. Yield is generated by converting dollars to USDC stablecoin, and providing liquidity to lending markets where companies, hedge funds, institutions, and individuals borrow over-collateralized crypto loans.
Crescent gives easy and efficient access to high-yield interest rates from DeFi without exposing the end-user to the inherent complexity of the space.
Users use our web app (React) to create an account and deposit / withdraw dollars that are converted to USDC using Circle Payments API.
Users can deposit USD through the web app. USD are sent to Circle that deposits USDC on our Master Wallet. Once a user deposit has been settled, their USDCs are deposited into Aave Polygon USDC lending pool and Compound USDC lending pool to earn interests. We wrote a smart contract to interact with these protocols.
Users can withdraw their funds anytime: our smart contract will withdraw funds from the lending protocols and deposit funds on our Circle Master Wallet. Circle API will then send USD to the user's bank account.