Dumpling Farm

Dumpling Farm Where you can farm small tasty bites of yield

The Problem:

• Change narrative of such funding as “donations” act as lego blocks for market participants to build innovative digital financial markets
• Change narrative of “sacrifice what you need in order to save other people / the planet” (Maslow’s pyramid)
• privacy of lenders and borrowers

Current friction points:

• Systemic hoarding of capital by centralised bodies: governments, banks, etc
• Lack of technological penetration in developing countries
• Lack of education inn 2 branches: understanding human motivation and desire to stay exclusive (via jargon and lack of incentive to share knowledge)

Solution will address:

• Capital must earn more capital from funding such projects --> real-world sustainable APY to lenders
• Capital from crypto will finance climate-positive projects
• web2 borrowers must have interface to lodge data to apply for loans and be matched to capital; bringing the next billion into web3

Features of protocol:

• lender interface: lenders can deposit into pools that are created by the borrowers -borrower interface: they can enter data that can be used to structure the pools, with only strictly necessary data available to public (for example: attestations of web2 credit score that will be one of the parameters to do on-chain "scoring" before borrowers can be matched to loans)

A borrower deploys a smart contract allowing lenders to send ERC-20-based funds into it (a pool); funds are then pulled and off-ramped into fiat to fund these companies.

After a predetermined duration, the lenders can withdraw their funds with interest. In future, if the lenders withdraw before the pool completion date, they will incur a penalty.

Longer commitment times will create higher interest rates.

Innovation:

• UI is meant to be a 2.5 approach appealing to both defi OGs and web2 lenders.

The front-end is a minimal interface for:

• borrowers can create a new pool that lenders can deposit funds into, and define timeframes and yield expectations
• lenders can browse through existing pools and make deposits/withdrawals from pools. The client uses the Celo ContractKit to allow lenders to deploy contracts directly from their browser.

Smart contracts: Truffle + solidity Contracts deployed on Celo

Client app: react @celo/react-celo @celo/contractkit