EcoTopia 🌱

Climate change is an existential risk for the human species. Over 5 million people die every year from climate change-related causes. For ETHGlobal SF, we are tackling this problem by providing a seamless way for people to contribute to a decentralized pool of capital that funds projects removing or preventing future carbon emissions. From these projects, users receive on-chain carbon credits which enable anyone to get ownership of their impact on the environment.

Ecotopia is a ReFi protocol that enables anyone to generate yields from their stablecoins. The proceeds are then used to purchase carbon offset. Using only the yields to fund projects allows users to reduce their carbon footprint in a lossless fashion because individuals receive carbon offset without the need of committing capital in the long term. We are the equivalent of the PoolTogether protocol, but for carbon offsetting and we enable users to withdraw their principal amount anytime.

When it comes to generating yield, our strategy is to diversify the capital allocation across highly-liquid yield-generating protocols like Alluo and Aave. This passive investment strategy enables Ecotopia to ensure fund safety while gaining a return and allows people to use their stablecoins for everyday usage. Our emphasis on liquidity, safety, and reliability will enable Ecotopia to serve as a Web3 equivalent of a banking checking account.

Initially, Ecotopia will focus on targeting users who are environmentally conscious. Our goal is to build a community around individuals who are educated and knowledgeable about the impact of climate change worldwide. For user acquisition, we will create marketing campaigns targeting people living in cities where climate change is being felt. That will enable us to grow an initial userbase that is attached to the climate change problem. In future, we plan to integrate with Wallets, DAO/NFT treasuries and other web3 protocols to automate carbon offsetting for any money sitting doing nothing in Web3.

Furthermore, we gamify the experience by enabling people to share the amount of carbon that they have offsetted on Ecotopia. We provide dynamic NFTs that change as users get receive more offsets from their yield. We then provide a feed that allow users to showcase their NFTs and the impact they have on climate change.

When a user lands on Ecotopia they can login by connecting with Metamask wallet. Then they have an option to deposit their stablecoin of their choice on Polygon network. Once they deposit, we deposit the money in Alluo Boosted Pool smart contracts where the money earns a yield of 7% APY.

Periodically we take the yield generated and automatically buy carbon credits from Toucan protocol by buying their NCT token. We are using Tellor in the backed to get price of NCT token from CoinGecko coin market API that is used to calculate how much carbon users are offsetting based on how much they are depositing by getting real time market price of NCT.

We issue users an Impact NFT that will track how much carbon they are offsetting from their yield. The NFT images and metadata are stored on IPFS and we utilized OpenZepplin libraries to create the NFT collection as well as use their ERC-20 interface. We use Covalent API to fetch the NFT from users smart contracts and display on frontend.

When user login we resolve the ENS name and avatar to have a user friendly UI. We are using Lens Protocol social graph to build out an impact timeline that will display carbon offset and any climate actions of users' social network.

Further we used Tenderly to Debug our smart contracts, mainly for debugging integrating with Alluo smart contracts. And deployed the smart contracts in the Polygon and Mumbai testnet chain.