Retrace
We have made a DAO powered platform that reverses your accidental on chain transactions
Retrace
Created At
Winner of
Coinbase Developer Platform - AgentKit Pool Prize
Prize Pool
Project Description
"Someone should come along and issue an ERC20 called "Reversible Ether" that is 1:1 backed by ether but has a DAO that can revert transfers within N days." ~ Vitalik Buterin (2018) Introducing the first DeFi platform that allows you to reverse transactions. Never worry about sending to the wrong address. The project solves a critical issue in cryptocurrency: the irreversibility of transactions. Mistakes, scams, or fraud can result in permanent loss, deterring new users and complicating adoption. By introducing Reversible Ether—a 1:1 backed ERC20 token with DAO-governed transaction reversal—you provide users with a safety net to undo errors within a predefined timeframe. Key Benefits:
Error Correction: Reverse mistaken transactions securely. Fraud Protection: Mitigate scams with DAO oversight. Simplified Crypto Adoption: Lower risk for new users. Usecase:
Human error: Imagine while sending payouts, you type a letter wrong in the recipient address, it doesn't seem like a big thing but at the end of the day, the funds would never reach the right person. To fix the above issue, we are introducing Retrace so we can save those million of dollars being sent to dormant wallets.
How it's Made
We ran into a lot of problems and challenges while using the CDP SDK. Since what we are building heavily relies on the MPC wallets and the AgentKit provided to us by the CDP SDK, this was a major problem for us and we could not move ahead before solving it. While the CDP SDK provides an effecient way to create MPC wallets and interact with on-chain arbitrary smart contracts, it still felt like it was early in its development stages. The docs were not complete, we were continuosly facing issues while using the invoke_contract
function in the Python SDK. Most of our time that should have gone into development and brainstorming about how to make the protocol better was spent in researching about the errors and going through the CDP sourcecode on Github. We were eventually able to resolve it, but it felt like more focus could have been given to the Developer Experience.
