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Rupia (Derivative INR )

Rupia is a derivative Indian rupee using oracles collateralised to earn interest for trading/insurance use cases

Rupia (Derivative INR )

Created At


Project Description

Problem: During discussions with Insurance industry executives for adoption of a previous project in India there emerged a strong need for a reliable Rupee based stable-coin. There are several tokens which are backed by Rupee but not generating interest. Rupia aims to change this with a price feed which tracks INR DAI rates. Staking DAI on matic mainnet mints rupia tokens.

Team: Vijay: Founder- React, JS, Python, Java developer, Fintech experience

How it's Made

This is a simple stablecoin project which aims to be informative, and act as a building block for the broader insurance platform being built.

The project was built as follows:

  1. Fiat - Crypto gateway: This is achieved by having the INR converted to DAI by integrating with Transak

  2. Use a Chainlink pricefeed for getting INR DAI conversion rates

  3. Use the converted DAI and store it on Matic Mumbai testnet address

  4. React frontend to show the process flow

Roadmap/ Next steps for the project:

  1. Next step involves redirecting interest rates to the Fiat bank account of the user

  2. Integration with the insurance backend to allow enterprise users transact with Rupia for insurance claims

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