Sharknado Cash

SharknadoCash addresses a fundamental limitation in the cryptocurrency ecosystem: Monero's privacy features make it incompatible with smart contract platforms like Ethereum, and Ethereum lacks sufficient privacy protocols. The project solves this by creating synthetic Monero (sXMR) tokens that represent Monero's value on EVM chains and enable 1:1 redeeming of sXMR for XMR providing a cross-EVM privacy solution.

The core of our system is a synthetic Monero (sXMR) token backed by NECT stablecoin at a 150% collateralization ratio, with Pyth Network providing XMR/USD price feeds. The most technically challenging aspect was creating a trustless bridge between Monero and EVM chains, which we accomplished by integrating vLayer's Web Proofs (zkTLS) technology to cryptographically verify Monero transactions on-chain. We built a custom server that reads Monero block explorer data to verify transactions, allowing us to avoid the complexity of running a full node while still obtaining the necessary transaction information. Our BeraBorrow integration provides enhanced liquidity through their Liquid Stability Pool and enables staking rewards for sXMR holders. We overcame several technical challenges, including preserving Monero's privacy while enabling verification, handling different decimal systems precisely, optimizing gas costs for proof verification, and creating efficient cross-chain messaging via LayerZero—all while maintaining the core innovation of bringing Monero's privacy to DeFi without compromising either.