Best use of mStable, 3rd place
The Graph API
In the past few months, the DeFi space has introduced several exciting innovations including vaults, farming, and pooling mechanisms. Although this continues to add interest to the space for people already familiar with cryptocurrencies, a divide still exists between the typical user experience (as seen in Web2) and the tools that can generate sustainable yield in Web3. For newcomers, there’s an overwhelming amount of information about the DeFi space, which leads to individuals questioning their capabilities and not knowing where to begin when starting to explore the digital asset ecosystem. But NewFi believes that there’s a way to outsource some of this due diligence to the ‘experts’ who can dedicate themselves to the vetting process. These steps save valuable time, energy, and money for NewFi users. So, what is NewFi? NewFi is a platform that offers personalized crypto-asset strategies to help investors make the best returns without doing all the hard work. NewFi adds a whole new realm of possibilities with manager-led DeFi and crypto pools. Managers are able to create their own investment strategies by deciding on a strategy type within a stable pool and/or volatile pool. Once a pool is set up, the manager has to first invest their pool into a strategy — which is where their expertise comes into play. Strategy types are not just token purchases, although they may include direct coin purchases. The core difference between NewFi and other manager/investor products is that we include vault strategies that earn yield for the underlying position. This is a huge advantage of the NewFi system where users are able to grow a pool’s asset base without simply relying on price speculation/appreciation. As an investor, users can explore an extensive list of managers that align with their strategy or someone that they are familiar with. Users can then invest based on specific financial needs into a stable pool and/or volatile pool – whatever amount and proportion the investor feels comfortable with. When investors send money to a manager’s pool with either USDC for a stable pool or ETH for a volatile pool, they will receive back a token that represents ownership within that pool. For each stable or volatile pool that an investor invests in, a separate token is issued. As the investor pool grows or shrinks with underlying investment returns, the token will either appreciate or decline in value. When an investor wants to exit their relationship with their manager, they simply return their token and get a portion of the pool assets back, minus any transaction costs. Alternatively, the investor can sell or stake their pool token elsewhere that offers value for the token (i.e. Uniswap). NewFi doesn’t take a platform fee. However, to align the interest of the manager and the investor, a 1% fee is added to the withdrawal when an investor exits the pool and is paid directly to the manager. This fee is typically worth the price due to the returns of the strategy employed. With perpetual development in mind, we are continuing to build out our product to drive forward our mission of bringing the ‘crypto-curious’ and ‘crypto nervous’ into the world of digital assets – safely. We think we have the best overall product for new entrants into the DeFi space and hope that we can add to the success of the ecosystem by bringing newcomers into the decentralized and non-custodial world.
How It's Made
This project is built with custom smart contracts using Solidity on Ethereum. We will be integrating OpenZeppelin as the foundation for these contracts. Our frontend architecture is component-based and built using React while the backend has gone through a series of iterations, ultimately being upgraded from Ruby on Rails to Golang. We're planning on using MStable and Yearn for investing funds into these protocols for the best investment returns where one of the assets is USDC. And finally, we're using Chainlink for real-time USD rates for pool token price calculation for our Volatile Pool. For rendering all our Contracts Data in UI we are making use of Graph Protocol by deploying our own subgraph.