Project Name: 0xAfrica Project Track: DeFi Team Name: liddX Labs Team Member(s): ikalonji DevPost URL: Issa Kalonji's (ikalonji) software portfolio | Devpost Project Goal: 0xAfrica seeks to provide Tron backed Stablecoins and DEX for African currencies. Project Info: To facilitate Intercontinental trade and use of DeFi products in the region, local currency stablecoins will make this easier and onboard the next billion users to crypto. Project Website: Project website: 0xAfrica. Project Test Instructions: Visit the project website and play around with the functionality, head over to Github to view the codebase and smart contracts.
** Smart contract address: ** Demo price oracle TK3e9hGPNrsJzCV3d8H8vkiN6QLmCJM4a9, DEX TVm22VuHmhxAuxN9f1LfpmrJTWS8aAYG9R Project Details: 0xAfrican will provide users the ability to swap their Tron tokens for local currency Stablecoins through our DEX Project Milestones:
Items to be completed for the hackathon:
Build Stablecoin smart contract. (Done)
Build DEX smart contract. (Done)
Add functionality to allow Users to provide additional liquidity for rewards. (Done)
Build DEX UI. (Done)
Deploy on Testnet.
Please note that there are know bugs in the frontend which are being worked on. The project is still heavily under development
Yes, we are looking at a model where the value of TRX locked into the SC is at least at a ratio 1(Stablecoin):1.2(TRX), additional liquidity needed will be provided by the community locking in value and being rewarded from the trading fees collected on token swaps.
USDD/USDT/USDC are all international tokens and like fiat currencies they do not always serve localized needs. A local currecy pegged stablecoin would make it easier for users that are not familiar with Crypto/Blockchain to be onboarded, by bring the technology/currency to their doorstep by digitally localizing the currency which they use on a daily basis. This also provides an opportunity for intercontinental trade in stablecoins of local denomination.
Thanks for the question @Ruku, at the moment these stablecoins are merely digital representation of the underlying currency and not sovereign issued currency however, ultimately we would like to position ourselves as a go to provider to assist with the establishment of any CBDC within the African region. There are many challenges that would need to be addressed before this is market ready however we are taking the first step, to increase adoption of crypto and blockchain as a whole.
Thank you for your engagement @Deefort and I understand your scepticism on the topic, what we are trying to do is to create localized solutions to increase awareness and adoption of crypto so that the technology can be accessible and used in the local context. What better way than to bring crypto to our users doorstep with a digital form of the currencies that they already use on a daily basis. By establishing localized stablecoins adopters need not worry of further exchanging of currencies, users can use the stablecoin to by a loaf of bread at the local store because the token is just a dgital representation of the currency with which they already use.
Please let me know if you have any further questions.
