Project Name: MintDeals Project Track: Integration Team Name: Paracosm Labs Team Member(s): @wescosmic@Mypt Devpost Project Link: MintDeals | Devpost
Project Goal: To create a platform where local businesses can offer exclusive tokenizable deals through clubs while accessing a DeFi-powered credit facility for enhanced cash flow and operational efficiency.
Project Value: MintDeals leverages Tron blockchain to create a transparent and secure platform where businesses and club members interact seamlessly. By integrating with DeFi platforms such as JustLendDAO, MintDeals offers unique mechanics of a credit facility that enables businesses to access credit and maintain onchain liquidity while offering attractive deals as NFTs, driving loyalty, engagement and growth. With a simple credit scoring system, onchain activities can help enable greater borrowing capacity. MintDeals provides an ideal solution for modern businesses to onboard, boost loyalty, access credit and drive growth- through the capabilities of DeFi.
Ensure your TronLink is connected to Nile test and you have testnet TRX, USDT or USDD.
Visit the MintDeals platform via the provided URL above.
Follow the video guide above to learn about the features.
As a user, explore, join a club, mint and redeem available deals.
As a business, create a club and offer exclusive deals.
Check out the simple DeFi credit facility available to businesses/club owners to access.
Project Details:
MintDeals enables businesses to create blockchain-based clubs where they can offer exclusive and tokenizable deals to their members. Users pay a fee in stablecoin to join these clubs in order to mint and enjoy the deals. Behind the scenes, a DeFi-powered credit facility provides businesses with access to credit loans they need to grow and thrive. The credit facility funds are accumulated through the various payments made or earned through the platform and integrates with JustLendDAO for collateralized borrowing and liquidity management. Business’ onchain activities help them build a credit score which is used as a metric to increase their borrowing capacity within the credit facility.
MintDeals accepts USDT,USDD as payments. At the core of the shared credit facility is a BTC accumulation strategy with a portion of incoming revenue. This ensures that over time, as BTC’s value increases, so too does the amount of available credit businesses or club owners can access/borrow.
You are welcome to this season 7 hackathon. Nice to see you joining the hackathon. Before I ask the few questions I have I will like you to clarify if you are participating with this project as a new project you are working on or is it a rebrand of your previous projects. If you are participating with this project as a new project, then it shouldn’t be in the builders track rather in DeFi track. Please clarify me on this
First off, welcome to Hackathon Season 7.
Fortunately you’re not a first timer so you should know the drill already.
Now moving forward, I’ve been following you carefully from a few hours ago and have carefully read your offering, it’s amazing what you got going here I must commend.
From my read, I see MintDeals is a DeFi-driven platform intended to transform how businesses offer deals through clubs and how they manage cash flow via decentralized finance (DeFi).
This is intriguing and overwhelming at the same time, so I’ve questions;
How does the platform plan to handle defaults or late payments within the DeFi credit facility? Are there any penalties or collateral requirements for businesses?
Hi, we’ve been in previous hackathons with 2 different projects. MintDeals is a new project. I’ve updated the post track to reflect Integration track for now instead of Builder. Depending on our progress we may switch to DeFi track but for now I think the best fit would be Integration track since we’ll be using JustLend, USDD and hope to also use HTX’s Dominica DID within MintDeals. Feel free to ask your questions
You are very much welcome to the Hackathon Season 7, your project is very nice and I read that you are doing a model like credit facility on JustLend which is brilliant but I did not see where you talk about how you will generate funds, so tell me how will you generate revenue? Will you introduce transaction fees or maybe membership fees, thank you
The platform earns 8-10% (TBD) of the membership fees collected from each club.
The remaining 90-92% of the membership fee is added to JustLend as collateral, with an allocation split of 80% in stablecoins (USDD/USDT) and 20% in BTC.
The available credit limit for businesses will be a percentage derived from the 80% stablecoin collateral.
2 One-Time Fees for Partners and Businesses:
A one-time fee may be charged for becoming a partner or a business on the platform. This fee contributes to the platform’s revenue and helps maintain the ecosystem. (see screenshot above)
3 Yield Earnings on Collateral:
The platform can also earn yield on the collateral deposited in JustLend. This yield adds to the revenue stream, ensuring the sustainability of the credit facility.
4 Credit Risk Management:
The borrow limit on the platform will be set lower than JustLend’s max to avoid liquidation events.(eg. JL’s max borrow on USDD is 80%, which increases account risk level to 85-90% - so we can operate a bit lower than this for safety).
If a business does not repay and reaches the max of their determined limit, they simply won’t be able to borrow more and some of the accumulated BTC collateral may be liquidated to cover the outstanding debt, reducing risk.
5 Borrow Interest Rates:
The interest rate charged to businesses will be slightly higher than the current JustLend borrow rates. This ensures that businesses repay more, contributing to the platform’s sustainability and covering any potential risks.
6 Partner Commissions:
Partner commissions will be up to ~30% of the platform’s earnings from membership fees. This incentivizes partners to bring in new members and businesses, driving platform growth and partners’ earning trajectory.
We’re still planning the above into simple enough mechanics that we can implement and demonstrate (especially the credit facility @manfred_jr ), once that’s finalized further we’ll add this info to our OP and a litepaper (update-added to OP).
You are welcome to hackathon season 7
The MintDeals sounds like a game-changer for local businesses and deal-seekers alike! The idea of combining exclusive club memberships, DeFi-powered credit, and seamless interaction between businesses, members, and partners is pure genius. Imagine unlocking amazing deals with crypto while supporting local businesses and boosting their cash flow – it’s a win-win-win.
My question,
will there be any features for members to discover deals based on their interests or location.
Yep @Okorie if you have a look at our current ui prototype at https://mintdeals.netlify.app/explore there is a simplified feature planned for searching clubs as well as discovering/filtering them by category or country
Hello @wescosmic , welcome to the HackaTRON! Kindly update your milestones with target dates to finish each phase of your project, as a reminder, please consider your project MVP (core functionality completed) must be ready before end of submission period to be eligible for the next hackathon phase.
I suggest you to focus more in blockchain integration (Smart Contract dev and Integration to a basic UI) as first steps to ensure your project basic features are ready instead of having a perfect UI.
Welcome to HackaTron S7. I understand that your project aims to provide users with a platform that leverages on blockchain technology to offer tokenized deals and also help users gain access to a Defi powered credit facility. I will like to know the specific Defi protocol that will be integrated into this credit facility.
Welcome to Grand hackathon S7
If am not mistaken I happens to read through about club or so> do I need to pay a fee before before being a verified member of the club? If yes, what could be the fee range?
Any advantages/benefits that that can magnet users to this club?
This sounds like a recipe for a win-win-win situation, Just imagine using your favorite stablecoin to snag that exclusive yoga retreat or that one-of-a-kind art piece you’ve been eyeing.
But I have a ques cus I really want to know more
With a name like MintDeals, are there any plans to incentivize members with gamified elements or loyalty programs.
Quite a lengthy read, not giving off as a complaint but I really appreciate detailed explanation, it shows the founder knows what they’re doing. Moving forward, from my read I see the slight premium on interest rates compared to JustLend is logical, but to maintain competitiveness, are you considering a sliding scale where interest rates decrease slightly for businesses that maintain a good credit history or have been long-term users of the platform?
I am seeing that you are talking about 80/20 allocation for stable coins them and btc but how are you going to balance this ratio when volatility is happening and the market is down, thank you
contracts deployed on Nile Testnet:
