PrimeDeFi

PrimeDeFi is a decentralized virtual deal room for global finance where issuers can tokenize debt (bonds) and investors can bid for the new tokens.

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Introducing Primedefi

Inspiration

We were all inspired by the huge potential brought by blockchain technology to transcend the old world into a more transparent, secure, and accessible place for everyone. We came to this Hackathon to meet like-minded souls, brainstorm the next unicorn ideas, and work together towards a better future.

What it does

Primedefi is a DeFi protocol operating on smart blockchains for the global finance industry.

We envision a decentralized virtual deal room that allows:

  • Issuers to tokenize debt instruments and automate issuance/book-building processes; and
  • Investors to bid and invest in new issuances and manage their own wallet
All of these are built on a smart chain with real time on-chain settlement and pre-defined condition triggered actions.

Primedefi will eliminate the need of traditional middlemen and will revolutionize the capital market fund raising processes for issuers and investors via tokenization and smart contracts.

How we built it

  • Brainstormed for project idea, overall architectural tech design, user story and flow
  • Split tasks/responsibilities among team members based on individual skill-set
  • Agreed on project scope, must-have features, choice of dev tools and environments
  • Held regular team zoom calls for project updates to ensure we met interim project milestone
  • Leveraged on discord, email, google drive, and github to discuss issues, ideas, and progresses
  • We chose solidity as smart contract language, ethereum/kovan as our main/test-net, Remix and Truffle as back-end dev environment, Figma for UI/UX design, Moralis & Typescript as front-end build tool & database, Moralis/Infura to serve as connection gateway, Metamask as web3 wallet, Chainlink as oracle and keepers service provider, and OpenZeppelin API for their security libraries
  • Re-pivoted along the way when necessary (due to newly discovered tech limitations etc)

Challenges we ran into

  • It was no easy task to communicate effectively and timely amongst 5 team members who are based in 3 different continents (US west coast, Europe, and Asia)
  • It was also challenging for some team members who have other commitments (family/personal) to commit enough time to this project and deliver assigned task on time
  • It was a steep learning curve for all of our devs who had to pick up new programming skills, platforms and tools such as Moralis and Chainlink
  • Our business model for the project also tested the technical design limits of feature/architecture of smart contracts and oracles, on what could be practically done, or what could not be done at this point of time in terms of technology feature availability

Accomplishments that we're proud of

None of our team members have met in person or worked together prior to the start of the Chainlink hackathon. We are glad that the hackathon organizers put this event together to connect the community. We assembled our team through the Discord chat rooms and were motivated to work together. Despite of all the obstacles we encountered along the way, we did our best to deliver a minimum viable product prototype at the end of the 5-week timeline.

What we learned

  • We must ensure continuous communication amounts all team members regarding progress made, issues encountered, re-scoping of task list assignments and timeline/deadlines
  • Any problem or issue raised needs to be addressed and resolved without procrastination
  • Software development is always a Work-In-Progress. There is no final version in real life, just continue improving, expanding and fixing along the way

What's next for PrimeDeFi

We intend to continue the development of this platform and potentially raising external funding for commercialization of the protocol

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