Inspiration
Creating xCollateral stemmed from recognizing XRPL's inherent capabilities. Its powerful built-in features, like the AMM for quick token swaps, inspired the vision. I saw the potential in leveraging these tools—bridges, side chains—to craft a platform that's not just powerful but also secure and lightning-fast on-chain.
What it does
xCollateral, an overcollateralized DeFi platform, facilitates stable coin bridging from XRPL to EVM side chains, enabling token lending for interest. Borrowers access lightning-fast loans. Powered by AMM, bridges, and side chains, it ensures a win-win: auto-rewards, transparent, secure oracles, and aspects like under-collateral loan liquidation benefit both lenders and borrowers.
How we built it
- AMM: Utilizing XRPL's AMM as a price oracle feeder and for swift loan liquidation to stable coins in cases of under-collateralization.
- Witness Server: Enhancing the existing open-source witness server for secure, transparent oracle price updates and immediate under-collateral loan monitoring and liquidation.
- Xrpl-toolkit: Creating the XRPL-toolkit with xrpl.js, enabling easy execution of repetitive tasks like wallet creation and token minting.
- EVM side chain: Leveraging EVM side chains to boost AMM capabilities and establish a fast, secure platform through smart contracts..
Challenges we ran into
Establishing the witness server and building the bridge posed challenges due to their novelty; scarce documentation and tools added complexity to the process.
Accomplishments that we're proud of
Developing a platform that harnesses the native chain's capabilities, augments them with new features, and innovates uniquely within the side chain's domain.
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