Drexfy - Drex to Defi powered by Drexchain
Using DrexChain, our own Hyperledger Besu, we developed 2 bridges, one between DrexChain and Goerli, the second from DrexChain to Lachain. Users can convert stEth to dstEth and also Drex to wDrex.
About
The problem it solves In the Lido Challenge, we're making the most of stEth's potential. Users can transfer their stEth to DrexChain (a Besu system that mimics the Central Bank's blockchain) to improve liquidity in Brazil. This makes investing in Latin America quicker and simpler. When stEth moves to DrexChain, it's called dstEth. Every day, DrexChain users can trade Drex for dstEth. This allows them to effortlessly invest in a DeFi protocol without interacting with Ethereum. As a result, they can protect their investments from inflation by holding onto a deflationary asset that offers about 3.8% annual returns. This approach also supports Ethereum's security and decentralization. DrexChain users can even obtain dstEth to transfer back to Ethereum. In short, our solution: Boosts liquidity in Brazil. Provides an easy inflation hedge. Enables direct investments in stEth via DrexChain using dstEth. Offers users the flexibility to pay and receive in their preferred token. Access it here https://hackaton3.webflow.io/. Our user-friendly interface is reminiscent of PIX. Just scan the QR code with your phone and link your wallet. === For the LaChain challenge, we've also integrated the blockchain with our own DrexChain. This integration allows users to easily move Brazilian Reais to and from LaTokens. This not only enhances liquidity for both blockchains but also gives users the flexibility to make and receive payments in their desired manner, all within a smooth experience increasing crypto adoption in LATAM. Drex, the native cryptocurrency of DrexChain, can be secured in a special smart contract. When this happens, our bridge identifies an event and, in response, sends wDREX to the user's wallet on the LaChain protocol.
How it's made
Challenges we ran into We run over approved allowance bugs while dealing with different assets in a multi-chain environment. Also, bugs to deploy and maintain the drexchain block explorer which was not supporting many calls. Also, we had many bugs on the AWS watcher which was fetching different information from each chain but needed to be synchronized. Issues dealing with multi-smart contracts, wrapped versions, native crypto using payables... All of this was solved by taking a deep look and making the logic cleaner to use. Another one was by using LaChain block explorer to verify the wDREX ERC-20 token. We could not verify this contract due to a bug on the frontend but we managed to interact directly with the smart contract without verifying this one. We have also faced some challenges on the front end and with a dedicated block explorer for DrexChain hence we decided to use the tryethernal an opensource framework.