Resonance: DeFi for a Better World
Resonance is re-inventing public goods funding. By combining the best features of fund management, RWAs, DAOs and DeFi, we grow donations and engage communities to make the world a better place.
About
The problem it solves Donations to charity have been declining for years due to lack of transparency, large administative budgets, bad reputation, and inefficient distribution. The donantion remains mostly static, with donations being a one-way street from donor to NGO with little involvement or engagement after the fact. However, blockchain gives us the opportunitiy to re-invent this space. Organizations like Gitcoin and The Giving Block have been leading the way, pioneering concepts like quadratic voting and tax deductible crypto donations resectively. The Resonance builds on the work of these organizations to create a unique ecosystem for both the funding and distribution of donations to public goods. When donors give to Resonance, they recieve an NFT which tracks reputation in the ecosystem. The value from the donations is then locked in diversified investment pools which run low-risk strategies designed to generate yeild from the donation. In the MVP we have selected three strategies: private credit RWA such as Goldfinch Latam Sustainability or Carbon Reduction Fintech, ETH Staking, and low-risk DeFi. Where possible we will search for yeild opportunities that also have social or environmental benefit in strategic impact categories determined by our impact DAO, the Fund Good DAO. When predetermined yeild thresholds are reached, value is distributed to the Fund Good DAO and a fund management fee is paid out based on performance to managers of the main pool. Donors are then notified that they can vote in distribution of (or they can select pre-dermined organization as beneficiary at minting). Here, we would love to also partner with other web3 projects working on grant and donation tracking for reputation scores for the recipients as well. In this way the Resonance ecosystem through low-risk fund management and DeFi, both creates demand for impact RWAs and private credit in underbanked areas while multiplying donor funding and creating positive feedback loops and community.
How it's made
Challenges we ran into We love this project and it took on a life of its own throughout the ideation phase. The scope and idea ballooned way beyond the capacity of three people to build it out over the course of a week. A major hurtle was getting it down to a realistic scope and doing lots of feature prioritzation where we could convey the whole idea in the time frame. We were working with pre-exisiting packages (scaffold-eth) and we had a lot of learning, editing, and bug fixes. Mentor teams and Camp Buidl were great!