Challenge 2 - Fiat On-Ramp for Liquidity Pools

[yudilevi]

Bancor is an on-chain liquidity protocol that provides tokens with constant liquidity. The protocol is made up of a series of automated market maker smart contracts (“liquidity pools”) which are designed to pool liquidity and perform non-custodial token-to-token conversions in a single transaction.

When you add liquidity to a Bancor liquidity pool (e.g., the DAI/BNT pool), you receive “pool tokens” (e.g., DAIBNT) in return, which represent your share of the pool and accrue value from trading fees.

We want to make entering and exiting a liquidity pool as easy as possible for everyday users, so we’re challenging developers to connect liquidity pools to the fiat world. Eligible submissions will allow users to add liquidity (i.e., buy Bancor pool tokens) with a credit card and then withdraw funds from Bancor pools directly to their bank accounts.

This can be accomplished by integrating a fiat-to-crypto provider into Bancor pools, such as:

• SendWyre
• Carbon
• Moonpay
• Simplex
• Or any fiat on/off ramp solution

Prize Bounty: 10,000 BNT

Submission Requirements:

• Eligible projects must use Bancor’s Ethereum smart contracts
• Eligible interfaces should not utilize the Bancor API; rather, the interface should interact directly with the Ethereum blockchain.
• Working demo required in order to qualify for a complete submission

Helpful Resources:

• Bancor’s open-source trade & liquidity widget (interacts directly with the Ethereum blockchain)
• Community implementations of Bancor’s open-source trade & liquidity widget can be found here & here.
• Bancor Ethereum Docs: https://docs.bancor.network

Submission Deadline: 11:59pm EST on Monday the 6th of April

Judging Criteria:

• Meets the tech requirements
• Clean code & tech design
• If applicable - clear UI, easy to use and generally good user experience

[gitcoinbot]

Issue Status: 1. Open 2. Started 3. Submitted 4. Done

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This issue now has a funding of 10000.0 BNT attached to it as part of the AdamBancor fund.

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[gitcoinbot]

Issue Status: 1. Open 2. Started 3. Submitted 4. Done

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Work has been started.

These users each claimed they can complete the work by 1 year, 11 months ago.
Please review their action plans below:

1) bartuss22 has started work.

2) mds1 has started work.

I will develop a front-end that integrates Wyre to support entering/exiting liquidity pools via debit card, Apple Pay, and ACH. Users will be able to link a variety of wallets such as MetaMask, Fortmatic, Torus, etc., along with WalletConnect support. Since users depositing via fiat on-ramps are likely to not have Ether for gas, a proxy contract will be used to provide GSN support. The repository for this project will be at https://github.com/mds1/Bancor-Fiat-On-Ramp.
3) rekpero has started work.

Understanding the bancor architecture and build a dapp as per requirement given in the bounty.
4) leckylao has started work.

Hi there,

I am interested in the bounty but I have a different approach about the ramps, please review if that's what you want and if it's legible for the bounty then I can implement a demo for it.

Onramp:

Use GSN with Credit Card. As shown by using meta-transaction everyone can easily donate using credit card, their info. can be stored in the contract as email/discord handle. This approach also align with Aragon's rollout Meta Txs: Adding support for meta transactions in aragon apps (Part 1) and Meta Txs: Adding support for meta transactions in aragon apps (Part 2). Therefore in future they could do voting and other actions on Aragon. Which you can't do this with one-off payment solution like Wyre etc.

Offramp:

In the demo I can add the withdraw function which withdraw crypto to specific address. And I would suggest the following ways from crypto to fiat:

• Crypto ATM I have tried this personally and I have good experience with it. It's good and fast for small amount, KYC is done with text message.
• Debit Card There's multiple debit card options and I have one from TenX, this way you can just withdraw crypto to the debit card crypto address then you can use the debit card anywhere.
  5) x5engine has started work.

Almost done with the process of the fiat on-ramp and will publish a live demo soon

Learn more on the Gitcoin Issue Details page.

[leckylao]

Hi @yudilevi ,

Just saw the bounty and found it interesting but I have a different approach about the ramps, please review if that's what you want and if it's legible for the bounty then I can implement a demo for it.

Onramp:

Use GSN with Credit Card. As shown by using meta-transaction everyone can easily add liquidity by using credit card, their info. can be stored in the contract as an ENS address e.g. Alice.Bancor.eth

Offramp:

In the demo I can add the withdraw function which withdraw crypto to specific address. And I would suggest the following ways from crypto to fiat:

• Crypto ATM I have tried this personally and I have good experience with it. It's good and fast for small amount, KYC is done with text message.
• Debit Card There's multiple debit card options and I have one from TenX, this way you can just withdraw crypto to the debit card crypto address then you can use the debit card anywhere.

[gitcoinbot]

Issue Status: 1. Open 2. Started 3. Submitted 4. Done

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Work for 10000.0 BNT has been submitted by:

1. @mds1
2. @leckylao
3. @x5engine
4. @mmitrasish

@adambancor please take a look at the submitted work:

• PR by @mmitrasish
• (Link Not Provided) by @x5engine
• PR by @leckylao
• PR by @mds1

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[gitcoinbot]

Issue Status: 1. Open 2. Started 3. Submitted 4. Done

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The funding of 10000.0 BNT (1550.0 USD @ $0.15/BNT) attached to this issue has been approved & issued to @mds1.

• Learn more on the Gitcoin Issue Details page
• Questions? Checkout Gitcoin Help or the Gitcoin Slack
• $103,582.38 more funded OSS Work available on the Gitcoin Issue Explorer