Bancambios: Decentralized Exchange on Solana
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Global finance requires reconsideration and democratization in the world of inequality and deep socio-economic divides between countries. Blockchain-based FinTech solutions have recently emerged to expand people’s access to finance, which helps unbanked populations across the globe cross the threshold of poverty and invisibility. FinTech has also become a powerful driver of GreenFi initiatives – a new financial services ecosystem directed at fundraising for green projects. One of such GreenFi projects was assigned to the 4IRE team by one of its European clients, Bancambios.
Bancambios is a Tallin-based company specializing in data-driven financial services. The client has been working on innovative DeFi solutions by streamlining investments in green energy and the environment. Its DeFi projects raise financing for clean water, climate change, biodiversity, and impact-driven initiatives from commissions derived from its blockchain platform transactions and token sale.
Bancambios turned to 4IRE with a request to create a DeFi crypto exchange (DEX) on the basis of the Solana blockchain. The platform’s operations were intended to finance the green projects from commissions paid by users for the DEX transactions.
The challenge that 4IRE faced when working on this project involved:
- Full-scale DEX creation from scratch based on the Solana blockchain, with smart contract logic and infrastructure development in compliance with the client’s brief.
- Provision of liquidity for the DEX project to avoid high slippage during transactions.
- Creation of the staking functionality for DEX token holders’ passive income and additional liquidity guarantees.
- Development of an Impact Pool needed for fund allocation to the designated green funds. The Impact Pool’s logic had to incorporate complex formulas of fund allocation and staking calculations.
- Registration of multiple investors for the DEX’s token sale.
The process of work on the Bancambios DEX involved the following processes:
- Full-stack project development in line with the approved wireframes.
- The app pages’ wireframing in Figma.
- Smart contract development on the Solana blockchain platform.
- Scriptwriting for the project’s token generation on Solana.
- APR staking formula creation to implement the automatic staking function on-site.
- Thorough QA testing of the DEX platform.
- e2e documentation for the entire project
The resulting DEX platform was created based on the Solana blockchain’s functionality and with the use of the React JS programming language for UI design. The overall project requirement implementation involved nine 4IRE specialists, including three full-stack developers, three blockchain developers, 1 QA tester, 1 Project Manager, and 1 DevOps engineer. The project involved the use of Slack for communication between all involved 4IRE experts, GitHub for code version control, AWS use for the organization of project-related processes and infrastructure, and Google Meet tools for client-team communication.
The project work started in December 2021 and still goes on. The resulting app is expected to bridge the innovative blockchain technology and the environmental funds, creating a functional ecosystem for financing green initiatives.