ChainFunds

ChainFunds is a Web3 project designed to democratize access to financial investing, introduced at EthCC 2023. The platform leverages the Gnosis network, allowing users to invest in various funds created by other users using XDAI.

The key feature of ChainFunds is its simplicity and inclusiveness. Users can easily log in using MetaMask to interact with the website and the Gnosis blockchain.

The platform features a multitude of funds, each with its own detailed information such as minimum investment amount and trading rules.

Investments can be made using XDAI, and investors are then eligible to participate in the fund's returns, receiving their share of profits. Of course, a portion of this return goes to the fund manager, whose share is predefined at the fund's creation.

In terms of fund creation, ChainFunds provides a very accessible route. Anyone can establish a fund by minting a new ERC721 NFT, which acts as a decentralized fund and is managed with the ERC6551 NFT-bounded account rules, a new blockchain standard. This new kind of account is a powerful tool because it leverages the unique features of NFTs, allowing it to hold other NFTs or ERC20 tokens and carry out transactions on their behalf.

The fund manager becomes, in essence, the 'owner' of this fund. With the help of the ERC6551 NFT-bounded account, they can make special transactions that may turn the ERC721 NFT into a real crypto fund. Once the account is set up, it allows the newly minted NFT to act like a digital fund. This fund can trade and hold other tokens, specifically ERC20 tokens in this case, while maintaining the advantages of blockchain technology such as transparency, immutability, and decentralized control.

The platform assures security by predetermining and publicly displaying the tokens that the fund manager can trade and swap. This provides a strong safeguard against fraud, as the manager cannot arbitrarily decide to invest in obscure or potentially high-risk tokens. It effectively means that the fund operates within set rules and parameters, significantly reducing the risk of mismanagement and providing further confidence for potential investors.

Lastly, ChainFunds cares about providing seamless access to information about funds, further improving transparency and user experience. The project is truly at the forefront of the intersection between Web3, NFTs, and decentralized finance!

ChainFunds stands as a testament to the creative use of existing blockchain technologies in shaping an inclusive, transparent, and secure decentralized finance platform.

• Deployment of Smart Contracts on Gnosis Blockchain with QuickNode RPC The Gnosis blockchain serves as the infrastructure for ChainFunds. All interactions on the platform are orchestrated by Solidity smart contracts, which govern fund creation, investment handling, profit distribution, and trade execution. All our smart contracts were deployed on the Gnosis Chain with the help of QuickNode RPC.

• User Onboarding with Metamask User accessibility is achieved with the Metamask Wallet. It simplifies the interaction between users and the platform, making it easy to conduct transactions on-chain using the website.

• Transparent Fund Information Management One of the key points of the platform is to provide a streamlined and transparent method for accessing essential information about the various funds on the platform. Users can view details such as trading rules, minimum investment amounts, and the fund manager's identity verification status, etc. This promotes an environment of transparency.

• Innovative Fund Creation with ERC6551 NFT-bounded Accounts We have incorporated the ERC6551 NFT-bounded account standard for fund creation. This allows these NFT-bounded accounts to hold other NFTs as funds that can execute transactions on their behalf. This introduces a new layer of possibilities, empowering anyone to create a fund and manage it with the transparency and immutability that blockchain offers.

• Security Measures for Trading Transparency To ensure the platform's integrity and safeguard user investments, we have implemented a system where the tokens that a fund manager can trade and swap are predetermined and publicly displayed. This not only discourages fraudulent activities but also encourages responsible fund management by operating within set parameters.

In conclusion, the intelligent combination of Gnosis and the innovative use of ERC6551 has brought ChainFunds to life as a unique platform that intertwines Web3, NFTs, and DeFi in a user-friendly, transparent, and secure manner.