zkApollo

RWAs Tokenization promises the next wave of financial revolution. However, we still lack a standard way to verify the reserves backing the RWA tokens. Since TradFi players are joining the Mina ecosystem (eg. Mirae Asset Financial Group and Copper), we believe zkApollo can be the solution to verify the reserve for RWA tokenized securities, supporting the mission of Proof of Everything.

How It Works?

1. Alice holds a RWA (eg. TSLA stock) in their offchain account i.e. Copper.
2. Another user, Bob, wants exposure to the TSLA on Mina. Our service offers mTSLA, a synthetic version of TSLA onchain. A3. lice can generate a proof that they hold the TSLA asset in their Copper account, this, coupled with locked MINA tokens to make sure that they won't sell their token backing offchain TSLA in the personal account. (We are working on a more elegant solution for this)
3. The mTSLA token is then minted on Mina and Bob can purchase and hold it onchain on Mina protocol.
4. Anyone can call the function verifyReserve() (runtime method) to see the proof of reserve anytime. If the reserve is not found then some of Alice's locked Mina tokens are slashed as punishment.

Our AppChain was built on ProtoKit (a framework for building privacy-enabled application chains) on Mina blockchain L1. It's zkapp with the SDK called "o1js". We can fetch the data via any API from custodians provided by the off-chain data to bring the data into the runtime module. The frontend was written in NextJS and testing is using jest test runner.