Introduction
In this video, will explore the highlights of the “Mobile Firsts Defi on Celo” panel discussion at Kuneco in April 2021. The panel featured speakers from various projects, including Patrick Baron from Moula, Ian McLinaugh from UbiSwap, Brian Lee from Pull Together, and Leighton Cusack from Pull Together. The discussion focused on demonstrating mobile-first decentralized finance (DeFi) solutions on the Celo platform.
Moula: Mobile DeFi Demo
Patrick Baron from Moula showcased their mobile DeFi solution. Although a new version with enhanced features was not ready for demonstration, Patrick provided an overview of the current version. He walked through the process of connecting a Velora wallet to the Moula platform, initiating a deposit, and earning compound interest on Celo dollars (cUSD). He also demonstrated taking a short position in Celo by borrowing and selling Celo, as well as entering into a leveraged long position.
Initiating a Deposit
To earn compound interest on cUSD, users need to initiate a deposit. Patrick explained how to connect a Velora wallet, input the desired amount to deposit (e.g., 25 cUSD), and confirm the transaction. Once confirmed, the deposit reflects in the wallet balance.
Taking a Short Position
Patrick also demonstrated taking a short position in Celo. He borrowed Celo, sold it for Celo dollars (mcUSD) using UbiSwap, and then redeposited the mcUSD into Moula to start earning interest. This process increased the health factor, reducing the risk of collateral liquidation.
Leveraged Long Position
Additionally, Patrick showcased entering into a leveraged long position by borrowing cUSD, selling it for Celo, and utilizing UbiSwap for the transaction. This strategy aimed to leverage Celo’s price fluctuations and maximize potential gains.
CLI Commands and APIs
Patrick mentioned that technical users could utilize Moula’s CLI commands, which would be available once the cEUR contract token went live. For developers building DApps, Moula offers APIs for seamless integration with their contracts.
UbiSwap: Mobile Analytics and Liquidity
Ian McLinaugh from UbiSwap introduced their mobile analytics solution built on the Celo platform. Leveraging The Graph and Celo’s EVM compatibility, UbiSwap provides insights into the assets available on the swap platform.
Enhanced Asset Trading on Celo
Ian emphasized the convenience of trading assets within the Celo ecosystem, eliminating the need to leave the Celo chain for trading different assets. UbiSwap’s contracts are based on Uniswap, SushiSwap, and Synthetix and have undergone extensive audits to ensure fund security.
Earning UBE Tokens
To earn UBE tokens, users can stake liquidity into UbiSwap. This process encourages liquidity provision, promoting the availability of carbon offsets and enabling carbon offset issuance to support the ecosystem. Furthermore, users can save Celo by staking it in the Savings Celo contract while keeping it tradable.
Roadmap
Ian shared UbiSwap’s roadmap for the upcoming quarter. They plan to add more assets to the Celo ecosystem, provide tools for creating new tokens, establish a fund to support projects building on UbiSwap, and enhance the overall user experience (UX) of their platform.
Proof Cache: Privacy for Blockchain Transactions
Brian Lee from Proof Cache discussed the importance of privacy in blockchain transactions. He emphasized the potential risks individuals and businesses face when their transaction history and balances are publicly accessible.
Proof Cache: Privacy for Blockchain Transactions
Brian Lee from Proof Cache discussed the importance of privacy in blockchain transactions. He emphasized the potential risks individuals and businesses face when their transaction history and balances are publicly accessible.
Proof Cache Demo (Continued)
Brian demonstrated the Proof Cache interface, which provides privacy for transactions using Velora wallets. He connected his wallet, deposited funds, and initiated a transaction. Instead of the transaction details being publicly visible on the blockchain, Proof Cache obfuscates the transaction data, ensuring privacy.
How It Works
Proof Cache achieves transaction privacy by combining cryptographic techniques such as zero-knowledge proofs and ring signatures. These techniques allow users to prove the validity of their transactions without revealing specific details.
Use Cases
Brian highlighted several use cases where transaction privacy is crucial, including personal financial transactions, business transactions, and even charitable donations. With Proof Cache, users can have the benefits of blockchain technology while maintaining their privacy.
Pull Together: Mobile Staking and Governance
Leighton Cusack from Pull Together showcased their mobile staking and governance solution on the Celo platform. Pull Together is a community-driven protocol that combines DeFi and charitable giving.
Mobile Staking
Leighton demonstrated how users can stake their Celo tokens using the Pull Together mobile app. By staking Celo, users contribute to the community pool and earn rewards. These rewards can be withdrawn or used for charitable donations.
Community Governance
Pull Together’s governance system allows token holders to participate in decision-making processes. Leighton showed how users can vote on proposals and contribute to shaping the protocol’s future.
Charitable Giving
A unique aspect of Pull Together is its integration of charitable giving. Leighton explained that a portion of the protocol’s revenue is automatically donated to charitable causes. Users can also choose to donate their staking rewards directly to the supported charities.
Future Plans
Leighton shared Pull Together’s future plans, including expanding the protocol to support other stablecoins, integrating with additional charitable organizations, and enhancing the user interface for a seamless mobile experience.
Conclusion
The “Mobile Firsts Defi on Celo” panel discussion at Kuneco in April 2021 showcased various projects and their mobile-first DeFi solutions on the Celo platform. Moula demonstrated depositing, borrowing, and leveraged positions through their mobile app. UbiSwap presented their mobile analytics solution and highlighted the convenience of trading assets within the Celo ecosystem. Proof Cache emphasized the importance of transaction privacy and showcased their interface for private transactions. Pull Together demonstrated mobile staking, community governance, and charitable giving on their platform. These projects collectively demonstrated the potential of mobile-first DeFi solutions on Celo, providing users with accessible and user-friendly decentralized finance options.