Challenges
Connect the world with Chainlink
We use Chainlink Oracle and Automation in our valuation and liquidation modules. We want to grow with Chainlink in creating a new DeFi space for both devs and end users alike.
Best Use of Polygon
Many multi-defi apps on Polygon are dispersed, and the ecosystem deserves a simple solution for this separated community. The Polygon space has very good DeFi, but all of those apps are reinventing the wheel, wasting time and resources. By launching on Factorial we can streamline and secure this process, providing room for growth in Polygon.
Polygon DeFi UX Challenge
Using Factorial, it is safe and streamlined. Users do not have to go to each app, and conduct many transactions. They can simply access apps on Factorial, even bringing experiences from Web2 into the Web3 space.
Most Useful Web3 Tool
We are a DeFi library and public good, incubating and encouraging innovation to launch on Factorial. We want to allow both secure and simple apps to flourish on EVM and layer 2 like they have never before. Our framework will increase the number of apps, giving end users more options and smart investments.
#BUIDLathon 2023 DeFi Track
We are proposing a new solution and playground for DeFi developers. We want to allow all DeFi devs to easily and securely deploy their apps in a sustainable and optimized way. Our solution will become the standard for modular DeFi, changing the way users interact and invest.
Project details
Factorial is a modular DeFi framework platform to easily&securely build multi-DeFi applications in smart contracts.
Factorial enables developers to build DeFi apps with a shorter codebase and mature/grow/accelerate their ecosystem more effectively. DeFi apps built on Factorial will utilize the framework's core financial modules and shared ecosystem resources.
Website: https://factorial.network
Presentation: https://drive.google.com/drive/folders/1YkeBUrnEzBjE1ahAfUtxaUBQnmPUNBIj
YouTube Introduction: https://www.youtube.com/embed/FjK06uRYOt4
Demo: https://www.youtube.com/embed/ZgbKn0mH0bA
Problem
Many DeFi apps are built with extensive lines of solidity contracts, but the functionalities of the majority of the codebase overlap. Also, it is challenging and resource-consuming for new DeFi apps to acquire and grow necessary ecosystems including: oracles, liquidators, market makers, liquidity providers, and more. These combined factors result in an insecure codebase and lack of ecosystem resources, hindering potential growth.
Target Users and Stories
👩💻 DeFi builders want to efficiently develop and introduce a new DeFi app without reinventing the wheel or having the need to bootstrap the surrounding ecosystem.
DeFi builder comes up with a brilliant idea for a new DeFi product.
Developer learns how to interface with Factorial modules from their DeFi contracts.
Instead of developing the entire code for each standard financial process, a developer can call the functions provided by Factorial modules.
App on Factorial also benefits from the shared ecosystem for the necessary financial processes delegated to Factorial modules.
👥 DeFi users want an integrated user experience for interacting with various DeFi apps through a unified interface and ecosystem.
DeFi user interacts with Factorial’s unified interface for every app built on Factorial.
Users on Factorial can interact with other users within Factorial’s unified ecosystem.
Additionally, the financial validation process in Factorial’s risk management module significantly enhances user security even in each app’s vulnerability.
Solution
By simplifying unnecessarily redundant DeFi functionalities into modules and shared ecosystems, Factorial significantly optimizes the DeFi building process.
On Factorial, a leveraged yield farming app made of 3000+ lines of code elsewhere is achievable with less than 500 lines.
Factorial Modules
Valuation Module: Connects oracle services to calculate the value of any DeFi position in Factorial
Liquidation Module: Manages liquidation process requested by apps built on Factorial
Risk Management Module: risk evaluating process to prevent financially harmful changes to user’s assets from malicious logic within apps built on Factorial
Connector Module: Relays requests of execution from Factorial apps to external DeFi protocols
Future Development
Our prototype showcases how three DeFi apps can be built on Factorial with a significantly reduced codebase through Factorial modules. Our future plan is to generalize and simplify the utility of modules to cover a broader range of DeFi apps’ use cases.
Fund Management: generalized passive investment tools
Expand Connector Coverage: more external DeFi connected to Factorial
Optimized Swap Router: easy-to-use token swap module connecting multiple DEXs