Challenges
Web3Modal DeFi Challenge: Making Bank (Without the Banks)
We used Web3Modal to disrupt fintechs (like Revolut, Venmo, limited by geographical boundaries) by introducing a free app that anyone can access. TeleFi's use of Web3Modal brings payments processing directly to a messenger app (Telegram) with 700m users enabling them to make payments without the need for wallet addresses and traditional fiat banking rails.
Web3Modal Creative Challenge
To enable greater access and utility to DeFi we integrated Web3Modal into a chat application bot in an innovative and unique way. The cryptocurrency sender and recipient doesn’t have to leave the chat interface or exchange public keys to send crypto payments. Anyone with a wallet and Telegram account can use this anywhere in the world and transact with each other in a novel way using a chat interface that they are familiar with.
Covalent Unified API Bounties
Covalent was pivotal in providing accurate pricing and balance data for wallet addresses of every user of TeleFi. We integrated the Class A API in orde query user’s balances at the touch of a button. This direct integration is important for our payments TeleFi such that users can really understand the construction of their portfolios. We also used Covalent price data to calculate the ETH required for each transaction.
Connect the world with Chainlink
We used chainlink price feeds to provide a seamless user experience for our customers through providing them with accurate pricing / exchange rate data that allowed them to transact with minimal friction and higher confidence.
Project details
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Jaimin, Hiten, and Siddharth met each other at ETHDenver. They decided to have a meal together to get to know each other better. After enjoying a good meal and sharing some great laughs, it was finally time to settle the bill. All three agreed to split the bill, with Hiten paying first. It was then that they realised that they didn't have any Fintech/Banking apps in common, cryptocurrency seemed like the simplest way to pay each other, and they decided to use Telegram, which was the most familiar way for all of them to coordinate this interaction.
If you have come to the same realization, we would love for you to meet TeleFi! This innovative bot is created to simplify the process of making crypto payments between Telegram users without having to unnecessarily leave your Telegram chat. The TeleFi bot integrates directly with WalletConnect's web3modal to provide an in-chat wallet experience, Covalent's unified API to retrieve recent transactions and balances, and Chainlink to provide price conversions for a seamless payment experience. All of these tools work together to enable direct Telegram handle-to-handle payments right from your mobile device. Our bot is designed to be user-friendly and easy to use. Whether you're an experienced crypto user or just getting started, you'll find our bot simple and intuitive. We have built-in features like real-time wallet balance, exchange rate data, and seamless transaction confirmations to make your crypto payments fast and hassle-free.