This project provides a seamless fiat-to-crypto ramp, allowing users to easily convert Nigerian Naira (NGN) into a stablecoin ERC20 token. It also features a peer-to-peer exchange platform where merchants can list offers, and interested buyers can participate. The process is straightforward - users deposit NGN via a payment processor like Paystack, and the equivalent token amount is minted. The tokens are burned for withdrawals, and the corresponding fiat is sent back to the user's linked bank account. Crucially, the project ensures 1:1 backing of all funds, providing transparency and security.
The project repository contains the following directories, each named after a Nigerian meal:
.
├── README.md
├── afang (Subgraph files and configurations)
├── miyan (Solidity smart contracts)
├── ukwa (Node.js backend API)
└── wara (TypeScript React frontend)sequenceDiagram
participant User
participant Paystack
participant WNGNContract
participant Server
User->>Paystack: Sends money
Paystack->>Server: Sends webhook
Server-->>WNGNContract: Mints WNGN tokens
Server-->>User: Allocates minted WNGN tokens to user's blockchain address
User->>WNGNContract: Burns WNGN tokens
WNGNContract->>Server: Emits Burn event
Server-->>User: Sends equivalent fiat asset to user's linked bank account
- Peer-to-peer stablecoin exchange: This platform allows users to trade the WNGN token directly with each other, facilitating the growth of the token's liquidity. As the project gains more traction, liquidity pools will be created on popular decentralized exchanges (DEXes) to further improve the token's liquidity.
sequenceDiagram
participant Merchant
participant User
participant P2PExchange
participant WNGN
participant USDC
alt Merchant Buy Ad Flow
Merchant->>P2PExchange: Create a BUY advertisement with price, WNGN quantity, and validity period
P2PExchange->>WNGN: Transfer required WNGN tokens from Merchant to the contract
P2PExchange-->>Merchant: Notify the Merchant that the BUY advertisement was created
User->>P2PExchange: Participate in the BUY advertisement by providing the ad ID and the amount of USDC to sell
P2PExchange->>USDC: Transfer the provided USDC amount from User to the Merchant
P2PExchange->>WNGN: Transfer the calculated WNGN tokens from the contract to the User
P2PExchange-->>User: Notify the User that the trade was executed
alt Buy advertisement has expired and there are remaining WNGN tokens
Merchant->>P2PExchange: Withdraw the remaining funds for the expired BUY advertisement
P2PExchange->>WNGN: Transfer the remaining WNGN tokens from the contract to the Merchant
P2PExchange-->>Merchant: Notify the Merchant that the funds were withdrawn
end
else Merchant Sell Ad Flow
Merchant->>P2PExchange: Create a SELL advertisement with price, USDC quantity, and validity period
P2PExchange->>USDC: Transfer required USDC tokens from Merchant to the contract
P2PExchange-->>Merchant: Notify the Merchant that the SELL advertisement was created
User->>P2PExchange: Participate in the SELL advertisement by providing the ad ID and the amount of WNGN to buy
P2PExchange->>WNGN: Transfer the provided WNGN amount from User to the Merchant
P2PExchange->>USDC: Transfer the calculated USDC tokens from the contract to the User
P2PExchange-->>User: Notify the User that the trade was executed
alt Sell advertisement has expired and there are remaining USDC tokens
Merchant->>P2PExchange: Withdraw the remaining funds for the expired SELL advertisement
P2PExchange->>USDC: Transfer the remaining USDC tokens from the contract to the Merchant
P2PExchange-->>Merchant: Notify the Merchant that the funds were withdrawn
end
end
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Scroll Sepolia - 0xaf97c3478abf6eeac933d3383b71668f314400aa
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Scroll Mainnet - Coming soon 🚀
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Scroll Sepolia - 0x3e3ff6bd166aca5837e3df8419991b3905c28fa2
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Scroll Mainnet - Coming soon 🚀
- Kester Atakere (@codergon): Frontend Engineer
- Mogboluwaga Onayade (@MogboPython): Backend Engineer
- Isaac Adewumi (@prettyirrelevant): Backend & Smart Contract Engineer
Backend is live @ here ✨
During the development of this project, we encountered several obstacles related to the deployment of the subgraph. Despite multiple attempts, the subgraph deployment consistently failed, hindering our progress.
The first issue we faced was related to IPFS deployment. To overcome this hurdle, we utilized the Satsuma IPFS URL as an alternative solution. However, this workaround did not completely resolve the deployment problems.
Subsequently, we encountered difficulties when attempting to deploy the subgraph to the node. As a potential solution, we explored the possibility of switching to Alchemy's node, as they offer support for subgraphs. Unfortunately, as at the time of the hackathon, Alchemy did not provide support for the Scroll zkEVM blockchain, which was the platform we were targeting.
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