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By Laina
Defi made simple. Laina - an open source loan platform focusing on single-token lending pools.
We are launching a decentralized finance platform focused on efficient lending and borrowing. The initial product is a robust, user-friendly platform designed to overcome common DeFi complexities while minimizing liquidity fragmentation. Users will gain access to high-yield opportunities for their assets and low-fee loans against their crypto holdings. The platform addresses key issues in DeFi by simplifying processes, offering better rates due to low spreads, and introducing collateral swapping for greater borrowing flexibility.
Yes
$115.0K
The assessment of success relies on monitoring the progress made toward our goals. Success will be measured through Total Value Locked (TVL), the number of loans, and revenue. Key post-launch metrics include the number of unique addresses in loan pools and the lending-to-borrowing ratio.
Our primary target market consists of crypto enthusiasts and liquidity providers, specifically early adopters and individuals in countries with weaker currencies. We are not targeting crypto newcomers at launch.
To reach our audience, we will leverage X Spaces, influencer collaborations, targeted threads, and active engagement on Telegram and Discord. We are already in discussions with two potential large liquidity providers. Customers will access the platform directly through Laina. Our marketing strategy focuses on attracting liquidity and engaging crypto enthusiasts to balance borrowing demand.
The platform differentiates itself through its ease of use, competitive rates, and unique features on the Stellar network, such as collateral swapping and potential passkey bridging (needs clarification). Compared to competitors like Blend on Stellar and AAVE outside of Stellar, our platform aims to offer a superior user experience.
Our launch strategy follows a "bigbang" mainnet release with staged testnet launches beforehand. We will track Total Value Locked (TVL), the number of loans, and revenue to assess platform traction. Post-launch, monitoring the number of unique addresses in loan pools and the lending-to-borrowing ratio will help guide optimization efforts.
Post-launch, we will focus on engaging early adopters and expanding our user base. The first 30 days will prioritize attracting initial users with special rewards, followed by efforts to bring capital from outside the blockchain at 60 days. By 90 days, the focus will shift to increasing user adoption and liquidity.
Key assumptions include the availability of free liquidity within the Stellar ecosystem and interest from Stellar enthusiasts. Risks involve potential low liquidity and regulatory changes. Technical considerations include non-upgradeable decentralized contracts.
To maintain decentralization, we will carefully design incentives for early adopters. Stakeholder engagement will involve direct outreach to teams, stakeholders, and the existing Stellar community through events and personal connections.
We have created a Discord channel that has currently 35 users interested and 5 individuals with tester roles. We have received a $10,000 award from Stellar Kickstart and we also won the best oracle based smart contract competition hosted by Reflector. This award was worth 20,000 XRF (~$6,000). In addition we have done 6 in-depth interviews in which all users were interested in our product.
Loan liquidations
We will develop an open source liquidation bot that any user can run to keep Laina safe and earn money while doing so. This deliverable will include the liquidation bot, contract end-points and documentation on how to run the liquidation bot and how users can develop their own bots.
Completion will be determined by the successful deployment of the liquidation bot, verified functionality of contract endpoints, and the availability of clear documentation. Further criteria include successful test liquidations in a simulated environment and community engagement through active bot usage and contribution.
2-3 weeks after receiving the funds.
$14,400
Core functionality (95% done)
Core functionality includes all must have functionality, i.a. deposits, withdraws, interest calculations, loan creation, and loan modification. Most of the work is already done, but most functions still need some refining and optimization.
Completion will be determined by the successful implementation and testing of all core functionalities, ensuring they work as expected in both simulated and real-world test environments. Performance benchmarks will be established to verify efficiency and
3-4 weeks after receiving the funds.
$7,400
Collateral swapping
We will develop an endpoint to our contract that will allow collateral swaps while loan is live. Swaps would likely be executed through Soroswap aggregator, for which we have initiated discussions with PaltaLabs. However, it can be made so that other swap service providers could be integrated.
Completion will be assessed based on successful testnet implementation, ensuring that collateral swaps execute correctly under various conditions. Additional criteria include accurate health factor recalculations, seamless integration with external swap providers, and positive user feedback during testing.
7-8 weeks after receiving the funds.
$18,300
UI redesign
The current UI and UX of Laina has served us well, and received praise from our test users. The technology choices the dApp is built on have also proven to work excellently for our use case. However, we think we can do even better. We have planned out adding more information for the user, such as how the dynamic interest behaves on different pool allocations and how our liquidation system works. We are also planning to split different pools in their own views, to allow us to show more clearly the specificities of that pool.
Completion will be determined by user testing and feedback, ensuring the redesigned UI enhances clarity and usability. Additional success metrics include performance benchmarks, accessibility improvements, and overall engagement with the updated interface.
10-11 weeks after receiving the funds.
$19,300
E2E tests
We will create solid E2E tests to ensure the safety and robustness of Laina. Further, it will support us in the auditing process, as we would have properly tested code in all three parts of the testing pyramid (unit, integration, and end-to-end testing), likely resulting in shorter auditing process.
Completion will be measured by implementing a full test suite that covers core functions such as deposits, withdrawals, and liquidations. Automated test scripts will be executed to confirm expected behavior, and stress tests will be conducted under high transaction loads to verify system stability. Security testing will identify and address potential vulnerabilities, including those related to flash loan exploits. Internal reports will document the execution and results of all test cases to ensure readiness for mainnet deployment.
11-12 weeks after receiving the funds.
$9,500
Stellar LaunchKit for Audit
We will succesfully pass safety audits with the support of Stellar LaunchKit, giving us the possibility to move forward and launch in mainnet. The budget provided is not used for auditing services, but it’s rather reserved for the work needed to pass the audits (e.g. fixes to code and possible changes to contract logic).
Completion will be measured by conducting pre-audit security reviews and internal testing before submitting the smart contracts for a professional third-party audit. Any issues identified during the audit will be addressed, tested, and validated to ensure they have been resolved. A final audit report will confirm that critical and high-risk vulnerabilities have been mitigated. A post-audit implementation plan will be followed to integrate necessary changes before launching on mainnet.
Highly dependent on the swiftness of the auditing party. Goal is to be audited during the 4th month after receiving the funding.
$13,500
Bridge integration
We will integrate a bridging service to Laina. Possible service would be allbridge as their API would be possible to fluently integrate to Laina, giving the user the feel of built-in bridging.
Completion will be confirmed through successful test transactions on a testnet, verification of cross-chain asset transfers, and thorough security testing to prevent vulnerabilities in the bridging process.
5 months after receiving the funds.
$14,300
Passkeys / Laina smart wallet (secp256r1)
We develop built-in smart wallet to Laina that will allow passkeys signing inside the app. Using secp256r1 it gives the possibility in future to integrate e.g. Solana wallet behind the same passkey. However, this deliverable does not include work related to other chains.
Completion will be assessed based on successful implementation of passkey-based signing, integration with Laina’s authentication flow, and security testing to confirm the integrity and usability of the wallet feature.
6 months after receiving the funds.
$18,300
Konsta Purtsi is an experienced developer and senior consultant with an extensive professional background. He has been involved in various software development projects, with a focus on building user-friendly, scalable, and secure systems. Konsta’s practical experience ensures that Laina will deliver a high-quality, reliable platform that users can trust. He also has experience in the crypto asset space, working as a consultant with Tesseract, a crypto lending service and a partner of Bitstamp. This adds valuable insight into building secure and efficient financial products in the crypto space. In Laina, Konsta will lead the front-end development, ensuring the platform is intuitive and easy to use, while also working on making the smart contracts safe and efficient. Additionally, he will be responsible for creating proper CI/CD pipelines and leading the DevOps efforts to ensure smooth development and deployment processes.
Teemu Hynnä is a self-learned developer with years of experience in multiple technologies and has been involved in the Stellar ecosystem for more than five years. Over the past year, Teemu has focused on learning and building with Soroban using Rust, bringing expertise in Stellar’s smart contract platform to Laina. His background includes a Master's degree in Physics, specializing in modeling neuromorphic computing materials. In his career, Teemu has gained experience in both corporate and startup environments, where he has also managed projects and developed connections with investors. In Laina, Teemu will take a leading role in the protocol architecture and smart contract development.
Together, Konsta and Teemu bring a mix of traditional software development skills, deep knowledge of decentralized finance, and specific expertise in the Stellar ecosystem. With a shared vision for creating a simple, secure, and accessible DeFi platform, we believe we are the right team to build Laina and help make decentralized lending easier for everyone.
Konsta Purtsi
Teemu Hynnä
No other submissions.