Stellar Community Fund

By LINK IO

WAVY by LINK

SCF #28

$87.0K

Legacy v5.0 Community Award

Awarded

Stablecoin Liquidity Layer for the Internet

Products & Services

Problems as they exist today:

OTC Traders looking for a secure way to do large scale transactions without having to hold/swap on a liquidity pool. Today CEX's (as we have seen with numerous limitations) hold the market share on P2P Transactions and are not scalable in emerging and developed economies because of the various regulations and bureaucracy surrounding them. Trust still remains a major factor in P2P Payments. Counterparty risks and really slow settlement times. Stellar doesn't have a DeFi Incentivized protocol focused on stablecoins. These marketplaces are so static and rigid and are not flexible enough for under the hood automatic liquidity provision.

Our Solution:

Build: As global FX activity grows, Centralized players become increasingly fragmented. No Decentralized alternative yet. We’re bringing the full $805B FX market on-chain. Payments layer (LINK Business, DFX), FX focused liquidity layer (WAVY), Yields Layer (USDC, EURC, CADC, BRZ). WAVY is eliminating this by enabling peer-to-peer payments to be instant, secure and incentivized. P2P: OTC powered by a trustless escrow smart contract. Swap: Stablecoin swaps powered by WAVY'S P2P Marketplace, Soroswap etc. Spend: Stablecoin digital debit card. Bridge: Stablecoin transfer across blockchains (Ethereum, Polygon, Solana, Stellar, Avalanche). Top Up & withdraw: Compliant local on & off ramps (For Consumer: SEP6/24, Bank Transfer, MoneyGram, VISA, Interac, Google Pay) (For Businesses: LINK Business).

By leveraging partnerships with stablecoin anchors to enable said on & off-ramps. This also in turn boosts the respective anchors activity on Stellar. Permissionless on and off ramps leveraging anchor partnerships on the network (on the roadmap as well would be to build sort of a bridge on soroban smart contract that would allow cross chain). FOCUS IS BUILDING the Largest Stablecoin P2P Marketplace where users get to buy/sell stablecoins with other stablecoins at their own terms, in this case we are building our own asset trustless set of escrow contracts on Soroban that would hold the both stables that lets the both users sign through their wallets with/without the other counterparty.

Think of it as a decentralized Binance P2P Place but for stablecoins where users can buy a stablecoin of their choice (from the Vendor or Ad) and off-ramp that to a local payment method using the inbuilt ramp feature unique to the anchors. Or use the bridge feature powered by the soroban smart contract to send it across different chains.

Pitch deck: https://docsend.com/view/emcitcy2gkg52879 More technical info on our Soroban Contract: https://github.com/linkioafrica/wavy