TradiFi-DeFI gateway (Dexfiat on Harmony)

Name of Project

DEXFIAT

Application type

Product Launch

Proposal overview

The gap between the banked and the unbanked still remains enormous and the fiat economy does not seem to have a clear approach to solving this. Blockchain on the other end, with specific focus on cryptocurrencies, is a perfect exponential approach to solving this problem. Everyone deserves access to a robust, democratized financial system. With the increasing adoption rate of cryptocurrencies, a huge challenge to the general market is the ease of access to fiat-to-crypto payments. Building solutions that makes this process seamless is invariably crucial to the growth of the industry.

Dexfiat is the first fiat-to-crypto gateway through which decentralized finance and traditional finance are connected. It opens seamless ways for crypto merchants to trade, stake and earn while giving similar opportunities to crypto newbies.
Asides the Dexfiat eWallet, DAO and other encompassing features, our solution allows both users and merchants to deposit, hold, earn, convert (fiat-to-crypto and crypto-to-fiat), transfer, and withdraw crypto conveniently. Our smart algorithms are being built on the harmony chain which enables easy connection with the traditional finance ecosystem and also enables borderless transactions. While also, Leveraging Chainlink’s Oracle to provide the best conversion rates for its customers. Dexfiat truly connects Traditional finance with Decentralized finance in a decentralized manner.

With the project being launched on the Harmony blockchain, we believe this will bring liquidity, transaction volume and this will open the unbanked to the crypto-space while increasing the participation in the Harmony community and chain. By integrating our B2B, B2C and Community DAO, this brings an extensive ease of participation in the crypto ecosystem. Our DApp will allow users from different countries direct access and conversion of fiat to crypto from their non-custodial wallets like Metamask, Harmony wallet and any other wallet leveraging on the harmony blockchain. Considering the need for regulation and customer protection, a section of our API will enable centralized exchange similar opportunity on the Harmony blockchain

We are confident that the TradiFi-DeFi solution, combined with Harmony’s fast, cost-efficient network and united ecosystem will bring a huge success, while blowing the positive horn of the Network.

Project stage: Product development and Fundraising (Seed round)


Team

  • Oluwaseyi: Being an Engineer with a strong technical background, Oluwaseyi is a resilient individual with interest revolving around Product development, Software-as-a-Service (SaaS), emerging Technologies, Sustainability and blockchain.
    Speaking of Blockchain, Seyi, is a Crypto Trader of many years of experience serving as an advisor to multiple crypto projects in the past. As the CEO and Founder of DexFiat Project, Seyi brings multi-diverse industry knowledge into this product development, first as a Product analyst, a part time developer and currently pulls in as many resources to ensure that the product is community-centric and meets all its delivery milestones.
    https://www.linkedin.com/in/oluwaseyi-falola/

  • Christian: is a full stack developer with several years of experience with various software stack, he is a senior software developer at VFG group. He features on the Dexfiat project as technical development Lead and advisor
    https://www.linkedin.com/in/osueke-christian/

  • Dunsin: Is a multi-diverse technical consultant. With strong footing in Policy human-centered innovations in AI and Blockchain. Dunsin serves as both a technical and business adviser on the team. With his experience in leading private blockchain development projects, his contribution to the Dexfiat community proves that the team is within safe guidance.
    https://www.linkedin.com/in/dunsinfatuase/

  • Goodness:A Crypto enthusiast and educator with long term experience in online and offline relationships with consumers in the crypto space. He is a crypto educator at Giddy Educational institute. He has been a contributor to some major crypto projects like Ksf finance and others.
    https://www.linkedin.com/in/goodness-ajayi-743530169

  • John: a young, energetic and enthusiastic Backend developer, solution driven and resilient. He contributes as one of the backend and blockchain developers on the Dexfiat team.
    https://www.linkedin.com/in/john-oseni-4b8b001b0/

  • Kemi is an astute and detail oriented FrontEnd Developer for blockchain projects. With a sound technical background in Meteorology, Kemi self-developed into a well desired developer. And with proficiency in HTML, CSS, Javascript, Reactjs, Nextjs, Nodejs, Express among other frameworks she has been able to use these skills in building some of the finest products around. Having worked with Pomade Consulting and Sjultra in the past, it’s a thing of pride to see her bring her experience to use on the Dexfiat project.
    oluwakemi-dada (Oluwakemi Dada) · GitHub

  • Emmanuel is a bright mind and highly spirited community manager at Dexfiat. Being a Crypto Analyst, he successfully led different community engagements for the advancement of grassroot emancipation for blockchain adoption. Emmanuel is agile in thinking and delivery and he thrives by his excellent team work spirit. At Dexfiat, he leads the community management and with his involvement, the growth of the community has been impressive.
    https://www.linkedin.com/in/emmanuel-idu-sunday-8b8192200

  • Adedeji: on the advisory board is Adedeji, who has been a major pioneering force in the Nigeria Blockchain and cryptocurrency space. He is a policy maker in the Nigerian Blockchain space and COO at Convexity and sits on board A&D Forensic, a blockchain forensic company. He has been a major contributor to the Dexfiat project development.
    https://www.linkedin.com/in/adedeji-owonibi-/

Asides the afore mentioned team members, we also have 1 Front End Engineers, 2 back-end Engineers, 1 Product Designer and 3 other reputable advisors on the Team.

Proposal ask

$50,000

Justification

We are requesting for $50k in equity-free contribution with the following suggested distribution plan:
$10K after launching a feature-complete product on our testnet,
$10K after forming a DAO with multisig,
$10K after launching on Harmony mainnet with audit,
$10K after 1K daily active users,
$10K after 10k daily active users.

The goal is to ensure that the overheads of running the business from build to release and to market entry is properly funded. Our goal is to use the funds in sorting critical operation arms like development, talent recruit and remuneration, product marketing as well as product scaling. With access to this funding, our attention will fully be on the product delivery and not on footing the financial consequences of building a solution the market really needs.

On other chains, there are other projects that sound similar, but the beauty of any market is diversity and competition Dexfiat looks into bridging them with our multichain bridge included in our roadmap. Building Dexfiat on harmony results into making the chain more attractive to adopters, users and market absorption.

With many other projects on harmony, DexFiat brings other market players from the African continent with support from other Asian and western friends. This contribution also helps Harmony to be balanced and lively with diverse projects.

With the support of leading global project contributors in the Blockchain space, we are sure of being within proper guidance in building this product till launch and adoption.

Metrics for success

To foster our development we have partnership with Convexity as incubator, and also in positive relationship and communication with the crypto elite and blockchain user groups in the country. With our current organic growth of approximately 71.71% rate within November and now through community incentive and education, we project to hit at least 20k community users and $1m in transactions in the first 8 months
Toward traction growth, Dexfiat will be adding value to her community with Learn and Earn games starting soon on our telegram forum

External links

https://dexfiat.exchange
https://www.twitter.com/DexFiat

Thank you for the proposal. Our launch grants are capped at $50,000.

Applications of each launch must have prototyped a feature-full product. Harmony helps incubate these founding teams with product development, fundraising, and talent recruit.

We recommend a $50K equity-free contribution each:

$10K after launching a feature-complete product on our testnet,
$10K after forming a DAO with 5-out-of-9 multisig with our DAOs,
$10K after launching on our mainnet with audit,
$10K after 1K daily active users (with launch video, full PR promotion),
$10K after 10k daily active users (with a detailed roadmap, governance process).

Moreover, we recommend a 5-out-9 multisig account on Gnosis Safe with 3 governors from the project team, 3 governors from the project community, and 3 governors from Harmony DAOs – namely, ONEcommunityDAO, ONEdeveloperDAO, ONEincubatorDAO.

In all cases, we ask for 3-month exclusive campaigns with Harmony before more porting with other chains. We also offer follow-on investments – see 50 Investments ($20M) above; but, at the moment, you must have an outside, lead investor for us to match the funding terms. All codes, development materials and production assets must be fully open, preferably with MIT or BSD licenses; weekly updates must on sent on forum; and, all server deploys or mobile apps must be easily clonable.

Can we agree to the above terms?

1 Like

thanks @dpagan-harmony for your response, give us a moment to deliberate on it with the rest of the team

@dpagan-harmony After collective deliberation with the team, Yes we can agree on the terms. we are open to working with the harmony team and community.
thanks

1 Like

Proposal looks solid. Bridging the gap between trad finance and blockchain will be a hotspot for developers and solution providers for the next couple of years. I see this project evolving as the landscape of fintech gets radically reshaped by web3.0. The team lead has a good grasp of the volatility of crypto (and that’s not an easy thing to find).

I am excited to see what Dexfiat makes of this. What they are doing will further expand the frontiers of crypto adoption among the non-tech folks. This project should make crypto go from ‘fad to cash’ in the mind of the average Joe.

May the blockchain be with you… :sunglasses:

1 Like

thanks for your kind words @ikeoire. you’ve got the idea

Thanks @Heswaik. Some additional follow up questions for your team I meant to ask before:

DexFiat brings other market players from the African continent with support from other Asian and western friends.

a. Can you elaborate a bit more on this part?

b. The proposal seems to differentiate itself by focusing on bridging the gap between the banked and unbanked. What methods / strategies will the team utilize to accomplish this?

Thanks and looking forward to your reply!

i’ve been following this 1 since the hackathon. The team is working right direction so far and I see they are working behind the scenes to build a trusted sustainable platform. I am all in on this.

1 Like

Our P2P market place is designed to evolve over time to include more global fiat currencies so that individuals and cooperate entities in those areas have access to our products and services
Dexfiat also leverages on the partnership we have with our Advisors and partners to bring major Market players on board. Dexfiat is decentralized product with integration of borderless transaction in the P2P Fiat and crypto space.
And also, through community awareness programs in Africa and emerging economies.

*B2B and B2C model- As we focus on bridging the TradiFi and Defi gap, we will be employing Business to Business B2B model which allows Business and merchants easy integration of our solution and the use of our token to foster payment with discounts. we are already building good rapport with multiple Businesses and wallet to enable this.

_P2P Dex- with Dexfiat’s P2P Dex, non-custodial wallet users such as trust wallet, Metamask, Safepal, Lead, Coin98 to enable users across these platforms access to DeFi through TradFi in a decentralized model.

*Education- A lot of the unbanked and crypto novice want to get into crypto but lack the Education and guide required, We are, and will continue to work with crypto educational community to enlighten and guide user about the space.
To back that, The Dexfiat team is currently preparing a Learn and Earn game in the Dexfiat community on telegram. Telegram: Contact @dexfiatchat


On this,

The content and learning process is on. Lot of article dropping on our medium page.
you can learn and engage.

@Heswaik - Hope all is well. I want to follow-up and my apologies for the late response. After some internal discussion, we unfortunately will not be approving this proposal due to the fact that fiat onramps are subject to very strict regulatory compliance and requires substantial funding with no guarantee for regulatory approval.

We do hope you return once Dexfiat has a larger audience and community, and progresses further down the path towards its goals. We would be happy to resume a discussion to see how we can work together once the fiat onramp is established.

Thank you for your response.
The Dexfiat team understands the regulatory issues attached to fiat and that is why we are taking the non-custodial decentralized approach.
Regulation is all about customer protection and safety, this is why we are also open to regulation through our DAO.
However, development and community building is on going and you can keep track.
we will keep updating our progress.

Thanks and we’ll look forward to your progress. In the meantime, we’ll close this thread and will look for a new proposal once the team has overcome to fiat regulatory obstacle. Thanks @Heswaik