My project was Orbit, a DeFi protocol that introduces secure undercollateralized borrowing. This means that borrowers can obtain loans without having to put up collateral equal to the full value of the loan. This opens up new use cases for borrowing in DeFi and increases the capital efficiency of supplied assets, optimizing rates for both lenders and borrowers.

Orbit has three markets: the Lenders market, the Under-collateralized market, and the Over-collateralized market. The Lenders market is an easy-to-use market for lenders. Users can deposit their assets to Orbit's liquidity pool and earn yields. The Under-collateralized market enables users to get under-collateralized loans, opening up new use cases of borrowing in DeFi. It also increases the capital efficiency of the common liquidity pool, optimizing the rate of the whole system. The Over-collateralized market is similar to existing credit protocols in DeFi. Borrowers will have to lock collateral of more value than their debt. The under-collateralized market optimizes rates of the overall system, making this market more efficient compared to existing over-collateralized credit protocols.

The current credit protocols have an average utilization of around 35% for the top borrowed assets, which implies that approximately 65% of assets are sitting idle in the pool. It leads to low supply rates, which decreases the incentive for lenders to supply in the liquidity pool, causing a liquidity crunch. In the current interest rate models, utilized by the DeFi credit protocols, the supply rate is a product of the borrow rate and current utilization of the market (not considering protocol fee), and utilization is the problem that causes lower supply rates in current credit protocols. Orbit solves this problem by introducing undercollateralized borrowing, which increases the capital efficiency of supplied assets and optimizes rates for both lenders and borrowers. It opens up new use cases for borrowing in DeFi, making it more accessible to the masses.

The last few weeks was all about creating, connecting and deploying different smart contracts. Here is a link to the project:

https://devfolio.co/projects/orbit-cebe

The Eth India fellowship program has come to an end, but the journey towards creating innovative solutions for the blockchain industry has just begun. Keep building, keep innovating, and continue to push the boundaries of what's possible in the world of blockchain and beyond.

https://opensea.io/assets/0xfE8321Df99317C365797c4f95C2dbd9BeEC8C694/11

The past six weeks have been an incredible journey for me as a fellow in the Web3 Fellowship program. I have had the opportunity to learn about the various aspects of web3 and work on some exciting projects that have helped me grow as a developer.

One of the biggest challenges that I faced early on was getting comfortable with the tools and technologies that are used in the Web3 space. From Solidity and HardHat to IPFS and smart contract development, there was a lot to learn. But with the guidance of my mentors and the helpful resources provided, I was able to dive in and start building.

One of the highlights of the fellowship so far has been the hands-on challenges. Each week, we were given new challenges to complete, ranging from creating a simple NFT to building a decentralized exchange. These challenges were tough, but they were also incredibly rewarding. By the end of each week, I had not only learned a new concept or technology, but I had also built something tangible that I could be proud of.

Another great aspect of the fellowship has been the community. The other participants in the program are all passionate about Web3 and blockchain technology, and it has been amazing to be a part of a group of people who are all pushing each other to learn and grow.

Journey so far

Week 1 was all about getting started with Ethereum. I started with the Speedrun Ethereum Challenge, which involved creating a simple NFT to learn the basics of scaffold-eth. The challenge allowed me to use HardHat to compile and deploy smart contracts. After that, I used a React app template filled with important Ethereum components and hooks. Finally, I deployed an NFT to a public network, which I was able to share with my friends. The Decentralized Staking App challenge also taught me about creating a decentralized application where users can coordinate a group funding effort. This challenge allowed me to create a set of rules that an adversarial group of players can use to work together.

In Week 2, the focus was on creating an ERC20 token, which was the Token Vendor challenge. I learned about the "approve" pattern for ERC20s and how contract to contract interactions work. The Dice Game challenge also taught me about randomness on a public deterministic blockchain.

Week 3 was focused on building an exchange that swaps ETH to tokens and tokens to ETH, which was the Build a DEX Challenge. I learned about liquidity providers and how they are issued a token that represents their share of the reserves and fees. The State Channel Application Challenge also allowed me to learn about state channels and how they solve problems related to transaction throughput and cost.

Week 4 was quite intense, and I had to work on the Multisig Wallet Challenge and the SVG NFT Building Cohort Challenge simultaneously. The Multisig Wallet Challenge taught me how to create a multisignature wallet that requires multiple signatures before any transaction can be executed. The SVG NFT Building Cohort Challenge involved creating an NFT that was both unique and visually appealing.

In Week 5, I was tasked with reviewing project proposals, finalizing the idea for my project, and setting milestones for it. This allowed me to put into practice what I had learned so far and start thinking about how I could apply that knowledge to a real-world project.

As I write this blog, I am currently in Week 6 of the fellowship, and I am working on my project. The focus for the next two weeks is to build and check-in on the progress of my project. This is where I will be putting all my knowledge and skills to the test by building a real-world application that uses web3 technology. I am excited about this part of the fellowship and can't wait to see what I will be able to create.

In summary, the Web3 Fellowship has been an incredible experience for me so far. I have learned a lot about Ethereum, smart contracts, and web3 technology in general. The challenges have been intense, but they have taught me valuable skills that I will be able to apply in my future projects. I am looking forward to the remaining two weeks of the fellowship and the opportunity to build something great.