Facilitate cross-chain lending and borrowing using a cross-chain swap.
This grant aims to provide funding for the development of a cross-chain lending solution that enables users to deposit assets on one chain and borrow assets on another. An example use case could be: allowing users to borrow SOL on Solana against ETH collateral on Ethereum from the comfort of the Compound front-end while taking advantage of the benefits of the Solana ecosystem. For this a cross-chain swap using Wormhole could be executed in a single transaction, where users deposit ETH into a lending contract on Compound, the contract locks the ETH in the Ethereum-side bridge contract, and SOL is released from the Solana-side bridge contract to the user.
Other use cases include:
- xChain borrow/lend applications on chains like Solana: This will allow Ethereum users to use Solana dApps by borrowing assets, such as USDC, on Solana and depositing their assets on ETH, without actually bridging all their assets into Solana from Ethereum.
- xChain borrow/lend applications on Cosmos chains: This will enable users to deposit assets on one Cosmos chain and borrow assets on another Cosmos chain, further expanding the interoperability of the Cosmos ecosystem.
Grant Recipient Eligibility:
To be eligible for this grant, the applicant must meet the following criteria:
- Have a strong technical background in software development and experience in developing and deploying cross-chain solutions.
- Demonstrate a clear understanding of the Solana ecosystem and how the proposed software will add value to it.
- Have a proven track record of delivering high-quality software products.
- Be able to commit to meeting the grant deliverables within the specified timeline.
The grant recipient is responsible for delivering the following:
- A well-designed cross-chain lending protocol that enables users to deposit assets on one chain and borrow assets on another.
- Implementation of a cross-chain swap using Wormhole.
- The application should be able to handle multiple cross-chain lending pairs in the future.
- Neat and concise code that follows best practices, with accurate spelling and comments where needed.
- Documentation that meets all appropriate standards for a production-grade build.
- The final version of the software and all relevant documentation must be delivered within the agreed upon timeframe beginning after the grant approval date.
This grant is intended to support the development of high-quality software that will aid in the development of applications on the Solana blockchain. The grant recipient must demonstrate their ability to deliver a well-designed and documented software programming tool or framework that adheres to industry best practices. We believe that the successful completion of this grant will significantly contribute to the growth and development of the Solana ecosystem.