Inspiration
As NFTs become increasingly mainstream, so has the pertinence of inequity and an inefficiency in the minting process. Traditional mints often rely on the ability to ‘snipe’ the mint and have enough capital to pay.
What it does
With FreeMint, through leveraging yields generated from locked funds on AAVE, we are able to cover the potentially large minting fees sent to creators, allowing for users to mint for just the price of gas. Furthermore, FreeMint also promotes equity, giving users a chance to mint probabilistically in proportion to the funds they’ve locked into our vault. Thus, any user has the chance to win their free NFT!
How we built it
FreeMint uses Solidity contracts for the raffle and the AAVE API for the pool. The frontend uses React and contract-frontend integration is done with ethers.
Challenges we ran into
One challenge was devising an equitable and interesting model for selecting winners of the raffle. Another challenge was the way aTokens accrue yield, which unlike Compound cTokens, ends up simply increasing the number of aTokens the user has. As a result, we had to devise our entire own LP share accounting model to keep track of which users had contributed to the pool and how.
Accomplishments that we're proud of
We are primarily proud of the intricate contracts we were able to devise. Our NFT distribution mechanism ensures that depositors have a fair shot at winning. Furthermore, our aToken accounting model and timing nuances within the Pool.sol contract took a lot of care, thought, and detail that came together nicely.
What we learned
Through this project we’ve learned how to build vaults on smart contracts, stake cryptocurrencies using lending protocols like AAVE, and integrate solidity full stack with a state based react system.
What's next for FreeMint
FreeMint will be used as a distribution platform that disrupts the industry, allowing a new form of NFT minting, and airdropping. The platform will be deployed allowing artists to earn from their creation without charging the end users. This will be useful for smaller NFT creators to gain popularity since currently high NFT costs in combination with gas prices reduce utility. We hope to give rise to a future where NFT creation and purchasing is more accessible, inclusive, and open.
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