Scope Finance

Inspiration

According to statistics from the World Bank, over 1.6 billion adults across the globe are unbanked. The limited access to financial services has led to the slow economic growth of developing and under-developed countries, especially in Africa and Asia, and making it difficult for citizens to create wealth.

What it does

Scope Finance is a DeFi platform that makes it easy for people to invest in financial assets by providing synthetic versions of them. Through decentralized blockchain technology it is possible for people to easily purchase financial assets and bypass various restricting factors that could prevent them from owning these assets.

How we built it

The team started the design process by brainstorming on different problems we can solve using blockchain. We decided to build a DeFi platform that offers synthetic assets because limited access to investment opportunities is a problem we could all relate to. Research on the requirements to build a synthetic asset provider was conducted, and we explored existing solutions such as Synthetix and Mirror protocol. We then analyzed the business and technical requirements and third-party services we needed to make it work to ensure that we build a technically feasible, usable and viable product. Scope works with Chainlink oracle for price feeds.

Challenges we ran into

We had challenges when making API calls to the chainlink oracle at the beginning. At the beginning, We were unfamiliar with the intricate technical details on how Synthetic asset providers work. Building a synthetic asset provider that stands out in terms of 'ease of use' was a challenge as most DeFi products have bad usability.

Accomplishments that we're proud of

The ScopeFi team was able to build a usable and viable product that will stand out in the market. We were able to learn and create value simultaneously.

What we learned

We learnt about the Meter ecosystem. We learned more about working with blockchain data oracles. We learnt about synthetic assets and their potential economic impact.

What's next for Scope

We plan to tokenized the platform and incentivize users to provide liquidity for assets and earn passive income. We plan to integrate a Fiat on-ramp solution to help users easily purchase crypto.