Banking the Unbanked - By Radish 🌈
A cross-chain yield-generating protocol that offers collateralized loans to financially underserved families in Latin America, aiming to provide financial inclusion through blockchain technology.User Review
AI Review
A1
Reviewed on 15 Feb 2024 07:41 AM
To be eligible for this grant round, applicants must meet the Gitcoin general eligibility policy
The general eligibility of the project for the Gitcoin grant round is not directly verified through the provided information.
Project must be LatAm based or working to create solutions in LatAm
The project explicitly targets financial inclusion in El Salvador, which is a country in Latin America.
Minimum Age: Projects must have been active for at least 3 months.
The project mentions ideating Sochi since May 2023, which indicates activity exceeding 3 months.
Qualifying Project Types:
As a DeFi yield―generating protocol focusing on financial inclusion, the project aligns with qualifying types outlined for the Gitcoin round.
DeFi focus: Projects should be directly related to the DeFi field (DeFi protocols, wallets, educational initiatives, etc). Defi should be an element of the project.
Sochi is described as a DeFi protocol offering yield-generation and collateralized loans, thus it is directly related to the DeFi field.
Innovation and technology: Projects that leverage new technologies and solutions in the DeFi space. Projects that have the potential to establish Latam as an innovation hub for Defi
Sochi aims to leverage blockchain for collateralized loans and yield generation, addressing credit issues in underbanked communities in LatAm, indicating an innovative approach.
Scalability with regional relevance: Projects that propose a solution that can be transferred to other parts of the world.
The project's model of revenue sharing and financial inclusion via DeFi could potentially be applied to other regions facing similar issues.
Integration (1inch as a scaffold): Encourage projects that have successfully integrated 1inch APIs as part of their infrastructure or operations.
The project details mention the use of 1inch Swap API & Fusion SDK for gasless transactions, indicating an integration with 1inch infrastructure.
Measurable outcomes: Projects must define clear metrics for tracking and reporting their impact
The project does not provide explicit metrics for impact tracking in the provided information, hence the impact measurement is uncertain.
Social Impact: We emphasize DeFi projects that have a significant social impact on Latin American communities with a focus on:
-Financial inclusion: Projects that aim to use Web3 tools to include the people who is excluded from the TradFi world
-DeFi tools: Projects that are building web3 infrastructure/Dapps to make better decentralized services
-Web3 onboarding: Projects that make people jump from the TradFi or CeFi world to DeFi
The project's core mission includes financial inclusion for families in El Salvador, building DeFi tools for better decentralized services, and facilitating the transition from traditional and centralized finance to DeFi.