DeChitFund

Chit Funds in DeFi. Chit funds are a type of ROSCA. A group of members would periodically pool together a fixed installment. On each installment, an open auction is conducted and the lowest bid would win from the pool. The remaining funds are be distributed to the other members.

Description

DeChitFund is an implementation of Chit Funds in DeFi. Chit Funds are a type of rotating savings and credit association (ROSCA). A group of members would periodically pool together a fixed installment. On each installment, an open auction is conducted and the one with the lowest unique bid would win from the pool. The remaining funds in that installment would be distributed to the remaining members.

DeChitFund showcase

How it's made

This project uses scaffold-eth as its boilerplate template. The logic for chit funds are completely implemented in Solidity with test coverage for the overall flow of logic. A group of members would periodically pool together a fixed installment. On each installment, an open auction is conducted and the one with the lowest unique bid would win from the pool. The remaining funds in that installment would be distributed to the remaining members.

Technologies used

EthereumHardhatMetaMaskscaffold-ethSolidity