10 days ago, I had the opportunity to attend ETH New York, an event hosted by the ETH Global foundation where hackers from around the globe gather to test their technical skills and compete for sponsor prizes. Over an intense 36 hours, I developed an MVP (Minimum Viable Product) for my project, Founil, which implements innovative features to tackle real-world blockchain challenges. 🚀
💡 The Project: Founil and Uniswap v4 Hooks
My project, hosted at GitHub, leverages Uniswap, one of the most prominent decentralized exchange (DEX) protocols built on Ethereum. The goal is to address the growing issue of scam tokens and fraudulent schemes in the blockchain space, affecting both lesser-known and socially prominent projects. 💻
Founil introduces a groundbreaking funding platform that combines NFTs (Non-Fungible Tokens) and Liquidity Pools to create a donation and reward mechanism. NFTs serve as a record of contributions from donors, while Uniswap liquidity pools provide market liquidity, generate transaction revenue, and enable project creators to withdraw funds in a controlled manner, preventing potential scams. 🪙
🛠️ How It Works: Liquidity Bootstrapped Pool
Using Uniswap v4 hooks, I implemented a Liquidity Bootstrapped Pool. Users swap a token, such as ETH, for a collateral token defined by the project creator. This collateral funds the liquidity pool, which is released gradually to prevent bots from buying low and selling high—a common issue in today’s blockchain ecosystem.
Once the liquidity pool is funded, the hooks capture transaction fees, initially distributed to the project creator. A portion of these fees is reinvested into the pool via Auto Compound, growing the pool over time. Additionally, the afterSwap hook automatically mints NFTs, recording who donated, when, and how much. These NFTs allow for donor verification and can be traded or held for future project benefits. 🎮
🔒 Transparency and Security
A core feature of Founil is transparency. Project creators must provide evidence of how and where funds are used and define a clear mechanism for gradual fund withdrawals. This ensures donors are not defrauded and that projects deliver on their promises, fostering trust within the community. ✅
What do you think of Founil? Any advice to win a Hackathon prize next time? Share your thoughts or suggestions in the comments to help improve this project! 🚀
Thanks for reading!