[2411 Builder Activation] Tropykus

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Builder Project Name: Tropykus

Submission Date: November 29, 2024

Team behind: Mauricio Tovar, David Felipe Carvajal

Sector: Decentralized Finance (DeFi)

Links to Deck / Video / Images: Ahorros y préstamos seguros en bitcoin y dólares digitales

Description: Tropykus is a decentralized financial protocol that enables people to save and access capital through stablecoins and loans backed by Bitcoin. Our platform offers inclusive financial services tailored to emerging markets, providing users with an accessible, transparent, and Bitcoin-native alternative to traditional banking.

Product: Tropykus offers two primary products designed to empower individuals in emerging markets:

  1. Saving in Digital Dollars:
    Tropykus allows users to deposit stablecoins, such as DOC and USDRIF, into savings pools. These savings accrue variable interest rates, enabling users to grow their funds over time. The interest rates are determined algorithmically based on supply and demand, ensuring a fair and decentralized system. This product offers a simple and reliable way for users to protect their wealth from local currency devaluation and inflation in Latam.
  2. Borrowing with Bitcoin and Stablecoins:
    Tropykus enables users to access over collateralized loans by borrowing stablecoins, specifically DOC and USDRIF, using multiple types of collateral: RBTC, BPRO, or DOC. This flexibility allows users to secure loans tailored to their needs while preserving their long-term assets. Loans are managed through smart contracts, ensuring transparency and eliminating the need for intermediaries.

Main Features:

  • Multiple Collateral Options: Users can deposit RBTC, BPRO, or DOC as collateral to access loans.
  • Flexible Borrowing: Borrowers can choose between two stablecoins (DOC and USDRIF), providing options to meet different financial needs. Additionally, they have full control over their loans, deciding when to end them and whether to make partial or full repayments.
  • Decentralized and Transparent: All transactions are managed via Rootstock smart contracts, ensuring trustless interactions.
  • Inflation-Resistant Savings: Earn variable interest rates on stablecoins, providing a secure alternative to traditional savings, and an option to scape from inflation and devaluation of the local currencies

How Tropykus adds value to the Rootstock ecosystem:
Tropykus strengthens the Rootstock ecosystem by driving adoption of RBTC, BPRO, DOC and USDRIF in practical financial use cases. By offering secure and accessible savings and borrowing options, Tropykus supports Rootstock’s mission to expand Bitcoin-based decentralized finance globally.

Synergies with Other Projects on Rootstock:
Tropykus closely integrates with Money On Chain, utilizing DOC and BPRO to create seamless financial solutions. Additionally, it leverages other Rootstock-based tools such as USDRIF from RIF On Chain, and Sovryn’s FastBTC relay and swaps. These collaborations amplify the utility of Rootstock-based assets and provide users with a comprehensive suite of decentralized financial services. Tropykus also contributes to educational initiatives within the ecosystem, helping onboard new users and promoting financial literacy in emerging markets.

Mission: Our mission is to democratize financial services and enable economic empowerment through accessible and secure decentralized finance tools. By focusing on Latin America, we aim to solve financial exclusion and promote savings and capital accessibility for individuals underserved by traditional banking.

General traction:

Conclusion: We bring tangible value to the ecosystem by addressing real-world financial challenges in emerging markets. Our focus on security, accessibility, and empowering underbanked populations aligns directly with the mission of Rootstock and the broader Bitcoin community. By supporting Tropykus, you are supporting financial inclusion and the expansion of Bitcoin-powered DeFi solutions.

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Que bueno verlos por acá!!

WEN #TROP :sweat_smile:?

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Hi everyone,

I want to begin by expressing our gratitude for all the support that the Rootstock Collective DAO has historically offered to Tropykus.

As some of you may have seen in our recent post, we’ve announced that we are gradually sunsetting the current version of Tropykus.

We know this news has caused some uncertainty among delegates, particularly about how it impacts other projects in the ecosystem that integrate with us. We sincerely apologize for that.

Regarding the reasons: we realized that Tropykus’s current architecture isn’t equipped to handle future security threats and opportunities, as it was designed for the needs of five years ago. Recent challenges in the DeFi ecosystem have shown us that we need to adapt to new security paradigms, especially with rapid advancements in AI. We’ve learned that we need to make upgrades to respond to these emerging threats, which simply isn’t possible given the inflexibility of our current architecture. It wasn’t an easy decision, but it’s the responsible one.

I want to emphasize that this is not an overnight shutdown. We are doing this gradually over the next few months. User funds are safe, and everyone has plenty of time to withdraw their assets as we scale down operations.

We understand that some projects planned to use Tropykus as their underlying infrastructure. However, as explained, the most responsible approach is to build a stronger foundation rather than letting our partners rely on an architecture that lacks the flexibility required for future security needs.

I’m here in this thread to answer any questions or concerns you might have. Thank you for all the support you’ve given us.

Best,

Tropykus Team

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Hi @Maurotov!

Thank you for the clarifications. As you pointed out, the announcement on X raised concerns among builders, delegates, and the broader Rootstock ecosystem, so this additional context on the forum is very much appreciated.

We have a question regarding your post. You mentioned the sunsetting of the current version of Tropykus due to the need to adapt to new security paradigms, particularly around AI, and that you need to make some upgrades to repond to these challenge, which suggests the possibility of discontinuing the current version while working on a new more robust version.

With that in mind, our question is if this is the case. Are you actively developing a new version of Tropykus that addresses these challenges? Should we expect a future release? And if so, what kind of timeline are you considering?

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Thank you for your question @SEEDGov

As mentioned in the announcement, our current progress involves exploring new architectures and standards in collaboration with Rootstock Labs; however, these efforts are still in the very early stages. Our immediate priority remains providing support and guidance to users during this gradual closing phase.

To be honest, it is currently unrealistic to discuss specific timelines or make any commitments regarding a Version 2

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