lenDEXchange, a new secure decentralized finance application

• Main Author: Seow, Aloysius Jing Hng
• Other Authors: Ng Wee Keong
• Format: Final Year Project
• Language: English
• Published: Nanyang Technological University 2023
• Subjects: Engineering::Computer science and engineering
• Online Access: https://hdl.handle.net/10356/166051
• Institution: Nanyang Technological University

The blockchain landscape has been rapidly advancing in recent years, we have seen this from the rise of Bitcoin, created by Satoshi Nakamoto, and shortly more and more blockchains are being invented, each offering different functionalities in terms of scalability, convenience, etc. Blockchain technology has been massively used in the financial and economic sectors [1]. Decentralized Finance (DeFi) is one of the biggest and most popular utilization of blockchain technology to create new solutions to problems that the centralized world face. DeFi products such as decentralized exchanges, lending/borrowing platforms, yield farms, etc. are increasingly being created and adopted, as people are seeing the benefits of decentralization, for example, the absence of third-party custodians, trustless systems, and transparent transaction history on the blockchain. A survey done by Statista showed that there were estimated 6,686,500 unique addresses used to purchase DeFi assets by January 2023 compared to January 2021, where there were only 1,306,315 unique addresses [2], which shows that the number of users in the blockchain DeFi space has significantly increased over the years. This project aims to create a secure decentralized financial web application, "lenDEXchange," that features a decentralized exchange and a yield farming lending platform, built on the Ethereum Blockchain Network. The application will implement security measures based on past research in the relevant field. lenDEXchange aims to provide users with opportunities to earn interest through a trustless and transparent system and can contribute to the growing adoption of DeFi solutions in the blockchain industry.