metadata: {"title": "Run Money", "logoImg": "bafkreidpriwrbitspl46uclzud2dtxdzwiazzed6wpnehm3zbnw2mge3p4", "website": "https://runmoney.app", "bannerImg": "bafybeicqihdpp2grcsgebiu6rrzblywg4uyrm7j25uymcecndzhdpfjnw4", "createdAt": 1721663311906, "userGithub": "mikeghen", "credentials": {"github": {"type": ["VerifiableCredential"], "proof": {"jws": "eyJhbGciOiJFZERTQSIsImNyaXQiOlsiYjY0Il0sImI2NCI6ZmFsc2V9..5I-xVYKSpwU9Z4G_tsu0KyriGi10eKESAbqSLm5j_xD_VOl-nHQomJ4rIzvlKu0dkgNofelMjNfDmbXK2JI9Cw", "type": "Ed25519Signature2018", "created": "2024-07-22T15:48:02.936Z", "proofPurpose": "assertionMethod", "verificationMethod": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC#z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC"}, "issuer": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC", "@context": ["https://www.w3.org/2018/credentials/v1"], "issuanceDate": "2024-07-22T15:48:02.936Z", "expirationDate": "2024-10-20T15:48:02.936Z", "credentialSubject": {"id": "did:pkh:eip155:1:0xa7979BF6Ce644E4e36da2Ee65Db73c3f5A0dF895", "hash": "v0.0.0:PkcxlAsxO11DTvSB2Q/i5NWjMEbCkeaJgxarSdMR1Vk=", "@context": [{"hash": "https://schema.org/Text", "provider": "https://schema.org/Text"}], "provider": "ClearTextGithubOrg#Run-Money#5077880"}}}, "description": "# Run Money Project Description for Gitcoin Grant\n\n## Project Overview\n\n**Run Money** is an innovative no-loss savings game that seamlessly combines fitness tracking with decentralized finance (DeFi) to create a unique \"run-to-earn\" experience. It uses Strava for activity tracking and integrates with Coinbase Smart Wallet. Run Money encourages users to stay active while saving money through a no-loss savings game similar to PoolTogether. Runners join running clubs, stake USDC, and meet activity requirements to earn interest on their stakes. Non-compliant members forfeit their interest, which is redistributed to those who meet their goals. This incentivizes a community of motivated and financially savvy athletes.\n\n## Key Features\n\n1. **Membership Purchase**: Users buy a one-time club membership to join, with all proceeds pooled to earn interest for the club. \n2. **Staking USDC**: Members can stake any amount of USDC and earn interest through Aave\u2019s aUSDC yield (~6-7%).\n3. **Group Challenges**: Clubs set weekly running challenges that members must meet to maintain earn their weekly interest plus their bonus from the yield accrued on the funds in the membership pool. \n4. **Activity Tracking**: Integration with Strava records user runs using a centralized oracle built using the Strava API. \n5. **Socialized Interest**: Interest from the pooled funds and forfeited interest from non-compliant members are redistributed to those who meet their weekly running goals.\n6. **Flexible Unstaking**: Members can request to unstake at any time, withdrawable after a one-week waiting period.\n\n## How It Works\n\n- **Joining a Club**: Users purchase a membership and stake USDC to join a club. For example, in the \"10-Mile Challengers\" club, each member stakes 50 USDC.\n- **Running and Tracking**: Runs are tracked via Strava, with data recorded on-chain through a centralized oracle.\n- **Interest Redistribution**: Members who meet the weekly mileage requirement continue to earn interest. Those who don't meet the requirement lose their interest for that week, which is redistributed to compliant members.\n- **Bonus Reward**: Yield that's accrued on the pool of membership proceeds is distributed to runnings that meet their weekly goal to always provided an even higher yield that staking on Aave alone.\n- **Unstaking and Withdrawing**: Members can unstake their funds by requesting withdrawal, which becomes available after a one-week waiting period.\n\n## Example Scenario\n\nIn the \"10-Mile Challengers\" club:\n- Alice, Bob, and Charlie each mint a Run Money Membership for 25 USDC\n- Alice, Bob, and Charlie each stake 50 USDC.\n- In the first week, Alice and Bob meet the 10-mile requirement, but Charlie only runs 5 miles.\n- Alice and Bob earn interest, while Charlie's forfeited interest is redistributed to Alice and Bob.\n- Alice and Bob split the interest that has accrued on the 75 USDC in membership sales.\n- Alice decides to unstake, waits one week, and withdraws her initial stake plus total earned interest\n\n## Benefits\n\n- **Encourages Physical Activity**:Ties financial incentives to physical activity, Run Money motivates users to stay active and healthy.\n- **Promotes Financial Discipline**: Staking and interest mechanisms teach users about saving and investing.\n- **Community Building**: Shared challenges and goals foster a sense of community and mutual encouragement among runners. \n- **No-Loss Savings**: There is no mechanism to take your funds, you simply miss out of the yield you would earn if you choose not to run. There's no punishment for not meeting requirements but there is also no reward for it either.\n\n## Roadmap\n\n- **Q3 2024**: Finalize smart contract development and conduct security audits.\n- **Q4 2024**: Launch beta version with select running clubs and gather user feedback.\n- **Q1 2025**: Integrate additional DeFi protocols for higher yields and expand club options.\n- **Q2 2025**: Full-scale launch with marketing campaigns, partnerships, and community events in time for the warming weather.\n\n## Funding Request\n\nWe are seeking funding to support the following initiatives:\n- **Development**: Enhance our platform with additional features and ensure robust security.\n- **Marketing**: Promote Run Money to attract a diverse user base and build partnerships.\n- **Community Engagement**: Organize events, challenges, and rewards to foster a vibrant community.", "logoImgData": {}, "bannerImgData": {}, "projectGithub": "Run-Money", "projectTwitter": "runmoney_app"}
name: Run Money