Snehendu Roy
Snehendu Roy

Snehendu Roy

HodlBank: The safest strategy of crypto investments

HodlBank: The safest strategy of crypto investments

Snehendu Roy's photo
Snehendu Roy
·Jan 31, 2022·

3 min read

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HODL: "Hold on for dear life". This term is used by crypto enthusiasts denoting a long-term approach to cryptocurrency investing.

✨ The problem

One of the major problem that people face while investing into crypto is that they cannot hold the crypto currencies for long. If someone is an early investor and invests in cryptocurrencies then the main problem for them would be to keep their mind stable to hold it for long aka keep their mind stable enough to HODL it. The instability of the crypto market is the main reason of people's panic due to which they widraw the crypos they bought. The most safe investment strategy for crypto is to HODL them. If cryptos can be hold for long time then only they give exponential returns. But since the panic comes into the path so, it becomes tuff to HODL the cryptos for long (specially for the early investors).

👀 The Solution

HodlBank is the solution to this problem. Here's how it works:

  • Transfer your ETHEREUM (faucet from rinkeby testnet) to HODL in the Bank.
  • Set the time upto which you want to HODL
  • Do a successful HODL
  • Come Back after that specified time and get your ETHEREUMs back

🦾 Tech Stack

  • NextJs
  • Tailwind Css
  • Moralis
  • @thirdweb
  • Solidity
  • Hardhat

Application Walkthrough

Before you get started, make sure that your Metamask is connected to the rinkeby test network and you have some Rinkeby Faucets

Authentication

After your metamask is setup, it is extremely easy to authenticate a user. Click on the Connect or the Get Started button on the homepage and you will see a metamask popup, from there authentication is just a click.

Creating a new HODL

Once you are authenticated, click on the Get Started button and you will get redirected to the Create Hodl page. Set an amount to HODL and set the date and time till you want to HODL your Ethereums. After you are done, click on the Create Hodl button and confirm your transaction by paying a small amount of gas fee.

Widrawing a HODL

When your time comes to widraw your HODL, you have to click on the Get Hodls card on the homescreen and you will get redirected to the screen where you can get the records of your created HODLs. From there itself, you can widraw your created HODL(s).

Discord Community

We also have a discord community for our application users. People can get an exclusive role in that server by purchasing the nft from Opensea Testnet. This NFT was hosted through the @thirdweb platform.

🧐 Future Plans ?!

I do have future plans for this application. Maybe sometime I will deploy it on the ethereum mainnet and people can then HODL real ethereums. Currently, you can only HODL ethereums of the rinkeby testnet. Feel free to share your thoughts regarding this.

 
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