Pontem Blocks. Create Your Own DeFi Strategies

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Recently, both Web3 Foundation and Wings Foundation have supported us with grants, so now Pontem Network is one step closer to become the “Kusama” for Diem. And today we are going to talk about one of the interesting possible cases of our project called Pontem Blocks*. We will explore more about this tool and its possible usages.

What are Pontem Blocks?

In a nutshell, Pontem Blocks is a case that brings different DeFi tools together in one place. It allows users to create their own strategies, unite all operations into one transaction, and give external developers a chance to monetize their own developed blocks.

Pontem Blocks can act like blocks of pre-set values used to build and create DeFi tools. Users will be able to mix them in various combinations to reach the necessary outcome. And the best part is that such development will be fast and effortless, with no need to write code.

One of the key functions of Pontem Blocks may be the opportunity to bring various DeFi tools together. For instance, users will have a chance to take multiple actions such as swapping tokens, providing liquidity, or staking LP tokens* all in one place. Furthermore, it could be possible to add ready-to-use Presets for users to benefit from the actions created by other developers externally.

  • Attention! The aforementioned functions are just examples of the upcoming functionality.

All-in-all, Pontem Blocks will facilitate the creation of smart contracts and allow users to formulate their own strategies. To test Pontem Blocks cases, you can check out the demo prototype here.

Case #1 NFT

Let’s say you want to create your own NFT and submit it to the OpenSea marketplace. You may use the Custom Preset module (Unique Blocks) developed by another user.

Go to Pontem Blocks, click on the cube and Assign the Operation you need.

  • Select a block with the title Create NFT.
  • Enter all the necessary parameters:
    1-The NFT ID
    2-NFT link to the picture (video hosting) that represents NFT.
    3-The number of NFTs needed.
  • At this moment, you’ll be able to check the cost of using this block, for example, 10 PONT.
  • Set the block and click on the next cube to choose the next operation.
  • Choose to Publish the NFT Token in the Open Sea section.
  • Enter the following parameters:
    1-NFT Adress
    2-The number of NFTs you plan to sell.
    3- NFT Price
  • Set the Block and Run the operation.

Well done! Wait a bit to see a transaction status and get a transaction hash with the link to explorer.

So stay tuned not to miss the most interesting news about us!

👉Telegram chat: https://t.me/pontemnetworkchat

👉Twitter: https://twitter.com/PontemNetwork

*Pontem Blocks are an example of what can be developed on Pontem Network.
This article does not imply any obligation to implement the ideas described.

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  1. Blockchain fees. Most NFTs are issued on the Ethereum blockchain, where you have to pay for gas. NFT minting involves a complex smart contract and thus requires a lot more gas than simply sending crypto. Plus, the gas has been very expensive in the past few months, so you can expect to pay at least $50–100 in gas fees per NFT collection.
  2. Marketplace fees. While you can issue an NFT on your own, it will be hard to promote it and find buyers. That’s why most creators work with NFT marketplaces like OpenSea and Rarible. And while minting NFTs on OpenSea is technically gasless and free, there is a gas fee to initialize a seller account and accept a bid from a buyer — expect to pay around $150 in total. On Rarible, the costs can exceed $600.
  • Facebook has almost 3 billion monthly active users, giving Diem the largest potential audience of any blockchain project on earth;
  • The stablecoin will probably get integrated into transactions on Facebook, Instagram, Messenger, and Whatsapp (shopping, paying for ads, sending money to friends etc.);
  • Facebook can afford to hire the best developers and marketers, so the execution and promotion will be top-notch;
  • Diem’s programming language, Move, is safe, flexible, and well-suited for writing smart contracts;
  • It should be possible to add third-party dApps to the Diem ecosystem — think of WeChat with its thousands of mini programs, but on blockchain.

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