Description

Retail investors get an option to start a cahoot on L2 chain to buy NFTs on L1 chain using custodial smart contracts. There's a token bridge that can be used by smart contracts to transfer Weth from Polygon chain to another Ethereum. (In the future, it can transfer supported ERC20 tokens and others chains as well). When the desired amount is collected in Matic, people can use the bridge to convert the token to Weth and transfer it to a smart contract in Ethereum chain. The smart contract is then used to place an NFT buy order on Zora or open sea to procure NFT and mint the cahoot ownership tokens in L2. People can trade/sell the cahoot ownership tokens in L2 with low gas fee or later decide to sell the asset in primary chain directly.

NFT Cahoot showcase

How it's made

A bridge contract accepts transfer of funds between chains. Any smart contract can use it to transfer funds. We have a server that is actively listening to events for bridge requests made to the contract and does the necessary transfer. In the hackathon's case, it uses matic js to transfer funds from polygon mumbai to goerli. Cahoot Smart contract is a modified DAO contract and has access to the bridge contract. This provides a security layer for the manager to not run away with the money and only use the money to buy/sell NFT's.