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Resistance Platform Grant System
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Grant #11: Liquidity Pool Research Grant #11

Open lukewegryn opened 3 years ago

lukewegryn commented 3 years ago

Proposal for a Resistance Research Task

We need an experienced developer to research the best way that we could develop a liquidity pool for Resistance. The liquidity pool would need to be a market maker node that is running on a server controlled/owned by the Resistance decentralized organization.

This process needs to be automated so the reward is sent back automatically to contributing addresses. The first liquidity pool would be ETH/USDT—so knowledge of ERC-20 tokens and processes is vital. We need to know how smart contracts on existing liquidity pools work so we can understand what is required to develop a version for Resistance.

Similar to other liquidity pools, we need to be transparent about how much the pool is holding as well as the protocols that run it. We would need to reveal how much is paid out in all currencies including the DeFi governance token, and how much RES is burnt through the mechanics of the liquidity pool.

We believe the market maker will need to do the following:

  1. Keep track of who contributed what to the pool and how much.
  2. We need to have proof that both sides of the pair have contributed.
  3. We need to have user's reward addresses on file to pay back to in DeFi governance token, ETH, USDT. They just need to give us a single address.
  4. Develop a smart contract to handle liquidity pool transactions.
  5. Integrate the smart contract with ResDEX so that the liquidity provided to the smart contract can be used as liquidity for the pool.
  6. Liquidity pool contributors will be rewarded in the native token (e.g USDT and ETH) and our DeFi governance token (as a bonus).
  7. We need to automate an API call to buy up RES from the open market and burn it to give the liquidity providers the equivalent in DeFi governance tokens at a ratio of 1,000 RES = 1 governance token.

Repos to Investigate

  1. ResDEX: https://github.com/ResistancePlatform/ResDEX
  2. REST API: https://github.com/ResistancePlatform/ResDEX-rest

Another grant will be set once the research task is complete. This grant will cover the building of the liquidity pool and market maker.

Reward Structure

The liquidity pool grant will be split in two:

  1. The first part, a total of: 145,600 RES will be awarded to the research task.
  2. The second part, building the pool, will include a reward of: 354,400 RES

A simple majority will be used to approve or reject this proposal. At least one Masternode must vote on an issue for it to be approved. To apply with a proposal email admin [at] resistance.io and include your GitHub username in your email so our admins can verify your development record. For information on how to cast your vote, please refer to the README in this repository.

Voting opens immediately and will close on: October 31, 2020

MEtoolel commented 3 years ago

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