search

harmony-one / hackathon

repo for harmony hackathons
13 stars 10 forks source link

Track 1: Cross-Chain - “Liquidity” #18

Open lijiang2087 opened 3 years ago

lijiang2087 commented 3 years ago

Cross-Chain with Trustless Bridges

Track 1: Liquidity. Harmony Cross-Chain API for aggregation, Hummingbot for arbitrage, fixed-rate w/ Terra’s UST

The first hackathon theme is Cross-Chain with our trustless, on-chain bridges. The 4 tracks — Liquidity, Middlewares, DeFi/NFT/DAO, Platform — emphasize the current product-market fits of decentralized applications but across multiple chains. Developers can make use of Harmony’s rich ecosystem: a cross-chain API for aggregation and asset pools; Ethereum-compatible indexing, names, and toolkits; and, unique technical features including randomness opcode, on-chain delegation and aggregated signatures, FlyClient bridges, and fast state sync with message gossips.

Besides advancing these cross-chain infrastructure, there are also many product ideas that can take advantage of our trustless bridges. For example, building arbitrage bots with our partner Hummingbot or integrating stablecoins and saving products with our Terra bridge. Harmony has also launched Bulletproof and Poseidon Hash functions for privacy coin mixers like Tornado Cash. (more)

Here are our guidelines for prizes and grants for Harmony’s $1 million hackathon (https://hack.harmony.one).

There are 3 main themes and within each theme there are 4 tracks. Those are listed below.

For each of the 12 tracks, the prize pool is $81,000. The judges and Harmony team will have full discretion to select the following winners and prizes:

Top Prize: $20,000 Second Prize: $10,000 Third Prize: $5,000 Pool Prize: $6,000 divided up for all projects with a qualified submission: a smart contract deployed on Harmony mainnet / testnet. The pool prizes are entirely up to the discretion of the judges.

Each track will then have 4 follow on grants of $10,000 each to give out in the 4 months after the hackathon for any winner reaching any of the goals:

launch on mainnet with 1000 users $100,000 in venture or DAO funding a 3-out-of-5 multisig DAO with 100 on-chain votes These milestones must be reached by January 31, 2022 before the grants expire.

For each track, there will be a 9-person multi-signature wallet of $40,000 and those signers will give out the 4 grants. The 9 people will be the top 3 winners, 3 from the pool prize and 3 from the judges, Harmony DAOs (community, validator), developer captains, and pangaea captains.

The multi-sig holders will decide on the 4 follow-on grants, though we ask that all follow on grants be posted in the Harmony forum (here) with strong support from the community.

In addition to the 12 Harmony tracks, we are working with Terra, Chainlink, Sushi, Maddock Capital, and Hashkey on a challenge with the following prize structure: $20K for top prize, $10K for second, $5K for pool prize, and 2 follow on grants of $10K to be decided by the prize partners.

### Submission Requirements

### Judging Criteria

A panel of distinguished judges will evaluate your submission. Here's the criteria by which your work will be judged:

### Schedule

In addition to the hackathon, we will have a series of workshops, fireside chats, panel interviews, office hours, and check-ins. The schedule is TBD but will be announced as soon as possible. In the meantime, here are the key dates:

### Important Links

### Contact Us / Get Developer Help

gitcoinbot commented 3 years ago

Issue Status: 1. Open 2. Started 3. Submitted 4. Done

This issue now has a funding of 784411.0697 ONE (81239.89 USD @ $0.1/ONE) attached to it.

gitcoinbot commented 3 years ago

Issue Status: 1. Open 2. Started 3. Submitted 4. Done

The funding of 784411.0697 ONE (81748.18 USD @ $0.1/ONE) attached to this issue has been cancelled by the bounty submitter

gitcoinbot commented 3 years ago

Issue Status: 1. Open 2. Started 3. Submitted 4. Done

This issue now has a funding of 777475.6467 ONE (81025.4 USD @ $0.1/ONE) attached to it.

gitcoinbot commented 3 years ago

Issue Status: 1. Open 2. Started 3. Submitted 4. Done

Work has been started.

These users each claimed they can complete the work by 1 month, 1 week from now. Please review their action plans below:

1) midmatch has started work.

90% of trades on the interbank market are done between market makers and market takers that have some sort of relationship with each other. Order Book-style trading is relatively limited because there are very few market participants that know where the real market is in a particular millisecond. Market Makers aggregate feeds from multiple sources and offer prices to the end customers. Thank "last look" Market Makers are able to check if the market price that they quoted has not changed to much. During the last look Market Makers can auto-hedge flow before giving final confirmation to the end customer. Every big market taker has just 5-7 very good market makers (having more would have a negative impact on the price). Smaller market takers usually just use single bank portals to trade FX. Thanks to this structure bid-ask spread on OTC FX SPOT/FX Forward/FX SWAP is < 0.001% on the most traded pairs.

With most crypto volume happening on CEX, flow on DEX platform is mostly related to arbitrage. To confirm, you play around with our P&L report of LPs on Uniswap v3: https://dune.xyz/queries/101811 - in most cases LPs would be better off, not providing liquidity to Uniswap v3 and just keep the initial ratio of tokens that they put in because Fees are smaller than loss related to the change in token ratio. From our perspective, long term it makes sense to provide liquidity to DEX only on pairs, where a particular DEX is a primary market for a particular instrument or at least if arbitrage flow is smaller than real client flow.

Our interbank experience is telling us, that even Harmony finally of 2 sec, if not enough to make on-chain DEX a leading market for most trades crypto pairs. With growing knowledge on the market about the profitability of market-making strategies on AMMs like Uniswap, it might be that liquidity on these platforms will slowly diminish.

Taking all the above into account there is a need for a new type of blockchain-based trading.

One of the solutions that we see in the long-run, is a split between the low-latency price discovery from the blockchain-based settlement. This would bring back the blockchain role to the one it was initially designed for (a double-spending problem for digital currencies described by Satoshi Nakamoto)

General Solution Architecture:

The general idea of how to do combine on and off-chain workflow for the above solution can be taken of 1inch limit order protocol. To achieve the smallest possible latency between market taker sending execution requests and market maker sending trade to the blockchain for settlement, there is a need for some additional authorization workflow on both ends.

Learn more on the Gitcoin Issue Details page.

gitcoinbot commented 2 years ago

Issue Status: 1. Open 2. Started 3. Submitted 4. Done

Work for 777475.6467 ONE (114151.31 USD @ $0.15/ONE) has been submitted by:

gitcoinbot commented 2 years ago

Issue Status: 1. Open 2. Started 3. Submitted 4. Done

Work for 777475.6467 ONE (114151.31 USD @ $0.15/ONE) has been submitted by:

  1. @adirery

@lijiang2087 please take a look at the submitted work:

gitcoinbot commented 2 years ago

Issue Status: 1. Open 2. Started 3. Submitted 4. Done

The funding of 777475.6467 ONE (171234.35 USD @ $0.23/ONE) attached to this issue has been approved & issued to @agin-dropdisco.