Open lijiang2087 opened 3 years ago
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
The funding of 777475.6467 ONE (81025.4 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 527915.5626 ONE (55017.25 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 3 weeks, 1 day from now. Please review their action plans below:
1) severino has started work.
A blockchain based project funding application.
Basic Idea: Companies, organisations or individual persons can register for funding and publish a project road map with an estimated return of investment at a given point. Investors can investigate all projects and invest in projects that have strong fundamentals and a well designed project. In the best case the funding is successfull and the organisation paysout a bonus. In worst case, the project is not funded and the investor loses his/her investment. 2) indexzoo has started work.
Work Plan
IndexZoo was launched in May 2021 to provide the most accurate leveraged tokens for long/short exposures on any basket of cryptocurrencies. Layer-1 based index tokens are known for infrequent rebalancing and poor leveraged tracking due to gas cost. IndexZoo fixes this by using DEX derivative exposures, a product design that mirrors TradFi indices.
What it does IndexZoo is built to solve 3 main problems with DeFi indices: 1，Lacking of Index Exposures (Long only, low leverage) 2，Inaccurate Tracking (Infrequent rebalancing, high gas fee) 3，Gatekeepers (Slow product launch)
How we built it The current tokenized indices get exposures by holding the underlying tokens, and rebalances through Layer-1 spot markets. This is highly inefficient and costly, resulting in the the lacking of index product diversity, inferior performance tracking and high fees.
Compared to other DeFi index projects, IndexZoo's key differentiator is where the index gets exposure: IndexZoo uniquely sources exposures from DEX derivatives contracts (perpetual futures contracts and options contracts), neither from the spot market nor synthetic exposures between long and short users. This method enables IndexZoo to actively rebalance its ETF tokens intraday at a very low cost, and provides the most accurate index tracking to investors, which is essential for any tokenized index products. The fact that most DEX derivative contracts are settled on Layer-2 made it possible.
IndexZoo is also able to provide high leverage tokens (up to x5) using derivatives contracts and margin trading, providing the maximized capital efficiency for hedging and speculation. In addition, IndexZoo does not require a debt position on lending protocols to achieve leverage, hence further minimizing fees and passing along savings to users.
Challenges we ran into The Achilles heel of leverage index product is accuracy. Current products, either CeFi tokens such as FTX and Binance, or DeFi tokens such as FLI 2x series, all utilizes a leverage range (1.7x - 2.3x) instead of a fixed target (2x). This results in a less predictable exposure, coupled with infrequent rebalancing that is often manual and intransparent, entirely defeats the purpose of leverage token. Our goal was set out to provide the most accurate fixed leverage target, and ensure the most predictable tracking exposure possible. The challenge was to originate a unique margin trading based leverage management mechanism. With our previous experience trading TradFi instrument (FX, Futures, Equity derivative and etc.), we were able to design a rebalancing scheme that is suitable for DEX perpetual futures (Dydx Layer-2 Perp and etc.) and provide the tokenized exposure with accurate leverage tracking.
Accomplishments that we're proud of We are busily testing our leveraged token internally, and are looking at a testnet deployment by end of September/early October. Importantly, our Bear Inverse Token will be the first leveraged inverse index for DeFi. This will add an infrastructure tool for investors to hedge or speculate against market downturns as it is commonly used in the stock markets. Our Fear Volatility Token is also under development. It will be the first DeFi volatility protocol that tracks DEX options protocols (OPYN and etc.) instead of synthesizing from CEX avenues.
What we learned Since our launch, we have learned the enthusiasm from DeFi community towards index and leveraged token products. We've seen exponential growth of DPI (DeFi Pulse Index), as well as the disappointments to FLI 2x series. Our goal is to provide a better and smarter indices that is catered to the community's needs.
What's next for IndexZoo IndexZoo's ultimate goal is enable permission-less user index creation for any basket of cryptos with any leverage. Therefore, anyone can create a customized hedging or speculation solutions for any individual wallet, because smart investment tools like these are what DeFi is all about.
Traction By late August, we've completed our pre-seed round financing, launched our website, whitepaper and social media. Product development for Bear Inverse Token is underway, and we are shooting for ETH Testnet deployment by the end of September, followed by Mainnet launch in October.
We are drawn to Harmony's near instant transaction finality, scalability, fee reduction and solidity compatibility. These features coincide with IndexZoo's DEX derivative based products, which aims to provide a low-friction user experience for maximum predictability. So an Harmony Mainnet Dapp launch has long been in our consideration.
Learn more on the Gitcoin Issue Details page.
gitcoinbot
commented
3 years ago Issue Status: 1. Open 2. Started 3. Submitted 4. Done
Work for 527915.5626 ONE (78838.38 USD @ $0.15/ONE) has been submitted by:
gitcoinbot
commented
3 years ago Issue Status: 1. Open 2. Started 3. Submitted 4. Done
Work for 527915.5626 ONE (78838.38 USD @ $0.15/ONE) has been submitted by:
@lijiang2087 please take a look at the submitted work:
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.
### Maddock Capital's Challenges:
Theme, "Reduction of the broker / middleman tax in all financial marketplaces"
Preamble: blockchain technologies power is to reduce transaction friction and transaction costs across all marketplaces in a mature and efficient ecosystem. Currently nearly every financial transaction undertaken has a "broker tax" applied to it. Harmony's infrastructure enables that to be materially reduced.
Currently most online businesses, particularly early stage startups and more mature tech businesses with recurring revenue have limited recourse to raise money outside of equity rounds. Typically, equity raises when advised by financial intermediaries charge 5-7% of proceeds. A blockchain enabled Crowdfunding solution for equity in these businesses (ideally native to and utilising blockchain technologies) could significantly disrupt this market by bringing new sources of capital to these businesses. In short, improve access through designing a 2-sided marketplace for equity raises.
Similarly these businesses currently are not able to raise debt. Current solutions are focused on securitising or forward selling revenues linked to recurring contract income.
In short we want you to disrupt online platforms providing marketplaces to forward sell revenues and contract receivables.
Our view is that this would require the Use of a stable coin pegged to the USD in the first instance. This should enable any blockchain participant to put their capital to work for real growth.
### 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