Cross-chain loan mechanism

Jantinine commented 2 years ago

We would like to see a cross-chain (Tezos <> EVM) mechanism for loans, with collateral on one chain, and the loan being extended on another, with automated, decentralized mechanism protecting both sides from abuse.

Rationale Looking at the current crypto ecosystem, it is likely that users will increasingly own various holdings, both NFTs and fungible assets, across various blockchains.

We would like to allow asset holders to temporarily pool or transfer value from one chain to another, by entering loan agreements with other users who have liquid assets on the target chain they might be willing to lend out for interest income.

Requirements Fully decentralized mechanism, without centralized bookkeeper or administrator Enabling parties who do not know or trust each other to enter agreements easily Built-in disincentive against using the mechanism for permanent value transfer between chains

Judging criteria

Potential impact: Envisioned impact of your project Novelty: Innovativeness of the project Technical: Does the code work? Is it secure? Design and UX: How is the look and feel and how intuitive is the design?

Track requirements:

Submissions must be open source (MIT license) Submission with a working prototype must be deployed live on the current testnet Submissions must list the addresses of their token contracts

Prize

Prize (1 team) $10,000 in tez (XTZ) at the time of payout

On bounty deliverables

We would like to provide guidelines on what we expect to see out of the hackathon. We are aware that the topics we're putting up for bounties are complex, and scope might have to be defined narrowly to allow delivery within the hackathon's timeframe.

The concrete deliverables we expect out of a bounty application are:

Whitepaper describing the mechanism, with analysis from economic and game theoretical perspectives
- The analysis doesn't have to be in-depth at this stage, but we want to see that thought was put into the idea
Decentralized Minimum Viable Product showcasing all key components of the mechanism
- Prioritize backend completeness over frontend flashiness
- Write clean code following best practices
- Cleanly separate various components of your architecture
- Document enough to allow reviewers to fully understand what you did
Writeup on what the product backlog for reaching what you'd consider 'completion' looks like

Keep in mind that the purpose of your deliverables are to convince people almost as smart as yourselves that your idea is viable, and you are capable of delivering a reliable, working product.

Developer resources

For those who are completely new to Tezos development, the dev portal is a good place to start https://developers.tezos.com/

Tacode, a p2p learning platform for Tezos teaches you how to build a Dapp on Tezos while earning tez https://tacode.dev

OpenTezos is an open-source wiki on all topics Tezos https://opentezos.com/

A guide how to mint NFTs on Tezos and how to build a simple NFT platform https://medium.com/ecad-labs-inc/how-to-mint-nfts-on-tezos-using-taquito-and-pinata-15a407078495

A react provider for Dapps to easily setup connection to Beacon/Taquito wallets https://github.com/tz-contrib/components-library/tree/develop/packages/react-wallet-provider

Awesomelist for Tezos https://github.com/tz-contrib/awesome-tezos

Tezos Stack Exchange is a useful resource to where you can see answers to technical questions regarding Tezos https://tezos.stackexchange.com/

If you do not find answers to your technical questions on the Tezos Stack Exchange, join the Tezos Developers telegram channel and ask away https://t.me/TezosDevelopers

gitcoinbot commented 2 years ago

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

This issue now has a funding of 1546.8481 XTZ (10054.51 USD @ $6.5/XTZ) attached to it.

If you would like to work on this issue you can 'start work' on the Gitcoin Issue Details page.
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- Questions? Checkout Gitcoin Help or the Gitcoin's Discord
- $5,534,708.80 more funded OSS Work available on the Gitcoin Issue Explorer

gitcoinbot commented 2 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 5 days, 3 hours from now. Please review their action plans below:

1) shreedee has started work.

We will create a solution that all allows for a loan to be extended on one chain, with collateral on another chain, with NO Mutual or federated Trust, with automated, decentralized mechanism protecting both sides from abuse, with Built-in disincentive against using the mechanism for permanent value transfer between chains

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 1546.8481 XTZ (9961.70 USD @ $6.57/XTZ) has been submitted by:

Learn more on the Gitcoin Issue Details page
Want to chip in? Add your own contribution here.
Questions? Checkout Gitcoin Help or the Gitcoin's Discord
$7,188,926.37 more funded OSS Work available on the Gitcoin Issue Explorer

deeNewearth commented 2 years ago

Hello everyone,
We have a solution for this.. here's the working MVP on testnet https://ne-crosschain.staging.newearthart.tech/ The code is at https://github.com/shreedee/tezos-cross-chain-Loan. And the whitepaper is enclosed. Would appreciate your comments

ne cross chain loans - litepaper.pdf

gitcoinbot commented 2 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 hours ago. Please review their action plans below:

1) shreedee has started work.

I have already submitted the project. This is my first time on git coin. I was told not to press stop work button after submitting work. Bit confused here.

Learn more on the Gitcoin Issue Details page.

tezos-contrib / gitcoin-bounties

Cross-chain loan mechanism #2