Index Product on Vite

[joelyangxyz]

Summary

Many new tokens are launching on the Vite chain. We are envisioning a smart contract that makes it easy to purchase or sell a group of tokens in one shot in a decentralized manner.

Requirements

• Issue a token (Let’s call it VIDX here) to represent the value of a group of tokens (say tokens A, B, C, D, and E)

1. The issuer can decide which tokens to include, and how to weigh the underlying tokens (equally weighted, market-cap weighted, or any other weighting scheme)
2. In the case of market-cap weighting, assume static weighting. No need to re-balance tokens over time
3. The token will be traded on ViteX and its value will track the portfolio of underlying tokens, per the staking/unstaking mechanism outlined below
4. Vite Labs will provide the 1000 VITE to mint the token on Mainnet after your bounty entry has been submitted and approved

• A smart contract (written in solidity++) allows the following actions:

1. Conversion: Receive VIDX tokens by depositing a basket of the underlying tokens in proportionate amounts
2. Redemption: Deposit VIDX token to receive a basket of the underlying tokens in proportionate amounts
3. Because the VIDX token is “exchange-able” for its underlying basket of tokens, the VIDX token is expected to trade at the same value as said basket
4. Initially, all VIDX tokens that are allowed to circulate will be locked in the smart contract. They enter circulation only as users deposit commensurate amount of underlying tokens

• List VIDX/VITE trading pair on ViteX

  Vite Labs will provide the 10000 VITE to open the pair on ViteX after your bounty entry has been submitted and approved

• A ViteConnect enabled front-end that facilitates redemption and conversion as mentioned above, with proper error checking

  Check existing Vite dapps such as https://github.com/ImmutableNotes or https://github.com/niklr/vite-staking for examples of using ViteConnect and calling contracts (vite.js)

Prize

• $3500 in VITE

Submission Requirements

• A working frontend and backend is ideal, but partial submissions are possible depending on project scope and submitted code quality.
• We will require a demo of the submission.
• Submission must utilize Solidity++ and/or the Vite protocol (platforms based only on EVM and ERC-20 contracts do not qualify).
• All submissions, including all code, must be open source for future use and reference by the community, and links to external documents must be provided in the Github repo submission.

Judging Criteria

• The Vite team will run tests to make sure basic functions perform as required.
• The difficulty/scope of the DeFi project chosen and completeness of the implementation.
• The code submitted will be subjected to a review for extensibility, organization, proper documentation

Winner Announcement

• After the hackathon we will announce the winner(s) when all demos have been reviewed and judge's scores tabulated.

Resources

• Vite Documentation: https://docs.vite.org/
• Vite Discord: https://discord.com/invite/CsVY76q

Follow Vite on social media

• https://twitter.com/vitelabs
• https://twitter.com/vitexexchange
• https://t.me/vite_en
• https://t.me/vitexexchange

[gitcoinbot]

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

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This issue now has a funding of 3500.0 USD (3498.6 USD @ $1.0/USD) 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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  • $6,827,914.01 more funded OSS Work available on the Gitcoin Issue Explorer

[gitcoinbot]

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

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Work has been started.

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

1) janitachalam has started work.

TBD

Learn more on the Gitcoin Issue Details page.

[gitcoinbot]

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

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The funding of 3500.0 USD (3503.5 USD @ $1.0/USD) attached to this issue has been cancelled by the bounty submitter

• Questions? Checkout Gitcoin Help or the Gitcoin's Discord
• $1,003,402,491.82 more funded OSS Work available on the Gitcoin Issue Explorer