We had the pleasure of collaborating within the 2020 HackMoney Digital Hackathon sponsored by ETHGlobal. Hackathon members had the complete month of April to create the most effective working sensible contract purposes, with $5,000 in LINK bounties obtainable to the highest three tasks integrating Chainlink.
In complete, 18 tasks built-in Chainlink oracles into their purposes, representing one of the vital used protocols in the complete hackathon. Winners had been chosen based mostly on their creativity, usability, and the technical complexity of their Chainlink integration. The highest purposes consisted of a no-loss rewards platform for gaming competitions, a self-sustaining tokenized index for stablecoins, and a DEX aggregator pushed recreation.
First Place: Genie
Incomes first place honors of $2,500 in LINK is Genie, a four-person dev staff from Israel, Thailand, and the US. Genie is a no-loss reward platform for video games and competitions, enabling community-driven eSports tournaments and challenges. By way of integration with in style on-line video games similar to Path of Exile, any participant can participate in a no-risk aggressive match with money prizes paid out in stablecoins.
Anybody can provoke a contest by selecting a recreation and making a pool sensible contract with predefined configurations. Gamers be a part of by staking property to the pool contract, which represents their ticket into the competitors. Whereas gamers compete, the pool is invested within the blockchain-based lending protocol Compound to generate curiosity, which finally turns into the successful participant’s reward. As soon as the competitors is over, all of the members can withdraw their authentic stake, whereas the winner receives again their stake plus all of the curiosity generated within the pool.
Genie makes use of a decentralized community of Chainlink oracles to attach the pool sensible contract with off-chain recreation information wanted to confirm winners. Chainlink’s exterior adapters had been used to learn the competitors outcomes from the off-chain gaming API after which write the response to the pool contract to execute a payout to the winner.
Genie’s backend developer Brahma articulated the significance of Chainlink being decentralized, stating “It’s vital that it’s trustless, so the gamers don’t must belief the Genie staff to confirm and reward winners.” Brahma additionally mentioned how Chainlink makes it a lot simpler to scale the variety of video games obtainable on Genie, saying “Any time somebody needs to combine a brand new recreation, they’ll simply construct a brand new Chainlink exterior adapter.”
Focused on discovering out extra about Genie and its use of Chainlink Adapters? Discover their codebase on GitHub.
Second Place: DefiDollar
Coming in second place with a bounty of $1,500 in LINK is DefiDollar, a three-person staff composed of Arpit Agarwal, Deep Joshi, and Manthan Satani. DefiDollar is a tokenized index of stablecoins constructed utilizing DeFi primitives to keep up its dollar-peg.
In line with the DefiDollar staff, present stablecoins repeatedly endure from volatility, have in depth governance considerations, and carry centralized custodial dangers related to deal with blacklisting or lack of funds. DefiDollar solves these issues by creating an index token (DeFiDollars) that’s collateralized by the highest U.S. dollar-based stablecoins.
DefiDollar’s core sensible contract permits customers to deposit as much as eight present stablecoins, that are then redirected to Aave’s decentralized cash market protocol. These stablecoins collateralize interest-bearing Aave tokens which are then deposited right into a liquidity pool (Balancer) to earn buying and selling charges. Each the curiosity from Aave and the buying and selling charges from Balancer accumulate in an earnings pool contract, which can be utilized to pay for protocol charges.
To be able to hold the 1:1 ratio between stablecoins, arbitrageurs are incentivized to rebalance the liquidity pool. Nevertheless, there are conditions the place all of the stablecoins are buying and selling under $1, placing the one greenback peg of DeFiDollars in danger. To hedge towards these conditions, Chainlink oracles periodically push Chainlink’s value reference information feeds to the DefiDollar core contract to tell it on the present value of the underlying stablecoins. When the contract notices that each one stablecoin costs are under $1, it extracts cash from the earnings pool to recollateralize the liquidity pool and reestablish the $1 peg.
When requested in regards to the worth of Chainlink, Arprit defined that “We used Chainlink for our oracle resolution as a result of the Chainlink Community already supplies safe and decentralized on-chain value reference information obtainable for many stablecoins. Furthermore, Chainlink value reference feeds can be found on all Ethereum testnets, resulting in minimal integration effort and seamless testing.”
DefiDollar is reside on the Kovan testnet, and you may check out their resolution right here, or discover their code base on GitHub.
Third Place: CandyShop
Profitable the third place prize of $1,000 in LINK is CandyShop, a India-based staff of blockchain builders together with Vaibhav Chellani, Arth Patel, and Thrilok Kumar. CandyShop is a DEX aggregator that optimizes effectivity by arbitraging person swaps and splitting the arbitrage income with the top customers through a lottery.
CandyShop is designed to cut back slippage for big trades on Uniswap V1 by arbitraging that very same commerce utilizing a Flash Swap on Uniswap V2. Customers ship their token swap request to CandyShop, which executes the swap on Uniswap V1. CandyShop then leverages a Flash Swap (a short lived mortgage paid again throughout the similar transaction) on Uniswap V2 to arbitrage the identical commerce. The cash saved from the Flash Swap is taken into account the revenue. 20% of the revenue is taken as “candie charges” that enable the person to take part within the lottery, and the remaining 80% is returned to the person.
Candie charges are deposited into the lottery pool, which is invested in Aave or Compound to earn curiosity for a interval of 1 week. Customers also can sponsor the lottery pool by depositing tokens to assist accumulate extra curiosity. Random winners are chosen utilizing Chainlink’s Verifiable Random Perform (VRF), a provably-fair means of producing true randomness that’s verifiable on-chain. As soon as the winner is chosen, the sponsor’s principal quantity is returned.
Vaibhav Chellani of CandyShop shared the significance of Chainlink VRF to their lottery utility, asserting that “Chainlink provides a fast pluggable system to acquire random numbers, which made the sophisticated activity of getting a random quantity on a blockchain actually easy.”
You may check out a demo of CandyShop on the Ropsten testnet right here, or take a look at the GitHub repo right here.
We’re energized by the big selection of purposes utilizing actual world information and increase their on-chain capabilities. Though there have been solely three winners, there have been a large number of inventive, revolutionary, and technical tasks constructed utilizing Chainlink powered decentralized oracle networks. We stay up for continued participation in future hackathons, furthering our mission to make sensible contracts the dominant type of digital settlement all through the world.
Begin Constructing with Chainlink As we speak
If you wish to begin constructing with Chainlink at this time, go to the developer documentation, be a part of the technical dialogue on Discord, and/or attain out to us about securely launching your data-enabled utility, Chainlink Value Reference Information Contract, or Chainlink VRF product on mainnet.
For extra info, take a look at the Chainlink web site or comply with us on Twitter or Reddit.