Even in the western world access to certain markets is still a challenge. I have wanted access to certain alt coins in my crypto portfolio for some time now, but due to regulations at the country and state level have prevented this. So I had been thinking about permission less alternatives to get this exposure in my portfolio.
What it does
Generates an ERC20 token that tracks the dominance of bitcoins relative to altcoins and a second token that tracks Altcoins dominance relative to bitcoin. These over-collateralized assets backed by DAI whose backing for the token holder fluctuates based on dominance moves. At expiration the %dominance is paid to the token holder in the form of DAI and the remaining collateral sent back to the token facility generator.
How I built it
I built this project by cloning UMA's repo to use their smart contracts with custom asset definitions
Challenges I ran into
Price feeds as the amount of supported feeds is limited currently.
Accomplishments that I'm proud of
Generating a working demonstration of my concept.
What I learned
Solidity programming. Some web development.
What's next for Alt Coin Index
Hopefully UMA adds this price feed and I can generate token facilities to get this exposure.