The project all began when Taylor, the cofounder, was having fun and create a sketch: "Buy The [ Image of Dip ]"

What it does

The user mints an NFT and deposits a certain amount of ETH or BNB and a percent value, which acts as a limit order triggering a purchase when their asset falls below the percentile decrease. Meanwhile, their crypto is converted into stablecoin and send to earn interest. Once the dip has been bought, they are able to stake their NFT and earn a percent of the revenue generated by the NFT contract. They are also able to "redip" their NFT, earning more staking energy.

How we built it

We used on-chain SVGs for the NFT, getting active prices with the chainlink pricefeed. Keepers are used to periodically check if the price is below a trigger value, causing the dip to be bought. Because of network limitations, there will be a centralized server for BSC instead of Keepers--for now--and likely only a testnet launch on Ethereum, since transaction prices are prohibitive. Pancakeswap/Uniswap is incorporated to swap native tokens to stablecoin. Yearn vaults are used to earn interest.

A website was built in react with Web3 over an existing NFT marketplace template. The contract is deployed on the Rinkeby testnet.

Challenges we ran into

It was difficult to get our NFTs to show up on opensea. They often don't, and there seems to be no rule for why they do or don't. Limitations of the networks that the Keepers were deployed it. Fair and efficient methods of distributing rewards via staking and yearn vaults. Compatibility between different Solidity versions.

Accomplishments that we're proud of

Clever ways to incorporate rewards, minimizing computation and storage. Decentralizing ownership and paving an example for others.

What we learned

Creating SVG graphics. Working with ERC721 standard.

What's next for BuyTheDip

Testing. Launching. Integrating BuyTheDip for other tokens.

Built With

Share this project: