Cherub

• 

  Build

• 

  DAO

• 

  Invest

• 

  Trade

Inspiration

As a programmer who enjoyed trading perps in 2019, I decided to get more into DeFi after hearing about Solana. After failing the first Solana hackathon, I discovered Olympus DAO and got inspired to combine everything I learned there and have another go with Ignition. It's been a journey.

What it does

This project is inspired by Olympus DAO's (3, 3) incentive model to align investors, builders and futures traders. While yield farms simply rent liquidity, protocols do not own it, and builders can potentially pump and dump theirs, Cherub is a DEX that relies on bonding - as opposed to pooling - and staking to help solve this prisoner's dilemma problem. That is, Cherub uses staked, or protocol-owned liquidity in the form of a productive treasury to receive and distribute profits from trading, liquidations, and generally speaking, what a CEX, or insurance fund, profits from. Cherub uses bonding to add discounted liquidity to markets at a predetermined price, sells CHRB tokens in return, and continually rebases this token to distribute dividends.

How I built it

Was tough as a solo dev, ran into many, many issues, but Anchor saved the day. The Solana community is amazing. Mono repo with programs and React frontend.

Challenges I ran into

Ha. Rate limits on the devnet! And you know, just the learning curve.

Accomplishments that I'm proud of

Really happy to try and innovate on AMM design and add in some DAO here.

What I learned

Everything. And that there is much, much more to learn...

What's next for Cherub

This project is a lot of fun. Looking for sponsors, contributors and people to help build the community.

Built With

• anchor
• react
• solana