This project was inspired by commodity markets as their use as a form of insurance for producers. Since many industries were affected by the Covid-19 pandemic, I wanted to apply this principal to create a unique derivative that tracks the pandemic.
What it does
Users can purchase YES or NO contracts that represent the probability that new COVID cases (as reported by an external API) will be above a certain strike number that day. These contracts start at 0.01 USDC/DAI and are capped at 1.00 (100% chance of cases being above the strike). They can be resold to other speculators on an open DEX.
How we built it
Challenges we ran into
Finding quality data sources, choosing granulairty of markets
What's next for CovX
I would like to find a high performant L2 to bring CovX trading to the mainnet, with low fees and a high throughput