Inspiration

Money market allow you to lend out your cryptocurrencies at relatively low risk and earn passive income. Splitting the interest from the principal allows you to earn FREE cryptocurrencies while always keeping your initial investment.

What it does

dDAI enables users to earn interests from lending out DAI on Fulcrum and reinvest those interest automatically into any other asset class using DeFi recipes i.e. ETH, BTX, KNC, synthetic assets, etc. or a combination of different assets. Here are some examples of the DeFi recipes we implemented:

ETH Long

It reinvest dDAI earnings and buys ETH on Kyber

BTC Long

It reinvest dDAI earnings and buys BTC on Kyber

ETH 4x Long

It reinvest dDAI earnings and buys Fulcrum pToken (pLETH4x)

BTC 4x Long

It reinvest dDAI earnings and buys BFulcrum pToken (pLBTC4x)

Store of Value

It reinvest dDAI earnings and converts them in 50/50% ETH/BTC

ETH or BTC Maximalist

Buys 50% ETH and 50% its invert synthetic token (iETH)

How we built it

We built a contract called dDAI which is a token 1:1 backed by DAI and lends it out on Fulcrum. When the interest is claimed it gets send to the DeFi recipes the user set up. These convert the interest in DAI to the preferred assets.

The UI is build in react.

We integrated the following tech partners:

Fulcrum

Used for lending out DAI and in the PTokens are used in some recipes to open up leveraged positions.

Kyber

Extensively used in multiple recipes to swap dai to other assets.

Synthetix

Used in multiple recipes to convert dai to synthetic assets.

Challenges we ran into

The main challenge was testing everything on kovan the istanbul hard fork broke kyber which broke the fulcrum P tokens.

Accomplishments that we are proud of

We are proud that we were able to create a user experience which is quite easy for non tech savvy people to use and integrates with multiple DeFi protocols in one place.

What we have learned

We have discovered the power of DeFi recipes. These allow to abstract otherwise cumbersome multi transaction interactions into one simple action by a user. We will take these lessons to improve dDAI and future projects.

What's next for dDAI

  • Create a more generic approach to DeFi recipes.
  • Implement dollar cost averaging on the UI side
  • Add GSN support to the frontend
  • Audit smart contracts
  • Mainnet launch
  • DexWallet integration

Built With

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