The high gas price of Ethereum has created an entry barrier for normal DeFi enthusiasts. EOS with its POS consensus mechanism promises high transaction speed with low gas price. Our platform leverages this feature of the EOS network to create an ecosystem where people can add their dApp or token and get access to multiple contracts that connects DeFi, Gamification, NFTs and new trends in the market. We connect what is already working and develop a network effect and easy adoption for existing and new dApps.
What it does
Destiny Stage I, provides a frontend to the users to bid with their tokens for the daily share of minted DECO tokens. At the end of the day, the tokens are distributed among every bidder based on their bid amount and the total bid of the day. Hodlers of DECO tokens can stake their tokens to receive dividends in the form of entered tokens. N% of the tokens received through bidding is distributed among the stakers each day. By adding your tokens to the Stage I contract you will get access to the entire ecosystem through our utility token DECO. The received % is adjustable so the contract may be used for early funding as well as 100% back to the community.
How we built it
The backend consists of smart contracts written in C++ and compiled to WASM and ABI using eosio-cpp. EOS Studio was the IDE of choice to be used for the project.
The front end is built using Quasar Framework which uses Vue.js.
Challenges we ran into
Some of the challenges we faced are: Cron.eos was one of the most popular options for scheduling cron jobs for smart contracts on EOS but because of the present lack of maintenance we were forced to use a central server for cron job scheduling. Tokenomics and fair distribution for participants - Risk/Reward + Solvency
What we learned
During this hackathon we learned about:
- DeFi and community acceptance towards new DeFi projects
- POS consensus protocol and the multi-sig feature of EOS
- A deep dive into how EOS works and system critical concepts like RAM, CPU and NET
What's next for DECO Tokens
- Mining Platform
- Connecting with Liquidity Pools and NFT contracts
- Telegram Bot with combined NFT and DeFi use cases
- Cross Chain Deployment
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