Flow Chain - Binary Options

Fully decentralized binary options on Flow blockchain

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Inspiration

Out of the 400+ published projects on Flowverse, 11 had to do with some sort of finance, and only 5 projects were DeFi. After perusing through the 5 apps, I realized I could do something uniquely DeFi and useful. So, I decided to implement binary trading options on the Flow blockchain.

What it does

The app lets you place long and short positions on trading pairs such as FLOW-USDT. Currently, the Mainnet version interfaces with Increment.Fi's price oracles and the testnet version uses custodial oracles and settlement for debugging.

Supports:

  • Fully decentralized on the Mainnet
  • Can interface with on-chain price oracles
  • Fungible Tokens

How we built it

Frontend: onFlow FLC, NextJS, TailwindCSS Smart Contracts: Cadence, Flow CLI

Challenges we ran into

Official developer docs are either outdated or missing information. I had to rely on asking the community for help, because the docs either assumed previous knowledge or had no information. Honestly couldn't have completed this without the help of the Discord server.

Accomplishments that we're proud of

I learned the Cadence language, built end to end smart contracts, and deployed a full stack application in 48 hours. Before the hackathon, I had no idea what was Flow or Cadence. I reduced the scope of the project down and even still, I didn't really think I could do it. But I am glad I got to learn Flow.

What we learned

Cadence is actually quite friendly to developers. The compiler tells me what is wrong with my code before I spend time debugging it. I had a lot of fun with the design paradigm of transaction -> script -> contract.

What's next for Flow Chain - Binary Options

I would like to get more time to test the smart contracts and deploy other automations to add more universal support. Flow chain is really fast, really cheap, and really efficient. In one transaction, I can do a lot of memory manipulation and computation without worrying about hitting some virtual limits. So, I'm considering implementing cooler features that will allow the program to interface universally.

Built With

  • cadence
  • flc
  • flow
  • nextjs
  • tailwindcss
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