What it does
VaporTrader is a platform for managing network congestion risk on Ethereum. Businesses depending on timely transactions cannot wait for gas prices to fall during periods of high congestion, by hedging with GasSynth they can reduce their risk. Traders can also speculate on gas prices, the mean reverting nature of gas prices presents traders with a variety of strategies they can use to profit off of gas price movements.
How we built it
GasSynth is a synthetic asset token backed by ether collateral tied to the average value of Ethereum gas. We used the Amberdata API with a Chainlink oracle to create the price feed.
Market makers can provide collateral to the GasSynth contract to mint tokens for users to trade. In return, they receive transaction fees generated from user activity as long as the contract is kept above the collateralization ratio.
The VaporTrader dashboard uses Uniswap to create a market with liquidity for GasSynth tokens.
We had two developers create the smart contracts that power the VaporTrader platform and two other developers create the front-end with a slick vaporwave aesthetic.