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Inspiration
As creators and builders in the crypto and blockchain space, during the course of the last 3 years we realised that the growth of any blockchain, network, or even protocol is highly dependent on the number of builders and creators who want to build on the platform and how much support they get. Innovation and growth in this ecosystem are largely driven by the ease of accessing funding, alongside community support to build and grow.
Even then, it still is an arduous task especially with traditional token models, as the tokens need to be pre-mined by the creator. Creators have to set up the perfect tokenomics, consider the best launchpads, pay enormous marketing fees, and still consider how to ensure liquidity to keep their project profitable and stay afloat.
This rigorous process has discouraged many developers, project creators, and community leaders from pursuing and completing projects from start to finish as given the degree of difficulty. Having experienced this challenge, we decided to create a system/protocol that addresses all these challenges and makes the process easier, transparent, profitable, and sustainable.
Inspired after coming across a social-fi network called Bitclout, who were making use of a continuous token mode to incentivize creators, we saw a possibility to explore creating an easier to use, profitable and sustainable platform for project creators and communities.
what it does
Hyprader is built to make the process of creating, sustaining, and keeping a project profitable more seamless, and reduce difficulty for project creators and communities. With the Hypradar protocol, creators and communities can create immediate value for their projects and raise funding and liquidity without having to go through the difficulty of traditional methods of fundraising in the crypto space. Hypradar achieves this by giving creators ease in creating and leveraging a continuous token model that makes it seamless for people and communities to buy into their projects while creating liquidity, project funding, and trading value for their projects without having to create a smart contract.
How we built it
We created a factory contract called RepFactory, which creates advance ERC20 contracts called RepERC20 using the Continous Token Model for projects upon request. The RepFactory contract is in charge of creating RepERC20 tokens, setting system fees, and project creation fees. The created RepERC20 token contract is an ERC20 contract that has batteries included. The tokens are tradable using internal mint and burn functions which use mathematical formulas of a fairly sensitive bonding curve for price determination.
The bonding curve used in the trading of these tokens is similar to that of Bancor. In fact, it borrows some of Bancors calculations mixed with some polynomial functions for price calculations making liquidity readily available from the point someone first buys a token. The contract uses advanced mathematical calculations to control the price sensitivity of the buy and sell of these tokens, to ensure there’s always liquidity in the market, with holders being incentivized as the asset progresses.
These RepERC20 tokens are naturally scarce. This is because as more people buy into the tokens, the price of the token goes up automatically at a faster rate. This means that it could eventually take billions of dollars to mint even one more token after a point. When a RepERC20 token is created, there are initially zero coins in existence, and thus the price is zero. If you want to buy a token, it will mint them out of thin air and sell them to you according to the price curve in the contract, making it profitable for holders as more tokens are purchased. The money you use to buy the tokens gets “locked” in the contract in exchange for the token. On the other hand, if you want to sell tokens, the contract will buy them from you according to the curve using the money locked from previous buys. And so buying creates tokens while pushing the price up and locking money into the contract, while selling destroys tokens thus pushing the price down and unlocking money from the contract. This automated trading protocol is similar to that of Uniswap since it uses the same concept of “automated market-makers”. Our goal was also to make sure that the platform is trustless, and that users are completely in charge of their wallets and assets, so we had to ensure the contracts are created in a way that allows anyone interacting with them, create projects and trade tokens without having to interact with our platform if they choose to. This model makes it easier for other creators or communities to build upon our system.
Challenges we ran into
The MVP model of Hypradar, which we are using to enter this hackathon, is built on EVM, and so our first major challenge was figuring out a way to implement our algorithm with Solidity and avoiding arithmetic overflows since our calculations involved raising some large numbers to fractional exponents due to the model of our system in creating tokens. We had to use other open-source utility contracts tailored to solve this kind of problems and with a little tweak we were able to come up with a solution to our fractional power problems.
Another challenge we faced was figuring out what constants and values would be the perfect multiple for our algorithm for price determination as we did not want something overly sensitive. Another challenge was putting out such a big project within such a limited time, we had to find a way to overcome it. Looking for the best terminology to define the features on Hypradar brought with it a different but equally difficult creative challenge. he system we are creating is pretty novel, we wanted to create unique names and terminologies for the user features, to better help the users relate, learn, and understand the platform. We also had a big challenge of giving the platform a name LOL, but we collectively believe now that Hypradar is a good fit.
Accomplishments we are proud of
The time we set for ourselves to achieve the goal of building the project was pretty slim, given the fact that the work was quite voluminous, however, we were able to meet our goals and readied the project for testing in good time. Another accomplishment is the way we figured out the value proposition and defined it more clearly, helping us refine the project better and understand where we can make improvements in the near future.
What we learned
Building this project within such a limited time has been challenging; however, as a team, we have learned the importance of delegation and working according to our main strengths, We have needed to support each other continuously so that we can always achieve our tasks.
What next for Hypradar
Certainly, our goal is to make this model of growing projects and community value available to different blockchains and networks, starting with EVM-based blockchains. We are also making considerations for the implementation of cross-chain and multichain capabilities. Our goal is to create awareness and partner with a lot of communities and builders to have a strong system to support and keep building profitable projects.
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