Inspiration

OBAY development team recognized the big flaw of the traditional fund management system is the process of ambiguous transferring funds process and lack of transparency in portfolio management. Therefore, the target communities OBAY aims at are the ventures, the group of investors (scaling from low to high), small-cap fund and large-cap fund, and the crowdfunding partners. On the other hand, by maximizing the advantages of the Decentralized Autonomous Organization (DAO), OBAY offers a platform for DAO management and OBAY governance token.

What it does

This project is devoted to the community, thus, it is really important to provide necessary authorities for OBAY stakeholders to decide the upcoming changes or updates to the project under the form of Decentralized Autonomous Organization (DAO). OBAY itself basically provides the ability for participants to create DAOs, moreover, OBAY itself is also a DAO for the community to be part of the development of the project. Stakeholders who are staking Ethereum and OBAY tokens on our network DAO, have the ability to vote for any upcoming update proposals from developers in order to nominate those that would benefit the community the most and reject those that might cause serious problems. By providing permissions and rights to stakeholders participating in the governance process of OBAY project and OBAY DAOs, tokenomics of the project are being initialized gradually.

Regarding the true asset of OBAY which are smaller communities (DAO) inside OBAY, people who are part of their own DAO also have all the authority to govern it through proposal/voting mechanism for any activities in the DAO like trading, providing liquidity, removing a member from the DAO and many more.

In general, we believe that our project is created as the reflection of the real society where communities or organizations exist almost everywhere in different scales. Altogether, we can form a great base for the future development for the society of truth!

The main features of the OBAY platform include:

  • Fund management and cross-chain swapping using DAO model. Each DAO has its own portfolio and the staking functionality to gain the APY (Annual Percentage Yield). The model that we use allows the various holders to have their own DAO with their own staking model.
  • OBAY holders who staked to the treasury of the platform have the ability to participate in the improvement of the project. OBAY governance token is used for voting the important proposals and decisions on the platform.
  • Omniswap is the DEX platform that OBAY team builds to integrate it with DAOs on the platform to allow them to manage their funds directly (transfer, exchange...) instead of using other DEX and CEX.

The use cases of the OBAY governance token:

  • Using OBAY token to vote on the improvement proposal of the OBAY development
  • OBAY holders can use the token to bay the exchange fee of the DEX
  • OBAY holders can stake their token on the treasury to maximize the profit

How we built it

  1. Truffle + Solidity: OBAY uses Truffle as the core development suite for decentralized application building and Solidity is the programming language used for DApp on Ethereum
  2. Pinata/IPFS: For storing large data such as metadata and image, we use the distributed database Pinata/IPFS to make the data persist.
  3. Chainlink: There are two main functionalities of Chainlink that we use to develop our application is:
  4. Chainlink Upkeeps: We use Upkeeps for stakeholders profit distribution. To explain about it more, every DAO has its profit gained from accumulating the number of exchanges the DAO members made on the and the liveliness of that DAO. On the other hand, we use Upkeeps to automatically update the status of the proposal of the DAO.
  5. Chainlink Price Feed: For the DEX, it is powered by Chainlink Price Feed to make sure the data is secured and reliable for each pair like ETH/OBAY, ETH/USDT...
  6. Solidity: Our smart contract is written using Solidity and is currently deployed on testnet.
  7. Alchemy + Infura: We use these node providers to connect and retrieve the blockchain data from Ethereum. We also use Infura to deploy to the Ethereum network

Challenges we ran into

At first, the OBAY team had three members. We also allocate tasks for each member. However, during the development process, one member unexpectedly quit the hackathon. Therefore, the remaining members have to handle more tasks with the lack of human resources and time. Not only that, the team did not work on blockchain before so learning and then implementing it in under a month was really hard for us. All of the team members are not experienced developers but blockchain learners who are passionate about the field.

To be specific, we are building a prototype for our project which includes some of the recently popular fields in the Blockchain world which are Decentralized Finance (DeFi) & Decentralized Autonomous Organization (DAO). As we are still university students with a background in computer science, we have encountered tons of economics & finance concepts as well as new DeFi concepts which are widely used in various Decentralized Exchanges (DEX). Though those are great challenges for us, we have been doing some great processes that we think would be extremely helpful for us in the upcoming journey in the blockchain industry!

On the other hand, we are always striving to learn and adapt state-of-the-art blockchain technologies, especially Chainlink Oracles and Chainlink Keepers, in this hackathon as it not only brings us tons of knowledge but also great experience in working altogether as a team for the first-time dApp project.

Accomplishments that we're proud of

Even though we have not achieved what we had expected at the beginning of the hackathon, we have set up important milestones upon developing seriously our first blockchain-powered application.

In detail, our team has successfully implemented a fundamental DAO as our product’s core value. DAO has enabled us to think creatively about future plans for our project as it opens many interesting use cases and possibilities within the upcoming trend of DeFi and Web 3.0. As for the upcoming trends, we believe that Chainlink Oracles are definitely placed in an important role as there are still millions or even billions of off-chain data out there waiting to be fully utilized in blockchain protocols to maximize its usability. Hybrid Smart Contract is definitely an interesting concept for the mentioned use cases raised by Sergey Nazarov (Co-founder of Chainlink Labs) which takes the advantage of the Oracles network in transporting and verifying off-chain data to many blockchains available. Unfortunately, we haven’t had a chance to fully integrate these into our current application due to the lack of experience as well as human resources, however, the technology will surely be applied in our project in our future plan due to its necessity and use-case diversity.

What we learned

CFirst of all, Chainlink Fall Hackathon has truly been a great source of motivation and information for our team to learn and thrive more in the blockchain development field, especially with the advent of Web 3.0 and the need for the “World of Truth not Trust” as present in the keynote speech by Sergey Nazarov. Since the beginning, we have learned interesting concepts as well as necessary tools to integrate Web 3.0 into our application which is a bit strange to us at first sight compared to traditional web application development, to be honest.

Moreover, Chainlink has delivered multiple awesome workshops and webinars for the participants to improve their knowledge in the blockchain field. Due to those activities, we have learned about automated execution with smart contracts using Chainlink Upkeep, Scaffold.eth, Hardhat, Brownie, and other stuff.

Since this is our first hackathon in the blockchain field, we did not believe that we can offer an end-product at the justified deadline of the Chainlink Hackathon. However, we have tried our best to create a prototype for OBAY (our project) in a short time period with acceptable fundamental features to demonstrate our ideas and solutions for the Hackathon’s challenge.

What's next for OBAY

Our plan in the upcoming phase is to focus more on the external projects who are looking for support via crowdfunding, crowdsourcing methods. To be specific, they can use our DAO to form a group of supporters as a DAO and those supporters actually have the rights to view and allow how their funding money should be used via proposals and votings for their supporting projects. The project plans to raise funds through launchpad and public sale to the community. As our project is in the BSC and Ethereum ecosystem, therefore, we will apply for the launchpad slot in the Binance Smart Chain. The community can participate in the early stage of the project to receive the reward later on. For public sale, we have a tokenomics structure used for allocating a specific amount of OBAY token to the whitelisted participants. On the other hand, after we have gained an amount of users on the platform, we will move to the seed round and raise the fund through the venture capitalists and angel investors.

  • Initial DEX Offering (IDO)
  • DEX listing (directly on Omniswap)
  • Dividends distribution to DAO on platform (Annually)
  • Public sales
  • Enhancing liquidity protocol (less fee, cross-chain + Polygon + Arbitrum)
  • Annual Schedule Token (5%/year) + Token Generation Event (TGE)
  • Multichain + Crosschain Bridge DAO platform (Wormhole bridge + Chainlink 2.0)
  • Crosschain swapping DEX
  • Fully Automatic Liquidity
  • Users can issue their own token via DAO platform

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