When the creator of rDAI (redeemable DAI) asked me to integrate rDAI into Kickback (my event management dapp), I was hesitant to do so because any small change could potentially inject bugs. I can buy smart contract insurance to cover the risk such as https://www.nexusmutual.io but I have to pay high premium. That's when I came up with the idea of offsetting insurance cover cost with rdai compound interests.
What it does
The DAO in general holds a large amount of money which will have higher security risk. The hack idea is to integrate rDAI into a DAO so that the contract can earn 11% interests from DAO and we use that money to buy smart contract insurance from Nexus Mutual to offset the risk.
How I built it
Challenges I ran into
- Moloch frontend documentation was out of date. I was initially try to configure Moloch frontend, but had all sorts of problem, so switched to frontend of Metacartel DAO.
- Nexus mutual does not have test environment
Accomplishments that I'm proud of
We didn't give up.
What I learned
- How Moloch works
- How RDai works
Our deliverables are all the customisation of the existing projects. To make it clear what we worked on, we will link to the certain commit or PR
- Smart contract:https://github.com/orochidao/moloch-monorepo/pull/1
- Frontend: https://github.com/oovg/yang-dao/pull/17
What's next for Offset Dai
If this works as intended, we will modify MolochDAO and deploy as OrochiDAO to collectively manage sponsorship for DevCon5 side events.