PredaDex

PredaDex Cover Image

Inspiration

The inspiration for the project was to reduce gas fees for L1 users and make L1 Ethereum a more inclusive place to perform swaps and other common DeFi actions.

What it does

PredaDEX is a DEX aggregator that pools Gwei in order to perform a swap at a fraction of the cost and allows users to skip the line during "gas wars". Users are able to withdraw from the contract once the group swap is complete.

How we built it

We wrote a smart contract which uses msg.value to send gas along with an input and output token pair. We check the 'fast gas' Chainlink oracle and add a premium to it using our own custom curve which is ultimately set as the threshold for pushing a 'pooled swap' through. Then, the Keeper compatible contract will performUpkeep and perform the swap, distributing the output token amongst the users.

Challenges we ran into

We ran into the challenge of not being gas-efficient in our smart contracts in order to make this as economical as possible for the user (~80k gas for a deposit). We plan to use decentralized storage in the future to address this issue.

Accomplishments that we're proud of

We are proud of the curve we've produced to pay a premium on the 'fast gas' Chainlink oracle as well as our use case for Keepers.

What we learned

We learned there are a lot of challenges we can address in this space if we work together to limit gas usage within the Ethereum ecosystem.

What's next for PredaDEX

We plan to make our gas pooling algorithm even more efficient, add support for decentralized storage to reduce deposit gas costs, and generally reduce the gas spending on-chain to make web3 a better place.