Crypto haters are around us - Trump, Roubini, Buffet, you name them - and they say that “Cryptocurrencies are scam, a giant ponzi scheme, stay away from it!”. But have you thought about how many people did they actually bring to the cryptospace with their tweets and public speeches? If someone says to you “don’t look at it” - wouldn’t you look just our of curiosity?
At the same time, when Trump tweets about American economy - its indexes dump. When Zuckerberg goes to trial yet again because of Facebook “privacy issues” - FB shares plummet. When Roubini tells that Bitcoin is going to zero - we get an uptrend. Wouldn’t you want to bet against them?
A lot of people worldwide don’t have access to traditional investment instruments, they can’t trade assets on NASDAQ or NYCE, the only thing they can access (depending on the UI/UX and other matters) - crypto. So why not create a place where they can actually trade both crypto and traditional assets? Meet Unisaur.cz!
What it does
We introduce a DEX where you can create and trade any index of assets from NASDAQ/NYCE/etc (e.g. Facebook, Google, Amazon - you decide) against crypto (for the time being - ETH).
Target client base
1) People who want to trade traditional assets but can’t do so because of restrictions/accessibility/fees/etc
2) People who would love to test their strategy with traditional markets but don’t have spare $ - and have spare ETH instead
3) All the trolls who just want to have fun with their friends :)
How we built it
We used OpenZeppelin SDK to build a Compound-like money market where you can lock your ETH and issue a Facebook-priced token. Such FB tokens are fully collateralized. To make it possible, we connected ChainLink oracles to our exchange, which takes data from NASDAQ API. Money market contract controls the collateralization ratio of issued FB tokens - it should exceed 150% of locked Ethereum. If the collateralization ratio falls under 150%, money markets liquidate the position at DEX. If a user wants to save his position while the price is falling, s/he can add ETH to the position as a collateral directly or by selling any tokens s/he has through Kyber. We used 0x protocol to built this DEX. And as all crypto OGs miss old good trollboxes on exchanges - we added such trollbox by using 3Box (thank you guys!), so you can say ‘rekt Buffet, crypto to the moon’ to all the exchange users.
Challenges we ran into
We had a problem with getting data from the ChainLink node
Accomplishments that we're proud of
1) Simple UI/UX, funny lending pages
2) We went hardcore on this submission and decided to do a lot of things at the same time. CDP-like contracts were the hardest part, but we made it - built everything from scratch and deployed to testnet!
What we learned
1) Integration of 3Box, Kyber and Chainlink into a dApp.
2) Building CDP-like financial primitive.
3) Creation of upgradeable smart contracts using OpenZeppelin SDK.
4) Little breaks and chilling are a must during the hackathon: when we were integrating 3Box (which was easy), laptop battery of one of our devs burned down as 3Box consumes a lot of resources when launched as a communication platform.
5) Better be simple than trying to do something complicated in 36 hours :)
What's next for Unisaur.cz
Launch #TradingCompetition and check who is the #GreatestTraderOFALLTIME.
Integrate synthetic assets platform to our core product - Akropolis. Akropolis is a mesh-network of DAOs with DeFi integration enabling people from developing countries save and invest together without any limitations.
Smart contracts (deployed to Kovan):
FBToken - 0xd776d00267004bac224828e38d51045bcd8b8217 MoneyMarket - 0x484a659D4C12B00B6E2c09246387aCC460C44Ca4 TokenBorrowFactory - 0x98E35E5063e49a10Ec039aBB14426dB1903EA870