With the rise of ERC20 tokens and Ethereum, entrepreneurs from all over the world were able to create unique tokenized assets that given an adequate cryptoeconomic model, enables all participants of the ethereum network to become a stakeholder in that system, be it as a producer (staker), investors (hodler) or user. Decentralized Exchanges such as Kyber Network or Uniswap play a key part in this new financial world as they are the protocols that facilitate exchange and liquidity.
However, unfortunately as of today, most ERC20 tokens suffer from low liquidity and hence expose their investors to extreme volatility and risk. Even if an investor is very confident in the quality of a token, she can most likely only invest a small amount per time, as the low volumes would result in significant slippage and hence bad prices.
That is where Well Timed comes into place. Rather than investing or devesting from a token all in once, users of the dapp can simply select a timeframe that they feel comfortable purchasing or selling off an asset and the dapp handles the deferred executions of swaps on Kyber network for them. Well Timed can be used for token buybacks, slow accumulation of tokens or slow devesting without causing major price dumps.
What it does
Well Timed takes one transaction for e.g. 10.000 DAI to KNC and splits it into e.g. 5 x 2.000 DAI market orders over a period of e.g. 5 days, where each trade occurs 24h after the last one. The goal here is to automate the user experience, only requiring her to be online and send a transaction once, and have relayers execute the swaps on her behalf in the future. User hence can enjoy lower slippage and a fully automated user experience. In traditional finance, this this is referred to as receiving the Time-weighted average price.
How we built it
We integrated in our long-term project called 'Gelato', which is a set of smart contracts defining the a system which enables arbitrary composition of Triggers and actions. This time we chose 'Time' and 'Trade on Kyber', however the system allows any composition of triggers and actions one can imagine.
We utilized Kybers on-chain liquidity and price feeds to facilitate the trades
Challenges we ran into
Proxy patterns on Ropsten are a nightmare :XXX
Accomplishments that we're proud of
Created a first basic USP of our upcoming gelato project showcasing the power of its automation capabilities for users
What we learned
Kyber is super easy to integrate and the devs are very responsive, keep it up!
What's next for Well Timed
More Triggers beyond simply time which enables users to create even more complex trading strategies on top of Kyber