WICCA: We Invest in Crypto-Cost Averaging

WICCA combines the benefits of index tokens with dollar-cost averaging, making it the ideal choice for long-term investors who are looking to invest in the themed crypto market.

Comment

TL;DR

1️⃣ WICCA is a distinctive investment protocol allowing investors to invest in index tokens derived from a diversified cryptocurrency portfolio.

2️⃣ It utilizes Crypto-Cost Averaging (CCA), a crypto version of dollar-cost averaging, for intelligent investment management.

3️⃣ The platform's security and performance are enhanced by Chainlink Automation and Chainlink Price Oracle features.

Features & Improvements

  • Provides the ability to enroll in and cancel CCA jobs for each index token.
  • Employs Chainlink Oracle to ensure reliable and secure price data for swap (buying from DEX).
  • Utilizes Chainlink Automation to efficiently manage CCA operations.

Inspiration

WICCA was born out of the desire to provide a simplified, secure investment avenue into the world of cryptocurrencies. Our aim was to forge an investment protocol that marries the advantages of index tokens and dollar-cost averaging, offering diversified exposure to a variety of digital currencies.

What it does

WICCA

WICCA is an investment protocol that empowers investors to craft index tokens from a diversified cryptocurrency portfolio, leveraging Crypto-Cost Averaging (CCA) for prudent investment.

  • With Chainlink Price Oracle, WICCA mitigates the risk of price manipulation and other security threats.
  • Through Chainlink Automation, transactions are executed automatically without the need for user signatures each time.

How we built it

WICCA was engineered using Solidity smart contracts. We employed Chainlink Automation for enhanced convenience and efficiency of the platform. Chainlink Price Oracle was used for reliable price data.

Here's how WICCA Index Token Investment works.

Mint

By user's request, the CCA is automatically and periodically triggered. In this scenario, the user invests 10,000 USDC to buy index tokens. The input tokens are sent to the swap contract such as UniSwap, then buy some cryptocurrencies according to the weights ratio of the index. For safety, the comparison between the swap ratio and price data from Chainlink Oracle is used. The exchanged cryptocurrencies are stored in the WICCA Index Token's vault, and the corresponding amount of WITs is minted and transferred to you.

Burn

If you want to withdraw your stored cryptocurrencies, you'll need to send the corresponding amount of WITs to the vault. Once the WITs are received, the cryptocurrencies will be released to your wallet.

A protocol fee of 0.95% of the freshly minted WITs is applied, which is directed towards the WICCA Treasury to support future ecosystem endeavors.

Challenges we ran into

Our greatest challenge was to ensure the platform's security amidst the intricacies of integrating multiple De-Fi protocols and price oracles. Our future plans involve incorporating a range of price sources including TWAP. These strategies aim to provide our users with a platform they can trust.

Accomplishments that we're proud of

We take pride in developing a flexible, convenient, and secure platform for crypto market investment. Our security, anchored by Chainlink Automation and Chainlink Price Oracle, offers our investors assurance and lets them concentrate on their investment tactics.

What we learned

The development of WICCA offered us insights into the complexities of integrating various De-Fi protocols into a single platform, with Chainlink features. We have gained significant experience in verifying and publishing smart contracts through Hardhat and Chainlink libraries.

What's next for WICCA

Our future plans involve enhancing the platform's performance, scalability, and security. We aim to broaden the selection of cryptocurrencies available for investment and integrate more De-Fi protocols. The protocol fees collected by the WICCA Treasury will be utilized to fund future ecosystem projects, ensuring continuous innovation and cutting-edge investment opportunities within WICCA.

Built With

Share this project:

Updates