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Synthereum: synthetic assets with liquidity pools to bridge traditional and digital finance

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MATCH ROUND 6

617 DAI

FINAL MATCH

ROUND

494 DAI
37 contributors

Description

{"ops":[{"insert":"The aim of our synthetic assets is to help creating fiat-based wallet and applications on any local currencies, and help to create stock, commodities portfolio in order to bring more traditional users within the DeFi ecosystem.\n\nThese synthetics are helping us to build products such as a non-custodial fiat-based trading platform for margin trading and a fiat-based DeFi wallet.\n\n"},{"attributes":{"bold":true},"insert":"We are opening this grant to help financing the security audits and the bug bounty campaign."},{"insert":"\n\n\n"},{"attributes":{"underline":true,"bold":true},"insert":"Leveraging from UMA and Compound, Synthereum has a quite singular design:"},{"insert":"\n\nthey track the price of all the assets listed in Jarvis.market: fiat currencies, indexes, bullion, stocks etc.;"},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"Synthereum leverages from UMA's priceless framework which reduces the oracle usage: it allows minting at the "},{"attributes":{"bold":true},"insert":"real-time market price"},{"insert":";"},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"they are backed by DAI, allowing to leverage seamlessly from multiple existing integration: fiat on/off-ramp, dex, liquidity pools, etc."},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"they can be converted between them using a burn and minting mechanism;"},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"the collateral is provided by a a liquidity pool matching user's deposit; user only needs to deposit the exact value of the assets, and the pool is responsible for over-collateralizing the contract, and maintaining the collateral ratio;"},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"hence liquidity providers are the counterpart; they lose funds whenever user wins, and vice-versa; they can hedge their exposure using Margineum, our trust-minimized off-chain trading protocol, which allows to open long/short position on Forex, Indexes, etc.;"},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"liquidity providers receive the interest generated on the collateral deposited in Compound by the collateral as well as the fees paid by users while minting assets."},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"\n"},{"attributes":{"underline":true,"bold":true},"insert":"Accomplishment"},{"insert":"\n\nWe already have a v0 on Kovan using Chainlink for price feed: "},{"attributes":{"link":"https://bit.ly/30OtjfZ"},"insert":"https://bit.ly/30OtjfZ"},{"insert":" with a single liquidity provider; more info about the v0: "},{"attributes":{"link":"https://bit.ly/2UogDZP"},"insert":"https://bit.ly/2UogDZP"},{"insert":"; and small dAPP: "},{"attributes":{"link":"https://bit.ly/2zA7yp7"},"insert":"https://bit.ly/2zA7yp7"},{"insert":";"},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"We have now completed our v1 using UMA's priceless contract: "},{"attributes":{"link":"https://bit.ly/2MYXg4K"},"insert":"https://bit.ly/2MYXg4K"},{"insert":" which also introduces the usage or Relayers; we will soon publish an article and launch our dAPP Jarvis.exchange."},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"\n"},{"attributes":{"underline":true,"bold":true},"insert":"Roadmap:"},{"insert":"\n\nAs you all know, it is hard to give an accurate timeline so we will avoid doing that.\n\nwe will adopt the UMA's priceless framework in order to mitigate the front-running risk and to minimize the use of oracles ("},{"attributes":{"bold":true},"insert":"CHECK"},{"insert":")"},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"we will launch a uniswap-like ("},{"attributes":{"bold":true},"insert":"under development"},{"insert":");"},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"we will integrate with Paraswap Dex's aggregator to connect our synthetics with all the other liquidity pools and protocols;"},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"we will be adding few thousands instrument, starting this year with fiat: EUR, CHF, GBP, JPY, NZD, CAD, AUD, ZAR, CNH, CZK, HKD, SGD, RUB, TRY, MXN, DKK, SEK, PLN, ILS;"},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"we will then be adding europeans, asiatics and american stocks and indexes;"},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"we will then open the pooling system to allow anyone to become a liquidity provider;"},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"we will build an automated dealing desk system to automate the hedging."},{"attributes":{"list":"bullet"},"insert":"\n"}]}

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