Sacred

Videos

Pila tecnológica

Python

Web3

Solidity

Descripción

Haven for competitive shariah-compliant stablecoin yields and leverage, for the onchain muslims who have the capital but no place to grow it in the existing landscape of largely non-shariah-compliant DeFi (usable by non-muslims too ofcourse).

Fundamentally, there are 2 types of people:

people with no capital but more risk appetite - onchain traders
people with capital but no risk appetite - onchain + offchain risk-averse savers

We basically take capital from savers and give it to traders to allow them to make their money using leverage, and give back part of their profits to savers for their capital usage. And to keep the protocol solvent, we have a liquidity reserve and a protocol backstop, to protect the protocol from short-term liquidity shortage problems (traders using too much money) and long-term liquidity loss problems (traders losing too much money). Another beautiful symmetry here is that the median lifetime of a saver txn is strictly greater than a trader txn, i.e. the capital user (trader) would generally have their rewards / losses settled before the capital owner (saver) wants it back.

Progreso del hackathon

Large amount of time was spent in figuring out the right mechanism that satiates both stable yield and leverage lovers, while managing their risks safely. The proposed implementation strikes the right balance to offer both market-competing stablecoin yields and upto 3x leverage on assets like BTC and ETH to begin with, while having tried and tested mechanisms to protect the risks and solvency of both the stakeholders. With this design, I was able to ship the first version of the protocol, intended to be deployed on Arbitrum, and its stablecoin vault on Robinhood too later on.

Estado de recaudación de fondos

Looking to raise angel round while the first version of the protocol gets audited and prepped for arbitrum mainnet deployment.