Meet the future heroes of DeFi
#KyberDeFi Virtual Hackathon has officially ended! The 7-week hackathon was launched with the aim of discovering and supporting developer talent around the world who are building on decentralized finance (DeFi). At the same time, we wanted to showcase a wide variety of applications that can be built with Kyber’s on-chain liquidity protocol and other exciting Ethereum technologies.
Our virtual hackathon offered $42,500 in bounty prizes,
and attracted over 300 participants, with 78 submissions, 41 finalists, and 18 Bounty Winners!
It has been an absolute pleasure working together with our tech partners, bZx, Chainlink, Compound, Melon, Synthetix, and WBTC to drive the DeFi space forward in one of the biggest hackathons of the year.
We were amazed by the quality of the submissions, ranging from DApps, data analytics tools, oracles, and other DeFi applications. Many used multiple protocols in their projects, and team members often worked remotely from different parts of the world. They are a strong testament to the composable and collaborative nature of the open-source DeFi space. The hackathon also highlighted Kyber’s key role in DeFi, as an on-chain protocol that connects decentralized liquidity and allows seamless token exchange.
Submissions were reviewed by a team of judges made up of industry pioneers with different fields of expertise, and were judged based on the following criteria:
- Novelty ‘X’ Factor
- Potential Value to Users
- Quality of the Idea
- Implementation of the Idea
- Technical Difficulty & Design.
Without further ado, here are the hackathon winners!
Congratulations to DeFiZap for being crowned the Kyber DeFi Champion and winning $5000 in KNC!
DeFiZap, built by amateur_dev, Nodar Janashia, Rohith Srivathsav, and Tosh Sharma, allows you to allocate your assets across multiple DeFi protocols in one transaction to save time and gas. Zap is a smart contract that auto-spreads incoming deposits across Compound, Fulcrum, TokenSets and others, based on pre-set allocations.
You can send ETH to a Zap contract and receive allocated tokens. E.g. Lender Zap allocates incoming deposits 90% to cDai and 10% to dLETH2x. If you send 1 ETH to this Zap, you will receive 0.9 ETH’s worth of cDai and place a 2x margin trade with 0.1 ETH on Fulcrum (giving you exposure to 0.2 ETH).
For ETH to WETH to DAI, Kyber Network’s Proxy Contract is used with the swapEtherToToken function. Check out DeFiZap now!
Kyber looks forward to working closely with DeFiZap to provide mentorship, advice and support to further develop their awesome product. To fund development, the team will also get a chance to pitch to MetaCartel to receive continuity grants.
In addition, the team members will each receive an exclusive ‘Kyber’s Shield of DeFiance’ ERC-1155 NFT sponsored by Enjin, as well as a lovely Kyber SWAG package containing Kyber T-shirts, stickers, laptop sleeves, and other memorabilia.
Coming in a close second was the Structured team!
Structured is a simple yet powerful platform that automates the packaging of DeFi products into portfolios. Users are able to select a portfolio that matches their risk tolerance and reward expectations, and purchase that portfolio in seconds, without custodians or brokers. Users simply send in their Ether via a simple web interface and enjoy hedged portfolio compositions at their fingertips. Structured leverages several DeFi protocols, such as Kyber, Compound, Bzx, Synthetix, and Uniswap. Test out Structured now!
Apart from their cash bounty prize, the team will also receive the exclusive ‘Kyber’s Shield of DeFiance’ ERC-1155 NFT sponsored by Enjin, and get a chance to pitch to MetaCartel.
Kyber will be working closely with Mike D’Shazer, David Van Isacker, and Tai Kersten to provide advice on how to further develop the Structured platform.
We received many high-calibre submissions and it was a tough decision, but the judges eventually picked the next 8 projects that captured their attention. Each wins $1500 in KNC!
In one transaction, MarginSwap by Patrick Lorio does the following:
- Borrows any quantity of funds from the MarginParent Smart Contract. Uses those funds to place a trade on any DeFi exchange (Kyber, Uniswap, 0x, …)
- Deposits the output of the trade into Compound.finance. Uses the deposit in Compound.finance as collateral to borrow the input to the trade. Returns the input to the trade back to the MarginParent contract
MarginSwap allows traders to get the maximum possible leverage given Compound’s collateralization factor, so if you’re going long on ETH with a collateralization factor of 0.75, you can get up to 1/(1–0.75) = 4x leverage. Try out MarginSwap now!
2. DATA (DeFi Algorithmic Trading API) Gateway and CryptoTalk
DATA by Gurupreet Singh and Avyact Jain, is an API gateway enabling developers to build & deliver DeFi applications faster, and define algorithms in plain language for mainstream users.
CryptoTalk app, an algorithmic trading app for the everyday trader, was built on top of this DeFi DATA Gateway, and Kyber, Compound and bZx protocols were utilized. E.g. Swap ETH to DAI if ETH price falls % in 5 minutes. During the day time in Asia, convert ETH to USDC, and lend at 5% interest rate, during US hours swap back to ETH. CryptoTalk app will soon be available on Google playstore. Click here to register!
3. DAI Daddy II (Uncensored)
DAI Daddy II is an autonomous, open-source platform for unwinding Maker CDPs. Apart from being a CDP debt marketplace where sellers can list their CDP for sale and offer a “discount rate”, the second version also adds a new feature: unwinding CDPs. Rather than requiring a counterparty to ensure a CDP is repaid, the DAI Daddy smart contract withdraws collateral from the CDP, uses Kyber Network to convert this ETH to DAI, and then pays off the CDP and returns the remaining ETH collateral to the owner. DAI Daddy II is built by Liesl Eichholz, Christopher Maree, Matthias Bachmann, Stefan Bachmann, and Hamed Ali.
4. Crypto Structured Fund
Lending is an important part of DeFi. Ping Ping developed Crypto Structured Fund (CSF), which provides moderate risk with higher return, to let risk-averse investors also get involved in the growth of ETH. CSF allows people to invest in two different terms: a) Preferred Share or b) Excess Return, and contract time and target interest rate are predetermined. E.g. In “1 year, 20%”, funds are invested from both sides to ETH and locked in a smart contract. One year later, ETH can be sold for 120% of the initial DAI amount from a) Preferred Share’s investors, and the rest given to b) Excess Return investors. By doing so, Preferred Share investors will not get a loss unless the price of ETH collapses.
Crypto Structured Fund deploys a smart contract that accepts investments and implements the logic of conversion and settlement. It automatically swaps assets by using Kyber Network’s
5. Well Timed
Well Timed by Luis Schliesske and Hilmar X allows users to split orders into several smaller ones, which will be executed for you at predefined intervals in the future. Well Timed can be used for token buybacks, slow accumulation of tokens or slow divesting without causing major price dumps. Kyber’s on-chain liquidity and price feeds were utilized to facilitate the trades.
E.g. Well Timed takes one transaction for 10,000 DAI to KNC and splits it into 5 x 2,000 DAI market orders over a period of 5 days, where each trade occurs 24h after the last one. The user experience is automated, since only one transaction has to be sent, and have relayers can execute the swaps on users’ behalf in the future.
Most users with different ERC20 tokens are not able to swap directly to Compound and Fulcrum tokens. It’s also not possible to migrate a lending position from Compound to Fulcrum or Fulcrum to Compound in one single transaction. Anton Bukov and Sergej Kunz (from CryptoManiacs) made Multi-KyberSwap, a smart contract wrapper over the Kyber Network Proxy smart contract, which allowed the bundling, unbundling, and transfer of the loan positions in multi-path manner, all in one single transaction. This functionality was deployed on https://1inch.exchange/
E.g. To get ETH → cDAI: Multi-KyberSwap of ETH → DAI → cDAI
Nenad Palinkasevic created KyberQuick, where users can send Ether to an ENS address, and it gives you back tokens you want! KyberQuick creates a custom KyberQuick contract for selected token addresses and adding a method to the fallback function in the contract so that when you send Ether to it, KyberNetwork converts the token and send it back to the msg.sender. There are 2 admin functions, so if Ether or a token gets stuck or sent by accident they can be retrieved. Check out how easy it is to use here.
dai.kyberquick.eth – Converts Eth to DAI,
mkr.kyberquick.eth – Converts Eth to MKR
8. Limit to Win it
With Limit to Win it, Calvin allows users to utilize Kyber’s limit order functions to fill orders based on interest rate targets, rather than time. Since Kyber’s limit orders are non-custodial, users can hold limit orders while earning rewards. This also works for holding certain staking-supported coins, which offer rewards for holding coins. Try Limit to Win it here!
Kyber’s API was used to get current prices of the underlying tokens, Compound’s API to collect prices and conversion rates to the main base token from the cToken, bZx’s iDai token for interest, and Synthetix’s SNX token (from a staking perspective) to create many limit order outputs that could be fed to execute the limit order function on the Kyber API.
bZx x Kyber Prize — $1500 in DAI
bZx Best Use Case — $750 in DAI x 2 Winners
With dDAI, you can earn interest with smart DeFi Recipes. dDAI is a token which is 1:1 redeemable and backed by DAI. dDAI enables users to earn interest from lending out DAI on Fulcrum, and reinvest that interest automatically into any other asset class using ‘DeFi recipes’ (using dDAI tokens to take specific actions) that utilises ETH, BTX, KNC, Synthetic assets, etc. or a combination of different assets. Try out their web app!
E.g. BTC Long Recipe: Converts dDAI to DAI, then buys WBTC via Kyber. Congrats to the dDAI team: Mick, Alessio Delmonti, dimarconicola.
Compound x Kyber Prize — $3500 in cDAI
Fyber by Madhur, Sneh Koul, and Rohith, is a decentralised marketplace for buying, selling, and lending goods powered by Kyber and Compound. Buy/sell/lend goods using Kyber in any token. To buy the product, user pays using any token through Kyber. After payment is made, buyer can securely send his shipping address to seller using status.im. Funds are held until the product is received, allowing user to raise dispute in those cases.
Lending is a 2-tiered process:
- Buyer sends the required rent to seller, and also sends security deposit to Compound. The security deposit accrues interest.
- Once the rental period ends, there can be 2 possible cases a) User returns the product — Split interest accrued to both buyer and seller b) User doesn’t return the product — User gets liquidated and seller keeps his deposit plus interest
Compound x Kyber Runner-up — $1500 in cDAI
This interesting platform allows you to choose your heirs before you die, and earn interest while you’re alive! Many crypto users are young, fearless and many of them aren’t thinking about death. But the fact remains: if we die, so will our crypto. DeFi Custody is a will on the blockchain. If you don’t sign the contract by your predetermined “deadline”, your ERC20 assets get sent to your predesignated heirs. While you are alive, DC earns interest via RAY (Compound, bZx, dydx). Built by Tommy, Ilgiz, Jack, and Pedro.
Chainlink x Kyber Prize — $1500 in LINK
EthOptions by Anand, Nikhil, Siddharth, and Mohsin is a decentralized ERC20 Options Trading platform allowing you to hedge against your crypto investments by leveraging profits and managing risks. Option Maker can place an order, while giving the allowance to transfer the BaseTokens to the escrow to be released when the option is exercised.
The Option Taker chooses the most profitable option in the Orderbook based on his judgement, paying a premium for that option in the QuoteToken. Using Kyber’s protocol, traders swap the required ERC20 at the time of payment and pay with whichever ERC20 token they have. They receive ERC721 OptionTokens for the corresponding option order filled. Before the expiry time, the Taker can choose to exercise his Option by giving his OptionTokens to purchase the locked BaseTokens at the Strike Price, in terms of QuoteTokens.
This will be possible after verification by the smart contract with regards to expiry time and Market Price of the BaseToken, using a Chainlink Oracle that obtains price through a Coinmarketcap API. Using Chainlink, the platform is able to ensure the integrity of the sensitive trade data.
Melon Best Use Case — 500 MLN (approx $2k) x 2 Winners
Portle is built by Timur provides an interface to interact with several DEFI protocols under single user interface. It presents those protocols under categories that are inherited from the banking application to make an experience more familiar. ERC20 trades on Portle were done via Kyber, Synths trades through Synthetix, and eventually a Kyber-Synthetix bridge was developed. Portle also integrated Compound for borrowing + buying/selling on Kyber, Fulcrum for pTokens, Torque for loans, as well as Melon funds! Try Portle’s live site now!
Gorilla Funds by Sievers is a Web-Front-End that allows Fund Managers on Melon to write about their strategies and their qualifications as a fund manager, along with Invest / Redeem options. This allows potential investors to quickly filter the Melon funds they wish to invest in.
The platform displays all the data on active funds on the Melon Network. If Fund Managers visits their own Fund, there is a link to a WordPress-Site on that they can login with Metamask. If a new blog post or category strategy is written in the category manager then the article is shown on the Front-End after the next rebuild. Other technologies used include The-Graph-API developed by Avantgarde Finance. Try Gorilla Funds here.
Synthetix x Kyber Prize — $2500 in SNX
Synthetix Best Use Case — $2500 in SNX
Vaultex by Nikolai Pashuk is a mobile-first, user-friendly, and permissionless platform for ownership of tokenized assets, with the aim of bringing a mobile-first experience of Synthetix.Exchange to mainstream users. Vaultex incorporated Uniswap exchange under the hood and converts ETH to sUSD. It also features fiat on-ramp with the Wyre widget. Exchanges between different synths are made on the app with balances displayed to a user.
WBTC (Wrapped Bitcoin) Prize — $1250 in WBTC x 2 Winners
Using multiple protocols, an investor would usually have to visit several platforms in order to rebalance their portfolio, which is very inconvenient. Agent Flip by Michael Cohen and Sudeep Biswas is a DeFi trading bridge between protocols, helping investors reposition in one contract call. Long/short, collateralized/synthetic, neutral, whichever! The first supported asset is WBTC. In one contract call, an investor can conveniently reposition, leveraging the power of five different trading protocols at once: Kyber’s liquidity protocol, Synthetix, Compound, Uniswap, and bZx.
People’s Choice Award — $500 in KNC
After some intense public voting on devpost, we’re happy to announce that the ‘People’s Choice Award’ goes to dDAI! This is on top of their bounty wins for ‘bZx Best Use Case’ and ‘Synthetix x Kyber Prize’.
Congratulations to all our winners! Kyber’s CEO Loi Luu also shared his thoughts on some of his favourite DeFi projects from the hackathon.
We will be getting in touch with the teams to arrange the distribution of prizes, and to see how we can help them develop their various projects! Please join our Kyber Developer Chat on Telegram to stay updated.
Once again, a big THANK YOU to our
Tech partners: bZx, Chainlink, Compound, Melon, Synthetix, WBTC
and of course to all the participants who made this hackathon such a huge success, showing the world the myriad of exciting DeFi applications that can be built with Kyber‘s on-chain liquidity protocol and other Ethereum technologies.
If you’re new to Kyber, we welcome you to build with us! Visit our Kyber Developer Portal and Twitter. Onwards and upwards!