Hey everyone, we present our project for Binance Hackathon. We have created MVP in a week. Below we will give a quick overview of some of the main functions of the future protocol.
Baskets.Finance is a DeFi protocol for creating and managing baskets of assets and indices on different blockchains (currently, the main focus is on ETH and BSC)
The protocol allows users to buy baskets of assets from various sectors of the crypto market, such as DEXes, Oracles, Farming, Landing & Borrowing, NFT, etc. At the initial stage, Core Baskets are selected by us according to various criteria, such as liquidity, project activity on GitHub, analysis of social networks, community. In the future, the community’s composition and a number of baskets will be formed by voting in the DAO.
The users can also create their own basket using the “Basket Builder” Select projects by any criteria and metrics: off-chain (for example, team activity on GitHub), on-chain (for example, the number of active addresses or TVL), market (capitalization, trading volume, etc.). Set the required weights for each asset. Other users can connect the copy-trading feature to these baskets. The social part, copy-trading, and asset management are topics for a separate article. As part of this, we will not touch on it. But it is pervasive, and we will definitely share our vision in future updates.
There are several options for interacting with baskets:
InWallet Mode — when all purchased assets from the basket are in the user’s wallet, and you can interact with each asset separately. Those you can sell both an individual asset and the entire basket in the future.
GOD Mode :) — When can we buy tokens and automatically stake them in Private Liquidity Pools (about them below) or in their own protocols in several steps. Without a thousand approvals.
Private Liquidity Pools (PLP) are liquidity pools for participants and protocol token holders. which consists of a basket of assets on one side and base network currency on the other side
All protocol transactions (buying and selling baskets) will first of all be “routed” to Private liquidity Pools. To provide better exchange conditions in the protocol, an opensource SDK for arbitration between PLPs and other DEXs will be developed, which will provide more trading volume in PLP and, as a result, more APY for liquidity providers.
Liquidity providers will be rewarded from commissions in staked tokens and protocol tokens.
The next stage of routing between main existing DEXes to find the best exchange rate and protection against front-running.
Investment Automation — Create your own conditions for managing baskets and indices. Define the rules for rebalancing assets, automate purchases in your portfolio (for example, the rule to buy a specific basket per month (day, week, quarter) regardless of price or with different conditions). Use different on-chain, off-chain, market metrics for conditions. Set stop losses and take profits both for the basket as a whole and for individual assets.
By packaging multiple transactions into one, optimized contract logic using our own gas token, transaction processing fees are significantly reduced. In further publications, we will show this with an example.
Of course, every point described above and many more topics not covered deserve more detailed consideration, but this is the first quick overview of the project written for the hackathon.
The main MVP logic, written specifically for the hackathon, in JS with minimal use of solidity.
The contract batch transactions into one and swaps on PancakeSwap in bulk. If one of the swaps will not execute for some reason (large slippage, etc.), the entire transaction will be reverted. But it is also possible not to reverse the transaction and buy what passes under the terms. The contract has deployed to mainnet 0xdC31B155C7c4A05e7F61e5451e9187Eb36B08975
The frontend and the logic of transactions can also be viewed on GitHub. All code is entirely open source. It was written in a week, so everything was written without tests and not according to best practice :)
Currently, baskets purchase and statistics are working.
Support us at the hackathon
All addresses interacting with the hackathon contract and MVP contract in the mainnet we will consider the protocol “early adopters” :)
Track commits on GitHub.
Send feedback to https://t.me/tBaskets.