DeFiZap wins #KyberDeFi Hackathon!

#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). 

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.

Just last month I reached out on Kyber's discord looking for a team to bring DeFiZap to life! We are truly speechless and are pumped to keep building. Thank you for your continued support 🙌

View original post by Kyber here.


“Congratulations to DeFiZap for being crowned the Kyber DeFi Champion and winning $5000 in KNC!

DeFiZap, built by amateur_devNodar JanashiaRohith 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!

Prizes: DeFiZap will be awarded $5000 in KNC. In addition, 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.

Kyber’s Shield of DeFiance — an ERC-1155 NFT on Enjin

Continuing Development: 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.”

Double Bull DeFiZap Walk-through Tutorial.

Learn how to long ETH + BTC with 2x leverage in a single transaction.

What does Double Bull Zap do?

Your deposit is automatically split into opening Perpetual (no expiration) 2x Long on ETH(dLETH2x) + BTC(dLWBTC2x).

For example, if you send 1 ETH to DoubleBull.DeFiZap.eth:

  • 0.5 of your ETH will go towards opening Perpetual BTC Long position with 2x leverage.

  • 0.5 ETH will be used to open Perpetual ETH Long with 2x leverage. This means you will have exposure to 1 ETH (0.5x2).

Walk-through tutorial depositing 1 ETH to Double Bull Zap:

  1. Navigate to https://defizap.com/zaps/doublebull

  2. Click buy and enter your investment amount.

    *When your wallet’s notification comes up, double check to make sure you are sending your intended amount. Click confirm when you are ready.

  3. Wait for your transaction to clear. You can follow progress on etherscan. Here’s my transaction depositing 1 ETH: https://etherscan.io/tx/0xae6641e92ca5aa22a45fc0cf9c6c4516f4d1f00a223f95b33448966937e8784a

ENS INSTRUCTIONS:

Double Bull Zap smart contract address was registered with the Ethereum Name Service under DoubleBull.DeFiZap.eth so that margin trading ETH+BTC positions is as easy as sending a text. *Just make sure to set your Gas Limit to 5,000,000 @3GWEI before sending your transaction.

What happens after you deposit ETH to Double Bull Zap?

After sending your deposit, you will immediately receive allocated bZx tokens (dLETH2x+dLWBTC2x) which track your open margin trade positions.

Soon you will be able to manage your purchased assets right from DeFiZap Dashboard but for now you can visit Fulcrum.Trade to view your balances and trade your positions.

Check out this tutorial to see how Fulcrum works. 

Risks:

  • DeFiZap is an experimental system of smart contracts. Even though our smart contracts never hold your funds, you should always use caution. You can view all smart contract source code on our Github. We are currently in the process of performing a 3rd party security audit.


⚡️Which Zap would you like to see next?

Submit a request and we will create a custom allocation for your needs.

Request a custom Zap


Useful resources:

🔗 DeFiZap.com

🤖 Kyber Virtual Hackathon Devpost

⚙️ Github

DeFi Tutorials

💬 Telegram


Disclosure: This is not investment advice. Please consult your own independent investment advisor before making any investment decisions.

The Ultimate Guide To Synthetix.

Learn about trading and minting Synths through this hands-on tutorial.

For this tutorial I teamed up with one of Synthetix’s power users @DegenSpartan.


What is Synthetix?

Synthetix is a decentralized synthetic asset exchange and issuance protocol built on Ethereum. 

Synthetix Network (SNX) token holders lock up collateral in the platform to issue a wide array of synthetic assets, known as Synths.

The platform currently has forex currencies, cryptocurrencies, commodities and indices. 

Being a Synthetix Trader

The Synthetix Exchange is a decentralized exchange for trading Synths.

Connect with either Metamask or your hardware wallet, and you’re in. No cumbersome registration, log-ins or KYC.

Once you are in, your available ETH and Synths will be displayed on the left. To trade on the Synthetix Exchange, you must have first have Synths and second have some ETH to pay for transactions.

If you do not have any Synths, you can buy sUSD with ETH. Select the amount of ETH you want to sell for sUSD, or the amount of sUSD you want to buy using ETH.

Alternatively, you can buy sETH+sBTC in a single transaction through DeFiZap. Their ‘Moderate Bull’ Zap auto-splits incoming ETH deposits to sETH+sBTC so you can go from ETH to sETH and sBTC in an instant.

This Zap’s smart contract address was registered with the Ethereum Name Service under ModerateBull.DeFiZap.eth so that accessing Synths is as easy as sending a text.

After you have acquired any Synth, you can use it to trade into other synths. In this example, I think that the price of ETH is going to go down, so I am selling sETH to buy sUSD.

A prompt will appear and after your transaction is confirmed on the blockchain, your trade is done!

*Available Synths:

  • Forex currencies (sUSD, sEUR, sJPY, sAUD, sGBP, sCHF)

  • Cryptocurrencies (sBTC, sETH, sBNB, sMKR, sTRX, sXTZ)

  • Inverse cryptocurrencies (iBTC, iETH, iBNB, iMKR, iTRX, iXTZ)

  • Commodities (sXAU, sXAG) *psst, gold and silver!

  • Indices (sCEX, iCEX) - a basket of CEX tokens and the inverse of it.

Points to note as a Synthetix Trader:

Synthetic assets are different from real assets in the sense that they are a price proxy of the asset which they are tracking. If you are a Synthetix MakerDAO (sMKR) holder, you would benefit from the price appreciation of MKR and the ease of exchange into other Synth, but your sMKR would not be recognized by the Maker Protocol to be eligible for voting or as payment for your Vault fees.


Being a Synthetix Minter

If you understand the exchange system, you must be asking yourself - “Where do the synths that I buy come from?”.

Mintr is the front-end interface for SNX holders to become minters and generate synthetic assets for the network, manage their staking and collect their share of fees.

Connect with a wallet.

Your screen will bring you to the Home screen that will display all your statistics.

To start minting, click on “Mint” and decide how much you would like to mint. To be eligible for the maximum amount of fees and rewards, you would want to max out the amount that you can mint.

Once the transaction confirms, you should have sUSD in your wallet now. You can use this Synths as you wish, like as capital for trading on Synthetix Exchange.

Every Wednesday, a snapshot of all SNX minters will be taken and they will be awarded fees from the Synthetix Exchange fee pool, as well as SNX rewards. They can both we claimed in a single action.

*Do note that your current collateralization ratio must be very close to the target collateralization ratio, or else you will be locked out from claiming your fees and rewards.*

The burn screen will advise you how much sUSD you will need to burn to bring your collateralization back to the target ratio. If you do not have any sUSD, you will have to purchase sUSD to burn so that you can claim your rewards.

After 2 weeks, any unclaimed rewards will be forfeited and distributed to all the other SNX stakers.

Points to note as a Synthetix Minter:

The process of being a Minter can be quite confusing. Minters take on debt by issuing out Synths and depending on the performance of Synthetix traders, Minters can make profits or losses by staking in the system. A certain degree of understanding of the system and frequent activity to manage debt and claim rewards are necessary requirements to be a good Minter and support the network in a profitable way.


Additional learning resources:

Knowledge Base:

https://www.synthetix.io/

https://synthetix.exchange/

https://beta.mintr.synthetix.io/

https://www.synthetix.io/uploads/synthetix_litepaper.pdf


Once again special thank you to @DegenSpartan for this detailed walk-through!

Feel free to share with anyone who wants to learn more about Synthetix.

Share


Disclosure: This is not investment advice. Please consult your own independent investment advisor before making any investment decisions.

Moderate Bull DeFiZap Walk-through Tutorial.

Learn how to get instant access to sETH+sBTC Synths.

What does Moderate Bull Zap do?

Your deposit is automatically allocated 50% to sBTC and 50% to sETH Synths which represent BTC and ETH long positions on Synthetix’s protocol.

For example, if you send 1 ETH to ModerateBull.DeFiZap.Eth:

  • 0.5 of your ETH will be used to long BTC by purchasing sBTC on Synthetix exchange.

  • 0.5 ETH will be converted to sETH, which will allow you to trade on Synthetix’s exchange.

Walk-through tutorial depositing 1 ETH to Moderate Zap:

  1. Navigate to https://defizap.com/zaps/moderatebull

  2. Click buy and enter your investment amount.

    *When your wallet’s notification comes up, double check to make sure you are sending your intended amount. Click confirm when you are ready.

  3. Wait for your transaction to clear. You can follow progress on etherscan. Here’s my transaction: https://etherscan.io/tx/0x7a3704f43c44eaa11039ffb0f03c4658ea737f392e84f1e0d8983de5d3e9f5b5 *NOTE: etherscan will show you a warning error.  Please do not worry, that is just an internal check error that does not impact the transaction and you will receive the necessary sBTC and sETH in your wallet without any issues.*

ENS INSTRUCTIONS:

Moderate Bull Zap smart contract address was registered with the Ethereum Name Service under ModerateBull.DeFiZap.eth so that accessing Synths is as easy as sending a text. Just make sure to set your Gas Limit to 1,000,000@1 GWEI before sending your transaction.

Why use Moderate Bull Zap as opposed to purchasing Synths yourself?

🕒You can go from ETH -> sETH+sBTC in a single transaction as opposed to 3 (ETH->sUSD, sUSD->sETH, sUSD->sBTC).

⛽️$0.15 - average gas cost to go from ETH->sETH+sBTC using DeFiZap.

You can review all transactions here.

What happens after you deposit ETH to Moderate Bull Zap?

After sending your deposit, you will immediately receive allocated Synths (sBTC+sETH), Moderate Bull Zap Smart Contract never holds your funds.

Soon you will will be able to manage your purchased Synths right from DeFiZap Dashboard but for now you can visit Synthetix.Exchange to view balances and trade your Synths.

Check out this tutorial to help you understand how Synthetix works.

Risks:

  • DeFiZap is an experimental system of smart contracts. Even though our smart contracts never hold your funds, you should always use caution. You can view all smart contract source code on our Github. We are currently in the process of performing a 3rd party security audit.


⚡️Which Synths would you to see in our next Zap?

Submit a request and we will create a custom Zap for your needs.

Request a custom Zap


Useful resources:

🔗 DeFiZap.com

🤖 Kyber Virtual Hackathon Devpost

⚙️ Github

DeFi Tutorials

💬 Telegram


Today’s the last day to vote for your favorite Kyber Hackathon project!

If you are excited about what we are doing, show us some love on Devpost 😊

Vote for DeFiZap on Devpost

Nodar.DeFiZap.eth@NodarJ
1/ Incredibly proud to share our Kyber hackathon project:
DeFiZap.com - allocate your capital across @compoundfinance @b0xNet @tokensets and others, in a single transaction. Zap is a smart contract that auto-spreads incoming deposits based on pre-set allocations 👇F

Disclosure: This is not investment advice. Please consult your own independent investment advisor before making any investment decisions.

← Previous

How to compare returns between TokenSets aka 🤖Money-Robots🤖

The ultimate guide to help you analyze TokenSets.

This is a follow-up guide to our Set Protocol tutorial.

DISCLOSURE: As always, this is not investment advice. Please do your own research before investing. I am not affiliated with or compensated by featured products.


'Set it n' forget it' sounds cool but you need to understand fundamental differences between each TokenSet in order to pick one, or a mixture of, TokenSet(s) that might fit your investment goals.

For now, TokenSets website only shows ROI (Return On Investment) comparison between ETH and a specific TokenSet at a time.

Compare performance between different TokenSets in 3 easy steps:

  1. Choose which TokenSets you want to compare and pick a common starting investment date.

    It’s important to understand that your ROI will differ based on when you initially invested. Just because the price of one TokenSet is > another TokenSet, or > ETH, doesn’t necessarily mean one is outperforming another. It’s all about timing. So in order to construct a viable performance comparison table, you’ll need to choose the same starting investment date across all compared assets.

    For example: I want to compare returns between ETH+ ETH20SMACO + +ETH50SMACO + ETHMINVOL +ETHHIVOL if invested on September 1st, 2019.

  2. Next, look up and note prices from your starting investment date.

    Continuing our example, on September 1st:

    • ETH = $171.42

    • ETH20SMACO = $265.29

    • ETH50SMACO = $172.11

    • ETHMINVOL = $76.92

    • ETHHIVOL = $108.51

  3. Calculate ROI for each TokenSet + ETH = (Current Price*as of NOV3* - SEPT 1 Price) / SEPT Price. You will be able to view calculated ROIs for all TokenSet on one screen and easily distinguish top performing TokenSets.

    • ETH +6.74% =($182.98 - $171.42)/$171.42

    • ETH20SMACO -22.94% =($204.44 - $265.29)/$265.29

    • ETH50SMACO -23.36% =($131.90 - $172.11)/$172.11

    • ETHMINVOL +4.17% =($80.13 - $76.92)/$76.92

    • ETHHIVOL +2.25% =($110.95 - $108.51)/$108.51

    Even though ETH20SMACO’s current price is ‘higher’ than both ETH and ETHMINVOL, if you invested on September 1st, it was actually one of the worst performing TokenSets with a -22.94% return. Furthermore, simply holding ETH would’ve been your best bet during this time-frame.

So as you can probably begin to notice, you have to play around with different time-frames and analyze how each TokenSet is performing during various market conditions.


If you want to calculate ROI for a specific time-frame, you will need to follow our guide above and use TokenSets website for price references. For quick comparisons, I set up a page with some pre-set time-frames like 7/30/60 days.

View TokenSets Comparison Table


Combining multiple TokenSets, you are able to create a hedged portfolio. Using Zap Generator from DeFiZap, you could see which combinations of TokenSets might fit your needs simply by answering a few multiple choice questions.

Use DeFiZap Generator


It’s been an incredible experience participating in Kyber’s Virtual Hackathon to start building DeFiZap. Our team is spread across 5 cities: Singapore, Mumbai, Pune, Peru, & New York. We all come from various individual backgrounds but ended up working as a team for this hackathon.

If you are excited about what we are doing with DeFiZap, show us some love on Devpost 😊

Vote for DeFiZap on Devpost

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