HyperDeFi is a Decentralized Open Finance Platform. HyperDeFi will use a Governance Token to provide users a mechanism to vote on platform changes. HyperDeFi intends to be a multi-chain Dapp that will leverage multiple public Blockchains to provide users a unified interface.
ICON provides one of the fastest lowest cost decentralised Blockchains that exist today with a flourishing ecosystem of community and developers. We have chosen ICON for its technology, speed and low cost fees that make it a perfect place to demonstrate the next wave of DeFi for the future.
Automated Market Maker
HyperDeFi will implement a UniSwap based swap contract. Users will be able to provide liquidity on pairs with additional pairs being made available. HyperDeFi will provide an AMM for all existing pairs that exist that have tradeable value on ICON against ICX, additional tokens will be added based on Governance votes after initial tokens are live. In the future we expect base pairs to exist against stablecoin assets where we will leverage price oracle feeds from Band or Chainlink.
- Others TBA
- Other Blockchain assets (via Bridge)
A standard 0.3% will be subtracted from all trades, 0.25% will goto the liquidity provider and 0.05% will goto HyperDeFi team.
The HyperDeFi token will be a Governance Token of the platform that will be yield farmed. There will 1,000,000 maximum supply with 25% of supply released every ~6 months (based on 7884000 blocks). 10% of all tokens minted will be allocated to the team released on the same schedule. The short name of the token will be announced in the future.
To generate HyperDeFi token users will be able to
- Stake ICX - network default ~7-11days (receiving standard rewards) - 1 point
- Stake ICX - 30 days - 2 points
- Stake ICX - 90 days - 3 points
- Stake ICX - 180 days - 5 points
- Stake HyperDeFi token 1 day - 1 point
- Stake HyperDeFi token 30 days - 2 points
- Stake HyperDeFi token 90 days - 3 points
- Stake HyperDeFi token 180 days - 5 points
- Liquidity Mining to pair to Vaults - 1 point (default)
Users will be able to lock their Liquidity Pair into Vaults to generate the HyperDeFi Governance token, each pair will be given 1 point and users will be able to vote with HyperDeFi Governance token to increase the point, 10% vote will yield an additional 0.5 points, so if a pair has >20% of the current vote they would have 1 + 0.5 + 0.5 = 2 points, this would increase the yield farming of this specific pair of the HyperDeFi Governance token (also decreasing other pairs as release of token is the same amount).
Oracle Price feed
HyperDeFI will leverage price feeds from Band or Chainlink based on availability for stablecoin pairs as well as for pair value if available.
All contracts will be audited by reputable third party using the proposed Foundation Audit
- Decentralised Lending Pool (variable interest rates, health factor, liquidation)
- Overcollateralized Stablecoin
Smart Contract - AMM
UX/UI Prototype (InvisionApp)
UX/UI Design for Pool
Smart Contract - Token Farming
UX/UI Design for Farming interface
Smart Contract - Vaults
UX/UI Design for Vaults interface
Smart Contract - Governance
UX/UI Design for Votes
Smart Contract - Testing / Auditing
6. Funding Amount Requested
1 x Backend (Python/Java core dev) ~6000 USD month x 6 = $36,000
1 x Frontend (ReactJS) ~6000 USD month x 6 = $36,000
Infrastructure/QA/PM/Marketing = $3000
50,000 ICX ~ $75,000 USD
Any ICX at time of conversion significantly above the USD amount requested will be returned to the CPS.