HyperDeFi - Decentralized Open Finance Platform

Contribution Proposals
1

HyperDeFi

HyperDeFi_logo

Development

Decentralised Finance

Project Description

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.

  • TAP/ICX
  • SEED/ICX
  • UP/ICX
  • LDX/ICX
  • METX/ICX
  • IAM/ICX
  • BALN/ICX
  • 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.

Token Design

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)

Vaults

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.

Security Auditing
All contracts will be audited by reputable third party using the proposed Foundation Audit

Future plans

  • Decentralised Lending Pool (variable interest rates, health factor, liquidation)
  • Overcollateralized Stablecoin

Project Duration
6 months

Project Milestones

Month 1:

Smart Contract - AMM
UX/UI Prototype (InvisionApp)
UX/UI Design for Pool

Month 2:

Smart Contract - Token Farming
UX/UI Design for Farming interface

Month 3:

Smart Contract - Vaults
UX/UI Design for Vaults interface

Month 4:
Smart Contract - Governance
UX/UI Design for Votes

Month 5-6:
Smart Contract - Testing / Auditing
QA Testing/Validation
Mainnet release

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.

2

Hi guys,

Thanks for your CPS proposal. ICON definitely needs a Uniswap like DeFi Dapp.

Why not start with a fully working, battle-tested and audited AMM, then add features progressively? Is this what you are trying to achieve in Month 1? Will we be able to play around with the front-end, login with Iconex, and swap assets at the end of Month 1?

I don’t see smart-contract development in the fund breakdown. Will this be handled by the Backend / Python dev?

Is it possible to get more info about the team and your experience building Dapps and other blockchain projects?

3

Hey guys,

I would also like some information of the team. Who are you guys behind HyperDeFi? Will you be building the platform yourself, or will you hire third party developers?

4

Isn’t the equality of the icon to be released in Q3 able to do this? To me, equality seems more attractive. I think overlapping projects are a waste of budget.

5

I got it wrong. Quality is only for Stable Coin. Sorry

6

It is certainly something considered but also payouts are based on milestone so these would be in testnet and usable early for validation. Milestone 1 and 3 are very much linked to eachother but also contingent on the milestone 2 token contract. An AMM without token farming/liquidity farming certainly should be demonstrable earlier but would need adjustment.

In terms of team happy to provide details directly to other P-Reps directly, they are in existing contract/employment and we know them personally for many years.

7

The HyperDeFi team currently consists of two Software Engineers, they are happy to provide code samples and further details to other teams of more detailed work experience

Rob - Backend Software Engineer

Rob has over 15 years of development experience and is currently based in APAC. He has written numerous complex web applications from Trading systems, capital management and secure file transfer as the lead / core developer. Rob adheres to industry best practice with test driven development approach with most recent webapp application(50k lines) having over 80% test coverage. Rob can quickly and easily learn new technologies and is extremely dedicated to his passion of coding.

Core Skills

  • Python (Django, MVC , Pyunit, OpenAPI 3.0) - 10+ years
  • Java, JSP, Java Bean, Servlets / C++ - 15+ years
  • Javascript / HTML/ CSS - 10+ years
  • PHP / Codeigniter - 5 + years
  • Jquery / Bootstrap - 8+ years
  • RabbitMq / Redis - 8+ years
  • MySQL, PostgreSQL, Oracle, DB2 - 8-15 years
  • Oauth2, SAML2, LDAP, Kerberos - 5+ years
  • Smart contract Development - 1 year

John - Frontend/Mobile Software Engineer

John has over 10 years of development experience and is currently based in APAC. John prefers to work in newer frontend and mobile frameworks but also has significant experience n C#. John is experienced in UI/UX prototyping as well as integrating a variety of test frameworks.

Core Skills

  • C# - 10+ years
  • Node / NPM 8+ years
  • ReactJS (advanced Saga/Redux)- 5+ years
  • Jquery/Vue/Angular/Bootstrap - 5+ years
  • JSON/Restful API integrations - 7+ years
  • Jest / Enzyme / RobotFramework / Selenium - 5+ years
  • UI/UX Design InvisionApp / Figma / FluidUI - 3+ years
  • Native Android Java/Kotlin/XAML - 7+ years
  • Xamarin C# - 7+ years
  • React Native - 5 years
  • WPF - 3 years

They plan to provide UI/UX mockup later next week which is originally part of milestone 1 but would like to demonstrate there desire for this opportunity the ICON community is providing

8

Sorry if I’m not understanding but it seems like this project is similar to OMM and ICONpool.io? What will make this stand out over those projects or projects like this that are already being made or are live?

9

just thought to ask, would a amm aggregator not be a better fit for the icon ecosystem? just like 1ich did for eth? then roll it into a amm once icon’s defi evolves.

I understand we are in the voting stage now so kinda late to ask…

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10

The AMM was only small proportion of platform objective, the yield farming of governance token via staking + liquidity mining to create TVL and having pairs with points using governance token provides utility. Beyond outlined plan the team wanted to build lending components.

We also like idea of AMM aggregator actually most of which could be done on the frontend entirely, defisaver.com does this well. For AMM+points that really needs it’s own AMM contract. Maybe someone could raise another CPS request for this initiative we would endorse it.

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11

ICONPool did not have concept of staking, liquidity mining and governance to vary APR of a pool. We hope ICONPool will request CPS to update frontend as proposed in grant request (seems they removed it). If ICONPool raise CPS we would support them for their objectives. There AMM contract is already live but frontend needs an update to be User Friendly.

For OMM it would be more comparable to second phase of HyperDefi which is outside the the proposed work.

12

Hello,

Thanks for proposing this DeFI project. We think Uniswap like DeFi Dapp will be good for ICON.

We need more details, as there are other DeFI projects where P-Rep Teams designed them to squeeze all voters to them, in the system design flow. We need some big DeFI projec(s) where P-Reps can remain neutral.

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