Conflux-Native Crypto-Backed Stablecoin

[Thegaram]

Open DeFi Hackathon -- Conflux Network

Conflux-Native Crypto-Backed Stablecoin (Total Prize of USD 5,000)

Prize Bounty

Bounty Prize of Total USD 5,000 paid in $CFX

Challenge Description

The challenge of this bounty is for you to build a solution that enables a user to stake CFX or other cTokens as collateral in a vault that allows users to borrow a USD-pegged stablecoin against it while taking into consideration the maximum loan-to-value ratio or utilization ratio. You can use an open-source DeFi protocol as inspiration such as MUSD from the mStable team or DAI from the MakerDAO team.

In addition, creating a governance system behind the token that allows the community to manage factors such as collateralization ratios, new asset collateral, etc.

Therefore, this bounty requires that you research what is available and explore options to achieve a successful outcome of building an interface that permits CFX to be used as collateral against a new stablecoin that is native to the Conflux ecosystem.

The solution must be smart-contract-based on the Conflux Network, so long as the lender of the stablecoin can be distinct from the borrower who is locking CFX, allowing anyone to interact on either side and with a mechanism in place to accrue interest and liquidations.

Resources

• Join our Discord channel to shill your product ideas, find team members, or just to come and hang out with other Open DeFi community members!
• Learn more about Conflux tools and read our developer documents.

Submission Requirements

1. The application, infrastructure tool, smart contracts and/or storing state must be primarily built on or must utilize Conflux Network.
2. Open source code must be submitted, preferably hosted on Github (tag with #opendefi).
3. Submission must include a maximum 10 minutes video recording of the product demo + pitch demonstrating the functionality and a business case.

Other Requirements

• The project should be started on or after the hackathon start date to keep it fair
• The project should be deployed either on the testnet or mainnet, with a deployed site/server/etc.
• The project should be an original work of an individual participant or a group project

Submission Deadline

• Last day of the hackathon - Sunday, 23rd May 11:59 PM EST (GMT -5)

Judging Criteria

A panel of judges will rate your project on a scale from 1-5 on the criteria below

Evaluation criteria	Description
Technical Implementation	How challenging was the project to implement? Does the project push the boundaries of what is possible within the timeframe of the hackathon?
Completion State	Project state (like MVP, functional) Proper documentation and testing Plan forward beyond the hackathon
Requirements Alignment	Alignment with the bounty/track goals Practicality for the Conflux Ecosystem Practicality for the Partner Ecosystem
Creativity and Design	Uniqueness + creativity in the application or product

Winner Announcement Date

• Winners to be Announced - Wednesday, 26th May
• Demo-day for the winners - Friday, 28th May

[gitcoinbot]

Issue Status: 1. Open 2. Started 3. Submitted 4. Done

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This issue now has a funding of 0.001 ETH (2.92 USD @ $2924.69/ETH) attached to it.

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• $2,135,321.48 more funded OSS Work available on the Gitcoin Issue Explorer

[gitcoinbot]

Issue Status: 1. Open 2. Started 3. Submitted 4. Done

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Work has been started.

These users each claimed they can complete the work by 2 days, 2 hours from now.
Please review their action plans below:

1) greeenself has started work.

Özt
2) rajatbeladiya has started work.

will work on crypto backed stablecoin

Learn more on the Gitcoin Issue Details page.