The next Chainlink Virtual Hackathon kicks off March 15! Sign up today to compete for $125k+ in prizes.
The ETHGlobal 2021 MarketMake Hackathon was an impressive outing for smart contract developers to embrace the innovative fervor in DeFi and build advanced new dApps with Chainlink oracles. We continue to see explosive growth in the smart contract ecosystem, as developers both build traditional financial instruments on decentralized infrastructure and unlock completely new DeFi primitives and markets. Chainlink’s widely adopted oracle network is helping dApp developers securely access a full range of off-chain data resources, ensuring that as smart contracts continue to lock in more value, they can depend on hyper-reliable external inputs and computations.
We are pleased to award a total of $5,000 in prizes, with $1,000 to each winning project that used Chainlink oracles to showcase a unique externally connected smart contract application. These prizes encouraged developers to explore creative approaches to DeFi applications while using the Chainlink Network’s secure and reliable data infrastructure to connect their smart contracts to a vast array of off-chain data, API services, and computation.
Thank you to all participants, sponsors, and judges at ETHGlobal’s MarketMake 2021 for creating an environment for developers to level up their smart contract skills and #BuildwithChainlink.
Chainlink MarketMake Hackathon Winners
The winners below are highlighted in alphabetical order.
Audits R Dead: Streamlined DeFi Insurance
Audits R Dead is an Ethereum-based insurance protocol submitted by Evert Kors and Jack Sanford that provides insurance coverage for smart contract exploits or hacks by incentivizing security analysts to research and score insurance risk for DeFi protocols. Analysts are compensated through protocol fees and the yield of the insurance pool. Their detailed assessments of protocol risk inform insurance premiums, coverage policies, and risk/reward tradeoffs for stakers.
Additionally, Audits R Dead allows policyholders and insurers to use staked funds as governance tokens using an internal swap function. The Audits R Dead team uses the Chainlink AAVE/USD Price Data Feed to securely price stablecoin swaps into AAVE, enabling the platform’s governance function while maintaining an accurate level of insurance coverage in a USD base. These governance strategies are configurable for each protocol covered by Audits R Dead.
Audits R Dead is designed to reduce the cost of auditing and increase security through risk-adjusted protocol reviews. The project also opens up active governance participation as a core primitive in DeFi insurance. Using Chainlink’s tamper-proof oracles ensures that automated swaps for governance are secure, and not a honeypot for potential attackers.
DigiU.Lab: Ethereum-BSC DeFi Swaps
Developers Aleksandr, Boris Povar, Sergey Pylypiv, and Bogdan Sivochkin created DigiU.Lab decentralized exchange with liquidity pools on both Ethereum and Binance Smart Chain (BSC). This allows users to swap tokens from an Ethereum wallet to a BCS wallet (and vice versa) right in the DEX interface, simplifying the cross-chain experience.
The DigiU.Lab DEX uses Chainlink oracles as a bridge between EVM chains. They developed a Chainlink External Adapter script to call data from one chain and trigger a smart contract on another chain. The DigiU.Lab DEX works on any EVM-compatible blockchain that has Chainlink natively integrated. In this hackathon project, a Chainlink oracle on Ethereum detects a token swap request, then activates a Chainlink oracle on BSC, which initiates a transfer from the liquidity pool to the user’s BSC wallet. A similar process allows users to add liquidity on either side of the pool.
A trust-minimized cross-chain DEX provides DeFi users more options for moving assets without relying on centralized financial rails. By enabling secure smart contract-based cross-chain exchange, DeFi protocols and users can begin to develop automated ways to take advantage of yield across the growing multi-chain ecosystem.
Gearbox Protocol: Undercollateralized Margin Trading
Gearbox Protocol, developed by Mikhail Lazarev, allows users to leverage four times their deposited collateral for margin trading. From Gearbox, LPs stake approved assets that users can borrow to trade on leveraged positions. Users can then trade on a variety of whitelisted DEXs through Gearbox, trading with positions continuously monitored on-chain for risk factors that might result in liquidation.
Gearbox uses tamper-proof price data secured by Chainlink oracles to determine a risk score for a user’s portfolio. Users must maintain a valid risk level, or their collateral will be liquidated, providing LP staking revenue. Chainlink provides secure and reliable price data to ensure that liquidations happen according to fair and accurate portfolio evaluations.