Chainlink Home Projects Squad Stack

Squad Stack

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Saving can be difficult and boring. Many would rather spend their money on beer and wings for Sunday football. With Squad Stack saving is fun. You can join in on the action AND save for the future.
General Submission & Positive Impact
Working but buggy
Makers
Kevin Pannell and Chad Welch
Tags
Smart Contracts
Solidity
ethereum

Saving can be difficult and boring. Squad Stack aims to change this by creating new incentives to save. Squad Stack turns passive saving into active saving by allowing savers to leverage their interest in weekly futures contracts. Squad Stack contracts are special in that no participants lose any money! Participants pool their Dai into our contract and signal their Faction - whether they are a Bull or Bear in regards to the ETH/USD price. At the beginning of the weekly match, the Squad Stack contract swaps the pooled Dai for cDai to generate interest. At the end of the week, we utilize Chainlink to determine whether the price of ETH/USD increased or decreased. The interest accrued over the past week is dispersed among the winning faction based on each address’ contribution. To appeal to individuals, we are gamifying this entire process. The weekly matches are inspired by the NFL - one week is not too little or too much time for the average participant to engage. Squad Stack aims to bring out the tribalism that we all know and love in sports and politics. We hope to drive engagement by pushing an us versus them narrative through our frontend interface and Twitter activity. Additionally, we are implementing a leaderboard that can rank participants by the amount of matches won and the total number of interest earned. With Chainlink, any type of contract could be modeled, including: currency futures, interest futures, stock market index futures, hash rate futures, etc. With enough liquidity we could easily open additional pools to allow participants to choose their playstyle. Additionally, we can add additional Factions to a pool to enable differing levels of leverage for participants. Ex. faction A is price movement < -2%, faction B is [-2%, +2%], and faction C is > +2%. Squad Stack may be an entirely new breed of financial derivatives that can allow institutions to further manage risk and to leverage the interest earned on their cash positions. Unlike existing futures contracts, no margin, marking to market, or clearing house is required for these contracts. This removes the jurisdictional boundary for participants and allows anyone in the world to take a position. While our initial product is targeted for individuals and their savings, we believe this contract can and should be brought to life in the institutional space. As stated frequently in Chainlink blog posts, there is a legal requirement to keep internal trading strategies and positions private. Combining IBF with Mixicles can unlock the power of these contracts in the institutional space across the globe.

Screenshots
Comments (2)
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Serge Malle · posted about 3 years ago

Wonderful. Good job

Muhammet Pehlivan · posted about 3 years ago

good job!!