GM Gearheads, we are here to report back on the activities & traction from ETH Amsterdam / ETHGlobal hackathon that took place last week. It was amazing to see so many of you in person! In fact, it was the first time some of the core DAO members had met in real life. Let’s dive into the events.
A few quick notes & the DeFi Panel
First of all, we surely didn’t make enough stickers & merch… Hoodies and stickers disappeared in a matter of hours. We’ll make sure to get more merch for next time! It was fun & cool seeing DAOs make so much high-quality merch with unique designs, and supplying crypto builders with enough socks+t-shirts+hats+hoodies for the months to come…
The organization of all events was impeccable! ETH Amsterdam, ETH Global, and even the side events were all on time, with drinks & snacks, and most importantly — with a great crowd of builders. Fantastic time!
On Thursday, just before the hackathon, Mikael took part in the DeFi panel organized by Maven11 & Framework, chatting about synthetics/spot leverage with Float and Tracer. Have a look:
ETH Global Hackathon
On Friday, we put up the booth with banners & some stickers flying around — and got to the workshop part. For almost an hour, Mikael presented a deep dive into how Gearbox Protocol works, what’s under the hood, and other relevant details, especially for those who want to build with Gearbox:
After that, hackers went back to build. Of course, they walked over to the booth to ask some questions and feedback and got to know the stack better. After two sleepless nights, they were ready to present their solutions…
Amazing submissions for Gearbox at ETH Global
The submissions were wow! Dev docs for v2 have been semi-polished literally just a few hours before the event, yet multiple teams managed to fully grasp what Gearbox Protocol can do and navigate their way through:
Archimedes — 1st prize $7K
Distribution layer of investment strategies tokenized using ERC-4626 standard. Tokenized Gearbox strategies with ERC4626 to simplify the access to highly levered strategies. Casual users and financial institutions can access levered and hedged strategies with a single transaction. Strategies provide a liquidation protection mechanism as well. See all the info and the video:
VeriFried-Strategy — 2nd prize $4K
An infrastructure with a simple trend following strategy where the user will be able to define and backtest the strategy and deploy it using smart contracts. To allow users to get a better return on investment, this strategy will be able to use leverage, using Gearbox Protocol, and the liquidity that is not being used at any moment of time could be deployed in Yearn, to earn yield in the assets that are not being deployed in the strategy. See all the info and the video:
Team Pemma — the most complex composable strategy prize $2K
The strategy consists of 7 steps:
(1) swap all capital available and farmed APW for USDC on Uniswap,
(2) use it as collateral to take leverage on Gearbox,
(3) swap the leveraged USDC to USDT
(4) deposit the capital on Aave and get aUDST (aave interest bearing tokens)
(5) stake the aUSDT on APWine for PTokens (principal) and FYTokens (variable APY)
(6) swap the PTokens for USDT
(7) repay the Gearbox debt instantly within the same transaction
Now the user is left with FYTokens that can be farmed by providing them as liquidity to the internal APWine AMM. This strategy is automated with Gelato. The overall market performance of such a strategy is characterized by low volatility and limited to null exposure to the underlying asset by selling a future on the APY which can be changed at ease in the smart contract constructor. Users instantly get back their initial capital and are left with a value-accruing token. See all the info:
ćeD — Leverage Sensei’s favorite prize of $2K
Enabling leveraged LPing on UniswapV2-like DEXes with the help of the Gearbox protocol. This project enables leverage LPing on UniswapV2-like DEXes to the users. It is built on top of the Gearbox protocol where users can leverage up their assets.
We build our solution from the Gearbox contracts-v2 repository, using their existing AbstractAdapter contracts and extending UniswapV2Adapter to enable more features such as adding liquidity to the protocol. Our adapter supports adding liquidity starting with just one token in a single transaction. A key part was also writing a foolproof oracle for the LP pair, as a native LP oracle implementation is vulnerable to a flash loan attack. See all the info:
niftytable — the best dune dashboard prize $1K
Niftytable made a cool dune board with some new metrics which can be relevant especially when analyzing for which Adapters to build next, by analyzing the wallet activity of current Credit Account owners:
This can be added / improved learning from the previous dune by asot:
Let’s build together!
With regard to the teams that made amazing full-fledged products with the use of Gearbox, we should chat to them and encourage to continue working further. Any such grants would go through the DAO voting process.
As Gearbox DAO is growing and traction is growing, we’d like to invite everyone to build with/on top of/alongside Gearbox! That relates both to hackathons & having DAO grants & prizes at any time. Just suggest some ideas and start diving in, we’d love to help you out.
- Website: https://gearbox.fi/
- dApp: https://app.gearbox.fi/
- Docs: https://docs.gearbox.finance/
- Developer Docs: https://dev.gearbox.fi/
- Forum: https://gov.gearbox.fi/t/start-here-forum-rules/
- Blog: https://blog.gearbox.fi/
- Github: https://github.com/Gearbox-protocol
- Twitter: https://twitter.com/GearboxProtocol
- Snapshot page: https://snapshot.org/#/gearbox.eth