frak-a-sat

Screenshots

Problem Statement

The idea is to create a space synthetics DEX. Users, hedge funds, DAOs can swap fractions (ERC20s) of a space object's digital ID (ERC721). Users can swap individual fractional synths, diversified risk collections like indices and more structured collections like options, perpetuals, etc. Fees from swaps accrue into a fee pool. Users can use governance tokens to stake, participate in governance, auctions etc. to earn rewards from the fee pool. The long-term goal would be to create integrations within the DeFi ecosystems for DeFi users that own their respective fractions such as lending and borrowing; options; structured products; ETFs, etc. The broader vision is being the DeFi backend for the space sector.

Solution

While time was in short supply, I ended up making a wire frame to submit something. Partial code is still available on the github repo.An External Adapter API is created using the Chainlink Oracle network with data of space object ID represented as JSON objects.A dynamic NFT (ERC721) based on oracle data connected to a IPFS/Filecoin/Arweave for storage.A Factory contract mints ERC-20s based on a generalised ERC-721 Interface.There were three smart contracts: (a) Marketplace contract that defined the swaps; (b) Factory that minted the ERC20 fractions and (c) an NFT contract that represented the space object with its JSON object data.Smart Contracts would've been created using Solidity v0.8.3 and HardhatThe final dapp would have a NextJS frontend with a Koa/Flask backend.The final dapp is deployed on a layer 2 (in this case was going to be Polygon).