Following DFINITYs Supernova Hackathon, we take a look at the talent emerging from the 'Asynchronous DeFi' category and examine what each team is bringing to the table.
To start, let's briefly recap the winners of the “Asynchronous DeFi” section of the Supernova Hackathon. Once we have Supernova’s largest DeFi players laid out on the board, let’s go over them more thoroughly, so we can understand what it is that these dApps provide to the ecosystem and see where they’re at currently.
Spinner Cash is a decentralized ledger that allows users to anonymously transfer funds from one address to another using ZK-Proof technology.
Spinner Cash, at its core, is a privacy protocol that utilizes ZK-Proof technology, as well as both a public & private ledger, to allow users to anonymously transfer funds between wallets.
While Spinner's quick pace and low transaction fees are new to the crypto-world, the concept behind Spinner is not, and it’s a rather controversial one. Spinner is modeled extremely similarly to the popular Ethereum dApp “Tornado Cash,” which we’ve recently seen go through a handful of regulatory issues, resulting in the arrest of a developer, the dApp being shut down, and discord communities being deleted.
This opens up a discussion on Spinner Cash as to whether it falls within the same lines as Tornado Cash. Currently, the IC isn’t discussing the topic (perhaps not wanting to bring Spinner Cash to light). However, the public consensus across Crypto Twitter seems to be that while the dApp was used for nefarious activities by a few - it’s unjust to arrest the developer and punish the broader audience that has used Tornado Cash as a result. What this means for Spinner Cash, is yet to be announced; however, I’d imagine a future of regulatory & legal challenges will ensue.
ICTC is a piece of infrastructure that leverages a Task Manager, Task Actuator, and Transaction Compensator - allowing easier management over transactions on a larger scale (utilizable by DEXs, AMMs, etc.).
ICTC is an infrastructure side dApp that developers of AMMs, DEXs, and other DeFi protocols will have the option to use going forward to convenience a dApp, managing transactions on a large scale. ICTC uses the combination of a Transaction Manager, Task Actuator, as well as a Transaction Compensator to verify the status of & manage transactions.
The Transaction Manager manages both the status of transactions as well as the Actuator, sorts “exceptions” within a transaction flow (ex, you initiate a swap, at 3000 ICP = 1 BTC, there is a price fluctuation to 2500 ICP = 1 BTC, the transaction must fail under the “exception” slippage is too large), and calls the Transaction Compensator.
The Task Actuator is the part of the dApp that verifies transactions - it utilizes a “best-effort delivery” policy to ensure that the transaction is always finalized as either a failed or successful transaction. The final component of ICTC is the transaction compensator, which compensates users in the instance of failed TXNs (determined by the Task Actuator).
Overall, this has the potential to be a great tool for DeFi developers, as it ensures the transaction flow is optimized and that transactions are executed correctly.
Interesting NFT Protocol / Toniq Earn
Toniq Earn is a decentralized NFT Borrow/Lending Protocol hosted on Entrepot.app, allowing users to loan ICP in exchange for NFTs and vice versa.
Toniq Earn is a unique dApp; it is essentially a borrow/lend protocol for NFTs. Toniq Earn allows users to use NFTs as collateral in request of ICP loans from other users within the protocol. The protocol is very flexible, allowing the creator of the contract to choose which NFT they’d like to use as collateral, the amount of ICP they’d like in return, the timeframe of the contract, and the APY they’d like to pay for the loan.
If a user decides to accept the contract, they receive a Toniq Earn NFT that represents the contract, which includes the collateralized NFT, the timeframe of the contract, the APY, and the loan amount. Once a contract has been accepted, it is then up to the borrowing party (of the ICP) to return the ICP to conclude the contract. If the borrowing party does not return the ICP, the collateralized NFT is then forfeited to the loaning party in exchange for the borrowed ICP.
Altogether, this is a great addition to our ecosystem, and although it requires a bit of fine-tuning, it provides great value to the NFT Community. Toniq Earn will give people the opportunity to use NFTs they aren’t ready to part ways with yet, as a means of liquidity - which is something desperately required as far as NFTs go.
Enoki DEX is a decentralized exchange that allows users to swap tokens, provide liquidity, and act as a market maker.
Enoki DEX is a rather straightforward dApp, as it embodies a traditional DEX, utilizing the Internet Computer's unique advantages. Enoki is a decentralized exchange, allowing users to swap tokens, provide liquidity to pools, trade via limit orders, as well as act as a market maker, on chain, with near-instantaneous TXNs.
Enoki has a few competitors within the ecosystem, being Sonic, ICPSwap, and of course, Infinity Swap. However, Enoki does offer a few things most DEXs do not; Limit Orders & Stop losses are some of the greatest tools a trader can use. With Enoki's introduction of Limit Orders to DEXs, and potentially much more required tooling, we could see the shift from CEX trading to DEX trading in real-time.
Creator Marketplace is a decentralized video sharing service, allowing creators & users to earn royalties from videos uploaded while storing data 100% on-chain.
Creator Marketplace is a curious one, as it seems to be more suited for a category like “Public Goods” rather than Asynchronous DeFi. Regardless, Creator Marketplace is a video-sharing service (similar to Web2’s popular “Youtube”), which allows creators to upload videos for the public to view.
However, Creator Marketplace has taken a bit of a different route, as they allow both users and creators to earn revenue off of the videos uploaded to the dApp. This is done by allowing users to “rent” videos to take part in the revenue sharing via “Royalty Tokens” as the video is viewed.
Simultaneously, Creators can earn both from their content being rented as well as their content gaining views. The duality of this system - allowing both the end user and the creator to profit from the content being consumed & created - is a great way to empower the creator & consumer.
Notable Mention - Finterest
Finterest is a decentralized borrowing and lending protocol allowing participants to take out loans using their crypto assets as collateral. This is done by locking assets in vaults, to loan to others, or to be used as collateral against a loan.
Currently, Finterest offers BTC , ICP , and XTC Loaning / Borrowing, but this list will broaden as we see more integrations, starting with Ethereum Integration. Finterest is also currently developing a stablecoin, “icUSD,” and a decentralized price feed, “Finny Feed,” which will work hand in hand with Finterest and any other DeFi protocol willing to integrate them.
Overall, this is a great addition to the foundation of our DeFi Ecosystem for both Developers & End-Users. Finterest will give developers the tools to jumpstart protocols while simultaneously providing a safe borrow/lend protocol for the community to flourish with.
This fantastic lineup just goes to show how much of a positive contribution Supernova has made on our ecosystem. Who knows how many of these projects would have been developed this fast or even existed without Supernova’s incentives? These dApps are just beginning to flourish, and it will be exciting to learn more about the amazing things these teams are building as they continue to grow.
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