Thousands of developers flocked to Denver, Colorado this weekend to participate in ETHDenver, one of the largest Ethereum hackathon and conference in the U.S. While there was a wide variety of teams building projects spanning across multiple use cases, decentralized finance (DeFi) still takes the center stage.
Here’s an overview of several DeFi projects The Block was able to meet and learn about.
Instant fiat to ERC-20 exchanges in a single transaction
Built by the Totle team, DeFiat enables users to convert their fiat currencies to any ERC-20 token of their choice. The project leverages Wyre’s widget to buy ETH with a debit card, automatically deposit it into a smart contract, convert the ETH into a token of a user’s choosing via Totle’s exchange aggregator, and then send that token to the user’s Ethereum address, creating one of the first fiat to any ERC-20 on-ramp.
The project is still in development with the team hoping to release it as a web widget so any website can support fiat-to-ERC20 conversions.
Leverage aggregator with automated trading strategies
Built by the 1inch.exchange team, 1x.ag is an aggregation platform that lets traders open leveraged positions on a variety of tokens. With 1x.ag, users select the tokens they want to option leverage positions for, choose a payment method, pick a lending provider, and determine how high they want their leverage position to be (current options include 2x-5x). Users also have the option to use a liquidation bot to select the prices they want to liquidate their positions at to either take profits on their gains or prevent further losses.
1x.ag is on the mainnet with Compound as its current lending provider.
Decentralized options market
ohmyDefi is a platform that enables users to write options as well as buy options strategies. The platform offers three products:
- Options Builder Facility to create and sell either put or call options and set their own maturity date and strike price
- Writing Facility to write and sell American puts or calls for the ETH:DAI trading pair
- Hedging Facility to buy a long straddle options strategy for the for the ETH:DAI trading pair to hedge against ETH’s volatility
ohmyDefi is live on the mainnet.
Speculate on the price of Dai with 20x leverage
UpSideDai is a project that allows users to speculate on the price of DAI with 20x leverage. UpSideDai works as a Contract for Differences (CFD) and leverages the Maker medianizer ETH/USD price and the Uniswap ETH/DAI price to determine the USD price of Dai. With leveraged positions, users can speculate on the price fluctuations of Dai by putting up 100% collateralization to go either long or short. Currently, there is not a lot of ways to speculate on the price of Dai or hedge against it. The team believes that in the long run, UpSideDai will lower the price volatility of Dai as market participants will arbitrage away the difference.
MakerDAO BTC Vault
Built by the Ren Project team, MakerDAO BTC Vault is a project that plans to use renBTC, a bitcoin-backed Ethereum, as collateral for MakerDAO’s Dai stablecoin. The Ren Project team has been working with members of the Maker Foundation to test renBTC on the Kovan testnet.
DeFi E-commerce plugin
ShopiFi is a plugin that bridges the gap between e-commerce and DeFi protocols such as Compound, PoolTogether, Chai, etc. With ShopiFi, the consumer or merchant can indirectly take part in the benefits that DeFi protocols provide. Consumers can purchase a product and have a portion of their payment sent to interest generating protocols or deposited in a no-loss lottery. Merchants can choose to divert their sales and revenue to interesting bearing protocols like Compound and earn interest on their sales rather than having it sent traditionally to a bank account.
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