HODL-bonus-pool 🧑‍🤝‍🧑🤽 dApp

A project for learning smart-contract-full-stack-whizz-bang-dApp-buidling using the incredible austintgriffith/scaffold-eth.

💡 The idea: "Strong 💎✊ hands" get a bonus from "weak 🧁 hands"'s penalties for early withdrawals.

Why would anyone use it, why is it a good idea ❔

1. Price effect: like "staking", but without the inflation

   • Raises the price by reducing amount in circulation 📥.
   • Builds trust in the asset by proving an amount commited to be held 💍.
   • Makes HODLing more attractive by providing a positive economic incentive 🤑.
2. Social proof / network effects: like "time lock", but with an incentive to participate

   • Makes HODLing provable and shareable 🐦 .
   • Increases trust in the community's / project team's long term commitment, provides a social incentive to demonstrate "skin in the game" 🙋‍♀️ .
3. Yield generating: like AMMs LP or lending, but without AMM's impermanent loss and doesn't depend on borrowing demand

   • Vs. liquidity providing in AMMs: no dependence on trading volume, no exposure to additional assets, no bleeding value to arbitrageurs (not-so""impermanent"" loss) 🩸.
   • Vs. lending: earns yield on tokens that don't have a borrowing market with high interest rates 🔄 (or any borrowing market).
4. Volatility bonus: market volatility causes higher bonuses

   • Asset price "moons" 🥳 - more "weak hands" will withdraw early to take profits, increasing the bonus 💸.
   • Asset price "tanks" 😢 - more "weak hands" will withdraw early to panic-sell, increasing the bonus 💸.
5. So what tokens this should / shouldn't be used for?

   • ✔️ Most tokens which don't have profitable AMM / staking / lending usage.
   • ✔️✔️ Community driven tokens like meme-tokens.
   • ✔️✔️✔️ Smaller (new) project tokens instead of time-lock mechanism .
   • 👎 Stablecoins: they can be profitably and safely lended, or provided as liquidity in AMMs.
   • 👎 Tokens which have very high trading volume but don't change in price much: they can be LPed in AMMs.
   • 👎 Tokens which have profitable staking mechanisms: they can be staked for guaranteed yield.

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🧭 Vague versions plan (roadmap?)

1. v0 ✔️ (PoC)

   • goal: 🚀 end-to-end bare skeleton first version deployed (to testnet).
   • scope: fixed commitment params & bonus depends on ratio of current pool, only eth
   • deliver ✔️ repo ✔️, tests + CI ✔️, basic UI ✔️, kovan testnet deployed & verified contract ✔️ and frontend (eth) ✔️
   • stretch ✔️: erc20 support ✔️ (supporting a single token)
2. v1 ✔️ (alpha)

   • goal: handle all tokens & ETH in one contract
   • scope: any ERC20 token ✔️ (even fee-on-transder tokens ✔️), handle ETH as WETH ✔️, single contract for all tokens ✔️
   • deliver: UI ✔️ frontend (ERC20 tokens / eth) ✔️, explanations ✔️, kovan testnet deployed & verified contract ✔️, some feedback ✔️
3. v2 ✔️ (alpha+)

   • goal & scope: bonus depends on time held ✔️, flexible commitment params when depositting ✔️
   • deliver: UI ✔️, frontend ✔️, kovan testnet deployed & verified contract ✔️

4. v3 ✔️ :

   • Goal & added scope: deposit is ✨ERC721 NFT✨ (transferable, view on supporting platforms) ✔️, multiple deposits for same account ✔️, depositFor on behalf someone else ✔️, all-deposits view ✔️.
   • UI:
     • Kovan ✔️
   • Contract:
     • Kovan ✔️
     • Mainnet(s): ⏳

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Basic V2 demo (Try it out):

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Local development

System dependencies: Node & Yarn

Running local chain + contract + local frontend

1. Install dependecies: yarn install
2. Start a local chain: yarn chain
3. In second terminal: deploy the contract to the chain - yarn deploy or yarn watch
4. In third terminal: start the frontend react server yarn start

Testing:

• All tests: yarn test
• Run some tests matching a pattern (in their description strings):
  1. Go to contracts package: cd packages/hardhat
  2. Start a local chain: yarn chain
  3. In second terminal: run e.g. "deployment" related tests - yarn mocha -g deployment

Other utils:

In in packages/hardhat:

• Gas report: yarn gas-report. It's saved to packages/hardhat/gasReportResults.txt.
• slither report:
  • To install: yarn install-slither (this creates a python .venv virtual environment with slither)
  • To run: yarn slither. Report is saved to packages/hardhat/slitherReport.txt.