SYNERGY - Burn Synths, Not Nature!

Project Name : Synergy

In order to avoid disqualification, we inform you that Tron Hackathon is the first hackathon that we submitted Synergy to. All other submissions were made afterwards.

Project Track : DeFi

Team Name : based.builders

Team Member(s) : @Gernar (teamlead, solidity), @mit (architecture, research), @d0ne (front-end), @AnneKsatn (front-end)

DevPost URL : https://devpost.com/software/synergy-2d4lgi

Project Goal :

We want to help humanity and the planet. Synergy is not only a protocol for trading synthetic assets — it has a clear goal: to lower prices on commodities and reduce resources mining.

:arrow_down: :arrow_down: :arrow_down: Watch in our video :arrow_down: :arrow_down: :arrow_down:

Project Info :

Project Website : Landing Page

Project Test Instructions :

Before testing don’t forget to mint some mock wTRX here

Project Details :

Synergy combines the best practices of synthetic asset architectures. A perfect balance between over-collateral and algorithmic models, allows the protocol to keep very precise price pegs.

The algorithm can be described as follow:

  1. User stakes RAW token in order to insure their collateral. Insurance compensate loses in collateral when global debt increases. Percentage of the compensation could be up to 100% and depend on the time of insurance was locked (min 1 month, max 2 years)

  2. User pledge over-collateral in wTRX.

  3. Then they can mint 50% rUSD of the cost of their debt (200% overcollaterization).

  4. rUSD can be arbitrary exchanged to any of the synthetic assets with no slippage according to oracle prices.

  5. The protocol also provide users to take short position with 150% overcollateralization. Shorts also affect the global debt pool.

Because of the global debt could change over time, users could withdraw less money than they pledged. This fact negatively affects price peg of the assets. This why we introduce the insurance system (item 0).

  1. When user withdraw their debt, up to 100% debt loss might be refunded in RAW tokens if the user has enough money in insurance stake.

  2. All price feeds are delivered by oracles.

Project Milestones :

:white_check_mark: Pitchdeck
:white_check_mark: Solidity contracts
:white_check_mark: Landing page
:white_check_mark: App
:white_check_mark: Intro Video
:white_check_mark: Demo Video
:white_check_mark: Devpost

Shasta contracts :

Bold are the most important ones

Contracts

INSURANCE TNAcvrtUuVqMaUY5UJC86EbCjsGAx2zUZ6
LOAN TAbw8UeNAxPhD7cP4ApcgRJ32qCAxqyad7
ORACLE TNXuMTPrqkGHJEp6MHPd8eSt3nUXvuf26t
RAW TYwSCAkQ6YHVaWFFYTRcrBkx44FvmFh8fz
SYNERGY TVmQ81jx8v5jT4u6qKkGdajnBKZTA7UJUg
RUSD TFQ8iSyJs6ooYo8YxJYtQnGt22FqyMCX8a
SYNTER TTrfLikXtm6AnNWmmT872LqUF1tXQktzqL
TREASURY TCYGk4NkJDtpbvNwarg8aSqu5Q4W7ZooKh
WTRX TVMkyEh9ewLM2wWm5uCcQRBTqho8zD2whi
RAW_DATAFEED TJ7WX8AtR6YUpNZKwYTthjvdgWutF3Mywg
WTRX_DATAFEED TZHbGAPZvTpgTogy1w3Dx4FXwp9TRDBS7g
RGLD_DATAFEED TD9qRDc8w2WUo99xp3bB164cMkGVkQJLRH
RGAS_DATAFEED TH8FmSCyaPhj5yfrh8AGcS7FdQVCKxkhYb
RGLD TJ9acewm9Li9utY6GxK7e4qDvaRMY72uGk
RGAS TPnsQ24CqjY5ZkQ9Qy1i6jhwNLbxDcct2w
NFT TSXNN3fFvM5jvQ28HVzMHfrLCsUjDBfgVG

53 Likes

Nicez I hope they don’t mess up like others

5 Likes

Good idea, wish you success

6 Likes

Nice one, keep it cool we are coming too

5 Likes

Looking forward to the app and devpost. Goodluck Team

5 Likes

Thank you!
@Temiade070 @Vhicthor @Robert1 @Ajoke

3 Likes

Sneak peek of our NFT collection. Since gold is mostly used for jewelry, we can replace it with synthetic jewelry, and make the planet hurt even less. Almost better than the real thing, right?

6 Likes

Interesting project! I’ll be following up on this one :slight_smile:

Thank you! :star_struck: I wish you good luck in your track as well :rocket:

We are trying our best, thank you for your kind words! :hugs:

Hi, I have questions about your presentation:

  1. It seems to me it is possible to reduce the number of slides a little, add pictures and remove distracting elements (trees/clouds)

IMHO: I think all these punts will improve the UX of your presentation :grin:

  1. A few questions about the section of teconomics:
    1)Why do you need a token
    2)Why such tokenomics / are you ready to change it with an investor
  2. What is the interest in buying a token

Thanks for the answers :heart:

3 Likes

Hey! Thanks for taking interest in the project.

  1. We don’t have a designer on the team yet, so we had to make do with what we had. In the future, we’ll design better slides. The presentation gives the full overview of the project. For a shorter version, please check out our video.

  2. The RAW token is the central piece of our insurance mechanic. It’s used to create the insurance, as well as receive the payout. As for tokenomics, DeFi protocols always grow quicker with a token. We chose numbers for the tokenomics based on stability of the protocol in the future. There should be a balance between sale, vesting ,and emissions, so holders don’t get rekt. We are ready to change tokenomics, if we find a way to make it better/more attractive to investors.

  3. Main utility of RAW is the ability to insure up to 100% of your debt pool losses. It will also be used for collecting protocol fees, and for DAO governance.

1 Like

Good product package for huminty

Thank you for your support! :green_heart: :green_heart: :green_heart:

Hello, sers :sunflower:

Thank you for your video! I love how it’s made :heart:

However, it seems to me that I did not catch a few concepts.

So, how exactly does your project is going to help the environment?

1 Like

Hi! Synergy helps the environment because speculators will no longer handle real-life assets, but rather synths.

Currently only 10% of gold demand is driven by industrial use. Imagine if all speculation was moved to the blockchain. Corporations would mine 10x less gold, since demand on real gold went down. Same goes for most other resources: natural gas, crude oil, lithium, and others. Less mining means less pollution and destroyed ecosystems.

Of course, Synergy won’t be able to move 100% of all speculation to the blockchain. But if we can do it for even 0.1%, it’s still meaningful. We’re in all this together, and everyone should do their part. We’re doing ours.

2 Likes

We just finished up our devpost page, the front-end, and made a new Demo video! Good luck to us.

2 Likes

If you have any question about the project or you tried our demo and had some problems with it, just write your question here, we are always open to discuss :green_heart:

In order to avoid disqualification, we inform you that Tron Hackathon is the first hackathon that we submitted Synergy to. All other submissions were made afterwards.

Wishing you all the best in this season :dizzy: