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 : Synergy | Devpost
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.
Watch in our video
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:
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)
User pledge over-collateral in wTRX.
Then they can mint 50% rUSD of the cost of their debt (200% overcollaterization).
rUSD can be arbitrary exchanged to any of the synthetic assets with no slippage according to oracle prices.
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).
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.
All price feeds are delivered by oracles.
Project Milestones :
Shasta contracts :
Bold are the most important ones