Articles
Collections
Write Article
Create Collection
Import from medium
Loading...
Sign in
POSTED 17 Feb 2019 17:57

Safe CDP

ethdenver-2019-submission
bounty-makerdao
bounty-zerion-2019
OWNER
d
derekchiang

Project Name

Safe CDP

Project Tagline/Description (140 Characters Max. Will be used on table card for judging)

CDP safe from automatic liquidation

Team Members. First and Last Names

Derek Chiang

Deepa Sathaye

Brandon West

Noah Amar

Status.im ID for Each Team Member (we will use this to contact you and your team)

derek Insecure Pointed Xraytetra

Detailed Project Description (no more than 3-4 sentences)

Today, CDP users typically over-collateralize their CDP by 300%-400% because they are scared that their CDPs might be automatically liquidated if ETH price drops. As a result, CDP/DAI today is highly capital-inefficient, e.g. for $350 worth of ETH, you may only withdraw $100 worth of DAI.

Safe CDP is a cryptoeconomic network in which a user can request their CDP to be safeguarded, such that if the CDP ever comes close to the liquidation ratio, an incentivized third-party will pay some debt for the CDP so that it won't be liquidated.

With Safe CDP, users no longer have to worry about liquidation. Furthermore, they can open CDPs at a much lower collateralization ratio (e.g. 200%). As such, given the same amount of collateral, users of Safe CDP can now withdraw a lot more DAI, which is a serious boon to the scalability and utility of DAI.

Describe your tech stack (e.g., protocols, languages, API’s, etc.)

Solidity smart contracts. React frontend. Python keepers. Twilio for notifications.

Track for which you’re submitting (Open or Impact)

Open.

All Bounties Completed/Incorporated

Zerion bounty 1: The best financial product for DeFi MakerDAO bounty 2: Create a novel, Dai based lending platform.

A link to all your source code on a public repo (i.e. Github)

https://github.com/derekchiang/safe-cdp

Outline
  • Project Name

  • Project Tagline/Description (140 Characters Max. Will be used on table card for judging)

  • Team Members. First and Last Names

  • Status.im ID for Each Team Member (we will use this to contact you and your team)

  • Detailed Project Description (no more than 3-4 sentences)

  • Describe your tech stack (e.g., protocols, languages, API’s, etc.)

  • Track for which you’re submitting (Open or Impact)

  • All Bounties Completed/Incorporated

  • A link to all your source code on a public repo (i.e. Github)