derekchiang
derekchiang

2 min read - Posted 17 Feb 19

Safe CDP

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.

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

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