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chainlink ferrari asian fitFIRP - the future of France 88mph Chainlink Hackathon Workshop


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all right welcome everyone yeah well just give it a few moments let some other people join in here um great yeah really excited to have mcfly and zim cram joining us from the 88 mph team really exciting project uh i remember joining this telegram really early and getting involved and its exciting what you guys are working on so excited to learn more its great to be working with your team uh i was really excited to see that and i see one comment in here already the future of france is that a crypto twitter meme yeah that thats a crypto are you in france or where are you guys based out of me im based currently in france and im based in america san diego nice okay cool cool great well yeah really excited for this today um if anyone has questions definitely drop them into the youtube chat well do some q a at the end uh well also keep an eye on it throughout um and otherwise yeah uh mcfly zfam ill let you guys take it away yep um so like the the thing we wanted to to talk with you guys like is starting with a general overview of what we are currently building what is 88 mph what you can do with it and yeah the general state of what we are currently doing so uh the current version is available since end of november to 2020 uh we were working on that since one year ago approximately and we iterated a lot of different way of doing things of offering a fixed interest rate thats the main product of 88 mph so we explored different way of providing this kind of product so we ended with a bond system where someone can deposit some assets and in exchange you will get a fixed interest rate according to his maturity and on top of that we are retributing the users with nph rewards its like loyalty points loyalty program for using our services um the the other things is um we are offering the fixed interest rates but we are also offering another product that we call floating rates bonds the floating rate bonds are basically representing the debt of the system generated by the users of the fixed interest rate bonds and we sell that to someone else so its permissionless everyone can buy it uh whenever they want and the amount they want and uh its kind of the way the main way with their risk the ecosystem of 88 mph currently um so two products the flip-flop interest rate bonds and the floating rate bonds uh the fixed interest rate bonds i like to present them like a deposit account in a bank where when you are using it to get some fixed income you get retributed for using it and but retribution is the mph rewards and at the end of the day you own the bank because the mph rewards are a vehicle for socializing the governance power but also getting a share of the dividend so you receive some cash dividend by staking your mph token um we are currently working on other products one well like we are currently working on is the zero coupon bonds um its the erc20 uh token that represents the fixed interest rate bonds so currently the fixed interest rate bonds and the floating rates bonds are represented by nft this nlp we are wrapping them into erc20 and we are presenting them like zero coupon bonds but basically under the hood is the thirty is the prefed interest rate bonds but represent compose uh these zero coupon bonds the the benefits of having those coupon bonds is allowing more liquidity more flexibility regarding what you can do with your deposits so you can resell it more easily because its more liquid than just an nft there is new use case we can build on top of zero coupon bonds for example short structured product mixing a zero coupon bonds with an option for example or another commodity can create some guaranteed capital uh where you are exposed to one asset the website of one asset but you have their coupon bonds but back your your your initial principle and you kinda can guarantee a hundred percent of the capital so uh maybe i can do a quick definition also of zero coupon bonds a zero coupon bonds basically is a bond but give you at maturity the full face value so your principle plus the interest and there is no intermediary distribution of interest its just at the end when the bond is make sure you can redeem the full face value of your bones so principle plus interest down until the maturity so its basically what we are doing in terms of product we plan to do some stuff differently around the tokenemic and stuff like that but its for later in the future in the v3 um currently there is the product bound stuff there is the staking mechanisms regarding the mph rewards you can stake them and earn the cash dividend of a protocol so we are sharing a hundred percent of the profit of the protocol the protocol revenue with our mph stakers and there is some liquidity mining stuff to ensure that there is enough liquidity in the in the ecosystem for our community and um and yeah i think uh thats uh thats the general overview of what we are doing at 88 mph uh maybe the from you want to add some stuff if uh i i forgot to mention some some specific stuff is there something you want no thats good that was good cool um im wondering if uh from you want maybe to go over the integration guideline uh regarding all we can interface uh stuff with 88 and ph and after we can talk about like some use cases we thought about that could be cool to build on top of this uh yeah absolutely uh let me try to share my screen here hmm okay can can you all see it yep uh yeah so integrating with 8 amph is um straightforward in some ways and like in other ways its a bit like annoying to do the accounting uh so if you just want to do the fixed rate depositing you know withdrawing deposit or buying floating rate bonds uh theyre pretty straightforward to do uh if youre interacting directly with the smart contract so lets start from creating a deposit so when you want to make a deposit you need to provide you know the amount of uh tokens that you want to use for the deposit uh as well as uh you know uh how long you want to deposit it for and uh here you can see that uh you basically just need to call this one function that provides the two things that i just mentioned the amount of deposit and when you want the deposit to be mature and you know its its as straightforward as as possible i think and the drawing is um slightly more complex because um because you need to provide this thing that we call funding id which is basically the id of the floating rate bond that funded the debt incurred by the fixed rate interest given to this deposit so that to to obtain this value you would need to make a query to our um sub graph so that requires uh knowing how to make graphql queries its fairly simple its just almost just json im sure you can figure it out and the smart contract interface is just as simple you just withdraw a particular deposit uh provide provided you have the funding id uh now that that was the easy part uh the more complex part is uh the vested mph rewards uh so if you you know if you just want to implement like a proof of concept or you know something like that uh which which you probably are doing in a hackathon uh you can just kind of ignore this part because this part is just like making sure that you dont lock up like users uh best mph rewards uh so you need to understand how the vesting works uh if you dont care about that you can just focus on you know the deposits and buying a floating rate bond so this it would be best if you understand how exactly a fluid rate bond works thats also included in the documentation and you know how 80 mph works uh but the general gist of it is that we basically order all the deposits in a list and when you buy a floating rate bond you can like um you can choose to pay for the fixed rate interest of uh like a consecutive block of deposits uh so if if there are 10 deposits and five of them uh have already been funded by other peoples floating rate bonds then its possible for you to like buy the next by the that of the next two three you know five uh deposits and that is characterized by um yeah so the code example here doesnt really go into that i guess uh it just uh provides you uh with a function that lets you fund all the debt of the pool um like but if you want to look more into like uh a more granular approach you can check out the smart contract reference and uh funding all the deposits of the pool is also fairly straightforward you just you know give give an approval and then call this function without any parameters and zero coupon bonds uh zero coupon bonds is actually like a pretty good example of how to integrate with adm ph uh you know as a sort of external uh application or protocol uh because like the zero coupon bond stuff was added later as uh like uh yeah like its at a layer on top of adm ph and um so the the source code for the zero coupon bond contract is available on our github uh so you can check that out to you know understand how integration might work for you uh if you want to integrate with the zero coupon bonds um its also well its somewhat straightforward so you need to uh yeah so basically you need to own a deposit nft and you just call the zero coupon bond uh with this function and uh the name and the symbol you you dont need to care about these just provide the nfd id and uh [Applause] oh yeah finally there is a rest api available for fetching uh some basic info of the 80 mph pools so you can fetch info like you know the total value locked uh the apy for each pool and you know the addresses so yeah thats the gist of how to integrate with admph awesome yeah uh sorry uh kenan you you wanted to say something oh no i was just saying yeah i think that thanks ephraim yeah go ahead no yeah i i would think that uh its important to say or three things regarding what can be used on top of it and ph currently what we are seeing as uh over protocol external protocol integrations is vote integrations where someone is basically leveraging some float fixed interest rate bonds uh and harvesting some mph also on top of 88 the way of using 88 mph we are currently seeing is for like stabilizing some um algorithmic stable cons um and the over topic is the way that we can build structured product on top of the zero coupon bonds like we are saying before uh currently the structured product is the main next focus for house but we would be happy to see some project and developers building on top of these their coupon bonds to start structuring some product like in a way or another with options with like other assets like basic asset or commodity stuff like that that could be interesting and of course leveraging some uh some chain link uh stack uh into all of that so hes mainly in that direction we wanted to see some some developments but as uh we we said before in uh in the presentation of the price in the discord channel we have on chain link uh its up to you guys uh because like there is definitely uh overstep to to build with 88 mph cool stuff rewarding like nft also or other way of integrating fixed interest rates uh into other product and protocols so yeah just wanted to to say that there is no main focus like structural product is cool but there is definitely other stuff to do with that um cool yeah anyones listening in if you guys have questions at all for the 88 mph team definitely drop them in the chat got an eye on it and well be able to answer those whenever whenever you have them where are you going to say something um no yeah i just uh just wanted to have your opinion regarding other stuff we can cover uh like i think in the discord channel we were covering the price so the first price we are offering two thousand dollars in price uh paid in mph uh for the first uh the first place the second place is one thousand dollar and the third place is the 500 and yeah whatever can come interesting from the ninja captain we are definitely open to to support the development of the ideas after that like just out of one shot and we say goodbye to your idea and thank you its just like if there is really something interesting we can definitely support that because we have a grand ecosystem we have a grant program we are already supporting some community members who are like doing long-term stuff for our community so its definitely something its just like a starting point that we can support on the long term after awesome um yeah and then i think since we have a little bit of time do you want to maybe talk about um one just kind of like what what whats next on on your project road map and kind of where you guys focused on and um where do you guys kind of see this in three six months time yeah like the basic idea for the focus in 2021 is definitely theyre risking the protocol in a way to make everyone comfortable making sure that when you get a fixed interest rate at the end of the day when its mature you will have like the principal back plus the interest so currently our system uh is mainly relying on the floating rights bonds to their risk the protocol but it depends also of a demand for this product so we need buyers who are like burying the debt of the system so its working we are proving its working but its not enough because like its not like guaranteeing a hundred percent but the protocol is their risk so what we want to do in 2021 is like building layers of the risk of this everything with different mechanisms like keeping of course the floating rate bonds uh working on some credit default swap with partners like insurance company that can offer this kind of cds product uh an insurance fund also uh financed by the governance treasury that can give a buyer of last resort for some floating rate bonds um if there is some financial risk at one point temporary financial risk at one point in 88 mph could be like these different layers protecting the overall um ecosystem so is many are focused there is also like some changes we are currently discussing in our forum for updating the tokenomics the way we are like handling the mph staking mechanisms of mph that need to be paid back at some point in order to be uh able to withdraw your principal please interest we are asking a percentage to be paid back then php was re you received upfront so we are changing a bit these kind of things and the main goal is uh making the developer lives easier to integrate reverbs because currently uh by experience since the last four months we are live on mainnet we see that its possible to build on top of 88 mph and there is already protocol building like debate dynamics or mushroom finance this kind of uh project are building using 88 mph under the hood but its not easy so we want to make sure that uh developers can build easily onboard we can onboard easily new developers that want to plug their protocol with our protocol and me just like more composible so thats the main focus like theyre risking and composability yeah i think cool yeah yeah i think thats what makes your your project so so special you know is the composability of it in that it can be integrated in a lot of these different projects and really just kind of be one of these foundational pieces within d5 which is really exciting um with chain link and so can you talk a little bit about how like keepers work in the 88 mph protocol and kind of how those kind of play a role um in everything that you guys are building uh yeah i can talk about that so uh currently were planning on using chain link keepers uh as uh to update our uh interest rate oracles so the way that we currently provide fixed rate interest to our users is that we have an oracle that tracks the exponential moving average of the interest rate of an external protocol like compound ave etc and we we apply a modifier to this exponential moving average right now its uh its 50 percent i think uh and we just offered that as a fixed interest rate uh now currently uh the way that the oracles are updated is that you know whenever a user interacts with the protocol uh the oracle would be automatically updated and theres also like us manually updating or the oracles if you know no one is interacting with the protocol uh during a certain period of time with chain link keepers uh they basically replace like our role in manually calling the oracles uh chain link keepers will uh automatically call our oracles uh based on you know the duration uh like the update intervals that we want because like our oracles have different update intervals based on which protocols that theyre tracking uh and uh it will yeah like this integration will really like make our development process much smoother and you know less things for us to worry about yeah cool yeah yeah really really exciting stuff um sweet well uh if theres no other questions um is there anything else that you guys wanted that we maybe we left off on that you guys want to want to share i think i think you think you made it um from i think uh we are good um theyre from do you want to add some stuff uh yeah like i guess just like to talk a little bit more about the v3 stuff uh about making integration easier so like right now like you know uh because you know i i just did that whole shtick about the integration guide uh you can see that part of it is somewhat uh complicated especially like the vested reward and you know you need to keep keep track of all the nft ids so for v3 what we want to do is to make it as make integration as easy as integrating with something like compound or ave except of course youre getting a fixed interest rate instead of floating one uh and uh like we already know how to do that were currently in the process of building it so like you know in a couple of months uh it will be like super easy to integrate with adam ph cool yeah well were really excited and when that when all the stuff comes out well be happy happy to help you guys share it and get the word out to everyone um great well everyone um yeah really excited to see your projects midway checkpoints are coming up soon um so definitely go into your github tag chain link in there um put it either in the title just put chain link hackathon project well be able to search those and and well love to see what you guys are working on before you share it with us uh if you have questions for the 88 mph team one i really want to thank you guys for being a part of this hackathon uh its really excited uh to be able to be working with you all and im excited for where this project is going if you have questions for the team definitely hop into the chain link discord hop into the 88 mph discord as well um join their community um and im sure these guys would be happy to answer any of your questions and otherwise yeah excited to see the progress and uh thanks a lot for joining uh thanks for having us yeah see you guys see you Chainlink is a decentralized oracle network that enables smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments. 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