The third Scrypto competition ended last week and we are finally ready to reveal the three winners who will split $10 000 XRD! During our first Scrypto competition, participants had to build a decentralized exchange blueprint. For the second one, an oracle blueprint. This time around, participants were given the challenge of building a lending application using Scrypto. With this competition, we reached a new peak of 15 submissions. This is an amazing number for such a young community on a very complex topic, and once again the results exceeded our already high expectations.
Before we announce the three winners you should know that the submissions were judged on the following criteria:
- Quality and asset-orientedness of the code
Did the developer follow asset-oriented design patterns such as identifying users with badges and letting the user withdraw instead of sending tokens directly to an address?
- Breadth of functionality
How many features did the developer implement? Did they add extra features such as flash loans, soul bound tokens to track the credit score of a user or a way to liquidate loans that are under-collateralized?
- Creativity of the concept
Did the developer implement something that we didn’t think about or found original solutions to attack a specific problem?
- Quality of the documentation and comments in the code
Did the developer write documentation explaining how the blueprint worked and how to test it? Did they write comments in their code to help people understand it?
We are really impressed by the improvement of many members of our community that have also participated in previous competitions and who have been sharing Scrypto examples on our examples repository. Many are already becoming experts and will be ready for Babylon! We are also happy to see that people with no previous experience with Scrypto, who found us through DevPost, picked up the concepts quickly and built high quality blueprints.
Now, without further ado, let’s announce the winners!
1st place: DemiFi by ScryptoNight
ScryptoNight took the lead by developing a microfinance lending service, where people can get small uncollateralized loans to finance their business needs. For those who don’t know, microfinance was pioniered by Nobel Peace Prize winner Muhammad Yunus and helps the poorest and most vulnerable people get access to savings, loans, insurance and money transfers.
In their submission, ScryptoNight built a system where people can register and get endorsed by other people or organizations who trust them. This allows the lenders to judge how trustworthy a loan requestor is. Participants can then request loans of a certain amount and payment interval - and receive pledges from different parties.
This example displays a good use of NFTs to authenticate users, shows how different blueprints can work together and provides excellent code documentation so that you can easily follow what is going on.
ScryptoNight will receive the first prize of $5500 in XRD.
“With a professional background in C, C++ and Java I spent four weekends of June learning Rust and Scrypto, both new to me at the time, and by July I felt like I was already putting out production ready smart contracts. Scrypto has proven remarkably easy to get into and its built in security framework gives me great confidence that I can focus mostly on my business logic while the Radix engine takes care of the gnarlier stuff under the hood. This has been a very pleasing journey into the realm of smart contracts and I'm already planning my next project.”. – ScryptoNight
2nd place: GroundFinance by Peter Kim
GroundFinance is an uncollateralized lending protocol making use of NeuRacle, the Scrypto package that Peter Kim submitted during the oracle competition. It works by offering a credit score system utilizing soulbound tokens to represent your identity within the system. This soulbound NFT, along with the GroundCredit blueprint, keeps track of your credit score and debt.
Other than being well written and containing excellent documentation, we liked that Peter Kim built a little DeFi ecosystem by connecting an existing oracle system to this lending application. This shows the power of composability, connecting different blueprints that are unrelated and that each work on their own, to build something bigger.
Peter Kim will receive the second prize of $3000 in XRD.
“After 3 months with Scrypto, this, along with my previous prize on the Oracle challenge will be a proof of achievement for myself that I can finally be confident in my coding skills and can now really participate in building the new wave of financial revolution among other Scryptonauts. Moreover, Scrypto was the starting point of my programming journey and initiated my passion for coding. Why don't the next era be that: Anyone can code. And there will be a DeFi world with no more scam or exploit
” – Peter Kim
3rd place: DegenFi by PostNutClarity
PostNutClarity built a “lending protocol for degens masquerading as credit worthy borrowers”. This lending application allows people to practice folded leverage, where they can essentially double or triple the return (and losses) on an underlying asset.
They packed so much functionality in this project. Users are able to register and receive a soulbound token identifying them in this system, they can create new lending pools and provide liquidity, request flash loans, and liquidate loans that are below a certain health factor. They also integrated a credit score system where users get interest rate reduction at certain levels and a loan auctioning system where users can auction off their loan debt to open up liquidity.
Their code is extremely well written and easy to understand with all the documentation they wrote. This submission clearly shows that PostNutClarity understands the asset-oriented paradigm and knows how to put it into practice.
PostNutClarity will receive the third prize of $1500 in XRD.
“Developing with Scrypto is a thrill. The asset-oriented style feels very interactive as I can imagine tokens flying around and using them as objects to design systems. It made a lot of my designs elegant and bold as I didn’t have to worry as much about security. If I did something I wasn’t supposed to, the Radix Engine just yells at me that I can’t do that. This doesn’t limit me, by the way, it helps me become a better designer!” – PostNutClarity
In the previous competition winner announcements, we showcased submissions that didn’t make it to the top three but were standing out from the others. This time, we have two honorable mentions to make!
RadEDU by Mark Sean
Mark Sean is a new member of the Scrypto community, who found our competition through DevPost. They built a student loan system where the interest rate you have to pay depends on the expected salary of the major you choose. Their submission is creative and shows how people are able to learn Scrypto and start building useful prototypes in only a matter of weeks!
If you are a university student and part of DeFi/Crypto/Blockchain clubs, you should stick around in the “student-collective” channel on our Discord. We are planning multiple activities with universities in the following months.
Banker’s Party by Redfoo
After foohack, the party rocker Redfoo himself has been continuing to master Scrypto and the asset oriented way of building decentralized applications. For their first submission to a Scrypto competition, redfoo built a simple lending application where people are able to provide and remove collateral, request loans, pay them back and receive reward for using the protocol. This submission follows the asset oriented design patterns and is a good one to look at if you are just starting your Scrypto journey.
Congratulations to the three champions and everyone who submitted a blueprint to the lending competition. Do not worry if you are not in the top three. You will have the chance of becoming a Scrypto champion during our next competition that we will announce soon. Don’t miss the next challenge announcement by signing up for our fortnightly developer email and by joining our community on Discord.