The Scrypto challenge is back, however, before getting into what this challenge is all about, we’d like to show you something! During our two previous challenges, we talked about the winners and participants from each of the challenges being awarded a special NFT to celebrate their achievements and commemorate their efforts. We are finally ready to give you a sneak peek into what some of these NFTs will look like!
We are keeping track of the challenge winners and their wallet addresses internally; once Babylon launches, we will be sending out special NFTs to entrants and of course the winners.
Lending is at the heart of both traditional and decentralized finance (DeFi) and is one of the areas that DeFi promises to revolutionize. Building DeFi applications – such as lending dApps – is easier, more intuitive, and more secure using Scrypto and the Radix Engine. In this Scrypto challenge, we are giving you a full month (until July 18) to build Scrypto blueprints for a lending application.
DeFi lending already comes in many forms. Here are some exciting ideas in this space that might serve as inspiration for your challenge submission:
- Protocols like AAVE allow for uncollateralized lending through flash loans. Other protocols like Compound use collateralized lending. There are also other protocols such as TrueFi which allow for uncollateralized (non-flash-loan) lending by combining off-chain centralized KYC checks with on-chain decentralized voting for loans by the lenders to achieve a system where only vetted institutions could be given loans only after the lenders have voted for these loans to happen.
- E. Glen Weyl et al. discuss the possibility of using soulbound tokens (SBTs) to establish a credit history or trustworthiness of borrowers. This solves a previously difficult-to-solve problem in the DeFi space where most lending had to be collateralized as there was no easy way to establish a credit-score-like system. (A recent blog post talks about how SBTs are easy to implement in Scrypto.)
- For a long time, the DeFi space was not open to large institutions and corporations due to them needing to abide by anti-money laundering and Know Your Customer (KYC) regulations. In recent months, protocols such as Compound and AAVE have debuted new KYC-ed and permissioned protocols in hopes of opening up the DeFi space to institutions and corporations.
For this challenge, we’re partnering with Devpost – a great platform for hackathons with a huge community of developers. Working with Devpost’s platform means that this is the first challenge where you have the option of teaming up with other people from the community to build the ultimate Scrypto lending blueprint! Teaming up with other community members is completely optional, butf you would like to have teammates, then make sure that you fill out the “manage team” section of your Devpost application.
The prize pool of this challenge is double what it was for the previous challenge: $10,000 worth of XRD that will be split up among the winners, with $5,500 for first place, $3,000 for second place, and $1,500 for third place – plus some Radix swag.
In addition to the above, everybody who participates in this Scrypto challenge will be given participation NFTs to show how early they were in the Radix ecosystem, and the winners will be awarded unique first, second, and third place NFTs. All NFTs will be issued after the release of Babylon when NFT capability moves onto the Radix Public Network.
The Judging Criteria
When the challenge is closed for submissions, the Scrypto team will review the submissions and decide on the three winners based on these criteria:
- Quality and asset-orientedness of your code. Refer to our design patterns page.
- Breadth of functionality
- Creativity of the concept
- Quality of the documentation and comments in the code for others who wish to use the blueprint
How to participate
To participate in this Scrypto competition, please do the following:
- Join our challenge on the Devpost platform and create a project.
- Install the Scrypto toolchain and make sure you are on v0.4 (or later) with “scrypto --version”.
- Fork the challenges repository.
- Clone the forked repository on your local environment.
- Start a new scrypto project with “scrypto new-package [name]” inside the lending directory.
- Before the deadline on July 18th, 2022 at 11:45 pm UTC, commit and push your project folder and create a pull request here.
- Go to “My Projects” section of our Devpost page and finalize your project submission.
Regardless if you're new to Scrypto or you're a Scrypto veteran, you will find the Scrypto documentation to be a useful resource throughout your Scrypto journey.
Another resource that you will, no doubt, find helpful is the Scrypto examples in our official repository and our community repository. The examples in these repositories are pretty comprehensive and would be of help especially if you would like to get a feel for how asset-oriented applications can be developed in Scrypto.
Details of the Challenge
- Your entry must be built with Scrypto v0.4 (or later).
- You can submit multiple examples but only one will be considered for the prizes.
- The competition starts on June 17th, 2022 at 9:00 am UTC. All entries must be submitted no later than July 18th, 2022 at 11:45 pm UTC. The winners will be announced by July 26th, 2022.
- $10,000 value of XRD will be shared between 3 winners. 1st gets $5,500 XRD. 2nd $3,000 XRD and the 3rd $1,500 XRD. The value of XRD will be based on the spot price when we send the tokens.
- Decisions on the winners are at the sole discretion of the RDX Works team and the decisions are final.
- We will keep track of the NFTs and their owners internally until after Babylon release when they will be minted and sent to Radix addresses provided by each participant.
All entries are subject to the Radix competition terms and conditions and Devpost’s rules. Winners will be required to disclose their name, DOB, and country of residence to receive any XRD prizes.