Build with Melon! 2 teams win up to 500 MLN tokens (~$2000) each, from a $42,000 hackathon prize pool!
Welcome hackers! Kyber is very excited to be collaborating with Melon and other brilliant DeFi projects for our #KyberDeFi Virtual Hackathon !
Integrating Melon? Melon will reward 2 bounty winners up to 500 MLN tokens (~$2000) each! (from a total hackathon prize pool of $42,000).
Note: Melon is now known as Enzyme Finance.
Melon Bounty— 500 MLN ($2000) x 2 Winners
Melon — Best Use Case
- 500 MLN per winner (~$2,000) x 2 Winners
Interesting fact: Melon protocol is already natively integrated with Kyber Network at a smart-contract level in a couple of instances as you will no doubt find out as you get started. Melon is looking to accelerate further integrations and use-cases for Melon and we see this hackathon as a great way to leverage the combined creativity, talent and perspectives of everyone involved.
But first things first, if you do not already have a strong understanding of the financial industry, including how funds work, risk management, back office functions and the roles of financial intermediaries (eg.fund administrators), we strongly recommend reading the Melon Primer before trying to understand Melon.
In this quick summary post we’ve given you some links to the documentation and resources which will help you get started. The Melon Council will also be checking in to the hackathon Discord channel daily and are more than happy to help. The Melon Council will also serve as the judges for this competition.
What is Melon?
Melon is an open-source protocol which enables anyone to set up and manage a pooled asset vehicle on-chain, at a fraction of the cost of traditional funds. Melon automates the cumbersome back office and intermediary functions required in traditional finance using smart contracts. So, what does this mean?
- Using Melon, a fund set-up cost is < $60 and takes a few minutes — no more barriers to entry.
- Melon requires fund managers to define the key rules and parameters of the fund which are in turn deployed to the blockchain and enforced by smart contracts — no more need for fund administrators.
- All transactions are recorded (transparently and immutably) on the blockchain — no more need for complex auditing.
- All assets remain either in the custody of investors themselves and can be redeemed at any time — no more need for custodians.
- All data about fund performance is on-chain thus transparent, enabling investors and managers alike to compare fund allocation and performance.
- Transactions on the blockchain are near instantaneous, and unlike transactions in the traditional world which can take several days, do not require clearing and settlement services.
- By enabling investors to retain custody of their assets and enforcing fund parameters on the blockchain via smart contracts, Melon dramatically reduces the ability of fund managers to act fraudulently or malevolently.
- By automating so many back office and intermediary functions, Melon drastically cuts the operating cost of managing a fund — thereby enabling managers to pass on these savings to investors.
In short, Melon provides a platform for fund managers and investors to operate in a way which is secure, transparent, efficient and dramatically less costly. Ultimately, this will benefit the end user — investors like you and me.
What can you build with Melon? Hackathon ideas
1) Build a Melon fund which can act as a Kyber reserve manager for an asset pair
Kyber reserve managers plug into the Kyber exchange framework. Until now, these reserves are managed by sole individuals or entities. Imagine being able to put your money to work in a pooled format with complete decentralisation and risk management properties of a Melon fund. Your reserve manager can charge a modest management fee embedded in smart-contracts and a performance fee enabling him/her to keep a portion of the profits he makes as a reward. Extra points if you can get excess cash sitting in Kyber reserves to be lent out on BzX or Compound (see 4).
2) Build a user-friendly front end
3) Build another use-case on Melon infrastructure (eg. structured product or automated strategies)
Automated strategies and structured products are a big advantage. Find an innovative strategy play with the 11 tokens available today on the Melon protocol. Code an efficient trading bot and plug it in directly to your Melon fund through your manager account. If the strategy is good enough, the Melon community might even help you take it to the next level (!).
4) Integrate Melon with another Defi protocol
Melon is natively integrated with Kyber Network, 0x relayers, Oasis Dex at a smart-contract level. Those integrations are only exchange integration, but what’s cooler is that Melon can be integrated with many other DeFi protocols. Integrate another DeFi protocol natively in an obvious way (eg. Lending protocol like Compound or BzX, a new exchange adapter, derivatives product integration like Synthetix).
Melon Tutorial Videos
Intro to Melon Technology Stack
The Melon Council
We’re very happy to have members of the Melon Council as judges for our hackathon!
Melonport gave up control of Melon protocol governance earlier this year after Melon v1.0 was deployed to the main-net. Important protocol governance decisions (like participating in this hackathon, or adding new council members!) are now taken by the Melon Council using aragonOS. Projects such as Avantgarde Finance have also submitted proposals to the council to further develop Melon.
Read this article on the future potential of Melon.
#KyberDeFi Virtual Hackathon — Build with Melon
Come join the #KyberDeFi Virtual Hackathon! Help us build the future of DeFi with bZx, Chainlink, Compound, Melon, Synthetix, WBTC, and other ecosystem builders.
💰Over $42,000 in prizes to be won!
Submission Period: 9 Sep-21 October
Register now: https://kyber.devpost.com/
Join hackathon discord: https://discordapp.com/invite/nuWr2KF
Please contact Shane on Telegram for more information.