Hacking Lending & Money Maker Protocol Aave
Organized by ETHGlobal, an organization focused on bringing users and developers into the Ethereum community, HackMoney Hackathon has attracted more than 50 projects that ran for $ 300,000 in prizes, by hacking the Aave protocol.
The money creation protocol was used in innovative ways, from online education to comprehensive suites to manage interest and returns. Judges Vitalik Buterin, Stani Kulechov, Andreas Antonopolous, Thomas Bertani, Ashleigh Schap and Robert Leshner announced the three winning hacks: Learn & Earn, YieldHero and MagicBet.
HackMoney Hackathon, a 30-day Aave virtual hackathon hosted by developer group Ethereum ETHGlobal, listing the three winning projects are: Learn & Earn, which is a gamified online learning platform, YieldHero, a suite for manage Aave, and MagicBet, a lossless betting platform that gives users the opportunity to bet DAI.
LEARN & EARN
Today's higher education systems, such as universities and colleges, are often not accessible to low socioeconomic groups. The system often loses valuable talent simply because some people cannot afford college tuition in the $ 10,000 to $ 30,000 range a year
Learn & Earn's vision is to reach all students who are willing to learn and gamify the learning process so that more students complete their courses online. They also want to allow students to earn financial rewards if they complete the courses. This can be a critical factor for many people in the developing world, as they may have to support themselves or their families.
With interest rates close to zero in developed countries, people have no incentive to save.
Learn & Earn will incentivize students to save even with a small amount of money by gambling and lending.
Learn & Earn took first place with its novel approach to online learning. The platform gamifies the learning process and gives its students the ability to earn financial incentives to complete various online courses.
The main idea of Yield Hero is to let you easily swap collateral between different aTokens to get the best yield.
YieldHero currently consists of two main functions.
1* aToken pool with Balancer technology.
Before this group existed, exchanging aTokens could be a very tedious process. You had to redeem your aToken in its underlying collateral through Aave, go to Uniswap or 1 inch to switch to another asset, and then deposit that new asset into Aave. With the Balancer group created by YieldHero, now you just have to choose which assets you want to exchange and click Change.
The Balancer group also allows anyone to earn swap fees by becoming a liquidity provider to Tokyo. Therefore, in addition to the interest earned from owning aTokens, you can also get exchange fees!
2* A user interface for redirecting interests.
Aave has an impressive feature that allows you to redirect aToken's performance to stream in real time to any Ethereum address. However, prior to this hackathon, there was not a good user interface to do so. You had to use Etherscan or another smart contract interactor. YieldHero now provides a great user interface to redirect your performance, with a list of open source Ethereum constructors as suggested recipients. There is also a leaderboard that shows who is redirecting the most! Open source for victory!
A protocol that provides users with a comprehensive suite to manage their Aave performance. Aave allows users to deposit cryptocurrencies on the platform and earn annual interest on their funds. The hack used various features to allow users to get the best performance by exchanging their cryptocurrencies for aTokens, Aave's native cryptocurrency.
MagicBet is a lossless betting platform, inspired by PoolTogether. It allows users to bet on future events and real life results without risking their bet.
All bets accrue interest (through Aave) until the event you bet on occurs. The interest payment is shared between the winners, and all participants (winners and losers) get their bets back, allowing users to save money in a fun way.
Users receive minted ERC20 tokens that match the Dai bet, which must be burned upon receipt of their bet (and winnings, if any). Tokens are result specific: An event with five outcomes will have 5 different ERC20 tokens. This allows users to exchange bets between themselves, or even, if there is sufficient liquidity, create a Uniswap pair. The value of each chip will be minimum 1 Dai, a little higher if they represent the probable winning result.
The aToken exchanger uses a Balancer group to manage liquidity and web3 to interact with smart contracts.
The redirect performance feature takes advantage of Aave's subgraph to check all current redirects, a robust smart contract to retrieve all the balances of each person on the list, and uses web3 to interact with Aave's smart contract.
Magic bet is not intended to make this product another prediction market. Rather, they want to position this as a fun way to save money (similar to PoolTogether). The current plan is to create a new market on a weekly basis, based on what they believe would be the most attractive to users. Each market would only run for a week, at which time it would be blocked (meaning no further bets are possible) giving the Dai time to accumulate interest until the event occurs and users can withdraw.
sources https://hack.ethglobal.co/online/showcase thanks for reading have a great day 🤗