Build & Automate Defi in Gnosis Chain eco with PowerPool

A list of ideas for automating Defi in the Gnosis ecosystem

Powerpool is working to accelerate the adoption of automated Web3 by building a reliable infrastructure for that.

The PowerPool’s automation network — PowerAgent v2 is live on Gnosis Chain and Gnosis Builders can start using it NOW!

In this article, we discuss how automated smart-contract execution could supercharge your next Dapp, protocol, or an upcoming ETHGlobal hackathon project.

Automation adds value to Defi!

The automatic execution of Smart Contract calls according to some logic allows users to get a whole new experience with Defi primitives and a lot of value based on it.

Why buy assets manually when automatically executed limit orders are available?

Or use lending markets/CDPs facing liquidation with severe penalties when there is a ‘smart option’ to automatically protect position and optimize yield harvesting using your?

PowerAgent v2 allows you to build almost any type of automatically working products, even dApps that automatically create new automated products, such as robots that make robots.

Here is some inspiration from ideas from the PowerPool community:

Limit orders on DEXes

The majority of blockchain users use DEXes and manual trading execution is complicated and outdated compared to the CEX experience with limit orders. Easy-to-use limit orders solutions will provide value to DEXes, users, and the overall ecosystem. There are two ideas that can be built so far:

(1) Limit orders factory for one of Gnosis DEXes, allowing users to buy/sell assets automatically when certain conditions are reached

(2) A factory, that will set up 1inch limit orders according to some conditions. In the scope of this idea, 1inch solution is used as a kind of ‘building block’ already existing in mainnet and demonstrated excellent traction.

Liquidation protection/CDP management solutions

You can build automated strategies with built-in protection from CDP liquidations using lending/borrowing protocols like Agave.finance. The strategy can check collateral/debt position requirements and adjust it according to collateral volatility.

For example, you can develop a template scheme for automated debt decrement if the position health factor falls below a certain threshold.

Custom farm / yield aggregating strategies

You can leverage the power of auto-compounding by designing, creating, and deploying tasks to manage LP/staking positions, harvesting, and compounding yields. A simple example would be automatic rewards harvesting and compounding.

AMM position management

Many strategies on AMMs such as SushiSwap V3 require frequent position readjustments to reach maximum profitability. Constantly monitoring and adjusting positions is time-consuming and undesirable for users. With PowerAgent, you can set triggers to do it automatically and allow your project to provide enhanced UX and maximum yields with no manual intervention.

Protocol automation

Your protocol may require daily on-chain operations like token transfers, recalculating/rebalancing values, reserves maintenance, governance procedures, etc. PowerAgent fits perfectly for automating all these tasks.

Get funded by PowerPool!

PowerPool provides builder grants and hackathon prizes to developers building automated solutions using PowerAgent V2. There are two options to get support from PowerPool DAO:

1. Apply for a Grant via Gitcoin Direct Grants. Up to $20k grants provided! Two grants were already approved by the PowerPool community, check them out here:
   - DAOism grant: Application, Interview article
   - Partitura: Application
2. Participate in ETHGlobal Istanbul. PowerPool provides $8,000 of special prizes as a part of the Gnosis Chain track on the hackathon. As a result of the hackathon project, participants can apply for a grant paid on top of the hackathon prize.

Let’s build towards an automated future together!

Key features of PowerAgent V2

• Reliable execution. With random Keeper selection and an automatic slashing mechanic, PowerAgent Keepers are incentivized to perform each given Job exactly on time. This lets the developer focus on building their product, not automating it.
• Cost-effective. The PowerAgent network consists of a large number of Keeper nodes, sharing the infrastructure costs and making the automation fees only a small % of the gas costs.
• Highly configurable. Event triggers, Job specifications, and minimum signing requirements provide Job-by-Job configurability for developers.
• Easy to use. An intuitive UI allows anyone to create an automation Job for their dApp, protocol, or personal use in several clicks.
• Secure. PowerAgent has passed several independent audits, revealing no security threats or smart contract abuse risks.
• Fully decentralized. The PowerAgent network consists of hundreds of independent Keeper nodes ensuring reliability, security, and excluding any single points of failure.

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