Punk Protocol x Gitcoin Hackathon
As the Punk testnet has been open to the public, it’s time to engage and collaborate with the developer community. We’re really thrilled for inviting hackers, builders, and creators to begin experimenting with Punk Protocol.
In order to enhance our protocol and spread the vision of DeFi 401(k), there couldn’t be a better partnership with Gitcoin: the home of Web3 developers.
“The Gitcoin team is excited to have Punk Protocol join us in their first Gitcoin hackathon, supporting Ethereum and the future of Web3 alongside Gitcoin Grants Round 10. We expect this will be the biggest hackathon (and grants round) we’ve ever done!” — Connor O’Day, Revenue Lead at Gitcoin
Gitcoin is a place for developers to learn, earn, and network while building open-source decentralized applications, learning new technologies, and meeting like-minded developers.
Gitcoin Grants Round 10 Hackathon is supported by 23 projects such as Aave, Polygon, Uniswap, Algorand, The Graph, Reflexer Labs, Perpetual Protocol, DODO, Punk Protocol, and more. It will start on June 16th, and end on July 7th, 2021 with a total prize pool over $650K.
What is Punk Protocol & Saver?
Punk Protocol aims to liberate people from the outdated pension system and empower their financial freedom. Our first product is the world’s first decentralized annuity a.k.a “Saver”, which is generating periodic cash flows using optimal yield strategies.
Anyone can invest in the Saver to earn automated cash flows periodically by setting custom conditions:
- When do you want to start receiving
- How regularly do you want to receive
- How many times do you want to receive
Punk’s Tasks/Rewards at the Hackathon
We have prepared the following bounties to expand investment choices by adding diverse yield strategies and acquire more users by expanding into other blockchains.
1. Building Yield strategy for DeFi 401(k) — 300PUNK ($3,000USD)
Punk’s first yield strategy is a safety-first model utilizing Compound.
Our next goal is to develop and provide diverse yield strategies, such as ones for users seeking high profits or willing to take more risks to resist a bear market.
Therefore, we are opening bounties on Gitcoin where so many talented open-source developers are. (We truly believe that great ideas and strategies come from great people! 👩🏼🎤👨🏻🎤🧑🏾🎤) Even If you are not a developer, but got a great idea, you are more than welcome to join!
2. Coding Stablecoin Yield strategy — 700PUNK ($7,000USD)
In addition to planning yield strategies for DeFi401(k), coding a safe and profitable smart contract is also important. We’re looking forward to active participation from strategists and developers who can implement their ideas into code.
According to the announcement made by Coinbase a few days ago, the market is receiving aggressive attention for its investment of existing annuity to cryptocurrency and crypto-operated 401(k). It can be burdensome for ordinary people to invest their pension or annuity while enduring the volatility of cryptocurrency.
We strongly believe that the Saver with the stablecoin yield strategy to earn steady interest will be one of the popular products in Punk Protocol.
3. Integration of Saver to SOLANA Network — 1,500PUNK ($15,000USD)
Solana is an open-source project implementing high-performance, permission-less, and secure web-scale blockchain. We’re looking to expand the Saver onto the Solana blockchain. Solana Labs, the developer of Solana is recently showing stiff growth by raising $314 million in investment from A16z and Polychain. In addition, the ecosystem is expanding with many projects launching dapps using Solana blockchain.
Accordingly, Punk Protocol is holding a bounty on integration into the Solana ecosystem so that not only the users on Ethereum but also more of them on many other blockchain ecosystems can experience Punk Protocol, the first 401(k) protocol in the crypto market.
4. Building&Coding BTC Yield strategy — 600PUNK ($6,000USD)
As Bitcoin has been designated as legal tender of El Salvador supported by Jack Mallers. There will be a clear and massive demand for pension systems using Bitcoin in third countries where unbanked people live in and high inflation risk is expected.
Therefore, the world’s first Crypto 401(k) project, Punk Protocol is conducting a bounty to provide the world’s first Bitcoin annuity.
Let’s BUIDL and code the safest and most profitable yield strategy for BTC based on ERC20. (e.g., wBTC, renBTC, tBTC, and sBTC) :
5. Punk x Aave Yield Strategy — 400PUNK ($4,000USD)
Ever since the release of Aave v2 and its liquidity providing last April through governance, Aave protocol is showing a higher interest rate than the currently implemented Compound protocol. Also, It is showing a similar interest rate upon the release on Polygon (Layer2 economy) and allows its place more available for expanding to other main chains.
This provides more possibility of expansion in the future, so we are opening the bounty for pursuing a higher return Aave strategy.
For more information about task descriptions, go to the GitHub page: https://github.com/PunkFinance/punk.protocol/issues
