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Truflation

Truflation Joins the Chainlink Hackathon 2022 as an Official Sponsor

Build with the Truflation Index for up to a $10k reward!

We’re excited to announce that Truflation is joining the Chainlink Spring 2022 Hackathon as an official sponsor. Starting on April 22nd, Chainlink is hosting a 5-week virtual event where builders can compete for nearly $500,000 in prizes across multiple categories.

Truflation is adding $10,000 to the prize pool for any team to use the Truflation Index in their solution.

This year, the winning categories will include, among others: DAOs, NFT & Gaming, DeFi, and Social Impact projects.

Additionally, official sponsors have their own reward pools to distribute to teams that incorporated their technology into the projects, with multiple technologies allowed per project.

Anyone who builds with our Truflation oracle will qualify for the prize as follows:

  • 1st place: $5000
  • 2nd place: $3000
  • 3rd place: $2000

The winners will be chosen by the hackathon judges and Truflation's founder, Stefan Rust.

About Chainlink Hackathon

The virtual hackathon starts April 22 and ends May 27. The goal of the event is to “build the next generation of Web3 applications alongside thousands of developers, creators, artists, and mentors”

Some ~10k participants of all experience levels are expected to join and build at least 400 different projects. The hackathon will remain open for registration throughout the event and all participants will get an opportunity to join in a variety of free workshops to learn the foundation of blockchain development and popular coding environments.

Everyone will also get a chance to learn how to integrate Chainlink oracles and data feeds into their Web3 smart contracts to create the winning solutions for the hackathon.

“We’re a relatively new project and still learning how to help builders use our independent inflation oracle, and many upcoming indexes,” said Stefan Rust, Founder of Truflation. “This hackathon is a fantastic opportunity for us to reach a huge Web2 and Web3 community at Chainlink and learn more about what they need from us and how to make that happen.”

About Truflation Index

Truflation Index is an independent, daily USD inflation metric put on the blockchain through the Chainlink network. It is derived from the US Consumer Price Index by substituting or complimenting survey data with the current price data from independent data providers and merchants.

Truflation recently won a Balaji 1729 & Chainlink prize for building the first decentralized and censorship-resistant inflation dashboard and allowing the public to access unbiased economic information.

The solution has been widely covered by media, including Coindesk and Zerohedge, as an important step towards information decentralization in times of rampant inflation when there might be some incentive to misreport.

Potential Use Cases

The prize will be distributed to all projects that use the Truflation Index in some way. Some use cases we already imagined for Truflation are

  • Inflation-corrected stable coins (like Frax finance, Ampleforth, or Volt)
  • Prediction markets where CPI can be bet on
  • Risk analysis tools
  • Synthetic assets
  • Dashboard for finding investments that have higher APR than our inflation rate
  • Dynamic NFTs that track inflation, which could be used as social media pictures or/and could change colors or graphics depending on the level of inflation

Useful links

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Truflation

Truflation

Daily, unbiased, data-driven, real-market inflation rate available on-chain and off-chain.