Introducing DAI support on Kickback
Mariano Conti (aka. When DAI) has been trolling me about the DAI integration since ETHDenver.
DAI integration was not the highest priority even though Dean Eigenmann (aka tot leader) had his original pull request almost a year ago. Unlike paid events, Kickback is mostly for free events hence I have been thinking that we don’t need the stability of DAI to cover the real-world cost. I also had a slight concern about the extra UX overhead of people needing to make three transactions (1. exchange to DAI, 2 call token.approve(), 3 RSVP) instead of one.
However, I had to change my mind a bit due to two recent experiences.
- At ETHNY, the ETH price nearly doubled which made commitments higher than initially planned (The more detail is here). This will cause unnecessarily handle to late sign-ups as well as increasing security risk of storing more value than originally planned.
- With the surge of interest rate on Compound, it is now becoming a viable business model for Dapp to earn interests from the staked DAI using tools like rDAI (The more detail is here) which we are keen to explore.
We started working on the actual integration from the end of June and just managed to have a working version for Berlin Blockchain week to try out on the small scale (The more details is here)
Today, I am super excited to announce the first meetup (officially) hosting Kickback events with DAI, “#DAISUKI Meetup”!
Looks like people are jumping into the event (despite the recent high gas fee) and there may be no spots by the time you read this blog post though.
With regards to the UX overhead, it looks like people are enjoying the first experience of acquiring DAI without too much trouble.
It’s a bit off-topic but I am also super glad that my idea made it to their MakerDAO T-shirts contest. Are they announcing the new design at the Daisuki meetup?
In terms of the security of our smart contract, it will be an ongoing effort (we caught one minor bug resulting to redeploy the event smart contract).
We worked with an auditing company to officially audit our smart contract for the first time and we are planning to put some bounties to welcome additional pairs of eyes which we will be announcing soon.
