DeForex

In the "good old forex" clients can trade traditional currencies like EUR, GBP and USD. The system is not fair and credit card merchants charge forex brokers up to 20% for high-risk payments. In crypto space we mostly deal with high volatility and it can't be traded with big leverage. But stablecoins like USDt, DAI and USDC can be traded in forex-like style. We built true fair and decentralized forex - DeForex. User can invest funds to our Automatic Leveraging Pool (ALP) in 50/50 proportion and get double-token instead. For instance, liquidity provider (LP) invests 5 000 DAI and 5 000 USDC and gets 10 000 DAIUSDC. When trader uses leverage to open position, he pays fee to the ALP. So our DAIUSDC will become an asset with embedded income. And it will be more "stable" than one separate stablecoin: if DAI or USDC will fail, the client at least will stay with 50% of his wealth. When the funds are not used, our smart contract "parks" it at Aave. Trader can use ALP to leverage his position up to x10 000. He can choose long or short trade and set up Stop Loss and/or Take Profit level. Also he can see his positions at the dashboard and close the position with the current profit. The maximum possible level of leverage is calculated in our inbuilt Automatic Leveraging System regularly using a formula based on the asset's volatility over previous periods. But giving opportunity to earn by trading and liquidity providing is not the most important goal of our project. In the best tradition of the Game Theory, we use clients' interest to smoothing out stablecoins' volatility and giving everyone the opportunity to earn on it.

Our team worked very hard during these weeks and we did our best to implement our idea in code. We use Optimism to make transactions cheaper. Also, we will use DEXes to conduct trades and also we were working on DeBridge's DeSwap integration for crosschain swaps, but we didn't finish it. We want to set up a new standard - Automatic Leveraging System, which will calculate maximal acceptable leverage level to keep the system stable. It will be like Automatic Market Maker and liquidity pool for DEXes. We integrated The Graph to access blockchain data easily. We decided to spare the eyes of the jury and used a ready-made design template from the marketplace for our front-end. Therefore, the main achievement of our team is that we talked with many sponsors, improved our skills and gained new knowledge on the integration of web3 services and, as a result, made an excellent project. Therefore, the main achievement of our team is that we talked with many sponsors, improved our skills and gained new knowledge on the integration of web3 services and, as a result, made an excellent project.