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A non collateralised investment platform for margin trading (shorting and longing) on traditional and exotic token pairs.


Created At

HackMoney 2021

Project Description

Run boy run! That's how we'd sum up margin trading on crypto. A highly changing and ultimately dynamic environment that never rests. For such premises, a proper infrastructure is definitely fundamental for the success of trading operations. Aleph comes in as a game changer for the way margin trading usually works in traditional finance, ditching collateralised loans, credit score, kyc, mandatory investor risk assessment and approvals to ultimately give power to the user to trade at ease. Thanks to a deep integration with Uniswap, Aleph users can benefit from all available pools on the notorious dex, trade in shorting or longing according to their speculation with a leverage dependent on deposited liquidity, theoretically infinite. Less adventurous users can still earn a respectable APY by providing liquidity to the protocol in any of the supported tokens.

The protocol constantly checks if all current positions are covered and issues a liquidation when more than 50% of the margin capital has been eroded. We expect to increase the liquidation threshold up to 80% to allow users to increase their margin and keep the position open (basically the equivalent of a margin call in traditional finance). Fees are calculated at liquidation taking into account the margin * leverage and the time the investment has been active for. All fees are redistributed to liquidity providers. Traders can go for shorting or longing on token pairs by using Aleph frontend app, enjoying a fully immersive experience with a minimal and curated interface, seamless wallet integration, niche ideas like a trollbox and a simplified dynamic candlestick chart.

Needless to say, the math behind the protocol has been extensively studied and is sound enough to disallow arbitrage opportunities, keeping user funds safe. All relevant info in the docs folder.

How it's Made

Uniswap is the goto dex to perform liquidity swaps at the best market rates thanks to the advanced on-chain interfaces, Chainlink keepers help to keep margin calls in place by triggering instant liquidation when the investment is uncovered by the provided margin, The Graph Uniswap v3 subgraph gives us datapoints to create the candlestick chart for each liquidity pool and display charts generated on the fly.

MetaMask is the backbone wallet of Aleph and gateway of user transactions.

To provide a fully immersive experience we developed a must have of trading platforms, the trollbox. Streamr provides the infrastructure for a simple yet effective chatbox. Users on the trollbox are identified by their wallet address that is reverse encoded to a ENS domain (if they have one) for an easier interaction; after all, who wants to reply to a hex number when there's a handy human-readable string!

Finally, Aleph is the perfect opportunity for existing yield aggregators like StakeDAO, Akropolis or Idle to add a new and profitable alternative to their current investment opportunities for their users, allowing them to seamlessly provide liquidity to the protocol internal lending pools.

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