Next Date

January 30, 2022

Assign

Boris Polania

Ganesha Upadhyaya

Jacky Wang

Status

Live on Devnet

Github

https://github.com/polymorpher/one-wallet/issues

Bounty

Decentralized Basic Income: Creating Wealth with On-Chain Staking and Fixed-Rate Protocols

In this review, we evaluate the mechanisms behind the decentralized finance protocols for generating stable, passive income. Currently, such savings interest rates can be as high as 20% annually, payable in traditional currency values such as US dollars. Therefore, one can benefit from the growth of the cryptocurrency markets, with minimal exposure to their volatility risks.

arxiv.org

Decentralized Basic Income: Creating Wealth with On-Chain Staking and Fixed-Rate Protocols

Product launch

Phase 1: OneAnchor
Phase 2: dONE (native staking derivatives)

Notes

Two viable solutions

Orion money on Harmony
Lido on Harmony

Diagram describing how Orion money protocol can work on harmony using terra bridge and 1wallet

Even though Harmony’s UBI development should include a diversifying strategy, it is assumed that a first version using only one investment instrument—in this case Anchor Earn—should be a good starting point.

There are four critical areas for the development of a first beta version, they are a way to use One Wallet with fiat on-ramp support, a way to swap ONE into wrapped UST, a way to bridge and deposit UST into Anchor on Terra and a way to receive and wrap aUST.

Roadmap

Phase 1: ONEAnchor (owner @Boris Polania)

💡

Fixed income (15-20%) product based on terra's anchor protocol on harmony.

Porting EthAnchor

OneAnchor smart contracts (e.g. EthAnchor)
OneAnchor API (to be utilized in the OneAnchor frontend) e.g. EthAnchor API

DEX integration for swapping ONE<>1UST (start with sushi)
OneAnchor frontend e.g, Orion money

Integrate 1wallet

Integrate with wormhole bridge for 1UST & 1aUST

Milestones @Boris Polania to add details

ONE → 1UST in Sushi
OneAnchor Gateway
One Wallet 1UST and 1aUST support

Phase 2: ONELido (porting Lido) (owner: @Jacky Wang)

This product already implemented by https://docs.tranquil.finance/liquid-staking-stone/tranquil-stone

💡

Fixed income (8-10%) product based on Lido (liquid staking) on harmony.

ONELido is a Liquid Staking Protocol, built on harmony blockchain that allows their users to earn staking rewards without locking ONE or maintaining staking infrastructure.

Users can deposit ONE to the ONELido smart contract and receive stONE tokens in return. The smart contract then stakes tokens with the DAO-picked node operators. Users' deposited funds are pooled by the DAO, node operators never have direct access to the users' assets.

ONELido Smart contracts (port from Lido)
ONELido App (frontend) e.g., solido app
ONELido DAO
ONELido JS SDK (port from Lido SDK)

Additional Resources

Solido (solana Lido)

Repo: https://github.com/ChorusOne/solido
Docs: https://docs.solana.lido.fi

Phase 3: dONE (native staking derivative)

Fixed income (15-20%) product based on native staking derivative and yield products on harmony.

Development Updates

Week 10/03 - 10/10

This document is now updated with a preliminary roadmap.
OneWallet Integration:

Deposit interface complete with automatic swapping into UST. i.e., if the user deposits any amount of $ONE it will immediately into UST using $SUSHI (it will eventually deposit those UST into Anchor and receive wrapped aUST)

UST is now a default asset in the Wallet and mainnet balances are shown accurately

oneAnchor, integration started, basic setup and testing

Week 10/18 - 10/25

OneWallet beta integration
Integration with Terra Bridge (50%)
Order Bot for oneAnchor (25%)
oneAnchor contracts deployed in local test net

Week 10/26 - 10/31

Started the dev of the one-anchor-bot with the following functionality
Transfer UST from Harmony to a specified Terra address over a token transfer bridge (Terra bridge for now).
one-anchor-bot keeps a record of token lock events and deposit contract events on Harmony.
one-anchor-bot will run the deposit_stable{} ExecuteMsg on the Anchor money market contracts and receives aUST.
aUST is sent back to the original harmony depositor address over a token transfer bridge.

Week 11/01 - 11/07

ethAnchor contracts are now migrated to Harmony, it is oneAnchor now
oneAnchor repo is now on Harmony's Github
At this point I need support from the Curve team to be able to create the aUST pools, they have been a little unresponsive, I will keep pushing.

Week 11/08 - 11/15

Integration with Curve contracts in progress, many and varied kind of issues