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.
- Phase 1: OneAnchor
- Phase 2: dONE (native staking derivatives)
Two viable solutions
- Orion money on Harmony
- Lido on Harmony
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.
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)
Phase 3: dONE (native staking derivative)
Fixed income (15-20%) product based on native staking derivative and yield products on harmony.
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-botkeeps a record of token lock events and deposit contract events on Harmony.
one-anchor-botwill run the
ExecuteMsgon 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
Week 11/08 - 11/15
- No curve contracts in testnet, so migration to mainnet was necessary
- Curve contracts in Harmony identified and integration tests with curve contracts in mainnet complete.
- bots development re-started using the new contracts.
Weeks 11/16 - 12/05
- Dry runs with aUST contracts are working, this means that we can make this happen without wormhole or anything similar
- API calls are being developed, and will be in Github very soon. These calls are wrappers over the RPC calls and will make easier for 3rd party devs to integrate. Very similar to crosschain API
- After discussions with Sef wallet, we are planning a launch in Sef in addition to 1Wallet, so I am in process of reviewing their github.
- Bots are being developed, some alpha testing have proven successful, this will take 90% of the work from now on.
- A sketch design for manager contracts is done, now needs validation and planning.