Next Date

June 30, 2022

Assign

Boris Polania

Ganesha Upadhyaya

Giv Parvaneh

Status

Live on Mainnet

Github

Bounty

Grant-1

Grant-2

Grant-3

Release Date

2022 Q2

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

Notes

When someone deposits $ONE into the platform, they will send $ONE and receive in exchange another coin ($ubONE)
Similarly, when some withdraws, they will send $ubONE and receive back $ONE

As time goes by, the amount of $ubONE will increase based on the interest rates
Based on this, the user interface should at anytime show the interest rate (APR%,) the amount of (undeposited) $ONE available in the user's connected wallet, the current amount of the deposited $ONEs and the number of $ubONE in the users wallet

Deposit

1) Users enter the web app and connect their metamask wallet

2) Once connected they should see their current balance in $ONE and decide how much they want to deposit for Fixed Income and type it in a field

3) Once typed the amount to be deposit, a button "Deposit" should be clicked and the deposit will come through

Withdraw

1) Users enter the web app and connect their metamask wallet

2) Once connected they should see their current balance in $ubONE and decide how much they want to withdraw and type it in a field

3) Once typed the amount to be deposit, a button "Withdraw" should be clicked and the withdraw will be processed

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 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 and/or bridge ONE into other assets.

Roadmap

Phase 1: ONEAnchor (owner @Boris Polania)

💡

Fixed income (15-20%) product on harmony.

Porting Staking Products

Decentralized smart-contract-based integration

DEX integration for swapping and bridging ONE
Frontend e.g, Orion money

Integrate 1wallet

Milestones @Boris Polania to add details

Find a number of viable staking/lending protocols

Phase 2: dONE (native staking derivative)

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