Next Date

June 30, 2022

Assign

Boris PolaniaGanesha UpadhyayaGiv 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

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

1. Orion money on Harmony
2. 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 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)

• 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.