BentoBox Lending solution proposal

Core Proposal
Vote now on this proposal: https://snapshot.page/#/sushi/proposal/QmZTwyGgJb7k6RofLJW2hMy2yMaE2p2zyE6hGbdaWHmUUY

Summary
Platforms like Compound and Aave allow users to deposit assets as collateral and borrow other assets against this. These protocols have attracted billions of dollars, but they suffer from some major limitations. Taking away these limitations could see much larger adoption. This proposal aims to do just that.

Abstract
We solve these issues by having a platform with:

  • Isolated lending pairs. Anyone can create a pair, it’s up to users which pairs they find safe enough. Risk is isolated to just that pair.
  • Flexible oracles, both on-chain and off-chain.
  • Liquid interest rates based on a specific target utilization, such as 75%.
  • Contracts optimized for low gas.
  • The supplied assets can be used for flash loans, providing extra revenue for suppliers.

Specification
All the details are in this detailed Medium post: https://medium.com/@boringcrypto/the-bentobox-lending-solution-1351606b9f5a

Proposal
I will commit to delivering well tested (but not yet audited) solidity contracts closely matching the specs above. Slight changes may occur due to technical feasibility, but will be clearly communicated when encountered.

The success fee for this project is 25k SUSHI at the beta release and an additional 75k at final delivery.

Any costs of freelancers I may use for things such as creating unit tests, etc and any other expenses I have will be mine. The core code will of course be written by me.

Delivery deadline for a beta release will be 3 weeks from the time the funds are approved. Final delivery will be within 6 weeks. Every day delayed after that will reduce success fee by 5%.

While I may create a UI for testing purposes, it isn’t included in this proposal. But I will work with the team and provide help/guidance where needed so a good UI can be ready for launch.

Poll

  • Yes! Innovation is awesome!
  • Nah…

0 voters

5 Likes

Thank you for your idea and detailed & specific proposal, including deadline of delivery.

I believe is an excellent innovation to be applied 1st by Sushiswap, will keep us in the leadership position in ref. to fast development of new services/products needed by the market, to adapt and create new revenues for the ecosystem.

I understand that is not easy technically to be done in less than one month for anybody, so there is very low risk of being done by any other competitors faster.

How can have this proposal be included asap in the Sushipowah Core and move on with the vote ? Can you create a vote or we need to wait few days for Maki to do it ? I will be very happy to NOT had lost another 1-2 weeks on long discussions, vote’s, timelock, etc. and to have you start working before the end of this week. Imo everybody knows you and is clear that the vote will pass with very high percentage.

All the best !

2 Likes

Will leave it on the forum for a bit to gather feedback and should be up on core within 24h :wink:

4 Likes

A lot of good stuff in here! Excited to see it take shape :slight_smile:

1 Like

I’m all for innovation, and I don’t have any doubts that you and associated freelance partners can deliver so will be voting for :nerd_face:. However, with these innovations and others my concern is that everything Sushi does is open source an easily copied. Is there any way the work you undertake can be intrinsically tied to the Sushiswap platform? or at least make it tricky for others to adapt - I get it, sharing is caring, but as soon as you release code other projects who didn’t pay you or pay anything will just lift and shift all the hard work :face_with_monocle:

3 Likes

Well, I’ll make the source visible, but not open and will retain copyright… see Medium post. But that still doesn’t stop anon teams from just copying it anyway. Might open source it later, we’ll see…

1 Like

@BoringCrypto Applaud the proposal and innovation :clap: Would you be open to having the contracts audited and greenlighted before compensation? I think that the security of the contracts is not only good practice but also a stamp of approval to establish trust which will in-turn result in higher adoption. I think the community would be ok with you adding auditing costs to your proposal.

2 Likes

Of course I’ll address any issues found during audits :slight_smile: I think 0xMaki is already talking to auditors, so there will be no delay once the code is ready…

1 Like

seems like a really cool project

1 Like

Core proposal is up: https://snapshot.page/#/sushi/proposal/QmZTwyGgJb7k6RofLJW2hMy2yMaE2p2zyE6hGbdaWHmUUY

2 Likes

Great idea. Move on with similar deals :wink:

1 Like

The proposed features, if implemented, would be quite a feat.
I have read the linked medium article, but the key points are still unclear:

  1. Who risks what assets?
  2. Portfolio value calculations, P&L, margin/liquidation levels?
  3. How exactly is it going to be lower gas cost than aave?

So if we could see a sample position walkthrough, it would’ve been nice.

1 Like

@BoringCrypto Awesome! Let’s get this served up! Let me know if you need any help!

1 Like

Could you show some github account or some past/current projects that show your experience?

Same as with Aave and Compound, ALL assets are at risk when there are fast price movements. With those a fast price movement in one asset can put the entire system at risk, with BentoBox only pairs with that asset are at risk.

Collateral rates will be configurable… which will determine max margin and liquidation price… the rest is front-end

With compound, for example, if you supply (or have enabled) 4 assets, to see if you’re solvent it has to calculate the value of all 4 assets, using a lot of gas… compound doesn’t seem very gas optimized code to me… haven’t read the Aave code. With adding COMP harvesting on deposit/withdraw it uses even more gas. BentoBox is a lot simpler and therefore lower gas.

Ultimately it’s a trade-of… compound is very flexible, easy to use and understand (except for the hidden risks) but in return it’s high gas and has limited asset choices.

1 Like