Lido Open DeFi Hackathon - Round Up

in Ethereum, Research by Lido

As part of our vision, we are pleased to support open-source developments to further the growth of the Ethereum space. We recently did this through contributing to the Open DeFi Hackathon by Gitcoin. The focus of this hackathon was to support the DefF dev environment and to facilitate the use and composability of liquid staking tokens across the DeFi space.


Before we announce the winners, we at Lido want to take a moment to thank everyone that contributed to the hackathon. If it wasn't for your contributions to a more open financial system we would be forever relegated to an opaque banking system.


Your contributions are invaluable and we thank you all for your participation. Now onto the hackathon winners.


First Challenge: Off-Chain Storage & Management For Lido Validators' Keys

For the first challenge, the 3000 LDO prize goes to Tom! The challenge required taking a big part of the data Lido currently stores in smart contracts off-chain whilst retaining strong security properties of the system.


Tom created a way to reduce the ETH transaction costs required for adding/using signing. The general idea is that the public keys submitted by node operators are repeatedly hashed to calculate a merkle root which is then stored within the NodeOperator struct - reducing the storage usage to a single slot per node operator. Congrats Tom!


Second Challenge: Yieldspace-Inspired AMM For StETH/ETH Pairs

For our second challenge, There were no valid submissions to win the full prize; however, 0xSolidityGuy will receive a small amount from the OpenDeFi Challenge prize pool for his work on a Yieldspace-Inspired AMM For StETH/ETH pairs. Congrats 0xSolidityGuy!


Third challenge: OpenDeFi

For our third challenge, it was open-ended with up to ten prizes totaling 10,000 LDO. As we all know, some of the biggest innovations happen when people are free to build whatever they want. This challenge was for anything related to DeFi, liquid staking and Lido!


1st place goes to Dodecane!

Dodecane created the Occultix Protocol. The Occultix protocol provides highly flexible instant loans on stETH that repay themselves over time. Basically Alchemix, but for Lido's stETH. How cool is that?


Second place goes to Ankitiitb!

Ankitiitb created an interface on top the wstETH/ETH Uniswap V3 pool, to swap stETH for ETH or vice versa.


Third place goes to Shota-masuda-onibakuchi!

Shota created a contract that takes fungible tokens (like wstETH) and generates a unique NFT. The intent is to encourage the use of stETH/wstETH.


Fourth-fifth place goes to Masaun!

Masaun built a smart contract that can utilize Lido's stETH as a yield source of PoolTogether. Currently, several interest-bearing tokens such as Compound Token (e.g. cDAI, xSushi, AAVE Tokens (e.g. aDAI) are used as yield sources in PoolTogether. Masaun's repo is an integration between Lido's stETH and PoolTogether's yield source interface. It's not a fully finished work, but merits a prize anyway!


Sixth-tenth place goes to 0xkarl!

0xkarl is working on a contract that creates a PoolTogether yield source for Lido ETH2 staking daily rewards. It uses 1inch to swap wETH to native ETH, then deposit ETH into Lido. Then uses Curve to swap stETH back to native ETH as a workaround for disabled stETH withdrawals. It's not finished work, otherwise, it'd be higher up the ladder!


Sixth-tenth place goes to Tanish!

Tanish contributed to the off-chain storage & Management challenge.


All of the prizes will be sent out within the week.


Here at Lido, we think liquid decentralized staking solutions are an important piece of infrastructure in the Ethereum ecosystem and we’d love to build it with you.


If you’d like to help build Lido, please email [email protected], or join the Lido Discord.