reflexer-labs/geb

RAI Liquidation Pool

Closed this issue · 5 comments

stefanionescu commented

Prize Bounty

1500 RAI

Challenge Description

RAI is a non pegged stable asset that is minted against ETH. Anyone can deposit ETH into a Safe and create RAI until they hit the minimum 145% collateralization ratio. If a Safe’s collateralization ratio goes below this threshold, the Safe can be liquidated. Currently, a Safe is liquidated in a fixed discount auction similar to the ones used in protocols such as Compound and Aave.

For this challenge, you’re invited to build a liquidation pool where anyone can deposit RAI in order to be the first in line to liquidate Safes. This pool should be called by the RAI liquidation engine before it starts a new fixed discount auction. When the pool liquidates a Safe, the ETH proceeds should be distributed pro-rata among all the pool depositors. If the pool doesn’t have enough RAI to settle the Safe’s debt, the liquidation engine will continue with a normal auction.

You can read more about the liquidation engine in our docs.

Entrants can join our Discord to talk through their submissions in the #development channel.

Submission Requirements

Your project must have several unit and integration tests showing how your solution can be integrated in the GEB framework.

Submission Deadline

30th of June

Judging Criteria

  • Level of technical implementation (33%)
  • Unit and integration tests (67%)

Winner Announcement Date

The submission will be reviewed between 1st-6th of July. Winners will be privately notified before a public announcement of all hackathon prizes given by Reflexer. The announcements and payouts will occur by 7th of July.

gitcoinbot commented

Issue Status: 1. Open 2. Started 3. Submitted 4. Done

This issue now has a funding of 1500.0 RAI (4470.0 USD @ $2.98/RAI) attached to it.

  • 👍1
gitcoinbot commented

Issue Status: 1. Open 2. Started 3. Submitted 4. Done

Work has been started.

These users each claimed they can complete the work by 5 days, 13 hours from now.
Please review their action plans below:

1) sunnyrk has started work.

I Will work around it

Learn more on the Gitcoin Issue Details page.

gitcoinbot commented

Issue Status: 1. Open 2. Started 3. Submitted 4. Done

Work for 1500.0 RAI (4545.00 USD @ $3.03/RAI) has been submitted by:

gitcoinbot commented

Issue Status: 1. Open 2. Started 3. Submitted 4. Done

The funding of 1500.0 RAI (4545.00 USD @ $3.02/RAI) attached to this issue has been approved & issued to @stobiewan.

gitcoinbot commented

Issue Status: 1. Open 2. Started 3. Submitted 4. Done

The funding of 1500.0 RAI (4545.00 USD @ $3.02/RAI) attached to this issue has been approved & issued to @stobiewan.