frak-a-sat enables DeFi users to own fractionalised synths of space object IDs depending on their risk appetite.
The idea is to create a space synthetics DEX. Users, hedge funds, DAOs can swap fractions (ERC20s) of a space object's digital ID (ERC721). Users can swap individual fractional synths, diversified risk collections like indices and more structured collections like options, perpetuals, etc. Fees from swaps accrue into a fee pool. Users can use governance tokens to stake, participate in governance, auctions etc. to earn rewards from the fee pool. The long-term goal would be to create integrations within the DeFi ecosystems for DeFi users that own their respective fractions such as lending and borrowing; options; structured products; ETFs, etc. The broader vision is being the DeFi backend for the space sector.
How it's made
While time was in short supply, I ended up making a wire frame to submit something. Partial code is still available on the github repo. * An External Adapter API is created using the Chainlink Oracle network with data of space object ID represented as JSON objects. * A dynamic NFT (ERC721) based on oracle data connected to a IPFS/Filecoin/Arweave for storage. * A Factory contract mints ERC-20s based on a generalised ERC-721 Interface. * There were three smart contracts: (a) Marketplace contract that defined the swaps; (b) Factory that minted the ERC20 fractions and (c) an NFT contract that represented the space object with its JSON object data. * Smart Contracts would've been created using Solidity v0.8.3 and Hardhat * The final dapp would have a NextJS frontend with a Koa/Flask backend. * The final dapp is deployed on a layer 2 (in this case was going to be Polygon).Technologies used