Introducing the first round of winning hacks on 1inch, we are looking back at 1inch’s inspirational journey, which started with an ETHGlobal hackathon.
Back during the dark depths of crypto winter, two smart white-hat hackers, Anton and Sergej, started attending the fun, productive ETHGlobal hackathons in order to dive further into Ethereum. They started with ETH Singapore in December 2018. Six months later, they came to ETH NYC where the idea of 1inch was born. The 1inch MVP did not win the hackathon — or even a sponsor prize. However, the global hackers worked at the concept, met more ETHGlobal hackers and soon the product grew traction.
Like many great hack submissions, including our sponsor prize winners, the 1inch DEX aggregator started as something these two hackers wanted and needed for their own personal use. They found it exhausting to check every DEX for the best price and decided they needed an algo to search for the best price on all top DEXes and deliver the best trade. All they needed was an inspiring and energy-filled ETHGlobal hackathon to birth this useful hack-turned-project. Today (about a year since the ETHGlobal MVP), over 4.8 billion USD have been swapped on 1inch.
We sincerely hope our 1inch ETHOnline sponsor prize winners embark on a similar journey.
Now let’s dive into the dazzling 1inch hack winners!
1st place prize — $2,000 Dai — ERC Graph by Pablo Bianciotto
ERCGraph is a real-time and historic graph showing ERC-20 transfers across the Ethereum network.
It listens for and retrieves past ERC-20 transfer event logs to plot them on a canvas, making it easy to understand complex transactions or network events.
The user can make annotations and filter data by different criterias: protocol, token being transferred, sender/receiver address and amount being transferred.
We are impressed and excited to use ERC Graph to better understand swaps of all kinds on 1inch. By the end of the hack submission video, the 1inch team was utterly chomping at the bit to use Pablo’s for 1inch.
2nd place prize — $1,000 Dai
We have a three way tie for second place as we couldn’t choose just one. Each of the teams will receive $1,000 Dai.
Tenderize.me by Nico Vergauwen, Adam Noonan, Xavi Lozano, Marko Zelman, Kevin Weaver
This project combines staking in protocols, such as Livepeer, Keep, The Graph or NuCypher, with automated market making to create a liquid staking solution.
Once you’ve staked with the aforementioned protocols, you will need to wait for an unbonding period to get your tokens back. This can be a long timeframe (e.g. Livepeer 7 days, Keep Network 60 days), during which no rewards are earned, yet the market can move significantly. This poses a risk and large opportunity cost for stakers.
With the Tenderize protocol, users can stake their funds and receive a derivative token, called a TenderToken. TenderTokens represent the underlying stake and rewards earned over time. For example, over time 1 tenderToken can be worth 1.50 underlying tokens as rewards are gained in the system; they call this the “share price”.
We were excited to see they used 1inch to swap the other reward tokens (or ETH) for the staked token. Tenderize.me achieves minimum slippage as they use the 1inch contract API directly from their staker contract and distribute the order among different exchanges.
As a decentralized project with a global payroll, we are excited for the YetiRoll product and mission.
The YetiRoll hack delivers a decentralized online payrolling platform for seamless processing of payments for people connected to centralized and decentralized organizations. We are happy to see they integrate 1inch.exchange’s DEX aggregator to pay employees in whatever asset they so choose, thus saving valuable projects and people some also valuable money.
Check out the Yeti Roll Demo Video here. And check out the showcase URL here. YetiRoll was created for DotYeti.com, which will use the product to pay out its employees. As a result, a Nation State Resistance Payrolling open-source solutions will be created, enabling other organizations to pay their employees in crypto in an easy way. YetiRoll is now exploring to create a DAO that will kick-start adoption of digital asset payrolling solutions.
DePay by Sebastien Pape
DePay scans the connected wallet for all tokens of value, filters them by availability of decentralized liquidity pools, calculates routes to find the most efficient, least costly way of paying the DApp, offers that route as a mean of payment and guides the user to interact with the blockchain to perform the payment (e.g. approving token transfer, etc.). We are excited to see DePay utilize Mooniswap liquidity pools to swap users’ tokens.
It was quite a treat to judge and sponsor the ETHOnline hackathon! It’s incredible to experience the ETHGlobal ecosystem full circle. The thrill of hacking is on par with the thrill of seeing others hack on your project. We hope some of this season’s hackers will one day do the same!