SIRE REPORT
Dinamiko
"Enhancing On-chain Investments and
Transactions with Dynamic Automation”
By
Suraj Kumar Sahu
(Roll Number: 120BM0015)
based on work done during internship tenure at
WEU FOUNDATION
Department of Biotechnology and Medical Engineering
National Institute of Technology Rourkela
1
Table Of Contents
1. Introduction
-Inspiration behind the project
2. What it Does
3. How I along with my team built it
-How it works
4. Challenges that I and my team ran into
5. Accomplishments
6. Results
7. Conclusion
-What I learned
2
Introduction:Dinamiko was an idea that came about as a result of the comparing the
flexibility of centralized exchanges, where limit orders can be created
and executed to perform trades. This limitation hinders users from
making timely and optimized investment decisions, resulting in missed
opportunities and inefficient trading strategies. Without a solution that
addresses this issue, individuals navigating the world of cryptocurrencies
face complexities and inefficiencies, hindering their ability to maximize
returns and minimize risks. This sort of flexibility was something that was
lacking from Web3 and DeFi, this is what Dinamiko aims to bring to
DeFi. We recognized the need for a platform that streamlines investment
trading decisions and empowers users to navigate the complex world of
cryptocurrencies with ease and flexibility.
What it Does:Dinamiko is a fully decentralized and fully autonomous on-chain trading
solution for automating the process of trading and helps in implementing
complex DeFi strategies. At its core Dinamiko is decentralized
application, as such it carries out on-chain transactions/activities. The
project is also is also directed towards but not limited to DeFi, as there
are a lot of other areas decentralized on-chain automation can be
applied. One of which is the automated settlement of payments when a
specific condition is met like a a specific time period has elapsed.
The working model built at MVP though, contains features and
innovations that allow users to create ‘subscriptions’(conditional
executions) based on the following criteria:-
3
1.
2.
3.
4.
5.
6.
Time
Change in price of a token/coin
Inflation rate
trading volume
Realized volatility
APRs and interest rates
Given these conditions, users can form insightful and profitable
subscriptions that carry out any of the following actions
1. Buy a token/coin
2. Sell a token/coin
3. Add Liquidity to a pair pool
So users can easily create subscriptions that are triggered only when
those specific conditions are met. The fun doesn’t have to end there as
users will be able to combine conditions in order to create even more
powerful subscriptions. The list below provides some insightful
subscriptions that can be created with Dinamiko
1. Buy 0.1 ETH every month
2. If the trading volume of BNB/USDT pair exceeds $40,000,000
add liquidity to the BNB/USDT pool
3. If the price of BTC stays above $28,000 for 3 days buy 1 BTC
4. If the inflation rate goes above 3.5% buy 5 BNB
The above list shows but a few examples of the subscriptions Dinamiko
can help users create.
How I along with my team built it :Dinamiko is a application that is easily understandable, and tailor made
for a better user experience for people in DeFi. Here is step by step
process of how Dinamiko works.
1.
2.
3.
4.
5.
6.
User enters the app
User connects their wallet
User selects the condition type
User selects the action/transaction type
User selects the token/liquidity they want to interact with
User approves the default transactions token (USDT) to be
spent by Dinamiko smart contracts
4
7. User selects or inputs the specific condition that has to be
fulfilled for the transaction to be executed
Challenges that I and my team ran into:In as much as the Web3 has been around for quite some time now, it is
still an emerging technology and as such there are always challenges
associated with building projects for the decentralized web, and project
Dinamiko was no different and it was definitely a learning curve for the
team. Some of the challenges faced are listed below but not limited to:
1. Idea conceptualization: Having a idea is one thing and knowing
where to apply the idea is another, with Dinamiko it was no
different as we faced the challenge of deciding how to properly
structure the app and create a very good user experience. We
also had to balance innovation and feasibility and narrow down
the scope idea/app.
2. Integration Complexity: Dinamiko is a very interesting project
that combines quite a number of moving parts and thus we had
to find way to combine all those parts and make sure that all
they all worked well together. Some of those parts included
interacting with a token using the approve and transferFrom
functions, Chainlink Any API, price feeds and automation were
used to implement the idea. We also utilized the Uniswap V3
contracts to perform transactions like buyToken and
AddLiquidity. Truflation was also used to get inflation data. Given
all these, we had to make a lot imports and work with multiple
interfaces.
3. Time constraint: Our team got only 7 weeks to complete this whole
project from conceptualise the idea , designing the architecture of
the project to building the project at MVP level
Accomplishments:1. Getting a working MVP in less than 8 weeks: Developing a
functional Minimum Viable Product (MVP) within the tight
timeframe of less than eight weeks was an exceptional
achievement during the internship period. The accelerated pace
demanded meticulous planning, effective time management, and
relentless dedication from our team. Through rigorous iteration
5
and rapid prototyping, we swiftly transformed our initial idea into
a working prototype that showcased the key value proposition of
our solution. The ability to deliver a tangible MVP within such a
limited timeframe demonstrated our team's resilience,
adaptability, and proficiency in leveraging cutting-edge
technologies. This accomplishment not only validated the
viability of our concept but also provided a solid foundation for
further development and refinement beyond the internship. We
take immense pride in our ability to rapidly deliver a functional
MVP, reflecting our commitment to innovation, teamwork, and
agile development practices.
2. Connecting all the moving parts: Connecting all the moving
parts, including smart contracts, interfaces, and oracles, was a
significant accomplishment during the internship. Assembling
these components into a cohesive and functional system
required meticulous planning, technical expertise, and relentless
problem-solving. We successfully designed and implemented
the smart contracts to handle various functionalities, ensuring
their seamless integration with the user interfaces. Integrating
Chainlink's oracles played a crucial role in bridging the gap
between the blockchain and real-world data sources, enabling
secure and reliable interactions. Through this achievement, we
demonstrated our ability to synchronize complex systems,
ensuring the smooth flow of information and transactions
between different components.
3. Learning a lot and working a as team: One of the most
significant accomplishments we achieved during the internship
was the immense amount of learning and growth we
experienced as a team. Collaborating on a challenging project
within a limited timeframe pushed us to expand our skills,
explore new technologies, and delve into unfamiliar domains.
The constant exchange of knowledge and ideas amongst team
members fostered a dynamic and intellectually stimulating
environment, enabling us to acquire a wide range of expertise.
We embraced the opportunity to dive into the intricacies of
Web3, smart contract development, and decentralized finance
(DeFi), enhancing our understanding of these complex concepts.
The experience of working together in such an intense and
collaborative environment not only strengthened our technical
6
abilities but also honed our teamwork, communication, and
project management skills. We fostered a supportive
atmosphere, leveraging each other's expertise to tackle
challenges and deliver a polished final product. The
accomplishment of learning and growing together as a team was
invaluable, providing us with a solid foundation for future
collaborations and instilling in us a sense of achievement and
camaraderie.
Results:Link: https://dinamiko-mailidanielifechukwu.vercel.app/
Github: https://github.com/DinamikoApp/Dinamiko
7
Conclusion:A core aim of every internship is to learn while building and for project
Dinamiko it was no different, we had the opportunity to work with
different technologies and learned a lot on the way. The items
mentioned below are some of the things I learnt while building the
project.
1. Use of Chainlink services: Incorporating Chainlink services into
our smart contracts was a transformative experience that
brought numerous valuable lessons. Through our utilization of
Chainlink's automation, Price Feeds, Data Feeds, and the
flexibility to connect to any API, we gained profound insights into
the power and potential of decentralized oracles. One key lesson
we learned was the criticality of real-time and accurate data for
reliable decision-making within our project. Chainlink's Price
Feeds and Data Feeds provided us with a trustworthy source of
information, enabling us to make informed investment choices
and execute transactions with confidence. Additionally, we
discovered the importance of secure and tamper-proof
interactions between smart contracts and external data sources,
which Chainlink's infrastructure facilitated flawlessly. The
seamless integration of Chainlink's services taught us the
significance of interoperability and the ability to connect with
various external systems, expanding the possibilities for our
project.
2. best practices in the smart contract development: Given that we
had to write quite a number of smart contracts. We gained a
deep understanding of best practices and key principles that
guide successful projects in this space. We learned the
importance of security considerations. We also grasped the
significance of thorough testing, both for functional correctness
and edge cases, to ensure robust and reliable smart contracts.
3. Use of Truflation to get inflation data: During the internship, I
delved into the fascinating concept of Truflation and its
application in obtaining inflation data. Truflation is a novel
approach that leverages blockchain technology and
decentralized finance (DeFi) to provide a transparent and
8
verifiable source of inflation information. By utilizing on-chain
data and smart contracts, Truflation ensures the integrity and
accuracy of inflation data, eliminating potential manipulation or
bias. It enables users to access real-time and trustworthy
inflation rates, empowering them to make informed financial
decisions.
9