Best use of Balancer
Introducing Mindful: A platform for degens who want to align their crypto portfolio. Mindful was built out of a need. As DeFi natives ourselves, we wanted to learn from our mistakes and calm our degenerate tendencies. So, for ETHOnline, we decided to build something we'd actually use. Ever told yourself you'll take profits but waited far too long? Ever sold the bottom and then bought back higher? Ever FOMOed into an asset at the top after it went 10x? We have - so we're building Mindful to avoid these traps. With this new platform, you can adopt strategies to mindfully DCA into assets, rebalance your portfolio, and take profits automatically. Set your own strategy, or follow a guru. Mindful's intuitive UI guides users seamlessly through the Chakra creation and strategy-setting process. Built on Ethereum, it works with all major wallets and ERC20 assets. With Mindful, we hope to enable other crypto traders to invest mindfully, take the emotion out of trading, and actually realize profits instead of riding gains back down to the bottom. Start aligning your chakras today. Let your mindful self plan for your degen self's future. ---- Read the Medium post: https://medium.com/mindfulcash/introducing-mindful-portfolio-alignment-for-degens-7ff1aafe4f58 View our slide deck: https://docs.google.com/presentation/d/1oi8igtqZWn-fPtbnoKm9h-eYL1GKsGIijxb8H1VYQws/edit?usp=sharing Check out our design mockups: https://www.figma.com/file/6N4PRLldUjUvxqTkhRob3q/Mindful-ETHOnline-2020?node-id=0%3A1
How It's Made
Every Mindful portfolio (or “Chakra”) is a controlled Balancer pool, run and operated via the MindfulProxy contract. Chakra Deployment - To deploy a new Chakra, the MindfulProxy wraps the Balancer factory to create a custom permissioned smart pool using the user's specified Chakra parameters (underlying tokens, weightings, and initial amounts). On initial pool creation, the MindfulProxy enables a single-asset deposit into the pool by trading deposited tokens for the specified underlying tokens on Uniswap (1inch integration pending). For example, a 50/50 YFI/UNI Chakra, using USDC as a deposit asset, would first trade the USDC for YFI and UNI in the correct ratios, and then deposit these funds into the Chakra in a single transaction. Chakra Strategies - Two key components of Mindful are the automated DCA (buy) and profit-taking (sell) strategies. When a Chakra is created, the owner sets a strategy that defines when a buy/sell action can occur against their controlled pool. This includes specifying the delay between buys, or the target pool value increase for sells. The MindfulProxy contract then enables any third-party relayer to execute the strategy on the user's behalf. Buy Strategies - For buy strategies (i.e. DCAs into a Chakra), the proxy transfers the pre-approved reserve currency (e.g. USDC) from the user's wallet to the proxy, then trades the asset for the underlying pool tokens (e.g. YFI & UNI), and finally performs a multi-asset deposit into the Chakra (Balancer pool). Sell Strategies - For sell strategies the proxy executes a multi-asset withdrawal from the pool (e.g. YFI & UNI) and trades these tokens for the specified profit-taking currency (e.g. USDC), which is then sent back to the user's wallet. In both buy and sell strategy cases, all interactions with the Balancer pool use multi-asset deposits and withdrawals in order to prevent slippage. At any point in time, if they want to override their strategy, the Chakra owner can "Fomo In" or “Fomo Out" of their Chakra by executing a multi-asset deposit or withdrawal. Relayer Bot - A relayer bot is used to monitor all Chakras within the Mindful ecosystem. If a strategy can be executed, the bot calls the associated function on the MindfulProxy. The strategy’s parameters guarantee that this is only done at the exact thresholds defined by the Chakra owner. To compensate relayer bots for their work and gas usage, they are rewarded with 0.3% of the total deposit or withdrawal amount.