Hello World: Meet Increment
Perpetual futures protocol empowering open finance for non-USD participants in DeFi
Increment is a distributed, algorithmic exchange rate protocol empowering crypto holders to hedge against or speculate on global exchange rates in a non-custodial manner.
In the sections below, we will describe the market challenges that Increment is trying to solve, share our journey thus far, report our latest development progress, and set out the next steps.
According to The Block, USD-pegged stablecoins currently dominate the total stablecoin supply in the market. However, DeFi is truly global. For non-USD participants, they face exchange risks when moving in and out of crypto through their local currencies (EURO, CAD, CNY, etc) and currently there are very limited, if at all any on-chain solutions.
With this in mind, we wanted to create a protocol that provides exposure to global exchange rates without having the need to hold the actual currency. For the first iteration of the Increment protocol, we will enable collateralization of stablecoins for exchange rate perpetual swaps. In future phases, we will build integrations with Aave, as well as other instruments such as options and forward agreements.
What’s unique about integrating with leading protocols like Aave is that the system will allow users to lend or borrow on Aave and hedge against exchange rate risks using aTokens or other assets.
Journey Thus Far
This all started at ETHGlobal’s HackMoney 2021, one of the world’s largest DeFi hackathons of the year. This was the birthplace of Increment and we were humbled to be one of the 16 finalists out of over 200 projects.
After the hackathon, we established the official founding team and have continued to build Increment in many aspects including documentation, landing page, smart contracts, etc.
It has been one month since the end of the hackathon and aside from the time we spent working out logistics, we were excited to build more. Here is a summary of our progress:
Released first version of the documentation and is live here. Includes an overview of the system architecture as well as the specifications of the two main products that we will release on mainnet in the first phase of development: Perpetuals and Pools
Sign up for first access to Beta launch by filling out a questionnaire on Typeform
Worked with third party UI design team to create a new landing page design
Built and released the new landing page, visit the site here
📑 Smart Contracts
Expanded testing suite
Laid out solid foundation
Our focus is now on building the app for testnet release. In the next few weeks, this will mainly consist of designing and developing the UI/UX as well as building priority features and testing.
Increment is a decentralized, algorithmic perpetual futures protocol building on zkSync 2.0, empowering on-chain global exchange rate and crypto derivatives trading.