ETH Denver was an extraordinary opportunity for Spectral to connect with the community, meet potential web3 partners, connect with the broader Ethereum community, and watch nine talented teams compete for Spectral’s bounties!
Over 26,000 people visited ETH Denver this year, more than double last year’s tally, which is a remarkable number considering the series of winter storms blasting the United States and the lingering financial chill from crypto winter. Spectral was delighted to meet so many other projects and community members, and we had a blast judging the nine amazing entries in our bounty project. Let’s begin with the winners!
Congratulations to Trident, our Bounty winners!
Competition for bounties was fierce this year. There were 27,321 REST API calls made during the Hackathon! Trident, our winners, built “a DAO credit dashboard, Lens follower graph, and undercollateralized lending protocol for DAOs” using Spectral’s API. They distinguished themselves by creating a useful tool with a powerful integration (Lens), made ample use of MACRO Scores and the Spectral API and used the Scores as financial reputation primitives, creating an aggregate score, a potential social graph, and an interesting visualization tool.
- Trident will take home the $8,000 first prize.
- Joey Finance will take home the $5,000 second prize.
- Diing and Vouch Finance will each take home $1,000.
Nine teams competed for Spectral’s $15,000 (USDC) bounty.Joey Finance, took second place, they created a multisig account abstraction wallet with credit lines underwritten by on- and off-chain data, with zk-enabled private transfers to end-users, akin to a credit card; Diing Finance, provided "a magic link for token transfers, eliminating the need for users to ask for each other's wallet addresses;" and Vouch Finance, offers undercollateralized loans using on-chain staking and credit reputation systems (i.e. through Huma.Finance and Spectral). The two teams shared third place and each received $1,000.
We were also really impressed with the other contenders. Janka Score created a transparent, community-managed on-chain credit score; Lumen, a proof-of-funds system for underwriting loans and verifying asset ownership; PeerToPeer Lending, a platform that allowed users to lend assets based on the credit score retrieved from Spectral Finance; Krypto Kredit, which used NFT invoices with due dates to create on-chain credit using off-chain cash transactions; and Ape Harmony, an equity-backed (non-synthetic) derivatives protocol for peer to peer lending against NFTs and digital assets.
Given how many other bounties were available this year, we were grateful to receive so many high-quality submissions! There were dozens of bounties available from over 60 protocols this year, with a total of tens of thousands of bounties to be won. Prizes will be distributed by smart contract.
Financial Reputation: Building a web3 Credit Score
Spectral’s CEO Sishir Varghese participated in a panel on real-world assets and gave a presentation called “Building a web3 credit score.” A few highlights: Building trust into a trustless financial ecosystem isn’t always intuitive. “We believe there’s an important layer missing from DeFi,” Varghese said. “And it’s time for our community to start building it.” On-chain credit could create an internationally portable proof of income for bolstering an off-chain financial reputation. He sees the distinction between CeFi and DeFi eventually being eroded away completely. To serve the financial community, Spectral has begun refracting its financial primitive MACRO Score into 138 constituent model features, delivering streams of data that can be used for near real-time risk forecasting and other applications.
Build with us!
We are incredibly excited by how much positive feedback we have received from so many angles of Web3, and are busy following up with multiple partners. A big thank you to ETH Denver’s organizers for a warm and wonderful experience in snowy Denver. If you missed your chance to meet or buidl with us at ETH Denver's hackathon, you’re most welcome to get in touch. Come join our Discord server’s integration channel to get started or check out our developer docs.