Diversify your investments in Cryptocurrency using FruitBasket
Cryptocurrencies is a volatile market, sometimes there are cryptocurrencies that can do x10 or x100 in a very short time. To identify these kinds of cryptocurrencies is not a simple task, so it is better to diversify investments in multiple tokens.
It means to study and identify promising cryptocurrencies. FruitBasket provides an innovative way to do weighted investments on multiple promising cryptocurrencies at the same time. Baskets can be very interesting instruments which can enable us to do this.
FruitBasket is a DEX where market experts can create baskets of most promising cryptocurrencies and investors invest in these baskets. The basket creator will earn some rewards as the number of USD invested in their baskets increases.
Investors will get rewards if they buy and hold baskets. Investors can also create custom baskets so that they can create a proper weighted hedge on their investments.
Solana and serum has provided a way to easily buy multiple tokens. Fruit basket is based on these technologies
What FruitBasket does
In the Fruit Basket you can create and trade baskets which consist of multiple cryptocurrencies. You can create a basket by specifying its underlying and associated amount for each underlying token.
When you buy a basket the underlying tokens are bought at the market price (IOC) and stored in token pools. The authority of these token pools is maintained by the smart contract. After successfully buying all the underlying tokens we mint the buyer a special fungible basket token. The price of the basket token is updated by the smart contract. An offchain program is responsible for updating basket prices, token prices and to track all current orders. If orders are not completed successfully within a certain time it is responsible for reverting those orders.
The token pools for underlying markets will be used for staking and lending, the rewards will be shared between the basket holders.
Fruitbasket is still in development phase, we are looking for front end who can help to improve UI part and integration with backend
What’s next for Fruit Basket
- Implementing an advanced and user friendly UI.
- Integration of derived instruments like futures, options and other derivatives.
- More accurately pricing and risk calculation baskets using order books.
- Implementing cross chain tokens and pools.
- Compose and decompose functions.
- Implementing an off chain client to track and process the basket transactions. Should be quite simple and straight forwards.
- Implementing a way to analyze market condition and volatility to calculate the max price for buy and min price for sell (reducing almost all trade context reverts).
- Implementing basket swap.
- Publishing basket prices using pyth.
- Integrating staking and/or lending.
- Implementing a reward strategy for creating, buying and holding baskets. (creating a new reward token)
Try it out on github
If you want to be part of this exciting new technology directly get in touch with us