Mimicry is a defi derivatives protocol for NFT collections.

Our proof-of-concept illustrates the use of a new defi primitive: rolling perpetual futures based on non-fungible collections.

GOALS: Our goal for this hack was to create a working proof-of-concept for the Mimicry protocol by forking Synthetix. Features we hoped to include were:

• Connecting to Polygon via Metamask
• Deposit ERC-20 collateral and mint an ERC-721 to mark the position
• Yield farm collateralized assets using AAVE & Yearn
• Appraise collections using data from OpenSea and Upshot
• Access off-chain appraisal data via Chainlink oracle
• Burn ERC-721 to release collateral

WHAT HAPPENED: We went far down that road of forking Synthetix but ultimately decided to leverage our own custom contracts and Scaffold-Eth instead. As a result our demo didn't fully implement the global debt pool, yield farming, and oracles that we had planned.

Nonetheless, we completed the following features:

• Connecting to Polygon via Metamask
• Deposit ERC-20 collateral and mint an ERC-721 to mark the position
• Collection appraisal middleware
• POC visualization of collateralized position data
• Burn ERC-721 to release collateral

WHAT WE LEARNED: We were very ambitious in our planned features. We also learned that there is a strong need for an industry standard way of valuing NFT collections. Additionally we now deeply understand the Synthetix codebase and how we can improve upon its design for our use case.

RELEVANT LINKS:

• NFT Visualizer Demo
• Smart Contract Demo
• System Architecture
• NFT Collection Appraisal Middleware
• Github: Smart Contract App POC based on Scaffold-Eth
• Github: NFT Visualizer POC based on Uniswap v3 LP tokens
• POC Demo Video

STAY IN TOUCH & LEARN MORE:

• https://mimicry.finance
• https://docs.mimicry.finance
• https://twitter.com/MimicryProtocol
• https://discord.gg/Y9pkzC6KCT