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Benchmark

Benchmark

Benchmark Labs is the author of ERC7660, This is a memecoin protocol with a consensus period. Also provide initial liquidity lending for memecoin Dev,and create lossless returns for depositors.

Created on 18th June 2024

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Benchmark

Benchmark

Benchmark Labs is the author of ERC7660, This is a memecoin protocol with a consensus period. Also provide initial liquidity lending for memecoin Dev,and create lossless returns for depositors.

The problem Benchmark solves

1). Control the token release speed through a standard ERC protocol to achieve 100% fairness.
2). Gain time for Dev to build the community by increasing the consensus period mechanism.
3). Allow everyone to quickly deploy ERC7660 tokens through the one-click deployment function.
4). Provide initial liquidity borrowing for tokens through Benchmark Lend.
5). Create lossless returns for DeFi depositors through transaction taxes on ERC7660 tokens.
6). Quickly cross-chain memecoins through L0.

Challenges I ran into

Loan Agreement and One-Click Token Issuance Development

One-Click Token Issuance:

The first problem we encountered was how to customize a general-purpose ERC20 token based on a simple front-end interface?

After trying many methods, we efficiently issued standard ERC20 tokens for different users through a smart contract factory pattern and used the create2 contract interface to quickly create tokens requested by users; users only need to fill in the token NAME, SYMBOL, and IMAGE to issue tokens.

As for our original ERC7660, which is a new protocol token with a consensus period, the biggest problem is the communication cost with users.

We guide users through the front-end and various channels of teaching and distribution, allowing users to better understand the significance and advantages of the consensus period.

Lending

How to ensure the credibility and automation of the lending contract?

We ultimately chose to use smart contracts to automatically add liquidity for the user's lending tokens and automatically call the Uniswapv2 interface addLiquidityETH to add liquidity for the tokens needed by the user.

Exchange for bmETH

How to ensure the safety of the funds provided by users and distribute the profits created by the protocol based on the volume of funds provided?

We introduced the concept of LST, where users deposit ETH and exchange an equivalent amount of bmETH as a voucher, and users distribute profits by staking this voucher.
--- Through the lending smart contract interface, the ETH transferred by users is automatically used to mint an equivalent amount of bmETH for the user via the ERC20 interface (_mint).

Of course, we also support a redemption mechanism at the same ratio at any time
--- Through the lending smart contract interface, we receive the user's bmETH, automatically call the ERC20 interface (_burn) to destroy the bmETH, and exchange an

Tracks Applied (1)

Trading Track

Deploy ERC7660 tokens with one click through Benchmark and obtain initial liquidity loans with a maximum loan size of 10...Read More

TRADING with Aerodrome and Synthetix

Cheer Project

Cheering for a project means supporting a project you like with as little as 0.0025 ETH. Right now, you can Cheer using ETH on Arbitrum, Optimism and Base.

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