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Marksense

Marksense

Bring PnL to Onchain

Created on 13th October 2024

Marksense

Marksense

Bring PnL to Onchain

Why are you participating for Based SEA?

We’re participating in the hackathon to push the boundaries of innovation, collaborate with talented individuals, and bring creative ideas to life. It’s an opportunity to challenge ourselves, learn from others, and build solutions that solve real-world problems. Hackathons provide a unique environment to rapidly prototype and validate concepts, and we’re excited to contribute and grow through this fast-paced, hands-on experience.

What challenges are you focusing on?

We’re focusing on the challenge of bringing transparency to trading profit and loss (PnL) data by leveraging blockchain technology. Many platforms lack verifiable PnL reporting, leading to mistrust and misinformation. Our goal is to create a solution that ensures real-time, on-chain verification of PnL, allowing users to see accurate trade results from trusted sources. By integrating tools like zkFetch and utilizing APIs from Binance and Coinbase Wallet, we aim to bridge the gap between traditional finance and blockchain to provide a more transparent and reliable system.

How does your submission address this challenge?

Our submission addresses the challenge by providing a platform that verifies trading profit and loss (PnL) data on-chain, ensuring transparency and trust in reported figures. Using zkFetch, we apply cryptographic proofs to verify the authenticity of PnL data, eliminating the risk of inflated or misleading results. By integrating with the Binance API, we pull real-time trading data, while Coinbase Wallet allows secure user authentication and interaction with blockchain technology. This combination ensures that every PnL figure is accurately reflected and verifiable, offering a clear solution to the problem of unverifiable PnL reports on other platforms.

Challenges we ran into

Learning and Exploring New Technology
One of our major challenges was getting up to speed with zkFetch and smart contract development. These technologies were new to our team, and we had to invest time in understanding how to integrate them effectively into our platform. Through research, experimentation, and troubleshooting, we managed to implement zkFetch for on-chain PnL verification and successfully incorporate smart contracts into our workflow.

API Rate Limits and Data Sync
Another challenge was dealing with the Binance API. We noticed that response times were inconsistent, especially during high-traffic periods. This affected the real-time syncing of trading data. To overcome this, we implemented caching mechanisms and optimized our API request handling by distributing calls during off-peak hours. This allowed us to maintain data accuracy while mitigating delays caused by API rate limits.

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