Horizon Finance Launched V2 Product
We are excited to announce the official launch of Horizon Finance’s V2, our second product — interest rate auctions with a whole new UI and more markets! (https://horizon.finance/). They are markets in which players can compete for preferential payment by specifying a yield cap for a given tokenized income stream (eg. xSUSHI, sSPELL,yvUSDC etc).
Quick overview of auction mechanics:
Players with lower interest rate bids are paid out in order from lowest yield to highest (and at their specified interest rate) until total income for the round is depleted. Any excess income spills over into the floating pool. To begin with, markets will operate on 1 week and 1 month tenors. All parameters (including fees, slots and tenors) are subject to change depending on the preferences of the community.
New design:
Previously, the team undertook a beta test(https://beta.horizon.finance/). We give a big thanks to everyone who interacted with our beta and especially to those that provided useful feedback. It was very helpful for us and led to a complete overhaul in the design of our contracts.
In particular, the new design achieves the following:
- Significantly lower gas to both enter and exit markets (and hence a far more economical platform for farmers).
- The ability for positions to ‘autoroll’ from round to round if the user chooses to do nothing. In other words, bids will autoroll into the next round unless the user submits an order to remove it prior to the round sealing.
Previously, users would mint an NFT that represented their claim on an unknown future payoff. However, minting tokens is quite costly and as such that design created too much friction for users.
Now, all interest rate ‘slots’ are minted beforehand and if users wish to place an order, they simply join one of the existing pools. This is significantly cheaper for users in terms of gas, and simplifies the user experience.
Protocol workflow
In order to place an order, click on the blue drop down arrow for your market of choice, and then click the bright blue button “bid on xxx”. After selecting your tenor and interest rate slot, your order will appear as an “upcoming bid” in the “manage” section.
When the upcoming round ‘seals’, no more bids can be submitted and upcoming bids automatically turn into ‘active bids’. To remove an active bid from the market, simply select “remove” and the payoff associated with that bid will be claimable when that round ends.
Audit
Please find Quantstamp’s audit of our v2 here: https://github.com/Horizonfinance2020/horizon-contract-v2/blob/main/Horizon%20V2%20-%20Audit%20Final%20Report.pdf
Immunefi bug bounty
https://immunefi.com/bounty/horizonfinance/
We do hope that all users will like and enjoy this new iteration. And, buckle up for our exciting stuff coming soon, including our token launch.
In case of any inquiry or help needed, please feel free to contact us:
Twitter: https://twitter.com/Horizon_Fi
Telegram: https://t.me/HorizonFinance
About Horizon Finance
Decentralized Interest Rate Market Protocol — Horizon Finance allows participants to swap between floating and fixed interest rates, enabling both speculation and risk management of their stablecoin portfolio and yield generating farms.
Join Us
Telegram: https://t.me/HorizonFinance
Channel: https://t.me/horizonann
Discord: https://discord.gg/p6A8RBYGjb
Medium: https://horizonfinance.medium.com/
Twitter: https://twitter.com/Horizon_Fi
