Resero
Unlocking over $3.5B of Zircuit-locked liquidity
About
The problem it solves The Zircuit staking program is designed to reward users which help provide day one liquidity to Zircuit. Users currently earn Zircuit points by depositing any supported assets into the staking contract. While withdrawals are enabled without an unstaking period, users who withdraw immediately stop earning Zircuit points. This puts users into a speculative predicament. Zircuit stakers are effectively betting that their accrued Zircuit points will outweigh other existing yield generating opportunities currently available across DeFi. This also turns away prospectively keen Zircuit stakers who believe the Zircuit points they accrue will not outearn existing yield opportunities, discouraging them from staking assets in Zircuit in the first place. It all stems from the fundamental issue that assets staked in Zircuit can’t be simultaneously utilized elsewhere. So what if there was a way to earn Zircuit points while also being able to leverage those staked assets? Enter Resero: the first and only liquid wrapper for all supported Zircuit assets. Resero unlocks liquidity by creating liquid receipts of staked cryptocurrencies in Zircuit. The process is simple. First, stake your assets in Zircuit. Then utilize Resero to create a liquid receipt of any staked assets. For example, staked ETH will become zsETH. You can then use zsETH in DeFi to maximize your yield, all while still earning Zircuit points. Resero also makes depositing into Zircuit much more appealing since users no longer have to weigh the opportunity cost of staking assets in Zircuit versus deploying those assets in DeFi. Now they can do both. The opportunity cost associated with staking assets in Zircuit has suddenly vanished, making Zircuit staking even more appealing. Resero is not just built on Zircuit. Resero is built FOR Zircuit.
How it's made
Challenges we ran into The overarching challenge was a lack of time and needing to prioritize tasks in a time crunch. We managed to complete the core smart contracts but that came with sacrifices. If there was additional time, things such as gas optimization and better documentation would have been tackled.