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Gitcoin x Aave Hackathon Challenge : Lightning flashloan() features
aave
trading, Ethereum, Erc20, DEX, exchange, aave, swap
### Challenge Description
Aave protocol introduced the concept of uncollateralized loans in a context of a single transaction, with this feature, any interaction with the Ethereum blockchain that will result in a financial gain can be performed even without providing liquidity.
From breeding cryptokitties to liquidating CDPs positions Flashloans will be the base layer of more efficient and optimized financial dapps ecosystems.
#### Features expected
Challenger applicants are free to provide their vision and ideas to fulfill this challenge. Aave is happy to provide a few ideas to guide them :
**Liquidation "keeper" bot**
Flashloan() is a powerful method to liquidate loans with a low Health factor, optimizing liquidation is a way to strengthen DeFI platforms to market events, Aave-oriented bot monitoring the Ethereum blockchain and scouting for liquidation opportunities is a great fit for this challenge.
Keepers bots, oriented to other DeFI platforms are also valid submissions, a platform-agnostic bot would be ideal.
**loan-saver insurance bot**
Insurance service for Aave loans, borrowers can subscribe to a contract that would _save_ for a fee a low Health factor loan. The cost of the service will be lower than the cost of a liquidation.
**Decentralized exchange arbitrage**
Leveraging on the undercollateralized feature of Flashloan(), a bot can without requiring the high amounts of locked capital usually needed in market arbitrage, generate financial gains by banking on prices discrepancy between different Decentralized Exchanges. Reducing spread across exchanges and to the benefits of all.
You can communicate with the Aave team in the official [Gitcoin Discord](https://discord.gg/MFXD7D2)
We will also provide assistance and advice to all applicants in the official [Aave discord](https://discord.gg/36sR272).
**MarcZeller** will be happy to provide assistance for this challenge on both servers
You can use the Kovan Testnet to interact with Aave protocol please refers to our [documentation](https://developers.aave.com/#what-is-aave).
#### Submission Requirements:
Must have an open-source license.
The submission should run on the Kovan testnet to match the [Aave public Testnet](https://testnet.aave.com/).
**ideal submission**
An ideal submission is a product capable of generating revenue and providing benefits to the ecosystem markets (smoother and faster liquidations, less spread across exchanges, better UX for users)
#### Submission Deadline
Submission deadline is at the end of the Hackathon on 11th November 11:59 pm ET
#### Judging Criteria
Usefulness of the submission
Innovation provided by the submission
Level of technical implementation
Go-to-market strategy
#### Judging Date
Judging will be at the end of the Hackathon on 11th November 11:59 pm ET
### Winner Announcement Date
The submission will be reviewed between November 11 and November 18. Winners will be privately notified before a public announcement of all hackathon prices given by Aave. The announcement and prize payouts will occur before November 31, 2019.
#### Challenge rewards
| Challenge position | Reward|
|:------|:-------|
| First Place | Amount 3000 DAI|
|Second Place | Amount 1250 DAI|
|Third Place | Amount 500 DAI|
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