A cross faculty team from School of Business Management (SBM) and School of Information Technology (SIT) emerged as Champions for the category of Decentralised Finance at the PolyFinTech 100 API Hackathon 2022 that concluded at 24 Sep 2022. Led by students from the Diploma in Banking and Finance (DBF), the team was awarded $2,500 of prize money. The team comprises DBF students Tan Ya Jing Aleanor, Ho See Yang Lucas, and Jefferson Tan Junzun, and two students from NYP School of IT – Shang Jia Tong and Ng Cai Xian.

JP Morgan sponsored the problem statement to “identify areas of improvements and optimizations for better efficiency, performance and risk management of public crypto-asset automated market making (AMM) protocols”. This is a technical state-of-the-art problem in this domain, which warranted a novel solution. The team made an excellent presentation and handled the Q&A well, impressing JP Morgan’s Head of Technology (Coin and Clearing, Onyx) Mr Lee Muh Hwa. Our solution seeks to improve upon the top AMM pool Uniswap V3, by minimizing impermanent and slippage losses for liquidity takers and providers in a predictive fashion, while attracting liquidity via a gaussian-based incentive mechanism.

Out of 137 teams (633 students) who registered for the hackathon, 82 teams (387 students) were selected to represent their polytechnics to compete in the category finals. In the end, there were only a total of 13 teams competing in this category’s finals.  Aside from this win, NYP received another Merit award in the competition.