Magnetar

We are building DEX project based on Injective Protocol

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Inspiration

We believe that blockchain opens up new opportunities in the field of financial markets. Decentralized Exchanges (DEXes) are DEXes should fix many problems that many Centralized Exchanges run into – security issues, regulatory constraints, and limited flexibility. Today the market offers a wide range of decentralized trading platforms. Most of them have overloaded interface, understandable for professionals, but complicated for a new audience without profound trading skills. The idea to create the app that will help newcomers gain access to unlimited DeFi markets seems really promising to us.

What it does

Magnetar is a single-page application that gives non-professional traders access to unlimited Defi markets, through a simple and user-friendly interface. Users can start trading spot and open-ended markets in just 2 clicks by connecting their Metamask. No lengthy registration and KYC procedures allows you to keep full control of your funds. No heavy interfaces with lots of numbers to make your eyes run away - you see only the information you need, when you really need it.

How we built it

The foundation of Magnetar is the Injection Protocol, which opens access to limitless Defi markets at high speeds with low commissions. We at Magnetar have focused on creating an interface for non-professional traders. We are novice users of decentralized trading platforms ourselves, so we understand the challenges that newcomers face. In the process of designing we removed everything from the screen and started adding step by step only necessary information that helps in trading. We refused professional terms and tried to use only words which are simple and clear for the masses. We also focus on using the app consistently - in other words users see important information when they need it. This will allow novice users to better understand the process of trading on the exchange, not to lose focus and be careful not to make a mistake, and for us to see which areas cause difficulties for users in order to further optimize the "difficult" areas.

Challenges we ran into

In the process of development we faced several challenges. The first challenge - we are new to the field of trading and many of the terms were not immediately clear to us, so it took time to study the topic of spot and open-ended trading. The second challenge - a severe lack of time, as all team members currently work full time and therefore had to work at night, plus the different time zones of the team members made the development process a bit difficult. Also, the team members only got to know each other during the hackathon and it took a little time to get into a common working rhythm.

Accomplishments that we're proud of

We are proud that we were able to build a team and workflow, working remotely.

What we learned

This was our first experience in creating a web-3 application, so we learned how a web application can be connected with a cryptocurrency wallet, get account info and send transactions to the blockchain network.

What's next for Magnetar

We plan to continue working on the Magnetar project after the hackathon and build a full-fledged decentralized exchange.

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