Ninjastic
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Board Announcements (Altcoins)
Re: [Ann] ⭐️ equalizer ⭐️ ⚡ DeFi Flash Loans Made Easy ⚡ ⭐️
by
cristalsys
on 01/05/2021, 07:23:35 UTC
Quote from: Miiike on April 30, 2021, 04:02:23 PM
Quote from: cristalsys on April 30, 2021, 09:44:33 AM
Quote from: Miiike on April 29, 2021, 01:16:30 PM
Quote from: cristalsys on April 29, 2021, 12:58:34 PM

Guidelines on how to do it will be published. It will require some programing skills to do it, but for sure will be worthy Smiley

What about my question? About the block, confirmation, and clogging, and about the trustless/collateralless method, I assume KYC is mandatory?

That's the definition of the flash loan:
Flash Loans are a unique capability available only on the blockchain protocol and represent an uncollateralized loan option that has to be returned in the same block transaction.
Flash Loans enable you to borrow instantly and easily any amount, with no collateral needed, but only if that amount is returned to the vault within one transaction block.
If this does not happen, the whole transaction is reversed and undo the actions executed until that point. This guarantees the safety of the funds in the vaults.
Use-cases include arbitrage, collateral swapping, rebalance, liquidation, and many more.
No KYC needed

I don't think I grasp the concept quite correctly. If I may confirm, suppose I want to borrow 5 bnb that's available and provided by the vault, at a block number (let's say) 12345, the only possible scenario is either I managed to do an arbitrage within two exchanges I choose and the whole transaction opened and closed within #12345, or nothing happened because the whole transaction went through #12346? There is no case where I have to lose my collateral (perhaps set as default and agreed upon account creation or at some point somewhere) because the chain is clogged and my transaction went to the next block?

Let me explain: the transaction is a set of operations: get asset A as a flash loan from the vault, swap asset A to asset B in first DEX, swap Asset B to asset A in the second DEX, pay back the asset A to the flash loan vault. All these 4 operations are embedded in one transaction. If the whole transaction doesn't happen in block X and happens in block X+1, it is still good, you did your arbitrage trade one block later than expected.
There is no case when you can lose your collateral. First, because it's not really our collateral, you borrow from the vault without putting collateral. Second, because if something goes wrong with the operations embedded in the transaction, the whole transaction is dropped, you don win and you don't lose anything. Flash loans are risk-free!

https://drive.google.com/file/d/112we9ea36B_uEk8yCnpYZMWCxN1KOd6D/view?usp=sharing