Mode is a crypto-banking application which provides end-user loans based on deposited crypto collateral. It works with crypto markets for buy/sell operations, along with monitoring the users’ collateral value to make early predictions and to propose a solution for the end-user if there are some problems.
A customer came to Devico with a request to provide engineers for API and web development of an application.
One of the challenges was to implement a rate service which monitors current crypto prices on different crypto markets, such as Coinbase, Gemini, BitStamp, Bitfinex, Kraken, etc., and create a price based on all medians of those markets. This data is also used to display our own diagram of Bitcoin and Ethereum prices on UI. We designed it to work even when some of the markets are down or there was some machination with prices, so the system can exclude some markets from the price calculation, and enable it when everything gets back to normal.
Another challenge was the implementation of the Margin system to monitor users’ collateral value, so if it’s close to a user’s current loan system it will ask the user to deposit more crypto or ask them to pay for their loan. If the situation is not resolved in time, other parts of the system trigger the auto-sale of the user’s collateral to cover problems with the user’s account, which eliminates debt for the bank. This system works with data in real-time based on the current situation on the market, and it contains 12 checks and actions to be performed.
integrations with crypto markets
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