InfinityPools - Empowering NFT and FT Staking with an Advanced Rewards Management & Distribution Platform

[GENERAL] Name and surname of main applicant

Farid Ouedraogo

[GENERAL] Email address of main applicant

farid@infinitypools.io

Additional applicants

Vivek Nankissoor (vivek@infinitypools.io)

Mike Stewart (mike@infinitypools.io)

Shawn Roller (shawn@infinitypools.io)

[GENERAL] Please specify how many months you expect your project to last (from 2-12 months)

4

[GENERAL] Please indicate if your proposal has been auto-translated into English from another language.

No

[GENERAL] Does your project have any dependencies on other organizations, technical or otherwise?

No

[GENERAL] If YES, please describe what the dependency is and why you believe it is essential for your project’s delivery. If NO, please write “No dependencies.” .

No dependencies

[GENERAL] Will your project’s output/s be fully open source?

No

[GENERAL] If NO, please describe which outputs are not going to be open source. If YES, please write “Project will be fully open source.”

The fully functioning InfinityPools token staking and rewards management platform.

[METADATA] Category of Proposal

dApp

[IMPACT] Please describe your proposed solution.

Problem statement:

The Cardano ecosystem is in need of a simple, inexpensive, on-chain and off-chain staking and rewards management solution for NFTs and FTs. The challenge we currently face is the lack of a user-friendly platform that enables individuals and projects to effortlessly create and interact with staking pools, without the need of technical knowledge and minimal cost. This creates barriers to widespread participation in staking activities and restricts the growth potential of the Cardano network.

With a deep understanding of the challenges faced by projects in the Cardano NFT space, the InfinityPools team has conducted comprehensive research to understand what projects in the space need. These challenges include limited resources to provide adequate utility, concerns surrounding security measures, the absence of efficient and scalable solutions, a lack of demand and community engagement, as well as regulatory risks associated with token distribution.

Solution:

InfinityPools is a user-friendly NFT and FT staking platform that sets itself apart by operating entirely on the blockchain, utilizing audited smart contracts for enhanced security and transparency. InfinityPools also offers a flexible rewards management and distribution service, which allows projects to engage and reward their community on a single, unified platform. Through the seamless integration of InfinityPools, projects can unlock new avenues of utility for their communities, resulting in increased engagement and demand, all achieved with minimal effort on the project's part.

InfinityPools empowers projects to unlock the full potential of their NFT and FT offerings by streamlining the staking process. It removes hurdles and financial burdens, allowing the Cardano community to actively engage in staking without barriers. This inclusive solution opens doors for numerous projects, providing utility and new use cases, all while driving greater adoption of the Cardano netwrok.The staking platforms commitment to decentralization, inclusivity, and accessibility fosters community engagement and participation, adding vibrancy to the Cardano ecosystem and strengthening its value proposition.

InfinityPools has also successfully attracted projects for collaboration, leveraging our secure and user-friendly platform that requires minimal effort from the participating projects. As part of our initial release, we are preparing for the launch of two projects: Charli3 NFT and FT staking, and GeroWallet NFT and FT staking. These projects will serve as the foundation of our minimum viable product. Additionally, we have received expressions of interest from undisclosed Cardano projects, and our future plan includes offering NFT and FT staking solutions for them following the launch of our MVP.

[IMPACT] How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?

Solutions Addressed:

• Utility and Value Creation: By enabling NFT and FT staking, InfinityPools solution enhances the utility and value proposition of these tokens. Staked tokens provide additional benefits such as token rewards, exclusive access to content, voting rights and even participation in governance. This creates a stronger ecosystem around NFTs and fosters increased demand for these digital assets.

• Liquidity and Engagement: InfinityPools staking solution will enhance liquidity by allowing token holders to lock their assets in staking pools. This reduces selling pressure on the market and encourages long-term holding. It also boosts community engagement by offering an incentive mechanism that rewards participants for their commitment and loyalty.

• Risk Mitigation: Our audited smart contracts reduce the risks associated with token ownership by providing added security and protection. By staking NFTs and FTs in smart contracts, users have greater confidence in the safety of their assets. This reduces the chances of theft, fraud, or loss of valuable NFTs.

Benefits to Cardano:

• Community Building: NFT and FT staking solutions facilitate community building by bringing together token holders and project supporters. Staking pools become gathering points where like-minded individuals can interact, share ideas, and collaborate. This strengthens the bonds within the community and encourages active participation in the project's development and growth.

• Ecosystem Expansion: By providing NFT and FT staking capabilities, the InfinityPools staking solution attracts new users and projects to the ecosystem. It encourages artists, creators, and developers to leverage the platform to monetize their creations, generate additional income, and engage with their audience. This expansion of the ecosystem drives innovation, diversity, and the overall growth of the NFT and FT market.

[IMPACT] How do you intend to measure the success of your project?

Measuring the success of InfinityPools involves assessing various key metrics and indicators. By regularly monitoring and analyzing these metrics, we can assess the success and effectiveness of the staking platform. This data-driven approach allows us to identify areas for improvement, measure user satisfaction, track market impact, and make informed decisions to enhance the platforms performance and value proposition:

User Adoption and Engagement:

• Track the number of users and projects participating in NFT staking activities.
• Monitor user activity levels, including the frequency and duration of staking.
• Analyze user retention rates to gauge the platform's ability to retain engaged participants.
• Collect feedback and conduct user surveys to understand user satisfaction and sentiment.

Staked Asset Volume:

• Measure the total value of NFTs and other assets staked on the platform.
• Monitor the growth in staked asset volume over time to assess platform adoption and user confidence.

Rewards and ROI:

• Evaluate the effectiveness of the reward distribution mechanism.
• Assess the overall return on investment (ROI) for users participating in staking.
• Analyze the distribution of rewards across different stakeholders to ensure fairness and sustainability.

Community Growth and Activity:

• Monitor the growth in the platform's community, including the number of active participants, followers on social media, and engagement in community discussions and events.
• Track the development of partnerships and collaborations within the NFT ecosystem.

Market Impact:

• Observe the impact of the platform on the market value and liquidity of the staked NFTs.
• Analyze trading volumes and market depth for NFTs on the platform.
• Monitor the platform's influence on secondary market prices and the overall demand for staked NFTs.

User Feedback and Testimonials:

• Gather qualitative feedback from users, including their experiences, suggestions, and concerns.
• Monitor user testimonials and reviews on social media platforms and online communities.

[IMPACT] Please describe your plans to share the outputs and results of your project?

To effectively share our platform metrics and demonstrate the success of the staking platform with the Cardano community, we plan to implement the following:

Clear Communication Channels:

• Establish official communication channels such as our website, blog, social media accounts, and a dedicated community forum.
• Regularly update these channels with relevant information, including platform metrics, performance updates, and user testimonials.

Informative Newsletters and Reports:

• Send regular newsletters or reports to platform users and subscribers, highlighting key metrics and insights.
• Include visually appealing charts, graphs, and infographics to make the data more accessible and engaging.

Social Media Engagement:

• Leverage social media platforms to share platform metrics and success stories.
• Create engaging posts that highlight specific metrics or user achievements, encouraging community participation and discussion.
• Respond promptly to user comments, questions, and feedback to foster a sense of transparency and accountability.

Case Studies and Success Stories:

• Showcase real-life examples of users who have benefited from the staking platform.
• Share case studies and success stories that demonstrate the positive impact of the platform on users' financial outcomes and experiences.

Virtual Events and Webinars:

• Organize virtual events, webinars, or AMA (Ask Me Anything) sessions where users can interact directly with InfinityPools representatives.
• Use these events as an opportunity to share platform metrics, discuss updates, and address user questions and concerns.

Collaborations and Partnerships:

• Collaborate with other reputable projects, influencers, or thought leaders in the NFT and staking space to amplify the platform's reach and credibility.
• Leverage these partnerships to co-host webinars, contribute guest articles, or participate in panel discussions where platform metrics and success can be shared.

User Testimonials and Reviews:

• Encourage users to provide testimonials and reviews about their experiences with the staking platform.
• Feature these testimonials on the platform's website, social media, and other promotional materials to showcase the positive feedback received.

Transparent Reporting & Documentation:

• Publish regular reports detailing key metrics, platform performance, and updates.
• Ensure these reports are easily accessible to the general population through the platform's website or other communication channels.

This transparent approach builds trust, credibility, and fosters community engagement, ultimately attracting more users and promoting the continued growth and success of the staking platform.

[CAPABILITY/ FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability?

InfinityPools is driven by a team deeply committed to Cardano's success. With a proven track record, our founders Vivek and Mike have launched their own project, Votaire, an onchain voting platform on Cardano. They've also collaborated with numerous platforms, and helped projects establish themselves in the Cardano ecosystem. Shawn, Chris, and Jason are integral members of the successful GeroWallet, a light wallet solution available on the Cardano mainnet, while Farid contributes extensively through his YouTube channel and DAPP stake pool. With our combined expertise in smart contract development, product management and delivery, the InfinityPools team brings knowledge and trustworthiness to the ecosystem, reflecting our commitment to integrity and reliability.

Notable Contributions:

Vivek and Mike have made significant contributions to the Cardano ecosystem, including:

• Development of the Voteaire voting protocol
• Launching several notable NFT projects such as Charli3, Universe25, and Fudbuddies
• Operation of the CANUK stake pool
• Creation of the Dramz auction house
• Development of the BashoCaps Cardano NFT game
• Developed CIP-68 based NFT upgrade portal for Virtually Made Franchise Pass

Shawn, Chris, and Jason have made significant contributions to the Cardano ecosystem, including:

• Development of a non-custodial Cardano wallet web extension
• Creation of a non-custodial Cardano wallet for Android and Apple devices
• Introduction of the Gero Media Player, allowing direct playback of audio NFTs within the wallet
• Pioneering the first mobile Cardano DEX aggregator functionality
• Implementation of ADA wallet staking functionality
• Integration of hardware wallet support for Ledger and Trezor
• Enabling multi-asset sending functionality within the ADA wallet
• Storage and viewing capabilities for Cardano NFTs and CNTs within the wallet
• Operation of the GERO Cardano node stake pool
• Successful sale of two NFT policies
• Integration of fiat on-ramp services

Farid has made significant contributions to the Cardano ecosystem, including:

• Over 400 published, high-quality videos
• Over 400k video views and 5k subscribers
• Operator of the DAPP stake pool
• Operator of World Mobile Earth Nodes

These contributions demonstrate the team's expertise and dedication to enhancing the Cardano experience for users.

[CAPABILITY/ FEASIBILITY] What are the main goals for the project and how will you validate if your approach is feasible?

Main Goals:

• Enhance Token Utility: The project aims to provide additional utility to NFT and FT holders by allowing them to stake their tokens and earn rewards, thereby increasing the value and attractiveness of the NFTs.

• Increase Liquidity: The project seeks to improve liquidity within the NFT and FT ecosystem by incentivizing users to stake their tokens. This helps create a liquid market for NFTs, allowing for easier buying, selling, and trading.

• Engage Community: The project aims to foster an active and engaged community around NFTs by providing staking opportunities. This helps build a sense of ownership and participation among NFT holders, driving long-term community involvement and support.

• Promote Ecosystem Growth: The project seeks to contribute to the overall growth and development of the Cardano ecosystem by attracting new users, encouraging innovation, and fostering collaboration among stakeholders.

Feasibility Assesment:

• Market Research: We will conduct thorough market research to understand the demand for staking solutions, identify potential competitors, and assess the overall market potential. This will help us validate our platforms use cases, while also identifying any unmet needs by existing staking platforms.

• Proof of Concept: We will develop a proof of concept or minimum viable product (MVP) to demonstrate the technical feasibility and functionality of the staking platform. We will then test the platform with a small group of users to gather feedback and validate its performance.

• Financial Viability: We will assess the financial viability of the project by conducting a thorough cost-benefit analysis. We will also evaluate all of our potential revenue streams, such as fees or revenue sharing, and consider the associated costs, including development, maintenance, and marketing expenses.

• Regulatory Compliance: We plan to ensure compliance with relevant regulatory frameworks, particularly regarding staking, rewards, and tokenization. We will consult legal experts to validate the project's approach and mitigate any potential legal risks.

By conducting comprehensive research, gathering user feedback, validating technical feasibility, building strategic partnerships, and ensuring regulatory compliance, the project can validate the feasibility of its NFT staking approach. This validation process helps determine the viability of the project and its potential for success in the market.

[CAPABILITY/ FEASIBILITY] Please provide a detailed breakdown of your project’s milestones and each of the main tasks or activities to reach the milestone plus the expected timeline for the delivery.

Milestone 1: Project Planning and Development (Estimated timeline:1-2 months, COMPLETED)

• Define Project Objectives: Clearly define the goals, scope, and target audience for the NFT staking project.
• Conduct Market Research: Conduct thorough market research to understand the demand, competition, and potential challenges in the NFT staking space.
• Develop a Project Roadmap: Create a detailed project roadmap outlining the key milestones, activities, and timelines.
• Assemble Project Team: Form a team with the necessary skills and expertise in blockchain development, smart contract programming, UI/UX design, and project management.
• Design Architecture and Prototyping: Design the architecture and user interface of the NFT staking platform. Develop a prototype to validate the concept and gather initial user feedback.
• Define Smart Contract Functionality: Determine the required smart contract functionalities for NFT staking, rewards distribution, and governance mechanisms.

Milestone 2: Platform Development and Testing (Estimated timeline: 3-4 months, IN PROGRESS)

• Smart Contract Development: Develop and thoroughly test the smart contracts for NFT staking, ensuring security, efficiency, and scalability.
• Front-end and Back-end Development: Build the front-end interface and the back-end infrastructure of the NFT staking platform, ensuring user-friendly navigation and seamless integration with blockchain protocols.
• Implement User Authentication and Security Measures: Implement robust user authentication systems and security protocols to protect user data and assets.
• Integrate External Services: Integrate necessary external services and analytics tools, to enhance the functionality and user experience of the platform.
• Conduct Internal Testing: Conduct comprehensive testing of the platform's functionalities, security, and performance to identify and resolve any bugs or issues.

Milestone 3: Platform Launch and Initial Deployment (Estimated timeline: 1-2 months, NOT STARTED)

• Prepare for Mainnet Deployment: Ensure the readiness of the platform for deployment on the Cardano mainnet, including necessary network configurations and security measures.
• User Onboarding and Documentation: Develop user onboarding processes and provide comprehensive documentation and tutorials to guide users through the platform.
• Launch Initial Staking Pools: Create and launch the initial set of staking pools, collaborating with selected NFT projects or creators to incentivize participation.
• Marketing and Community Engagement: Develop a marketing strategy to raise awareness and attract users to the platform. Engage with the community through social media, forums, and events to foster user engagement and gather feedback.

Milestone 4: Platform Optimization and Expansion (Estimated timeline: Perpetual, NOT STARTED)

• Gather User Feedback and Iterate: Continuously gather user feedback to identify areas for improvement and iterate on the platform's features and user experience.
• Scale the Platform: Monitor the platform's performance, scalability, and security as user adoption grows. Implement necessary optimizations and enhancements to accommodate increasing demand.
• Add New Features and Integrations: Continuously enhance the platform by adding new features, integrations with other blockchain protocols, and partnerships with NFT projects and marketplaces.
• Community Support and Education: Provide ongoing support to the community by addressing user inquiries, conducting educational campaigns, and organizing events to educate users about the benefits of NFT staking.

Given the changing landscape and tooling available in the ecosystem, it will be crucial to regularly assess our progress and milestones and adjust the timeline accordingly to ensure efficient project delivery. The team will also be using an agile approach to developing.

[CAPABILITY/ FEASIBILITY] Please describe the deliverables, outputs and intended outcomes of each milestone.

Milestone 1: Project Planning and Development

Deliverables:

• Clear project objectives document outlining the goals, scope, and target audience.
• Comprehensive market research report highlighting the demand, competition, and challenges in the NFT staking space.
• Project roadmap detailing the key milestones, activities, and timelines.
• Assembled project team with defined roles and responsibilities.
• Architecture design and prototype of the NFT staking platform.
• Defined smart contract functionality for NFT staking, rewards distribution, and governance mechanisms.

Outputs:

• Well-defined project objectives and target audience.
• In-depth understanding of the market landscape and competitive landscape.
• Clear roadmap and timeline for the project's development.
• Assembled team with necessary skills and expertise.
• User-friendly interface prototype and validated concept.
• Detailed smart contract specifications.

Intended Outcomes:

• Clear direction and focus for the project.
• Identified market opportunities and potential challenges.
• Project plan and timeline for effective execution.
• Competent and capable team to drive the project forward.
• Validated concept and initial feedback to guide further development.
• Clear understanding of smart contract requirements for implementation.

Milestone 2: Platform Development and Testing

Deliverables:

• Fully functional and secure smart contracts for staking, rewards distribution, and governance.
• Front-end interface with seamless user experience and integration with blockchain protocols.
• Back-end infrastructure to support the platform's functionalities and user interactions.
• Robust security measures to protect user data and assets.
• Integration of external services, such as payment gateways and analytics tools.
• Comprehensive testing report and resolved issues.

Outputs:

• Completed and tested smart contracts.
• User-friendly front-end interface and back-end infrastructure.
• Secure user authentication and data protection measures.
• Seamless integration with external services.
• Thoroughly tested platform with identified and resolved bugs.

Intended Outcomes:

• Functioning platform with staking, rewards, and governance capabilities.
• User-friendly and secure user interface.
• Seamless interaction with external services for enhanced functionality.
• High-quality platform with minimized risks and issues.

Milestone 3: Platform Launch and Initial Deployment

Deliverables:

• Platform deployment on the Cardano mainnet.
• User onboarding processes and comprehensive documentation for users.
• Implemented governance mechanisms for community participation.
• Initial set of staking pools in collaboration with NFT projects or creators.
• Marketing strategy and community engagement plans.
• Feedback and suggestions from initial users.

Outputs:

• Deployed platform accessible to users on the Cardano mainnet.
• Smooth user onboarding processes and helpful documentation.
• Governance mechanisms for community participation in decision-making.
• Active staking pools with collaboration from NFT projects.
• Executed marketing strategy and engaged community.

Intended Outcomes:

• Publicly accessible staking platform on the Cardano mainnet.
• Smooth user onboarding and understanding of platform usage.
• Engaged community actively participating in staking activities.
• Increased awareness and adoption of the platform.
• Initial feedback and suggestions to guide further improvements.

Milestone 4: Platform Optimization and Expansion

Deliverables:

• Iterative improvements based on user feedback and identified areas for enhancement.
• Scalability optimizations to accommodate increasing user demand.
• Addition of new features and integrations with other blockchain protocols.
• Ongoing community support and educational materials.
• Continuous monitoring and performance optimization.

Outputs:

• Enhanced platform features and improved user experience.
• Scalability improvements to handle increased user load.
• Additional features and integrations for expanded functionality.
• Support channels and educational resources for the community.
• Ongoing monitoring and optimization of the platform's performance.

Intended Outcomes:

• User-centric platform with continuous improvements based on feedback.
• Scalable and robust infrastructure to accommodate growing user base.
• Expanded functionality and integrations for increased utility.
• Active and supportive community engaged with the platform.
• Optimized performance and efficient operations.

[RESOURCES & VALUE FOR MONEY] Please provide a detailed budget breakdown of the proposed work and resources.

Development This includes expenses related to software development, coding, smart contract development, and infrastructure setup.

Design  Prior to development, successful user journeys will be created, UX design with foundational research, wireframing, prototyping, and testing. Consulting during development and work towards continual alignment with the dev team and Cardano community to provide a user friendly and successful design for the community to utilize.

Project Management This will cover the time and effort required to manage the project, including task allocation, progress tracking, and team coordination.

Audit and pen testing: Funds reserved for conducting thorough security audits and assessments to ensure the platform is robust and secure.

Research, Testing and Quality Assurance This ensures the product is reliable and performs as expected. It involves thorough testing and the time of quality assurance specialists.

Marketing, communication Budget for marketing activities such as advertising, social media promotion, content creation, influencer collaborations, and community management to raise awareness and attract users.

Legal and Compliance: Allocating resources for legal services to ensure compliance with relevant regulations and obtain necessary licenses or certifications.

*Disclaimer: The budget provided above is subject to the volatility of Cardano (ADA). All price estimates mentioned in ADA and USD are based on current market conditions and exchange rates at the time of estimation.

[RESOURCES & VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?

Ecosystem Development

• Token staking projects contribute to the growth and development of the Cardano ecosystem. By attracting projects and NFT creators to the network, they help expand the variety and availability of NFTs, which can attract new users and promote innovation within the ecosystem.

Platform Utilization

• Staking solutions create demand and utilization for the Cardano network by providing a platform where NFT and FT holders can stake their assets. This increases the activity and usage of the network, further establishing Cardano as a thriving blockchain ecosystem.

Increased Liquidity

• By incentivizing users to stake their tokens, the project can increase liquidity within the Cardano ecosystem. This can improve the overall trading environment and facilitate the exchange of assets, benefiting both NFT holders and the broader community.

Enhanced Community Engagement

• Token staking projects encourage community participation and engagement by offering rewards for staking activities. This fosters a sense of ownership and involvement among community members, strengthening the network's community-driven nature.

In summary, InfinityPools brings value by increasing liquidity, driving community engagement, fostering ecosystem development, promoting platform utilization, and facilitating value accrual. It contributes to the growth and maturation of the Cardano ecosystem, attracting new users, projects, and investments, and strengthening the overall value proposition of the network.

[IMPORTANT NOTE] The Applicant agreed to Fund10 rules and also that data in the Submission Form and other data provided by the project team during the course of the project will be publicly available.

I Accept