Seamless Ethereum to Cardano Conversion and API Integration for Enhanced Onboarding

[GENERAL] Name and surname of main applicant

Nicolas Caridi

[GENERAL] Email address of main applicant

nic.caridi@gmail.com

Additional applicants

Viviek Patel, Marcus Lee, Campurean Alexandru

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

7

[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?

Yes

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

Project will be fully open sourced.

[METADATA] Category of Proposal

Exchange

[IMPACT] Please describe your proposed solution.

Our proposed solution addresses the problem of complex and time-consuming Ethereum to Cardano conversions, which act as a significant barrier for users seeking to transition between these blockchain ecosystems. By developing a user-friendly one-step conversion platform and an API for seamless integration, we aim to simplify the process and increase user adoption of the Cardano blockchain.

The current mainstream solution is to use centralized exchanges to convert ETH to ADA. There’s one major problem. with this:

It involves multiple steps to convert ETH to ADA in order to participate in the Cardano ecosystem.

If you already own ETH, you must first send it to a centralized exchange such as Coinbase. Then convert to ADA. Lastly, send that ADA to a Cardano native wallet.

With this many steps involved, consumers pay fees at each step along the way and are susceptible to making mistakes like sending to the wrong wallet address, issues with wrapping their crypto incorrectly if they take alternate routes, and their ADA being stuck in an exchange for days.

The unique aspect of our solution lies in its user-centric design, ensuring a straightforward and intuitive experience for individuals looking to convert Ethereum to Cardano using native wallets of the ecosystem such as Metamask (Ethereum) and Nami, Eternal, Vespr (Cardano). By streamlining the conversion process into a single step where you connect both your Ethereum wallet and Cardano wallet, we eliminate the need for multiple interactions and reduce the potential for user error or confusion. This simplicity will attract and engage a wider range of users, including those who may have been deterred by the complexity of existing conversion methods.

The benefits of our solution extend beyond individual users. Website owners, developers, and businesses will also reap the advantages of our API integration, as it provides an easy onboarding method for their platforms and tokens. By offering a seamless Ethereum to Cardano conversion functionality, they can attract new users interested in joining the Cardano network, expanding their user base and fostering network growth.

The impact of our solution will be demonstrated through increased adoption of Cardano among Ethereum users and a broader audience seeking accessible onboarding pathways.

We'll measure and track key metrics:

• the number of conversions facilitated

• amount of ETH converted to ADA

• user feedback and satisfaction

Additionally, we will actively engage with the community, gather insights, and iterate on our solution to continuously improve its effectiveness.

This proposal aligns with Cardano's vision of providing a decentralized and inclusive blockchain platform. By simplifying interactions, enhancing user experience, and enabling seamless transitions, our solution grows Cardano’s DEFI ecosystem with a solution for Ethereum holders, which will attract a diverse community of users, developers, and businesses.

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

Our proposed solution directly addresses the challenge of simplifying the process of converting Ethereum to Cardano and enhancing user onboarding. By providing a user-friendly one-step conversion platform and an API for seamless integration, we enable individuals to effortlessly transition between the Ethereum and Cardano ecosystems. This solution aligns with the aim of Catalyst Fund 10, which seeks to fund projects that make the Cardano chain more robust and attract more users.

The benefits our solution brings to the Cardano ecosystem are manifold.

1. It significantly reduces the barriers for Ethereum users to enter the Cardano ecosystem, increasing the potential user base for the Cardano blockchai

1. Our solution empowers website owners, developers, and businesses by offering them an easy integration method through our AP

With ETH to ADA solution as the foundation, we can build conversions between DEFI tokens on Ethereum to DEFI tokens on Cardano.

In terms of impact, we anticipate a substantial increase in the number of users transitioning from Ethereum to Cardano.

Even though we cannot provide exact quantitative figures for the future, we can quantify estimates based on the amount of conversions that our beta version has generated.

Since the launch of the beta version on May 13 (6 weeks ago), users have converted about 42 ETH to over 275k ADA.

With an average of 45,833 ADA per week, we can comfortably predict 182 ETH (or roughly 1.2M ADA) can be brought into Cardano’s ecosystem by the end of this year.

However, we believe this number can grow exponentially with the development of an API that developers and businesses can use on their website.

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

To measure the success of our project and its impact on the Cardano ecosystem, we will employ a combination of quantitative and qualitative metrics. Here are the key aspects we intend to measure:

• Conversion Metrics: We will track the number of successful Ethereum to Cardano conversions facilitated through our platform. This will help us gauge the adoption rate of our solution and the extent to which it attracts Ethereum users to join the Cardano ecosystem. 

• Growth of the Cardano User Base: We will monitor and analyze the growth rate of the Cardano user base, particularly focusing on the influx of new users coming from Ethereum. This will provide insights into the effectiveness of our solution in attracting and onboarding users to Cardano. By comparing growth rates before and after our project implementation, we can determine the contribution our solution makes to the ecosystem's expansion.

• API Integration Adoption: We will track the number of websites, platforms, and services that integrate our API for Ethereum to Cardano conversion. This metric will help us understand the adoption and utilization of our solution by third-party developers and businesses. By fostering a thriving ecosystem of integrations, we can enhance Cardano's productivity and growth in the long term.

• User Feedback and Satisfaction: We will actively collect feedback from users who have utilized our conversion platform and API integration. This will involve gathering qualitative data on their experience, ease of use, and overall satisfaction. Feedback will be obtained through surveys, user interviews, and community engagement. By monitoring user sentiment, we can assess the value our solution brings to users and make necessary improvements.

• Developer Engagement: We will measure the level of engagement and participation of developers in utilizing our API and contributing to its improvement. This can be assessed through developer community forums, code contributions, and engagement metrics. By fostering developer involvement, we can ensure the continuous evolution and enhancement of our solution, leading to increased productivity and growth for Cardano.

In the short term, our solution aims to provide a seamless and user-friendly onboarding experience, attracting new users and generating positive user feedback. This will contribute to Cardano's productivity by increasing user adoption and engagement. In the long term, as our solution gains wider integration across various platforms, it will create a network effect, driving sustained growth and expansion of the Cardano ecosystem as well as growing the usage of our product.

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

We have a comprehensive plan to share the outputs and results of our project with the Cardano community and beyond. Here are our plans to disseminate the project's outputs over a reasonable timescale:

• Documentation and Guides: We will develop detailed documentation, user guides, and integration guidelines for both the Ethereum to Cardano conversion platform and the API. These resources will be made publicly available on our project website and other relevant platforms. They will serve as a comprehensive reference for users, developers, and businesses interested in implementing our solution.
• Community Engagement: We will actively engage with the Cardano community through various channels such as social media platforms, forums, and developer communities. We will share updates, progress reports, and insights into the impact of our project. By fostering discussions and addressing user feedback, we aim to create a vibrant community around our solution and encourage further adoption and collaboration.
• Presentations and Workshops: We plan to participate in relevant conferences, meetups, and workshops related to blockchain technology, decentralized finance, and cryptocurrency. Through presentations and workshops, we will showcase the outcomes and impact of our project to a broader audience, including industry professionals, developers, and potential collaborators.
• Collaboration Opportunities: We will actively seek collaborations with other projects, platforms, and businesses within both the Ethereum and Cardano ecosystem. By simplifying the process to convert ETH to ADA, we aim to create opportunities for partnerships and integrations that can further amplify the reach of our project and contribute to the growth of Cardano’s ecosystem.
• Research and Development: The results generated from our project will provide validity in our direction. We will analyze user feedback, conversion metrics, and integration data to identify areas of improvement and potential future enhancements. Moreover, we can expand conversions from an Ethereum DeFi token to a Cardano DeFi token that can be on a business’s website. Additionally, we can expand to other crypto to ADA converter based on market sentiment.

By utilizing these strategies, we aim to reach a wide range of stakeholders, including Ethereum and Cardano users, developers, businesses, and the broader blockchain community. We will share the outputs and impact of our project transparently.

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

We have a strong capability to deliver our project based on our vision. Here are the key factors that demonstrate our existing capabilities and why we believe we are best suited to deliver this project:

• Expertise and Experience: Our team comprises experienced professionals with a deep understanding of blockchain technology, smart contracts, decentralized finance, and marketing. Each of our team members have a proven track record of delivering projects in the Cardano and Ethereum space. We provide a more detailed record of our experience in [[RESOURCES & VALUE FOR MONEY] Who is in the project team and what are their roles?]

• Technical Competence: We possess the necessary technical skills to develop and implement the user-friendly Ethereum to Cardano conversion platform and API. Our team is proficient in programming languages such as Solidity, Haskell, and JavaScript, which are essential for smart contract development and API integration.

• Prior Contributions to Web3 and Cardano: We have actively contributed to the development of Web3 and more specifically, the Cardano ecosystem. We’ve bootstrapped the development of the ETH to ADA convertor and have brought over 275k ADA with the beta version. Bitcoin NFT Marketplace, Minting Service, Decentralized Cardano NFT Marketplace, Innovative Subscription Model Disrupting Stake Pool solution, and more. Our involvement in the community showcases our understanding of Cardano's principles and our alignment with its vision.

• Transparent Project Management: We prioritize transparency and accountability in our project management processes. We will provide regular updates on our progress, sharing them through blogs, social media posts, and AMAs to ensure the community can follow along with our progress. Moreover, we’ll add a live tracker on our website that shares total conversion volume and number of transactions. By adhering to best practices in project management, we ensure that our activities are conducted with high levels of trust and accountability.

• Fund Management Processes: We recognize the importance of proper fund management, so we’ll publicly share the breakdown of fund allocations. This includes maintaining separate accounts for project funds, adhering to budgetary plans, conducting regular audits, and creating transparent financial reports. We will strictly follow the guidelines and procedures set forth by Catalyst Fund 10, ensuring that funds are utilized efficiently and effectively for the intended purposes.

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

The main goals for our project are as follows:

• Goal #1: Streamline Ethereum to Cardano Conversion: Our objective is to create a user-friendly one-step conversion platform that simplifies the process of converting Ethereum to Cardano. Since we’ve already created a beta and have some traction, we will improve upon this to build out a simpler and efficient platform. 

• Goal #2: API Integration for Easy Onboarding: We aim to build an API that allows website owners and developers to integrate Ethereum to Cardano conversion functionality into their platforms. The feasibility of this goal will be validated by developing a robust API solution, providing comprehensive documentation and support, and encouraging adoption and integration by third-party developers.

• Goal #3: Increase User Adoption: Our goal is to attract Ethereum users to join the Cardano ecosystem by providing a simple and convenient conversion method. We will measure the achievement of this goal through quantitative metrics such as the number of successful conversions and growth in the Cardano user base.Enhance Cardano Ecosystem: 
• We seek to contribute to the growth and strength of Cardano and its DeFi ecosystem by facilitating the integration of Cardano into various websites and services. The feasibility of this goal will be demonstrated by tracking the number of API integrations, engaging with developers and businesses, and monitoring the impact of these integrations on the ecosystem's expansion.

While some of our goals can be quantified, such as the number of conversions and integrations, there are qualitative goals that are difficult to measure numerically. For instance, improving user experience is a qualitative goal. To assess the achievement of such goals, we will rely on user feedback, surveys, and qualitative assessments of user satisfaction and usability.

In terms of implementation, our approach will involve leveraging our technical expertise in blockchain development and API integration. We will follow industry best practices, conduct thorough testing, and iterate on our implementation based on user feedback to ensure a reliable and user-friendly experience.

Overall, our project goals focus on simplifying the conversion process, attracting new users, and fostering the growth of the Cardano ecosystem. Through a combination of quantitative and qualitative measurements, we will validate the feasibility and success of our approach in achieving these goals.

[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.

We have built an actively used beta version. However, we want to improve the performance and functionality so it is enterprise ready and can handle higher volume loads. 

Milestone 1: Further Development of Ethereum to Cardano Conversion Platform

Key Activities:

• Conduct research and analysis on existing conversion methods.
• Improve UX based on user feedback.
• Implement necessary smart contracts and integration protocols.
• Perform extensive testing and debugging.
• Timeline: 1 month
• Success Criteria: Functional Ethereum to Cardano conversion platform prototype.
• Successful execution of test conversions with reliable results.
• Projected Cost: $20,000 USD or ~60k ADA

Milestone 2: API Development and Integration

Key Activities:

• Design and develop a robust API for Ethereum to Cardano conversion.
• Create comprehensive documentation and integration guides.
• Implement security measures and authentication protocols.
• Test the API for compatibility with different web platforms.
• Enable DeFi Token conversions
• Timeline: 4 months
• Success Criteria: Fully functional Ethereum to Cardano conversion API.
• Integration guides and documentation available for developers.
• Successful integration with 10 selected partner websites.
• Projected Cost: $35,000 USD or ~105k ADA

Milestone 3: User Adoption and Integration

Key Activities:

• Promote the Ethereum to Cardano conversion platform and API to Ethereum, Cardano community and beyond.
• Collaborate with developers and businesses to integrate the conversion functionality.
• Engage with developers, provide support, and address integration challenges.
• Timeline: 2 months
• Success Criteria:
• 100,000 conversions on the platform.
• 10,000 users on the platform
• Integration of the API into a minimum of 30 partnered businesses.
• Positive user feedback 
• Projected Cost: $10,000 USD or ~30k ADA

Milestone 4: Monitoring and Optimization

Key Activities:

• Monitor conversion metrics, user feedback, and adoption trends.
• Analyze data to identify areas of improvement and optimization.
• Implement necessary updates and enhancements to the platform and API.
• Timeline: Ongoing throughout the project
• Success Criteria:Regular monitoring of conversion success rates and user satisfaction.
• Implementation of updates based on user feedback and industry advancements.
• Projected Cost: $5,000 USD or ~15k ADA (included in the overall project budget)

Project Management Approach:

We will be using an agile project management approach. It will require regular communication and coordination among team members where we use collaboration tools and project management software such as Trello. We will conduct sprints and iterations to ensure the continued development, testing and improvement of the platform.

Nicolas Caridi and Viviek Patel will oversee the progress, facilitate communication between all stakeholders and team members involved, and ensure the milestones are reached in a timely manner.

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

Milestone 1: Further Development of Ethereum to Cardano Conversion Platform

• Deliverables: User-friendly conversion platform with a clean and intuitive interface, guides and documentation, marketing materials such as social assets, blogs, and go-to-market plan.
• Smart contracts and integration protocols to facilitate the conversion process.
• Testing documentation and results to ensure the platform's functionality and reliability.
• Outputs: A functional conversion platform that allows users to convert Ethereum to Cardano seamlessly.
• Testing documentation and results to validate the platform's performance.
• Intended Outcomes: Users will have access to a simplified and user-friendly Ethereum to Cardano conversion process.
• Increased convenience and efficiency in transferring funds between Ethereum and Cardano ecosystems.
• Measurement of Progress: Number of successful conversions conducted on the platform during testing.
• User feedback on the usability and functionality of the conversion platform.

Milestone 2: API Development and Integration

• Deliverables: Fully functional Ethereum to Cardano conversion API, security measures and authentication protocols for secure API usage, comprehensive documentation & guides for developer.
• Outputs: Ethereum to Cardano conversion API that can be easily integrated into various web platforms.
• Documentation and guides to facilitate seamless integration for developers.
• Intended Outcomes: Website owners and developers will be able to easily incorporate Ethereum to Cardano conversion functionality into their platforms.
• Increased accessibility and adoption of Cardano through the integration of the API into various websites.
• Measurement of Progress:Number of successful API integrations with partner websites.
• Number of transactions through partner websites.
• Developer feedback & satisfaction with the integration process.

Milestone 3: User Adoption and Integration

• Deliverables: Marketing and promotional materials to raise awareness of the conversion platform and API.
• Collaborative partnerships with websites and businesses for integration.

• Outputs: Increased user adoption of the Ethereum to Cardano conversion platform.
• Integration of the API into partner websites.
• Intended Outcomes: Growth in the Cardano user base through the promotion of the conversion platform and API.
• Expansion of Cardano's reach and integration into various online platforms and services.
• Measurement of Progress: Number of conversions performed on the platform.
• Number of partner websites integrating the Ethereum to Cardano conversion API.
• User feedback on the conversion experience and satisfaction.

Milestone 4: Monitoring and Optimization

• Deliverables: Regular monitoring reports on conversion metrics, user feedback, and adoption trends.
• Updates and enhancements to the platform and API based on analysis and feedback.
• Outputs: Updated conversion platform and API with improvements based on user feedback and industry advancements.

Incorporate other crypto to ADA solutions based on market sentiment, such as MATIC, SOL, BNB, etc.

• Intended Outcomes: Continuous optimization of the conversion process for improved user experience and reliability.
• Keeping pace with industry developments and evolving user needs.
• Measurement of Progress: Conversion success rates and user satisfaction metrics.
• Feedback from users and developers on the effectiveness of updates and optimizations.

The intended outcomes of the project include a user-friendly conversion platform, widespread adoption of Cardano through API integration, increased user base, and a streamlined conversion process. The progress of the project will be measured through quantitative metrics such as the number of conversions, successful API integrations, and user feedback. Additionally, qualitative feedback, user satisfaction surveys, and analysis of adoption trends will provide insights into the project's impact and progress.

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

Budget Breakdown:

Milestone 1: Development of Ethereum to Cardano Conversion Platform

• Development and Design Costs: $15,000
• Testing and Debugging: $5,000
• Total Cost: $20,000 USD or ~60k ADA

Milestone 2: API Development and Integration

• API Development: $25,000
• Documentation and Integration Guides: $5,000
• Security Measures and Authentication Protocols: $5,000
• Total Cost: $35,000 USD or ~105k ADA

Milestone 3: User Adoption and Integration

• Marketing and Promotion: $5,000
• Partnership Collaboration: $5,000
• Total Cost: $10,000 USD or ~30k ADA

Milestone 4: Monitoring and Optimization

• Monitoring and Reporting: $2,500
• Updates and Enhancements: $2,500
• Total Cost: $5,000 or ~15k ADA

Additional Budget Elements:

• Publicity/Marketing/Promotion/Community Engagement: $10,000
• Project Management: $10,000
• Total Cost: $20,000 USD or ~60k ADA

Total Project Budget: $90,000 or ~270k ADA

Sources of Funding:

The proposed project budget is aligned with the requested funding of $65,000 or ~200k ADA from the Catalyst Fund 10. The remaining $25,000 will be sourced from alternative funding, such as personal, private investments, partnerships, or crowdfunding campaigns.

Third-Party Products or Services:

• Hosting Services: $2,000 per year (estimated cost)
• Security Audit: $5,000 (one-time cost)

The budget includes expenses for hosting services to ensure the availability and reliability of the conversion platform. A security audit will be conducted to ensure the robustness of the platform against potential vulnerabilities. 

Regular reporting and documentation will be provided to the community and relevant stakeholders to demonstrate the responsible management of funds.

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

Proven Track Record: We’ve already onboarded more ADA to the ecosystem with our beta than the cost of the proposal in its totality. 

The cost of the project represents value for money for the Cardano ecosystem due to the following factors:

• Efficient and User-Friendly: By simplifying the conversion process, it reduces friction for users and enhances their overall experience. The costs associated with development, testing, and integration ensure the creation of a high-quality solution that meets the needs of the ecosystem.

• Increased Adoption and Expansion: The project's goals include increasing user adoption of Cardano and expanding its reach through API integration with partner websites. By investing in marketing, collaboration, and community engagement, we aim to attract new users to the Cardano ecosystem. These costs are essential to promote awareness, educate potential users, and drive the growth of the ecosystem.

• Community Collaborations: The API encourages collaboration & cooperation within the Cardano ecosystem. By enabling integrations to any website, we facilitate partnerships and joint initiatives between various projects and community members. Through our API, everyone strengthens the Cardano ecosystem as a whole and each stakeholder plays a role in marketing to Ethereum users to drive growth and adoption.

• Proven Track Record: Referenced above

Overall, the proposed project offers value for money by providing an efficient, user-friendly solution, driving adoption and expansion, and leveraging professional expertise to deliver a high-quality outcome. The costs associated with the project are justified by the impact they will have on the Cardano ecosystem and the value they bring to the users and stakeholders involved.

[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