Open-source Staking Basket v3 Smart-Contract Upgrade w/ Multi-dRep Delegation

[GENERAL] Name and surname of main applicant

Atrium Lab Inc.

[GENERAL] Are you delivering this project as an individual or as an entity (whether formally incorporated or not)

Entity (Incorporated)

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

5

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

No

[GENERAL] Summarize your solution to the problem (200-character limit including spaces)

We'll upgrade our existing Staking Basket smart-contract that allows delegation to over 100 SPOs at the same time to also allow multiple dRep delegation simultaneously.

[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] Please provide here more information on the open source status of your project outputs

We haven't fully decided on what license we'll use when we open-source this code. We are leaning towards GPL as it requires future uses of this code to also be open-source. We believe this will push the community forward with more open-source code.

[METADATA] Horizons

Governance

[SOLUTION] Please describe your proposed solution

We’ve developed a smart-contract called Staking Baskets that can delegate ADA to over 100 SPOs at the same time. When an admin, or a DAO creates a smart-contract the DAO or the admin can choose which SPOs users can delegate to, fees on the Basket, and the % of stake between each SPO.

We’re going to upgrade this smart-contract to Plutus v3, and also allow multi-dRep delegation. Plutus v3 smart-contracts are more efficient, and allow smart-contracts to participate in Cardano governance.

We're also going to open-source this code so that any other project can use/learn from it. There aren't smart-contracts on mainnet that allow multi-delegation to SPOs, or dReps, and this code will help existing projects facilitate multi-delegation of SPOs, and dReps.

[IMPACT] Please define the positive impact your project will have on the wider Cardano community

We anticipate the Staking Baskets ecosystem growing considerably over the coming years. We are also huge proponents of Cardano governance and are actively building solutions to enhance the experience for voting.

With this Staking Basket smart-contract upgrade, the contract will be more efficient from upgrading to Plutus v3, and will also allow multi-delegation to multiple dReps.

Anyone with development knowledge will be able to take this smart-contract from our open-source repo and launch it live in their website. They could create a Staking Basket smart-contract that supports Cardano’s decentralization by delegating the ADA to 50 different single SPOs, and 50 different dReps.

[CAPABILITY & FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?

We’ve already shipped the Staking Basket smart-contract live on testnet after a year and a half of hard work. The testnet was a great success, we had over 3800 users complete over 58,000 transactions.

We’ve also shipped a dashboard that makes Cardano easy with over 24 motion graphic videos, social features, and wallet features. You can verify our capability by going to https://alpha.atrium.io.

[PROJECT MILESTONES] What are the key milestones you need to achieve in order to complete your project successfully?

For milestone one, we’ll design the upgrade to the existing Plutus v2 smart-contract to Plutus v3 for efficiency upgrades. We’ll also design how we’ll solve multi-dRep delegation in this smart-contract. We’ll deliver a technical specification that shows the work that we’ll start for the next milestone.

For milestone two we’ll upgrade the existing smart-contract from Plutus v2, to Plutus v3 for the efficiency and governance changes that came to Cardano. We'll submit on-chain evidence of the new smart-contract being created.

For Milestone three we’ll ship dRep multi-delegation into the smart-contract. We’ll have the upgraded smart-contract live on Cardano’s preview network delegated to multiple dReps in the Cardano ecosystem. To prove this, we’ll submit on-chain transactions showing the creation of the Staking Basket, the multi-delegation, and the delegation to multiple dReps.

For this milestone we’ll write guides on how to create, integrate, and manage the Cardano smart-contract. All of these text guides will be included in the open-source github page that we’ll deliver in the next milestone.

On milestone 5 we’ll open-source all of the work done in this proposal so that anyone on Cardano can create their own Staking Basket that can delegate to multiple dReps, and SPOs at the same time. This open-source repo will be on github with documentation showing people how to use it.

[RESOURCES] Who is in the project team and what are their roles?

Peyton: Âtrium Lab - Co-founder

Ben: Âtrium Lab - Co-founder and Creative Director

Brian: Âtrium Lab - Lead Developer

Preston: Âtrium Lab - Backend developer

Angelo: Âtrium Lab - Full Stack Developer

Marek - Project manager

Ibby - Project manager

Stephen - Community manager

[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources

130k ADA - Smart-contract Development

40k ADA - Product Management

30K ADA - Smart-contract documentation, and open-sourcing the smart-contract on Github.

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

This project is a low risk proposal for the Cardano ecosystem as we’ve proven we deliver. Decentralization is important, and many of the leading smart-contracts do not delegate to dReps, or delegate to multiple SPOs at the same time. With this code being open-sourced, any smart-contract developer will be able to look at this code to improve their existing smart-contracts.