MAYZ Protocol Audit

[GENERAL] Name and surname of main applicant

Federico Ledesma

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

Entity (Not Incorporated)

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

MAYZ Protocol is a decentralized, permissionless, and non-custodial protocol that allows the creation of Cardano Native Token Funds managed by its community members.

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

Yes

[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.”

The security audit will be conducted by a reputable third party (e.g., Anastasia Labs, MLabs, Vacuumlabs, TxPipe).

[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

The on-chain code of Mayz protocol is already public. The formal audit documentation will be also uploaded to public GitHub / medium Mayz account.

https://github.com/MAYZGitHub/

MAYZ Protocol builds open-source projects to foster transparency, collaboration, and community involvement in the development of its decentralized finance solutions.

By adopting an open-source approach, MAYZ Protocol encourages innovation, improves security, and promotes widespread adoption of its permissionless platform for creating and managing investment funds on the Cardano blockchain. 

This approach aligns with the decentralized and community-driven nature of blockchain technology, ensuring that MAYZ Protocol remains accessible and adaptable to the evolving needs of the Cardano ecosystem.

[METADATA] Horizons

DeFi

[SOLUTION] Please describe your proposed solution

MAYZ provides a platform for users to gain exposure to investment funds consisting of tokens handpicked by experts, analysts, and fund managers. This approach makes it more accessible to get exposure to a diversifying portfolio, opening up this investment avenue to a broader audience. Our protocol will allow users to create what Charles Hoskinson called an Automated self balanced vending machine for Cardano Native Tokens, an index of Cardano tokens.

https://www.youtube.com/watch?v=Iu3eiX7lJyA

The beneficiaries of this project will be cryptocurrency enthusiasts, new investors looking for an easy way to diversify their holdings in Cardano tokens, and advanced traders interested in exploring new investment mechanisms. This solution is vital to the Cardano ecosystem as it lowers the barrier to entry for investment in native tokens, contributing to the growth and diversity of the Cardano network.

MAYZ Smart contracts

Technically, the MAYZ protocol has been developed as a suite of smart contracts on the Cardano blockchain. Each investment fund within the protocol will be composed of a unique Investment Unit containing different tokens. The composition of the Investment Unit can be modified according to market trends, ensuring optimal performance. An associated utility token, $MAYZ, will grant holders access to certain administrative functionalities.

The protocol is accessible through a web portal. Users can invest in the Cardano ecosystem quickly and securely by holding Fund Tokens (FT) in their wallets. There will be mechanisms for acquiring a fund's tokens through the secondary market or by interacting directly with the Protocol.

The protocol includes key components such as:

• Protocol Smart Contract: Forms the backbone of the protocol, handling fund creation and regulating fund contracts.
• Funds Contracts: Manage individual funds, controlling their composition, tracking underlying assets' performance, and permitting modification of the Investment Unit based on market trends.
• Swap & Escrow Contract: Access to Fund Tokens will be provided by two main mechanisms: through swap order, to exchange ADA for FT, and Escrow orders that allow the user to get FT by depositing a single token in a collaborative way to get FT. 
• Fee Contract: A unique system that allows fund managers to earn a commission from the fund's performance.
• Re-indexing System: Enables adjustments to the composition of the Investment Units responding to market changes, ensuring optimal fund performance.
• Oracle Integration: Reliable oracles will be integrated for accurate and real-time price feeds for all assets within the protocol.

Furthermore, we will provide a REST API, granting external platforms easy access to all protocol data and transaction creation capabilities. This feature will be beneficial for outside platforms and our official platform, enabling easy showcasing of funds and attracting users from various portals or websites. The API will also ease integration into diverse ecosystems, increasing the accessibility of our protocol.

Protocol Audit

In terms of project development, we are at the point where the code, on-chain and off-chain, for all major services of the platform, is already written and:

1) has been reviewed by the third party company TxPipe, and

2) it's being audited by the company AuditOne.

To be ready for deployment in Mainnet, we want to perform a SECOND security audit.

The Audit will be conducted by a reputable third party (e.g. Anastasia Labs, MLabs, Vacuumlabs, TxPipe). Their endorsement guarantees trust and safety in the code. This alone will support the entire ecosystem of users and developers to grow confidently.

The audit will consist on this three steps

• Formal Manual Review of Smart Contracts
• Identifying security vulnerabilities and inefficiencies
• Providing a detailed audit report with recommendations and

fixes

In order to conduct a proper audit of MAYZ Protocol, auditors require

the following information:

• Contract interactions
• Architecture of the project

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

By launching the MAYZ protocol on mainnet, we're establishing a fresh way for Cardano users to invest in, manage, and diversify portfolios of native Cardano tokens.

MAYZ protocol also serves as a broad integration within the Cardano ecosystem. Its REST API enables easy access and transaction creation capabilities for external platforms, opening paths for more integrations and products to create upon.

How can we make sure this Protocol won’t fail?

• Undergoing to a SECOND security audit of our smart contracts will help find and address any existing vulnerabilities. That way, we’ll reduce the risk of hacks and exploits without compromising the safety and integrity of the protocol and the Cardano DeFi ecosystem.

How will you measure this impact?

• With a final Audit report by a third party reputable team (e.g. Anastasia Labs, MLabs, Vacuumlabs, TxPipe).

The innovation brought by the MAYZ Protocol is designed to stimulate Cardano's growth by attracting more users to the ecosystem and enhancing the user experience.

[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?

Our team brings together a wealth of experience and a proven track record in delivering high-impact projects within the Cardano ecosystem. We have previously been granted and successfully completed projects within the Cardano ecosystem, demonstrating our commitment and capability to deliver on our promises.

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

Discovery & Planning - 3 Weeks

Main Activities:

• Collaborate with Auditors on all the documentation and research. 
• Fix any potential vulnerabilities found during this process.
• Work continuously paired with txPipe in the code review of the whole system. 
• Run all the unit and property testing suites until both are succeeded.
• Document the outcomes and steps taken to rectify the discovered vulnerabilities.

Manual Review of the contract - 6 weeks

Main Activities:

• Fix any potential vulnerabilities found during this process.
• Code review. 

Technical writing documentation update

https://github.com/MAYZGitHub/mayz-contracts-public

On Chain Test and Audit and integration test - 5 weeks

Main Activities:

• On chain Unit test

Simulate multiple scenarios

Tasty, Plutarch Context Builder

• On chain property based testing

Test edge cases

Hedgehog, Quickcheck, Tasty

• Run all the suite of unit and property testing until both are succeeded.
• Document the outcomes and steps taken to rectify the discovered vulnerabilities.

Audit Report & Recommendations - 2 Weeks

Main Activities:

• Audit Report

Final Milestone:

Finishing MAYZ Smart Contracts

• Final Catalyst Video Report closeout

• MAYZ V 1 Final Vesion Smart Contracts published and Open Sourced.

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

Development Lead Smart Contracts Architect Manuel Padilla

(Funded Proposer in F10, F11 and F12)

A versatile and highly experienced Smart Contracts Architect, specializing in Plutus smart contract development on the Cardano blockchain.

Team Lead: Diego Torres 

(Funded Proposer in F11, Cardano Ambassador, Organizer of Patagonia CIP1694 Workshop)

Conducts market research to identify liquidity challenges in the Cardano ecosystem and validates the feasibility of our solution.

Provides insights into Cardano's evolving landscape and adapts our approach accordingly.

Project Manager Federico Ledesma Calatayud.

Federico has a deep understanding of blockchain technology, including Cardano and Plutus, he will coordinate with all team members to ensure smooth execution of the project, manage project timelines, budget, and resources effectively, facilitate communication between the team and the reviewers, resolve any issues or conflicts that arise during the project, and monitor the project progress and make adjustments as needed to stay on track with project scope and timeline.

We will hire a reputable development firm (e.g. Anastasia Labs, MLabs, Vacuumlabs, TxPipe)

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

• Code Audit: Third Party Auditing quote of 100,000 ADA.

• MAYZ Smart Contracts Development 40,000 ADA

• Project Management and Technical Writing 27,000 ADA.

Total 167,000 ADA

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

Bringing another fully audited and tested open-source Haskell contracts to the ecosystem is extremely positive. MAYZ will allow users to feel more attracted to a rather new way of dealing with finances in general, incentivizing the growth of the network.

At the same time, developers can rely on using our code for their services and applications, allowing them to do it faster, easier, and in a reliable way. That will infuse the development of other tools within the ecosystem, strengthening and attracting new users and more developers to it.