Turbo Boosted Stake by Fluid

[GENERAL] Name and surname of main applicant

Matteo Coppola

[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)

6

[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)

Turbo Boosted Stake is a permissionless protocol that allows users to lend staked assets for higher APRs while borrowers access them for pools or ISPOs, the evolution is based on plutus V3.

[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

Opensource with MIT license

[METADATA] Horizons

DeFi

[SOLUTION] Please describe your proposed solution

The current landscape of Cardano staking limits users to fixed annual percentage rates (APRs), which can be suboptimal compared to the dynamic opportunities available in decentralized finance (DeFi).

Many users, especially those with smaller amounts, find it challenging to access lucrative lending opportunities or leverage their staked assets effectively. By introducing a permissionless lending mechanism, we aim to overcome these limitations and create a more engaging and profitable staking environment.

Approach:

We propose to implement a protocol that utilizes lending and staking delegation concepts to enable higher APRs without additional risks. This solution allows lenders to earn returns that exceed traditional staking rates by lending their staked assets to borrowers who need them for their pools or Initial Stake Pool Offerings (ISPOs). Our approach is designed to be transparent, secure, and user-friendly, leveraging the existing boosted stake protocol built on Plutus v2, upgrading to plutus v3

Evolution

While current boosted stake works fine for some scenarios has some limitations:

• Lenders can deposit minimum of 1000 ADA
• Borrowers can borrow from 10 lenders per transaction

This can be further improved using withdraw 0 mode with Cardano contracts, our target is to allow lenders to deposit even 200 ADA and borrowers to get liquidity from up to 50 lenders in one transcation, improving the throughput and showcasing how scalable can be Cardano

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

The Turbo Boosted Stake project will deliver substantial value to the Cardano ecosystem by enhancing the staking mechanism, enabling users to achieve higher annual percentage rates (APRs) through a permissionless lending and staking delegation approach.

This innovation will attract a broader audience to Cardano, including both seasoned DeFi users and newcomers seeking better returns on their investments. By facilitating lending for smaller amounts, the project democratizes access to DeFi opportunities, empowering a wider range of participants to benefit from higher yields while fostering liquidity within the ecosystem.

[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 possesses extensive experience in blockchain development, particularly within the Cardano ecosystem. We have successfully implemented a boosted stake protocol using Plutus v2, demonstrating our technical capabilities and deep understanding of decentralized finance (DeFi) mechanics. This prior success equips us with the knowledge and skills necessary to execute the Turbo Boosted Stake project effectively.

Transparent Development Process:

We prioritize transparency throughout the project lifecycle. Our approach involves:

• Regular Communication: We will maintain open lines of communication with the community, providing updates on progress, challenges, and milestones.
• Documentation: All aspects of the development process, including smart contracts and frontend design, will be documented thoroughly, allowing stakeholders to review our work and understand our methodologies.

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

Smart Contract Development

• Description: Develop and implement the Hash Time Locked Contracts (HTLC) for Cardano, enabling permissionless lending and staking delegation.
• Deliverables: Functional smart contracts with documentation outlining their architecture and functionality.

Frontend Development

• Description: Create a user-friendly frontend interface that allows users to interact with the Turbo Boosted Stake protocol seamlessly.
• Deliverables: A fully functional frontend application integrated with the smart contracts, including user guides and tutorials.

Security Audit

• Description: Conduct a comprehensive security audit of the smart contracts and frontend to identify and mitigate any potential vulnerabilities.
• Deliverables: Audit report from a reputable third-party security firm, including any identified issues and remediation steps taken.

Testnet Deployment

• Description: Deploy the Turbo Boosted Stake protocol on the Cardano testnet to conduct thorough testing and gather user feedback.
• Deliverables: Successful deployment on testnet, along with performance metrics, user feedback, and documentation of any issues encountered.

 Mainnet Deployment

• Description: Launch the Turbo Boosted Stake protocol on the Cardano mainnet, making it accessible to all users.
• Deliverables: Successful mainnet launch with a complete user guide and promotional materials to inform the community about the new features.

Project Close-out Report and Video

• Description: Compile a comprehensive project close-out report detailing project outcomes, key metrics, lessons learned, and future recommendations. Create a summary video highlighting the project's features and benefits.
• Deliverables: Final project close-out report and a summary video to be shared with the Cardano community and stakeholders.

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

• Matteo Coppola: A certified Cloud Architect and senior Blockchain developer with expertise in both Ethereum and Cardano. A co-author of CIP-113, Matteo brings invaluable knowledge to the project.
• Raul Antonio Rosa Padilla: A skilled smart contract developer with a strong grasp of offchain integrations, ensuring smooth interaction between DEX and smart contracts.
• Ullas M.: Ullas is a seasoned frontend developer who will spearhead the creation of an intuitive and user-friendly interface for the DEX and token management platform.
• Alberto Rizzi: Alberto's expertise in backend development will be crucial in building the robust infrastructure required to support the DEX and smart contract functionalities.

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

Cost Breakdown

1. Smart Contract Development: $60,000

• Description: Boosted stake for Cardano, including design, implementation, and testing.
• Resources: Developers, technical architects, and project management.

1. Frontend Development: $50,000

• Description: Creation of a user-friendly frontend interface for seamless interaction with the Turbo Boosted Stake protocol.
• Resources: UI/UX designers, frontend developers, and user testing.

1. Security Audit: $30,000

• Description: Comprehensive security audit of smart contracts and frontend by a reputable third-party firm.
• Resources: External auditors and compliance specialists.

1. Testnet Deployment: $20,000

• Description: Deployment of the protocol on the Cardano testnet, including testing, user feedback collection, and bug fixes.
• Resources: Testing team, user engagement, and project management.

1. Mainnet Deployment: $25,000

• Description: Launch of the Turbo Boosted Stake protocol on the Cardano mainnet, including marketing and community outreach.
• Resources: Marketing team, community managers, and promotional materials.

1. Project Close-out Report and Video: $15,000

• Description: Compilation of a comprehensive project close-out report and production of a summary video highlighting project outcomes.
• Resources: Content creators, video production team, and documentation specialists.

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

Turbo Boosted Stake project provides substantial value for money by enhancing user returns, increasing liquidity, democratizing access to DeFi, and attracting new participants to the Cardano ecosystem. The careful allocation of resources ensures that the project not only meets its immediate goals but also contributes to the long-term growth and sustainability of Cardano as a leading blockchain platform.