NFT Staking Smart Contracts

[GENERAL] Name and surname of main applicant

Catalyst Rider

[GENERAL] Email address of main applicant

catalyst@wingriders.com

Additional applicants

N/A

[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] 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.”

The project will be fully open source

[METADATA] Category of Proposal

NFTs

[METADATA] SDG rating

N/A

[IMPACT] Please describe your proposed solution.

Our proposed solution aims to address the problem of noncustodial utility token distribution for NFT projects by introducing a unique and entirely on-chain approach on the Cardano blockchain. We perceive the current challenge in the NFT ecosystem, where projects struggle to distribute utility tokens to their NFT holders in a secure, transparent, trustless, and decentralized manner.

The proposal aims to benefit both NFT projects and their respective communities. NFT projects benefit from our solution by providing an innovative utility mechanism that adds value to their NFT collections, incentivizing continued engagement and retention of NFT holders. NFT holders, on the other hand, gain access to additional utility tokens as rewards for staking their NFTs, augmenting the overall value of their NFT portfolio.

This kind of solution holds great importance for Cardano as it showcases the platform's strength in facilitating secure, transparent, trustless, and decentralized applications. By providing a reliable infrastructure for noncustodial NFT staking, Cardano improves its position as a leading blockchain for NFT projects, attracting innovative use cases and further establishing its reputation as a blockchain platform that prioritizes trust, transparency, and sustainable growth.

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

Our proposed solution for NFT Staking Smart Contracts addresses the challenge by providing a secure and efficient framework for staking and managing NFTs on the Cardano blockchain. By enabling users to stake their NFTs, it encourages active participation and engagement within the ecosystem. This brings several benefits to the Cardano ecosystem, including increased liquidity for NFT holders, enhanced decentralization through stake distribution, and the potential for new and innovative use cases leveraging staked NFTs. Ultimately, our solution promotes the growth and utility of NFTs on Cardano, attracting more users and fostering a vibrant and thriving ecosystem.

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

Quantitative Metrics:

1. Adoption and Integration: We will track the number of NFT projects that adopt and integrate our solution into their platforms, indicating interest and trust in utilizing our open-source implementation.
2. Community Engagement: We will track the level of community engagement, such as the number of developers and contributors utilizing the solution, active discussions, and the growth of the user base utilizing the staking functionality.

Qualitative Metrics:

1. User Feedback and Satisfaction: We will gather feedback from NFT projects, developers, and end-users to assess their satisfaction with the open-source solution and its impact on their NFT experience.
2. Recognition and Adoption: We will monitor the recognition and usage of our open-source solution by industry experts, media outlets, and influential figures in the NFT and blockchain space, indicating its impact and potential.

These metrics will provide insights into the success and impact of our open-source noncustodial NFT staking solution on the Cardano ecosystem. The benefits to Cardano include:

Short-term Impact:

1. Increased Adoption: Our solution will attract and improve NFT projects to the Cardano ecosystem, contributing to the growth of the platform's user base and expanding its reach in the NFT market.
2. Enhanced Utility: NFT holders will experience increased utility by earning additional tokens through staking, thereby increasing the overall value proposition of the Cardano ecosystem.

Long-term Growth:

1. Ecosystem Expansion: The availability of a noncustodial NFT staking solution will strengthen Cardano’s position as a desirable platform for NFT projects, fostering ecosystem growth and attracting innovative projects.
2. Network Effect: As more NFT projects and holders engage with our solution, it will create a positive network effect, driving further adoption and establishing Cardano as a hub for decentralized, trustless NFT utility mechanisms.
3. Trust and Reputation: By delivering a secure and transparent staking solution, our project contributes to Cardano's reputation as a blockchain platform that prioritizes trust, user empowerment, and sustainable growth.

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

1. Documentation and Codebase: We will provide comprehensive documentation that includes technical specifications, implementation details, and guidelines for utilizing and integrating the solution. The codebase will be hosted on a public repository, accessible for developers to study, contribute to, and utilize.
2. Public Channels: We will leverage various public channels such as GitHub, Discord, and Twitter to share our project's outputs, updates, and milestones. This will enable developers and enthusiasts to access the latest developments, ask questions, provide feedback, and collaborate on further enhancements.
3. Collaboration Opportunities: We will actively seek collaborations with NFT projects, developers, and other stakeholders who are interested in utilizing or further enhancing the open-source solution. By fostering collaboration, we can promote wider adoption, share best practices, and collectively contribute to the growth and improvement of the solution.
4. Research and Innovation: We encourage researchers and developers to leverage our open-source solution as a foundation for further research and development activities. The outputs and results generated from our project can be utilized to explore new use cases, enhance scalability, and drive further innovation in the Cardano ecosystem.

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

1. Proven Track Record: As WingRiders we have demonstrated our capability to deliver and manage projects effectively. The experience gained from building and operating a prominent DEX showcases our ability to handle complex technical challenges, manage funds securely, and deliver reliable solutions. Our team is powered also by VacuumLabs engineering with a long track record in the Cardano ecosystem.
2. Financial Management Expertise: Within WingRiders, we have developed robust financial management processes and safeguards. We understand the importance of proper fund management, including secure storage, transparent reporting, and compliance with relevant regulations. Our track record demonstrates our commitment to responsible financial practices.
3. Trust within the Community: Being part of the Cardano ecosystem and having achieved success with WingRiders, we have established a level of trust and credibility within the community. Our reputation for delivering high-quality products and providing reliable services positions us as a trusted team that stakeholders can rely on.
4. Strong Community Engagement: We have actively engaged with the Cardano community which has allowed us to gather valuable feedback, build relationships, and understand the needs and expectations of community members. Our established presence and connections within the community enable us to effectively deliver and communicate our project's progress and results.

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

Main goals:

1. Enable Noncustodial NFT Staking.
2. Ensure Onchain, noncustodial and trustless solution.
3. Promote the adoption and integration of our solution.
4. Code Quality and Security.

To validate the feasibility of our approach, we will actively engage with the target audience, including NFT projects and their respective communities, NFT holders, and potential users, to gather their feedback and validate the concept of noncustodial NFT staking. Through surveys and community engagement, we will assess the level of interest, user experience expectations, and any potential concerns or suggestions. This feedback will provide valuable insights into the feasibility and desirability of the solution, helping us refine and enhance the NFT Staking Portal based on user needs and preferences.

[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: Solution Architecture

• Tasks: Conduct research, define system requirements, design architecture, and create documentation.
• Expected Timeline: 4 weeks.
• Success Criteria: Completion of the architecture design document.
• Projected Cost: ₳64,650

Milestone 2: Smart Contract Development

• Tasks: Develop smart contracts based on the defined architecture and requirements.
• Expected Timeline: 8 weeks.
• Success Criteria: Completion of smart contract development with all intended functionalities implemented.
• Projected Cost: ₳175,000

Milestones 3 and 4: Smart Contract Testing

• Tasks: Perform thorough testing and debugging of the smart contracts, and identify and address any bugs or issues.
• Expected Timeline: 8 weeks (4 weeks each)
• Success Criteria: Successful testing of the smart contracts with all identified bugs and issues resolved.
• Projected Cost: 2x ₳58,750

Milestone 5: Documentation & Deployment

• Tasks: Create comprehensive documentation, including technical specifications, guides, and code samples/examples.
• Expected Timeline: 4 weeks.
• Success Criteria: Complete and user-friendly documentation available for developers.
• Projected Cost: ₳25,000

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

Milestone 1: Solution Architecture

• Input: List of the required validators, minting policies, redeemers, datums.
• Output: Architecture design document detailing structure, behavior and interaction of each element of the input List.
• Measurement: Completion compared to the input List.
• Intended Outcome: Establish a solid foundation for the development process. 

Milestone 2: Smart Contract Development

• Input: Architecture design document
• Output: Smart contracts codebase based on the Architecture design document.
• Measurement: Completion compared to the Architecture design document.
• Intended Outcome: Fully developed smart contracts based on the defined Architecture design document.

Milestone 3: Smart Contract Unit Testing

• Input: Smart contracts codebase
• Output: Unit tests and Smart contracts codebase with all identified bugs and issues resolved.
• Measurement: Number of validators, policies, redeemers and datums tested compared to all provided in the Smart contracts codebase.
• Intended Outcome: Thoroughly tested and debugged smart contracts.

Milestone 4: Smart Contract Integration Testing

• Inputs: Smart contracts codebase, Architecture design document tested
• Output: Integration tests and Smart contracts codebase with all identified bugs and issues resolved.
• Measurement: Amount of execution paths from the Architecture design document tested.
• Intended Outcome: Thoroughly tested and debugged smart contracts.

Milestone 5: Documentation

• Inputs: Smart contracts codebase
• Outputs: Comprehensive Documentation, including technical specifications, guides, and code examples.
• Measurement: Number of code components covered with documentation, comprehensive guides, and code examples.
• Intended Outcome: User-friendly documentation to assist developers in understanding and integrating the solution.

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

The proposal budget will be used to cover the cost of engineering (Smart contract audit and remediation can be found in a separate proposal).

Project duration is estimated at 6 months, considering the fact that not all FTEs will be working full-time.

Resource MDs:

Smart Contract Architect: 10

Smart Contract Dev Senior: 60

Smart Contract Dev Junior: 52

Project Management: 12

Total Budget: ₳380,000

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

First, by providing a ready-to-use solution, it saves many other projects valuable time, effort, and resources that would otherwise be required to develop a similar system from scratch. This cost-saving aspect is significant, considering the complexity and expertise needed for such a project.

Additionally, building the portal in a unified manner enhances integration across the Cardano ecosystem. Instead of multiple projects developing their own staking portals, having a centralized solution ensures consistency, interoperability, and seamless integration with other Projects and particularly also decentralized exchanges (DEXes).

By undergoing a comprehensive audit once, which is part of a separate proposal, the "NFT Staking Portal" can ensure the highest level of security and reliability for users. This eliminates the need for individual audits of multiple solutions, saving costs and streamlining the overall auditing process.

Furthermore, the project's impact extends beyond the portal itself. It enhances the DeFi space on Cardano by providing staking functionality for NFTs, opening up new possibilities for users and projects. Protocols can leverage this core functionality to build additional features and services, fostering innovation and expanding the capabilities of the Cardano ecosystem.

[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