Singular-Mobile Centric DeFi App

[GENERAL] Name and surname of main applicant

Terrence Hooi

[GENERAL] Email address of main applicant

terrence@singular.to

Additional applicants

Hasan Güner , CTO 

Cofounder & CTO of Singular. Hasan is a fintech veteran with 15 years of financial products experience, who loves to ideate and design better and faster fintech products that put data and customers in the core. His experience spans a wide variety of subdomains under finance such as investments, banking and corporate finance. Now with Singular, his ultimate goal is to create a globally scalable business to change the way DeFi work for masses work today.

https://www.linkedin.com/in/hsnguner/

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

12

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

Yes

[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 partially open source

[METADATA] Category of Proposal

DeFi

[METADATA] SDG rating

SDG goals:

End poverty in all its forms everywhere

Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all

Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation

SDG subgoals:

By 2030, ensure that all men and women, in particular the poor and the vulnerable, have equal rights to economic resources, as well as access to basic services, ownership and control over land and other forms of property, inheritance, natural resources, appropriate new technology and financial services, including microfinance

Key Performance Indicator (KPI):

Proportion of population living in households with access to basic services

#proposertoolsdg

[IMPACT] Please describe your proposed solution.

The current state of DeFi Apps are notoriously complex to use and it is not a skill everyone can master. One of the main challenges facing DeFi today is the accessibility and scalability with subpar UX. Furthermore, high gas fees and impermanent losses are one of the biggest barriers to DeFi.

When you download the Singular App, you can access to sophisticated risk management that lead to direct investments via self-learning artificial intelligence (AI ) investment algorithms. 

Investors can get access to first-class DeFi investing tools without paying any gas fees. In addition to high-yield staking, and access to professionally managed decentralized assets. Our goal is to create universal financial access to the underbanked globally.

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

Aims addressed by the proposal:

• Democratizing decentralized finance (DeFi) and financial tools
• Making DeFi accessible to a broader audience
• Offering user-friendly mobile application for DeFi services
• Bridging the gap between traditional finance and the Cardano blockchain
• Providing access to institutional-grade trading strategies

Impact and value to the Cardano ecosystem:

• Attracting new users to the community
• Strengthening the Cardano ecosystem
• Enhancing expertise through the involvement of DeFi experts
• Bridging traditional finance and blockchain technology
• Making DeFi user-friendly and accessible through a mobile application

Quantifying the impact:

• Exact figures cannot be determined without specific data or projections
• Potential to attract a significant number of new users
• Appeal to individuals new to DeFi or seeking a simplified experience
• Contribution to the growth and strength of the Cardano community

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

• No of users active engagement , WAU and DAU
• Total Value Locked within the Cardano DeFi protocol
• Total Value Locked for Singular Dollar for DAO governance and voting rights.
• No of engagements to Singular's sophisticated risk management that lead to direct investments via self-learning artificial intelligence (AI ) 

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

To spread the project's outputs over a reasonable timescale, we have a comprehensive plan for sharing the outputs, impacts, and opportunities that arise from the completed project. Our dissemination strategy includes the following steps:

• Community Engagement: We will actively engage with the Cardano community through various channels such as forums, social media platforms, and community meetup

• Partnerships and Collaborations: We will seek partnerships with industry players, financial institutions, and decentralized finance platform

• Conferences and Events: We plan to participate in relevant conferences, industry events, and workshops to present the project's outcomes and insight

• Publications and Research Papers: We will publish research papers and technical documentation outlining the methodologies, innovations, and lessons learned from the projec

• Developer Community: We will actively engage with developers and provide open-source access to relevant components of our project.

By sharing the outputs and impact of our completed project through these channels, we aim to create awareness, foster collaboration, and catalyze further innovation in the Cardano ecosystem and the broader blockchain community. The results generated from the project will serve as a foundation for future research and development activities, providing valuable insights, best practices, and potential directions for improvement and expansion.

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

We've already done POCs for corporate partners such as Bank Julius Baer, R3, Visa, and HSBC Bank. There's good synergy between banks (offering traditional financial products well but too expensive and front-end products too complex) and Singular to offer a self-learning algorithms with advanced analytics for better client acquisition and retention. 

Capabilities demonstrating suitability:

• Experience in developing and delivering successful Proof of Concepts (POCs) with reputable corporate partners such as Bank Julius Baer, R3, Visa, and HSBC Bank, indicating the ability to work effectively with established financial institutions.
• Synergy with banks, understanding their challenges of offering traditional financial products that are expensive and front-end products that are too complex. Singular's self-learning algorithms and advanced analytics can address these issues and improve client acquisition and retention.

Processes demonstrating trust in fund management:

• Transparent and auditable processes for managing funds, providing clarity on how funds are handled, stored, and secured.
• Adherence to regulatory frameworks and compliance standards to ensure legal and financial integrity.
• Implementation of robust security measures to protect user funds, such as multi-factor authentication, encryption, and cold storage solutions.
• Regular audits and reporting to ensure accountability and transparency in financial operations.

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

• Integrating Cardano within the Singular App toward Dapp with multi-asset ledger and verifiable smart contracts all within a beautiful mobile app.
• Singular DeFi staking with zero network fees goes live within 6 months growing 25-30% MoM and have a solid and scalable sales pipeline. 

[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.

• Improvement to Existing Cardano's eUXTO Model -35%
• Marketing & Product Awareness Campaigns- 29%
• AML & KYC based DeFi Module - 11%
• Automated Yield Compounder - 7%
• DeFi Staking Modules & Solidity Auditing - 10%
• Non Custodial MPC and CMP compliant wallet- 3%

Based on the information provided, here is a proposed order of milestones for the project, along with estimated timelines, success criteria, and projected costs. Please note that these details are hypothetical and should be adapted to the specific requirements and context of the Singular project:

Milestone 1: AML & KYC based DeFi Module (11%)

Timeline: 3 months

Key Activities:

• Research and analysis of AML (Anti-Money Laundering) and KYC (Know Your Customer) requirements in the DeFi space
• Development and integration of AML & KYC module into the Singular platform
• Testing and refinement of the module to ensure compliance and usability
• Implementation of user verification processes and secure data handling procedures

Success/Acceptance Criteria:

• AML & KYC module successfully integrated into the Singular platform
• Compliance with relevant regulatory frameworks and standards
• Smooth user onboarding and verification processes
• Positive feedback from users and stakeholders

Projected Cost: ₳ 8,250

Milestone 2: DeFi Staking Modules & Solidity Auditing (10%)

Timeline: 4 months

Key Activities:

• Design and development of DeFi staking modules for the Singular platform
• Conducting security audits and code reviews using Solidity auditing practices
• Integration of staking modules with existing DeFi functionalities
• Testing and optimization of staking modules for performance and reliability

Success/Acceptance Criteria:

• DeFi staking modules successfully implemented and integrated into the Singular platform
• Solidity audits conducted and any identified vulnerabilities addressed
• Seamless staking experience for users, ensuring secure and efficient rewards distribution
• Positive feedback from users and stakeholders

Projected Cost: ₳ 7,500

Milestone 3: Improvement to Existing Cardano's eUXTO Model (35%)

Timeline: 6 months

Key Activities:

• In-depth analysis of Cardano's eUTXO (Extended Unspent Transaction Output) model
• Identification of pain points and areas for improvement
• Development of solutions to enhance eUTXO model efficiency and user experience
• Implementation of improved eUTXO model into the Singular platform
• Extensive testing and optimization to ensure compatibility with Cardano's ecosystem

Success/Acceptance Criteria:

• Identification and implementation of significant improvements to Cardano's eUTXO model
• Seamless integration of the improved model into the Singular platform
• Enhanced efficiency, scalability, and user-friendliness of eUTXO transactions
• Positive feedback from users and stakeholders

Projected Cost: ₳ 26,250

Milestone 4: Marketing & Product Awareness Campaigns (29%)

Timeline: Ongoing throughout the project

Key Activities:

• Creation of marketing strategies and campaigns to raise awareness of the Singular platform
• Development of educational resources, content, and materials to explain DeFi concepts and Singular's features
• Execution of targeted marketing campaigns across various channels (social media, industry events, partnerships, etc.)
• Monitoring and analysis of marketing efforts to optimize reach and engagement
• Continuous communication with the community and potential users to gather feedback and improve marketing strategies

Success/Acceptance Criteria:

• Increased brand recognition and user awareness of the Singular platform
• Growth in user acquisition and engagement metrics
• Positive sentiment and engagement from the community
• Successful partnerships and collaborations to expand the reach of Singular

Projected Cost: ₳ 21,750

Milestone 5: Automated Yield Compounder (7%)

Timeline: 4 months

Key Activities:

• Design and development of an automated yield compounder feature within the Singular platform
• Integration with various DeFi protocols and liquidity pools
• Testing and optimization of the yield compounder for maximum returns and efficiency
• Implementation of user-friendly interfaces and controls for managing compounded yields

Projected Cost: ₳ 5,250

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

Milestone 1: AML & KYC based DeFi Module (11%)

Deliverables:

• Fully integrated AML & KYC module within the Singular platform
• Documentation outlining the module's functionality, compliance procedures, and user guidelines

Intended Outcomes:

• Enhanced security and compliance measures for user onboarding and transactions
• Increased trust and confidence from users and stakeholders
• Mitigation of AML and KYC risks in the DeFi ecosystem

Progress Measures:

• Successful integration of the AML & KYC module
• User feedback on the smoothness and effectiveness of the onboarding process
• Compliance with relevant regulatory requirements

Milestone 2: DeFi Staking Modules & Solidity Auditing (10%)

Deliverables:

• DeFi staking modules integrated into the Singular platform
• Solidity audit reports and documentation
• User guides explaining the staking process and associated rewards

Intended Outcomes:

• Enable users to participate in staking activities and earn rewards within the Singular platform
• Improved security and reliability of staking functionalities
• Positive user experience and satisfaction

Progress Measures:

• Successful integration and testing of staking modules
• Solidity audit reports with resolved vulnerabilities (if any)
• User feedback on the staking process and rewards distribution

Milestone 3: Improvement to Existing Cardano's eUXTO Model (35%)

Deliverables:

• Documentation detailing identified improvements to the eUTXO model
• Upgraded eUTXO model integrated into the Singular platform
• Testing reports and performance benchmarks

Intended Outcomes:

• Enhanced efficiency and scalability of Cardano's eUTXO model
• Improved user experience in terms of transaction processing and costs
• Alignment with Cardano's ecosystem and development standards

Progress Measures:

• Successful implementation and integration of the improved eUTXO model
• Performance benchmarks showcasing the enhancements achieved
• User feedback on transaction speed, cost, and overall experience

Milestone 4: Marketing & Product Awareness Campaigns (29%)

Deliverables:

• Marketing strategies, campaigns, and content materials
• Educational resources explaining DeFi concepts and Singular's features
• Analytics reports on marketing efforts and engagement metrics

Intended Outcomes:

• Increased brand awareness and recognition of Singular platform
• Expanded user acquisition and community growth
• Improved understanding of DeFi among the target audience

Progress Measures:

• Reach and engagement metrics from marketing campaigns
• User acquisition and retention rates
• Feedback from the community and user surveys

Milestone 5: Automated Yield Compounder (7%)

Deliverables:

• Fully functional automated yield compounder feature within the Singular platform
• User interface for managing compounded yields
• Documentation explaining the feature and its integration with various protocols

Intended Outcomes:

• Simplified and automated process for compounding yields
• Enhanced efficiency and returns for users' assets
• Increased user engagement and satisfaction

Progress Measures:

• Successful development and integration of the automated yield compounder
• User feedback on the ease of use and performance of the feature
• Metrics on compounded yield rates and user adoption

These deliverables, outcomes, and progress measures are hypothetical examples and should be tailored to the specific goals and requirements of the Singular project.

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

Apologies for the confusion. Here's a detailed budget breakdown for the proposed work and resources in the Singular project. Please note that the costs provided are for illustrative purposes and should be adjusted based on the specific requirements and market rates. The budget includes elements for development, marketing, project management, documentation, and reporting:

Milestone 1: AML & KYC based DeFi Module (11%)

• Development resources: ₳ 8,250
• Compliance consultation: ₳ 2,500
• Documentation and user guides: ₳ 1,000
• Third-party AML/KYC service integration: ₳ 3,250

Milestone 2: DeFi Staking Modules & Solidity Auditing (10%)

• Development resources: ₳ 7,500
• Solidity auditing service: ₳ 3,000
• Documentation and user guides: ₳ 1,000

Milestone 3: Improvement to Existing Cardano's eUTXO Model (35%)

• Research and analysis: ₳ 10,500
• Development resources: ₳ 24,500
• Testing and optimization: ₳ 5,500
• Documentation and technical specifications: ₳ 4,500

Milestone 4: Marketing & Product Awareness Campaigns (29%)

• Marketing strategy and planning: ₳ 8,750
• Content creation: ₳ 6,000
• Social media advertising: ₳ 7,500
• Community engagement initiatives: ₳ 5,750

Milestone 5: Automated Yield Compounder (7%)

• Development resources: ₳ 3,500
• Integration with DeFi protocols: ₳ 2,000
• User interface design: ₳ 1,500
• Documentation and user guides: ₳ 1,000

Additional Budget Elements:

• Publicity/marketing/promotion: ₳ 4,000
• Community engagement: ₳ 2,500
• Project management: ₳ 6,000
• Documentation: ₳ 2,500
• Reporting back to the community: ₳ 1,500

Total Budget: ₳ 75,000

Third-Party Products or Services:

• Solidity auditing service: This refers to the cost of engaging a third-party firm specializing in auditing smart contracts written in the Solidity programming language.
• Third-party AML/KYC service integration: This includes the cost associated with integrating a third-party AML/KYC service provider into the Singular platform.
• Compliance consultation: This involves engaging a third-party compliance consultancy firm to ensure the AML and KYC processes align with regulatory requirements.

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

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

1. Expertise and Quality: The costs mentioned are based on industry standards and reflect the expertise and quality required to deliver a robust and innovative projec

1. Competitive Market Rates: The costs are determined based on typical freelance rates and market averages for similar projects in the industr

1. Delivering Key Features and Functionality: The budget breakdown covers crucial milestones and deliverables that bring value to the Cardano ecosyste

1. Third-Party Services: The inclusion of third-party services such as Solidity auditing and compliance consultation adds an additional layer of credibility and security to the projec

1. Value Creation and Market Impact: The costs associated with marketing, community engagement, and project management reflect the commitment to creating awareness and driving adoption of the Singular platform within the Cardano ecosyste

Overall, the costs outlined in the budget breakdown are justified by the need for specialized expertise, adherence to industry standards, and the desire to deliver a high-quality product. By investing in the project, the Cardano ecosystem stands to benefit from the development of innovative DeFi solutions, increased user engagement, and a stronger presence in the decentralized finance space.

[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