Last updated a year ago
Continue the Expansion of Tangent Protocol
Problem
Funding for the implementation of permissionless token farming pools, Tangent DAO governance system activation and implementation of non custodial NFT staking for non-Tangent Protocol NFT Projects
Total to date
This is the total amount allocated to Continue the Expansion of Tangent Protocol.
About this idea
[GENERAL] Name and surname of main applicant
Ben Gordon[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)
12[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)
Fund Tangent Protocol for DeFi expansion on Cardano, promoting NFT innovation, and nurturing community growth
[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
Tangent Protocol is committed to openness and collaboration, adopting an open source model. We actively encourage developers to engage, submit pull requests, and participate in the Tangent DAO for governance decisions.
[SOLUTION] Please describe your proposed solution.
Solution 1 - Permissionless Token Farming Pools
The initiation of Permissionless Token Farming Pools within the Tangent Protocol eliminates set-up costs, fostering accessibility and active community participation. This addresses the challenge of creating staking opportunities for users within a decentralized framework.
Achievement to date: Token farming pools live on mainnet for 6 projects on Cardano at app.tangent.art
Solution 2: Tangent DAO Governance
Activation of the Tangent DAO governance system introduces decentralized decision-making, empowering TANG token holders. Achieved through successful deployment and partnership with ClarityDAO, this milestone exemplifies the commitment to community involvement.
Achievements to Date: Early discussions with Clarity DAO & Summon teams
Solution 3: Non-Custodial NFT Staking
Integration of Non-Custodial NFT Staking for Non-Tangent Protocol NFT Projects expands the platform's capabilities. Achieving compatibility for staking both Tangent and Non-Tangent Protocol NFTs demonstrates versatility in accommodating diverse assets.
Achievements to Date: NFT Staking functionalities for Tangent Protocol NFTs at app.tangent.art on mainnet. Community actively participating in staking activities.
Our proposed solution addresses the challenge of limited accessibility to decentralized finance (DeFi) by funding the expansion of Tangent Protocol on the Cardano network. Recognizing the need for inclusive DeFi solutions, our approach involves advancing non-fungible token (NFT) innovation and fostering community growth.
We perceive the problem as a barrier to entry for individuals seeking to participate in the burgeoning world of decentralized finance. By strategically funding the expansion of Tangent Protocol, we aim to democratize access to DeFi opportunities on the Cardano blockchain.
Our approach leverages the power of NFTs to create a dynamic and inclusive ecosystem. NFT innovation, including features like token farming, NFT staking, TangSwap, and an AI NFT generator, forms the backbone of our strategy. These features not only enhance the user experience but also contribute to the overall vibrancy of the Cardano blockchain.
[IMPACT] Please define the positive impact your project will have on the wider Cardano community.
The positive impact of our project on the broader Cardano community is profound. By expanding the Tangent Protocol on Cardano, we envisage a more dynamic ecosystem enriched with innovative DeFi features, NFT farming, and community governance facilitated through the Tangent DAO. The success of our initiative will be measured through quantitative and qualitative indicators. We will track governance participation rates, user adoption, and activity metrics, providing insights into the adoption and activity levels within the Tangent ecosystem. Furthermore, the project aims to foster increased community participation, evident through the diversity of artistic contributions, expansion of strategic partnerships, and the overall growth of the Tangent community. To share the outputs and opportunities resulting from our project, we are committed to providing regular updates, comprehensive documentation, engaging in community forums, and actively seeking collaboration opportunities within the Cardano ecosystem. This commitment ensures transparency, inclusivity, and accountability, underscoring our dedication to positively impacting and empowering the wider Cardano community.
[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 have a proven track record, having successfully delivered a funded Catalyst project from Fund 9. As Tangent Protocol, our 9-strong team has demonstrated expertise in Cardano toolsets, including token farming, NFT staking, and the TangSwap token swapper developed in collaboration with DexHunter. We are currently working on an AI to NFT Image Generator set to go live in Q4 2023. Our team's extensive contributions extend beyond tools, as evidenced by our participation in a panel discussion with industry leaders at the Cardano Summit in Dubai earlier this year. This history showcases our ability to manage funds responsibly and deliver on complex projects within the Cardano ecosystem.
[Project Milestones] What are the key milestones you need to achieve in order to complete your project successfully?
Continued Implementation of Permissionless Token Farming Pools
The first milestone focuses on the continuing onboarding & implementation of Token Farming Pools within the Tangent Protocol. This step aims to foster liquidity provision and community engagement through the creation of staking opportunities.
Milestone Outputs:
Permissionless Token Farming Pools operational within the Tangent Protocol platform.
Stakers actively participating in the Token Farming Pools.
Acceptance Criteria:
Permissionless Token Farming Pools functional, allowing users to stake assets and earn rewards.
Seamless integration with the Tangent Protocol platform, ensuring a user-friendly experience.
Community members actively participating in staking activities.
Comprehensive documentation outlining the usage and functionalities of Token Farming Pools.
Tangent DAO Governance System Activation
The second milestone focuses on activating the Tangent DAO governance system, enabling TANG token holders to actively participate in decision-making processes. This step is crucial for promoting community involvement and decentralized governance.
Milestone Outputs:
Tangent DAO smart contract deployed and functional
TANG token holders able to participate in voting on proposals.
Acceptance Criteria:
Tangent DAO smart contract deployed successfully
TANG token holders able to lock their balances for voting on proposals.
Successful execution of the first governance proposal by the community.
Regular communication and engagement with the community regarding DAO activities.
Implementation of Non Custodial NFT Staking for Non-Tangent Protocol NFT Projects
The third milestone involves the successful integration of Non Custodial NFT Staking for Non-Tangent Protocol NFT Projects within the Tangent Protocol. This strategic step expands the platform's capabilities, allowing users to stake and earn rewards with a diverse range of NFTs beyond those native to Tangent.
Milestone Outputs:
Implementation of Non Custodial NFT Staking functionalities within the Tangent Protocol platform.
Compatibility for staking Non-Tangent Protocol NFTs via a Non Custodial method
Acceptance Criteria:
Non Custodial NFT Staking functionalities operational, enabling users to stake and earn rewards.
Successful integration of Non-Tangent Protocol NFTs into the staking ecosystem.
Community actively participating in staking activities with both Tangent and Non-Tangent Protocol NFTs.
Comprehensive documentation outlining the usage and functionalities of NFT Staking for Non-Tangent Protocol NFT Projects.
Final project completion report and video milestone
[RESOURCES] Who is in the project team and what are their roles?
Clint Alexander // Chief Technology Officer
- https://www.linkedin.com/in/clint-a-049742233
- Email: calexander@tangent.art
- Responsibilities: Overview, decision-making, development, coding
Bio:
Serial entrepreneur and cryptocurrency enthusiast since 2013. Clint has a background in mining, investment, and digital asset fund management. His expertise includes Solidity back-end smart contract development, and he has served as CEO and manufacturer of Bitcoin SHA256 ASIC miners. Clint has collaborated with prominent Bitcoin mining hardware companies such as Bitmain, Rockminer, and Gekkoscience.
Ben Gordon // Creative Director
- https://www.linkedin.com/in/ben-gordon-352b37232/
- Email: bgordon@tangent.art
- Responsibilities: Overview, decision-making, marketing, development
Bio:
Ben has been a cryptocurrency enthusiast since 2017 and brings diverse experience to the team. His background includes serving as a freelance marketing executive for leading international educational establishments in Asia. Ben was a previous owner of a retail company before transitioning to blockchain project development in 2017. His expertise spans all stages of project development, from brand creation and overall strategy to research, analysis, law, and token creation. He has freelanced on various blockchain projects, including Northern Lights, before co-founding Tangent in 2021.
Recruitment Plan:
No additional team members are planned at this stage. The current team combines technical expertise and creative direction, covering key aspects required for the successful execution of the project.
Engagement with Technical Groups:
The team has engaged with the Cardano community on Discord and other technical group channels, establishing a direct line of communication with relevant individuals and resources required for the project.
Proof of Life Verifications:
- Consent has been obtained from team members for public disclosure of information, and the team is prepared for any required 'proof of life' verifications.
[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources.
Implementation of Permissionless Staking Pools - 29,333 ADA
Development and integration of Permissionless Staking Pools - 19,556 ADA
Testing and Quality Assurance - 4,889 ADA
Community engagement and documentation - 4,889 ADA
Tangent DAO Governance System Activation - 25,600 ADA
Deployment of Tangent DAO smart contract - 13,760 ADA
Implementation of TANG token holder voting functionalities - 7,168 ADA
Community outreach, governance proposal execution, and documentation - 4,672 ADA
Implementation of NFT Non-Custodial Staking for Non-Tangent Protocol NFT Projects - 32,067 ADA
Development and integration of NFT Non-Custodial Staking functionalities - 21,378 ADA
Compatibility for non-custodial staking of Non-Tangent Protocol NFTs - 7,459 ADA
Community outreach, testing, and documentation - 3,229 ADA
Contingency Fund (10% of total budget) - 8,000 ADA
Total Budget: 88,000 ADA
[VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?
The project's cost allocation is designed to provide optimal value for the Cardano ecosystem by strategically focusing on key areas. The implementation of Permissionless Staking Pools enhances security and decentralization, aligning with Cardano's principles. The Tangent DAO Governance System Activation empowers the community, fostering active participation in decision-making. The introduction of NFT Non-Custodial Staking for Non-Tangent Protocol NFT Projects adds innovation and diversity to the ecosystem. Community engagement and documentation ensure transparency, while the inclusion of a contingency fund demonstrates a commitment to risk management. This cost-efficient approach focuses on delivering impactful features and aligning with the community's needs, representing a thoughtful and value-driven investment in the Cardano ecosystem.
