WingRiders: Stableswap Contracts available for all ecosystem to use

[GENERAL] Name and surname of main applicant

Catalyst Rider

[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)

5

[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)

WR will enhance & open-source 2xAudited, 1year production-tested Stableswap SCs(3k+ lines of code). So token swapping with min. slippage for traders & for LPs low impermanent loss usable by every DApp

[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

We will open-source the Stableswap and adjacent smart contracts needed to set up and operate a Stableswap pool. The contracts will be open-sourced under the MIT license and be available without any restrictions as a public repository on GitHub. 

[METADATA] SDG rating

N/A

[SOLUTION] Please describe your proposed solution.

Stableswap, inspired by the pioneering Stableswap formula developed by Curve Finance, is designed to facilitate the trading of assets with identical prices while minimizing slippage.

WingRiders has been operating Stableswap pools for a full year. These pools have undergone rigorous audits to ensure their reliability and security. Over the course of this year-long operation, a commendable fact emerges: no critical issues or vulnerabilities have been identified within these Stableswap contracts. They have consistently operated in accordance with their intended design, which is a testament to the effectiveness of the audit process and the commitment of the

WingRiders team to maintain a trustworthy and robust DeFi ecosystem. It is written using Plutus and comprises multiple validators and minting policies - with over 3k lines of code.

In this proposal, an initiative is presented to open-source the WingRiders Stableswap smart contracts. This will support the ecosystem growth by providing projects and developers with more open-source resources, increasing transparency, and bringing more liquidity and trading activity into the Cardano DeFi of stable assets.

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

Accepting this proposal will positively impact the following groups:

• DEXes: existing decentralized exchanges that lack Stableswap capability can integrate this production-tested solution, thus expanding their feature set.
• Stableswap DEXes: those already equipped with this feature can compare their solution against established and tested Stableswap contracts, enabling them to validate and improve their solution or contribute to the open source one presented in this proposal.
• Developers: professionals and seasoned developers alike can access complex and audited contracts, improving overall code quality and knowledge sharing.
• Researchers: Stableswap has been so far EVM-only. Introducing a prominent EVM feature as open source on Cardano would showcase the potential of the eUTxO model, possibly enhancing its appeal significantly within the research community.
• Ecosystem: access to the code and best practices in the open-source Stableswap repository will make the development of new DeFi platforms easier and more secure. A better, more decentralized, and trustworthy environment brings in more users benefiting everyone.
• Users: with open-source smart contracts, users know exactly how the scripts they interact with look like
• Liquidity providers: having more Stableswap platforms and pools would encourage trading not only in the Stableswap pool but also in ADA-Stable pairs, collecting more trading fees.
• SPOs: higher trading activity results in more transactions, thus earning more on network fees.

Funding this proposal will give the whole Cardano community a robust and audited open-source Stableswap implementation. The solution is adapted to the UTxO model used by the Cardano blockchain and includes the contracts necessary for pool operation, request handling, and share tokens.

The success of this project will be measured by the availability of open-source smart contracts allowing the deployment of functioning Stableswap pools and the ability to create and interact with them. 

A template project featuring the contracts will be shared as a public GitHub repository. The proposal is guaranteed to succeed as the contracts are already operational and battle-tested. They will be additionally enriched with approachable documentation and exporting and deployment supporting scripts.

[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?

WingRiders have been operating Stableswap pools for more than a year and there weren't any issues or exploits associated with them. We feel confident that our audited smart contracts are safe to use and show to the public.

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

Code review, enhancements, and cleanup

• Description: Clean up the code for better readability and clarity (e.g.: internal notes and other cluttering code)
• Expected Timeline: 1 Month
• Outputs: Polished Plutus Stableswap contracts
• Acceptance Criteria: Code shared in open source repository.

Code descriptions

• Description: Add comments and descriptions where necessary for code clarity.
• Expected Timeline: 1 Month
• Outputs: Thoroughly commented Plutus Stableswap contracts
• Acceptance Criteria: Code shared in open source repository.

 Documentation

• Description: Provide documentation on usage and how to integrate the Stableswap contracts.
• Expected Timeline: 1 Month
• Outputs: Documentation
• Acceptance Criteria: Completed documentation shared in an open-source repository.

Test refactoring

• Description: Polishing existing test definitions to increase speed and readability.
• Expected Timeline: 1 Month
• Outputs: Tests
• Acceptance Criteria: Refactored existing Stableswap tests shared in the open-source directory.

Adding tests and internal audit

• Description: Adding more Stableswap-related tests and internal audit focused on changes in code to ensure they have no functional feedback
• Expected Timeline: 1 Month
• Outputs: Tests
• Acceptance Criteria: Additional Stableswap tests are shared in the open-source directory.

Project report and video

• Description: Making a final project completion report and video documentation. 
• Expected Timeline: 1 week
• Outputs: Report and Video
• Acceptance Criteria: Report and video shared with the catalyst committee

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

WingRiders engineering team is composed of experienced professionals in blockchain technology and software development. Our team members stand behind projects like Adalite, Yoroi wallet, Emurgo’s first blockchain explorer/indexer, firmware for hardware wallets Trezor and Ledger (bringing them to Cardano), and a whole plethora of FinTech products.

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

The proposal budget will be used to cover the cost of smart contracts engineering and associated project management.

Milestone 1: Code review, enhancements and cleanup

• Milestone Budget: ₳ 80,000
• Resource MDs: 
• Software engineer: 25
• Project manager: 0.5

Milestone 2: Code Descriptions

• Milestone Budget: ₳ 120,000
• Resource MDs: 
• Software engineer: 40
• Project manager: 0.5

Milestone 3: Documentation

• Milestone Budget: ₳ 120,000
• Resource MDs: 
• Software engineer: 40
• Project manager: 0.5

Milestone 4: Test refactoring

• Milestone Budget: ₳ 122,000
• Resource MDs: 
• Software engineer: 35
• Project manager: 2

Milestone 5: Adding tests and internal audit

• Milestone Budget: ₳ 132,000
• Resource MDs: 
• Software engineer: 44
• Project manager: 3.5

Milestone 6: Project report and video

• Milestone Budget: ₳ 20,000
• Resource MDs: 
• Software engineer: 3
• Project manager: 3

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

Open-sourcing Stableswap contracts builds greater trust within the stablecoin markets, enticing a larger influx of participants. This increased participation leads to a deeper pool of funds, making the markets more stable and secure. 

Furthermore, this proposal ensures improved safety measures and transparency. Users interacting with Stableswap contracts on a daily basis benefit from this transparency, feeling more secure in their transactions and interactions. This step not only enhances confidence but also encourages more network traffic benefitting the SPOs. 

Open-sourcing the repository also accelerates development by providing a set of complex contracts for developers to access. This enables them to observe and adopt best coding practices facilitating a quicker learning curve. With accessible Stableswap contracts, DeFi projects can integrate them and expand their feature-set. Consequently, this access to a repository of open-source code cultivates a collaborative environment where knowledge-sharing thrives. As a result, the pace of development quickens as developers leverage these resources to implement high-quality solutions, benefiting from established practices and collective expertise.

[IMPORTANT NOTE] The Applicant agrees to Fund 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