Wanchain - Cardano From Metamask: Buy CNTs from Ethereum!

[GENERAL] Name and surname of main applicant

Wanchain

[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)

9

[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)

Maestro & Wanchain will leverage their best-in-class expertise to build a cross-chain solution that enables users to interact with any Cardano Dapp directly from their EVM wallets, including Metamask.

[GENERAL] Does your project have any dependencies on other organizations, technical or otherwise?

Yes

[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.”

Fund 10 - funded proposal

Anastasia Labs: Smart Beacons, Router NFTs

[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

Project will be open source.

[SOLUTION] Please describe your proposed solution.

Objective

The project will enable EVM users to interact directly with Cardano Dapp without needing to create a Cardano wallet nor interact with Dapp front-ends. This makes it possible for users to purchase CNTs directly from an EVM chain using an EVM wallet like Metamask. This proposed solution extends the functionality of Wanchain's existing Cardano Bridge.

 

Details

Today, if a user on an EVM chain wants to buy a Cardano Native Token or a NFT from a Cardano NFT marketplace, they need to interact with both EVM (usually Metamask) and Cardano wallets. More specifically, today, a standard user journey is:

• create a Cardano wallet
• securely back up their wallet’s seed phrase
• procure ADA to cover on-chain fees
• move assets to Cardano using the Wanchain's existing Cardano Bridge and Metamask
• figure out what Cardano Dapp they need to use
• buy the desired Cardano Native Token

This doesn’t even account for the confusion that will undoubtedly arise from unfamiliar UX standards caused by differences between UTXO and account-based infrastructures.

With this proposed solution, a user on an EVM chain (like Ethereum) that wants to buy a Cardano Native Token or a NFT from a Cardano NFT marketplace only needs to trigger a single transaction in their existing Metamask wallet. This transaction will trigger the following: 

1. Transfer of funds to Cardano, powered by Wanchain's Cardano Bridge
2. Construction of a UTXO transaction, sent to the Smart Beacon Router 
3. Purchase of the Cardano Native Token on a Cardano DEX or NFT from a Cardano NFT marketplace
4. Transfer of the Cardano native asset or NFT to the EVM chain, powered by Wanchain's Cardano Bridge

In other words, this proposed solution extends the functionality of the Wanchain's existing Cardano Bridge and simplifies the user journey.

Existing Prototype

Wanchain has already deployed several cross-chain bridges connecting Cardano to multiple EVM networks, demonstrating the capability to transfer value/assets between Cardano and EVM networks. It has already enabled the transfer of millions of dollars worth of value to-and-from Cardano (primarily in the form of BTC, DAI, USDC and USDT). This bridge is accessible publicly here: https://bridge.wanchain.org/

This proposed solution extends the functionality of the Wanchain's existing Cardano Bridge using Smart Beacon Scripts.

Supporting Components

Wanchain's Cardano Bridge

Wanchain currently provides the ONLY decentralised bridge to Cardano, offering support for numerous assets including ADA, Cardano native assets, all standard ERC20 tokens, and several other notable assets. Using Wanchain's Cardano Bridge, users can move these assets seamlessly between Cardano, any EVM-based network, and select non-EVM networks. Wanchain’s cross-chain infrastructure comprises a decentralised system of direct, non-custodial cross-chain bridges that connect both EVM and non-EVM networks without requiring any centralised intermediaries. Wanchain Bridge nodes are permissionless and decentralised; anyone can deploy a Wanchain Bridge node. Wanchain Bridge nodes are rotated and re-elected on a monthly basis. For its security, the Wanchain Bridge uses Secure Multiparty Computation and Shamir’s Secret Sharing cryptography. Currently, more than 30 Layer 1 and Layer 2 networks are connected by Wanchain’s wide area network of blockchains.

https://medium.com/wanchain-foundation/cardano-added-to-wanchains-cross-chain-infrastucture-usdc-and-usdt-come-to-cardano-a31fc8c8b8f9 

https://www.essentialcardano.io/article/update-cardano-cross-chain-bridges-and-other-interoperability-solutions 

https://iohk.io/en/blog/posts/2022/07/08/bridges-and-sidechains-wanchain-making-cardano-interoperable/ 

Smart Beacon Scripts

Smart Beacon routing scripts are the engine that enables trustless on-chain routing of Dapp interactions.

Smart Beacons is a framework for routing transactions. It is essentially AdaHandles for Smart Contract addresses. Through the use of Smart Beacons & router scripts users will be able to interact with DApps without going through centralised front-ends or building the smart contract transactions themselves.

For example, a user, Bob, is sending 15 ADA to the Smart Beacon @adato-min (address of the router smart contract). The wallet builds the transaction sending the 15 ADA to the router smart contract including Bob's address in the datum. Then a decentralised routing agent triggers DEX order swapping ADA for MIN. The router script enforces that the swapped token is returned to Bob’s address. 

https://cardano.ideascale.com/c/idea/102366

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

This solution will act as a catalyst to expose Cardano Dapps, Cardano native assets and Cardano NFTs to millions of new users and billions of dollars of untapped liquidity. There are several metrics to measure the success of this solution:

• The number of unique EVM wallet addresses that initiate transactions using this solution
• The number of unique Cardano Dapps that receive and execute transactions received by this solution
• The number of cross-chain transactions/interactions that cross the bridge and interact directly with the Smart Beacon Router
• The total value of cross-chain transactions/interactions that cross the bridge and interact directly with the Smart Beacon Router

[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?

Wanchain is a global leader for decentralised blockchain interoperability solutions and has been in operation since 2017. They launched the blockchain industry’s first decentralised cross-chain bridge, deployed the first direct bridge connecting Bitcoin and Ethereum, and are the only decentralised bridge currently servicing the Cardano ecosystem. Currently supporting more than 30 public networks, Wanchain continues to earn its reputation for enabling interoperability between EVM and non-EVM networks.

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

Implement and configure a Smart Beacon NFT for a DEX swap

Acceptance criteria: Successfully deploy a DEX Smart Beacon NFT script

Integrate Smart Beacon Script into Wanchain's cross-chain solution

Acceptance criteria; Successfully integrate script into Wanchain’s cross-chain solution and deploy the corresponding Script Routing bot

Run test 1-way swapping assets from an EVM chain to Cardano

Acceptance criteria - Send swap transaction on EVM, that triggers a Wanchain bridge cross-chain transaction, that triggers a Smart Beacon transaction, that triggers a DEX transaction.

Run test 1-way swapping assets from Cardano to an EVM chain

Acceptance criteria: A DEX transaction, triggers a Wanchain bridge transaction, returning swapped asset into EVM wallet

Demonstrate end-to-end cross-chain asset swap from an EVM chain to Cardano to an EVM chain

Acceptance criteria: Execute an end-to-end crosschain swap

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

Maestro Team

• Varderes Barsegyan - Engineering Manager, Software Architect and Go Developer

Maestro CTO, Genius Yield TPM;

Varderes Barsegyan is an engineer with a diverse background in physics, computer science, aerospace engineering, bioinformatics, and blockchain technology. As the Co-founder and CTO of Maestro, a leading provider of blockchain infrastructure for Cardano, he is trailblazing the way for the financial operating system of the world.

• Jamie Harper - Senior Rust Engineer

Maestro engineer, Cardano open source contributor;

James is a Rust developer with unique experience in the Cardano ecosystem such as auditing the Cardano ledger and related codebases. Also a top contributor for some of TxPipe's open source software projects, Scrolls and Pallas. James now works at Maestro, where he plays a key role in designing, developing, and optimizing their developer platform and indexer, working with the rest of the team to ensure they meet the evolving needs of developers within the Cardano ecosystem.

• Jeev B. - Senior DevOps Engineer

Maestro engineer, Union.AI staff engineer;

Jeev Balakrishnan is an accomplished staff software engineer with a proven track record of success. With his expertise and strong technical skills, he has played a crucial role in leading mission-critical projects at Union.AI, Freenome, and Maestro. Jeev's ability to deliver exceptional solutions, coupled with his innovative mindset, has made him a valuable contributor to the Cardano ecosystem.

Wanchain Team

Wanchain's engineering team will handle development of all cross-chain components of this solution. The Wanchain team will be led by:

• Temujin Louie - VP of Marketing and Growth

Temujin Louie is a communications specialist with more than 10 years of experience driving the adoption of transformative digital technologies. His introduction to blockchain began in 2012 during his graduate studies at the London School of Economics and Political Science, where he studied Bitcoin’s impact on incumbent power structures. 

Temujin is a subject matter expert in blockchain interoperability. He has the rare talent of simplifying intricate technological concepts into engaging narratives. He has served as the essential bridge between the tech world and the broader public, offering his unique insights and strategic acumen to both tech startups and global multinational enterprises.

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

Milestone 1: Implement and configure a Smart Beacon NFT for a DEX swap

$70/hr x 2 devs x 4 weeks x 40hr/week = $22,400

Milestone 2: Integrate Smart Beacon Script into Wanchain's cross-chain solution

$70/hr x 2 devs x 8 weeks x 40hr/week = $44,800

Milestone 3: Run test 1-way swapping assets from an EVM chain to Cardano

$70/hr x 2 devs x 4 weeks x 40hr/week = $22,400 

Milestone 4: Run test 1-way swapping assets from Cardano to an EVM chain

$70/hr x 2 devs x 4 weeks x 40hr/week = $22,400 

Final Milestone: Demonstrate end-to-end cross-chain asset swap from an EVM chain to Cardano to an EVM chain

$70/hr x 2 devs x 4 weeks x 40hr/week = $22,400 

Development Cost ($) = $112,000

Development Cost ($0.38/ADA) = 290,000 ADA

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

Tens of millions of users use MetaMask every single month. These users have access to and direct tens of billions of dollars in liquidity across multiple EVM chains. Historically, Cardano Dapps have been isolated from this liquidity in large part because of a lack of interoperability and compatibility between Metamask and Cardano. Wanchain and Maestro propose to bridge this gap by building a solution that enables users to interact with Cardano Dapps using Metamask.

Cross-chain interoperability is the catalyst that will lead to the widespread adoption of Cardano solutions. This project will introduce Cardano Dapps to millions of new users who have traditionally not had access to Cardano’s ecosystem. The cost of this project pales in comparison to the value it can create for the entire Cardano ecosystem.

[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