Lending & Borrowing Aggregator

[GENERAL] Name and surname of main applicant

ADA Markets

[GENERAL] Are you delivering this project as an individual or as an entity (whether formally incorporated or not)

Entity (Not Incorporated)

[GENERAL] Requested funds in ada

240000

[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] Summarize your solution to the problem (200-character limit including spaces)

All in one platform that aggregates all the lending and borrowing opportunities on Cardano into one simple UI

[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.”

N/A

[GENERAL] Will your project’s output/s be fully open source?

No

[GENERAL] Please provide here more information on the open source status of your project outputs

This project will not be open sourced in this version

[SOLUTION] Please describe your proposed solution

Problem

Currently on Cardano there is no one place users can go to see what options they have for lending and borrowing and to compare rates they have to go to all of the dApps individually.

Details on the Platform 

With our platform it will be another section on our ADA Markets site as everything we build is targeted and simplifying DeFi for everyone on Cardano. The end user will be able to go to the site and compare yield opportunities across the ecosystem rather than having to go to all the individual sites. They will also be able to see their current open positions as well as initiate new loans through the platform

Main sections:

1. Overall view - The user will be able to view all markets on Cardano and filter them down based on assets, APY, dApp and other variables.
2. A Simplified UI where the user can select what asset they want to provide as collateral / liquidity and the platform will display all options they have including interest rates.
3. A Simplified UI as above but where the user selects what asset they want to borrow and then the UI will display options they could use with details about them like collateral required, dapp and interest rates. 
4. View all the users current open positions.

As well as being able to view all the details and options listed above the user will be able to interact with the dApps through our platform and open up new loan positions.

Reasons for approaching it in the way that you have

Just like we have built a DEX aggregator we will build an aggregator for lending and borrowing protocols on Cardano as having one place users can go will really help and simply the experience for users. We feel adding a lending and borrowing aggregator to what we already have is a complimentary feature that will help more users explore DeFi on Cardano

Who will your project engage

Our project aims to engage anyone on Cardano that wants to get more involved in DeFi and even people that are new to Cardano as we will be able to showcase all lending and borrowing protocols as well as let users interact with them from one place.

How will you demonstrate or prove your impact

We will be able to keep track of how many users access the lending and borrowing section on our platform as well as stats on how many loans are taken out through our interface

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

In what way will the success of your project bring value to the Cardano Community? 

With our platform we will simplify the process for users on Cardano when they want to get involved in DeFi and this particular aspect will allow more people to get involved with lending and borrowing protocols as they will be easily able to view all potential opportunities across multiple dApps without having to go to the individual dApp sites.

We feel this platform will help bring more liquidity into lending and borrowing protocols and we will make it even easier for anyone to view, understand and interact with the various protocols that we integrate.

How will you measure this impact?

We will be able to measure the number of people accessing and searching for opportunities on our platform.

[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 already built a dex aggregator on Cardano app.ada.markets which allows anyone who wants to trade on Cardano go to one site and we can check were they will get the best value for their trade as well as split the order for them. This proves that we have the technical ability to interact with other dApps contracts as through our aggregator we build the txs for the user with all the details about the trades they want to make and then they sign it to submit it directly to the individual dex contracts.

For tracking dex orders and liquidity pools we have already built a custom indexer for our platform and we will be able to expand this to start indexing he contracts for lending and borrowing protocols and then build the interfaces on to of that.

Up to this point everything we produced for ADA Markets was without funding and by the team putting in their own time to the project part time. This proposal would allow some of the team to start working on ADA Markets full time which we think would take the platform to a whole new level with the features we can provide to the Cardano community.

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

Milestone outputs

• Research and decide on initial lending and borrowing protocols to be included
• Create initial spec doc for the project

Acceptance criteria

• Have a spec doc completed with the list of initial protocols to be included along with information on the structure of the dApp and links to the to smart contracts they use so we can create ways to track them

Evidence of milestone completion

• Completed document can be submitted

Milestone outputs

• Build indexer to start tracking Lending & Borrowing contracts so we can track what assets are available
• Design initial UI for displaying assets available across the different dApps including current interest rates

Acceptance criteria

• Indexer tracking the selected protocols and pulling out the required info for loan activity.
• drawings or mock up of initial UI should be complete

Evidence of milestone completion

• Basic staging UI can be spun up to show that we are tracking the protocols and pulling the info on loans.
• Screenshots of the mock up UI or drawings can be shown

Milestone outputs

• Display users current positions in portfolio section on ADA Markets
• Build out UI to display all lending and borrowing options

Acceptance criteria

• Users current open positions on lending and borrowing protocols should show on their portfolio section on ADA Markets
• UI to display lending and borrowing opportunities across dApps should be complete

Evidence of milestone completion

• Users can check their portfolio on app.ada.markets to see their positions
• A video or screenshots showing the completed UI can be provided

Milestone outputs

• Create offchain code to build and submit new orders to lending and borrowing
• Build out UI for submitting orders
• Build out UI to guide users through the process by first selecting the asset they want to provide as collateral all the way through to initiating the tx

Acceptance criteria

• Ability to initial a loan from dev environment through UI
• UI wizard to guide users through the process should be complete

Evidence of milestone completion

• a staging environment can be set up or a video can be recording showing us initialling a loan through the UI

Milestone outputs

• Final testing complete including beta tester
• Push lending and borrowing live on ADA Markets UI

Acceptance criteria

• All major bugs listed by beta testers fixed
• Lending and borrowing aggregator live on ADA Markets

Evidence of milestone completion

• Lending and borrowing aggregator live on ADA Markets

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

Paddy - Principle engineer with 15 years experience in many roles in engineering and architecture. Cardano SPO since 2021 and contributor to multiple cardano projects such as poolpeek and ada.markets

• https://twitter.com/PoolShamrock

Paul - SPO since 2021 and runs a YouTube channel dedicated to education on Cardano and Cardano projects since 2021. Part of ADA Markets Dex Aggregator team

• https://twitter.com/cwpaulm

Dave - A full stack developer with over 15 years of experience in developing and leadership within large-scale enterprise projects. Contributor to many open source repositories on Cardano projects as well as ADA Markets

• https://twitter.com/ItsDave_ADA
• https://www.linkedin.com/in/dpbeaumont/

If we have more than 1 Catalyst proposal approved we might look to bring in more team members from the community too

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

Total Budget – 240k

Milestone Breakdown

·        Milestone 1 – 36,000 ADA

·        Milestone 2 – 72,000 ADA

·        Milestone 3 - 48,000 ADA

·        Milestone 4 - 48,000 ADA

·        Final Milestone - 36,000 ADA

Overall Cost Breakdown

·        Infrastructure:  10,000 ADA

·        Backend and Frontend Development: 170,000 ADA

·        Testing: 20,000 ADA

·        Documentation & Tutorials: 15,000 ADA

·        Project Management & Reporting: 15,000 ADA

·        Contingency for unknown and ADA price: 10,000 ADA

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

This project will allow more users on Cardano get easy access to lending and borrowing protocols. By making the UI and UX simple we will be able to bring more people into Cardano DeFi and get more users taking advantage of what the dApps in the lending and borrowing space have on offer. Bringing more liquidity to these dApps will create more opportunities which in turn brings more users.