Metera Protocol DEX Aggregator Integration

[GENERAL] Name and surname of main applicant

Carlos Ernesto

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

Entity (Not Incorporated)

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

4

[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)

Submit a deposit order in a portfolio directly from the Dapp when the user doesn’t have the necessary tokens via an integration with a Dex Aggregator to improve user experience.

[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.”

1. TxPipe.Shops
2. Dex Agreggators

[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 will not be fully open source at the beginning.

[SOLUTION] Please describe your proposed solution

Our proposed solution for this user experience is to integrate Metera Protocol with a DEX aggregator in order to facilitate ADA swaps to CNTs and following the necessary swaps, swapping those CNTs into MTKs. By doing this, investors will mint MTKs and get exposure to the Cardano Ecosystem in a more straightforward way and bringing liquidity to the CNTs will be easier.

Thanks to capabilities offered by the Cardano Blockchain we have been able to build an asset management platform that allows users to diversify their holdings via multi-asset indexes, where they own 100% of the underlying assets provided to the strategy. 

100% of the assets provided by the user are backed via smart contracts and only redeemable back to the user itself. This mechanism provides unprecedented asset security but comes with some minor hurdles for the user. 

How does the current version works?

Users are required to deposit the underlying assets following the right proportion of assets calculated by our approximation balance algorithm (Check out the "Balance Approximation" section at our Gitbook). Users need to buy the underlying assets on a DEX before attempting to build a transaction within Metera Protocol which will result in the minting of an MTK. This results in a hard job for the user as they need to exit the Dapp and mint the underlying assets elsewhere and then come back with the exact amount to mint the MTK.

Actors:

User: User interacting with Metera Protocol. 

Metera Protocol: Metera Protocol service which consists of a web app and a smart contract backend.

External Dex: Users need to exite Metera Protocol Dapp and buy tokens from a DEX to buy the correct weight the MTK is asking.

Preconditions:

1. The user has connected their wallet to Metera protocol Dapp.
2. The user has enough underlying assets in their wallet.
3. If they have enough underlying assets, go to point 3.
4. If they do not have enough underlying assets, they need to go to a DEX and buy the exact weights.
5. The user has selected a specific MTK on the Metera protocol in which they want to deposit.

How will the user experience benefits from this change?

Actors:

User: User interacting with Metera Protocol. 

Metera Protocol: Metera Protocol service which consists of a web app and a smart contract backend.

Swap Aggregator: Steel Swap or Axo Trading Baskets. 

Preconditions:

1. The user has connected their wallet to Metera protocol Dapp.
2. The user has enough ADA in their wallet.
3. The user has selected a specific MTK on the Metera protocol in which they want to deposit.

Main flow:

1. The user clicks the “MINT / DEPOSIT” button. 
2. Metera protocol prompts the user to enter the amount of ADA equivalent to deposit in the portfolio.
3. The user enters the amount X of ADA equivalent they want to deposit.
4. Metera protocol shows the set of tokens which ADA equivalent sum is X, and two buttons: “GET TOKENS” and “USE FROM WALLET”.
5. The user clicks the “GET TOKENS” button.
6. Metera protocol requests the Swap Aggregator API to create one transaction which creates swap orders for each token needed for the deposit, to be signed by the User.
7. Swap Aggregator builds the transaction and returns it to Metera.
8. Metera protocol handles the transaction for the User to sign.
9. The User signs the transaction.
10. Metera protocol returns the signed transaction to the Aggregator which submits it.
11. Metera protocol scans for the tokens to appear in the User's wallet, originating from the swap orders to be processed and confirmed.
12. Metera protocol notifies the User when the tokens are in their wallet, builds the transaction to create a Deposit order, and handles it to the User to be signed.
13. The User signs the transaction.
14. Metera protocol submits the Create Deposit transaction.

About the Metera Protocol Platform

Metera Protocol offers a decentralized approach to asset management by guaranteeing user’s investments 100% by smart contracts. All user funds are safely stored in vaults which in turn are represented by a token, users can redeem their tokens easily through the platform in return of underlying assets of these vaults. It provides a marketplace for tokenized strategies where Portfolio Managers and Users together can work towards following strategies to outperform the markets. 

Metera Protocol allows Portfolio Managers to earn income by setting fees through their strategies and in turn provide crafted strategies to their users.

Users benefit from the diversification that our instruments provide and also by following the strategies proposed by Portfolio Managers in the Platform. 

As a benchmark, the Index and ETFs industry is worth approximately $11,833.4 bn USD allowing both retail and institutional investors to diversify their investments, tokenization through blockchain for these type of investments represent a huge market opportunity by removing the middleman and allowing users access to easily diversify their portfolio within the Cardano Ecosystem. 

The Protocol will help bring liquidity to Cardano by removing the hurdles of investors to diversification. 

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

Our value proposition to the Cardano Ecosystem:

Metera Protocol will help bring liquidity via retail and institutional investors.

Lowering the barriers of connecting users to leading asset managers in the industry. 

Increase the exposure of technological innovation within the ecosystem. 

Allowing users to take ownership of their own investments with 100% guarantee of their assets. 

[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?

Metera Protocol has worked alongside great devs teams such as Mlabs and TxPipeShop to deliver solutions for the Cardano Ecosystem. Most recently we’ve finished developing our product private test-net with *fund 11 capital: https://projectcatalyst.io/funds/11/cardano-use-cases-concept/metera-protocol-or-aiken-test-net-development

*Final milestone in progress. The Metera team has made significant progress towards the development of this scope and is expected to finish earlier than expected.

The Metera team posts regular weekly updates informing its community about challenges and 

Through trial and error we’ve identified limitations on our previous architecture and have opted to adopt a more straightforward approach towards our smart contracts in order to deliver a high quality and intuitive product to the whole Cardano Ecosystem. 

The approach feasibility under this proposal has been validated by various on-chain transactions posted during the long 1.5 years development process we’ve had.

Our team has a track record of transparency of constant progress updates through social media and official mediums.

TxPipe Shop have delivered some of the biggest Dapps in the ecosystem and have been part of Catalyst since its inception. Both team have worked successfully in the past months to bring new opportunities on Cardano.

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

Initial Research for Implementation and Frontend High Fidelity Figmas: (1 Month)

A. Milestone Outputs:

• Design and requirement documentation for integration
• Initial Frontend High Fidelity Figmas
• Selection of a DEX Aggregator for integration

B. Acceptance Criteria:

• Completed design and requirement documentation
• High Fidelity Figmas reflecting frontend interface
• DEX Aggregator chosen based on compatibility and suitability

C. Evidence of Milestone Completion:

• Signed-off design and requirement documentation
• Accessible High Fidelity Figmas
• Documented selection process for DEX Aggregator

DEX Aggregator Alignment + Frontend Integration: (2 months)

This milestone consists of working through the changes needed for the transaction building of the selected DEX Aggregator, supported by the DEX Aggregator themselves and our development team. 

A. Milestone Outputs:

• Traces of transactions with desired outputs
• Frontend integration available on test.metera.io

B. Acceptance Criteria:

• Successful alignment with DEX Aggregator for transaction building
• Frontend integration functional and accessible on test environment

C. Evidence of Milestone Completion:

• Traces of transactions demonstrating desired outputs
• Accessible frontend integration on test.metera.io

Integration: (1 month)

A. Milestone Outputs:

• Internal testing report with addressed issues
• Direct integration accessible through private link

B. Acceptance Criteria:

• Comprehensive testing of feature with documented issues
• Direct integration operational and accessible via private link

C. Evidence of Milestone Completion:

• Internal testing report with addressed issues documented
• Operational direct integration accessible via private link

Testing and Feedback (3 weeks)

A. Milestone Outputs:

• Testing and bug fixes completed
• Working MVP
• Feature released to the public via testnet.metera.io

B. Acceptance Criteria:

• Thorough testing conducted with documented bug fixes
• Working MVP achieved
• Feature released on testnet environment for public access

C. Evidence of Milestone Completion:

• Documentation of testing and bug fixes
• Accessible working MVP on testnet.metera.io

Final report and video (1 week)

A. Milestone Outputs:

• Findings report
• Comprehensive video detailing feature functionality

B. Acceptance Criteria:

• Findings report providing insights and recommendations
• Video demonstrating feature functionality comprehensively

C. Evidence of Milestone Completion:

• Published findings report
• Accessible video detailing feature functionality

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

Daniel Sampson: https://www.linkedin.com/in/daniel-sampson-26966a225/

CEO and CoFounder of Metera

Entrepreneur and innovator in the web3 ecosystem with a strong background in traditional asset management.

Experience in marketing, project management and investor relations. Full Stack developer in progress.

Carlos Ernesto: https://www.linkedin.com/in/ernesto-sampson/

COO and Founding Team Member of Metera Protocol. Business manager and strategist. With experience in the creation, development and administration of projects. Experience in planning, management, and daily operation of Fintech and Crypto projects.

Deep interest in new technologies and passionate about making things happen.

Txpipe.shops has provided a third party development T&M team to Metera Protocol for the past 6 months. In case of receiving funding through this proposal we will continue working alongside TxPipe Shops as our main development partner.

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

Milestone 1:

Initial Research for Implementation and Frontend High Fidelity Figmas: (1 Month)

Resources: 

• Txpipe Shops Full Time Developer - 19,000ADA
• Ux/Ui Full Time Resource (https://designproject.io/pricing/) - 6,000 ADA

Total: 24,200 ADA

Milestone 2:

DEX Aggregator Alignment + Frontend Integration: (2 months)

• DEX Aggregator Development Team - 24,200 ADA
• TxPipe Shops Full Time Developer - 38,000 ADA 
• Frontend Developers - 10,200 ADA

Total: 70,800 ADA

Milestone 3:

Feature Integration: (1 month)

• TxPipe Shops Full Time Developer - 19,000 ADA 

Total: 28,400 ADA

Milestone 4: 

Testing and Feedback (3 weeks)

• TxPipe Shops Full Time Developer - 14,200 ADA 

TOTAL: 13,650 ADA

Milestone 5:

 Final report and video

TOTAL: 0 ADA

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

Funding this project will help accelerate the inclusion of robust financial instruments needed for the broader adoption of the Cardano ecosystem in the rapidly growing DeFi ecosystem.

Funding new DAPPs looking to innovate in the space will help broaden the Cardano ecosystem and help onboard new investors and users into the ecosystem.