MuesliSwap - next-gen open-source orderbook DEX

[GENERAL] Name and surname of main applicant

MuesliSwap Team

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

Entity (Incorporated)

[GENERAL] Requested funds in ada

225000

[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)

We will create a fully open-source orderbook DEX, open-sourcing the FE and SCs with advanced features, DAO oversight and efficient trading to drive DeFi innovation and create a more open ecosystem.

[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

Our project is committed to full transparency and collaboration within the Cardano ecosystem by ensuring that all components of our next-gen open-source orderbook DEX are available under an open source license throughout the entire lifecycle of the project.

Open Source License: We will utilize the MIT License for all our project outputs. This license is chosen for its permissiveness and widespread acceptance in the open source community, allowing others to freely use, copy, modify, and distribute our software while still maintaining the original copyright.

Scope of Open Source Elements: All elements of our project will be open source, including:

• Front-End Components: The entire user interface and associated frontend logic.
• Smart Contracts: All smart contracts developed for the orderbook DEX, including those enabling advanced features like time-based orders and auto-canceling.
• Documentation: Comprehensive documentation covering setup, usage, and integration will also be openly available.

Open Source Repository: The source code, along with all related development materials, will be hosted on GitHub. This will facilitate easy access for developers, fostering further innovation and development within the Cardano community by allowing others to contribute to and expand upon our work.

Further Information: By ensuring that all components are open source, we aim to encourage community engagement and collaboration, driving forward the development and adoption of decentralized technologies on Cardano. Open sourcing our project outputs not only supports the ethos of the blockchain community but also enhances the trust and security of our platform by allowing independent verification and improvements of the code.

[SOLUTION] Please describe your proposed solution

Our proposal addresses the need for transparency and community involvement in decentralized finance (DeFi) by focusing on the development and open-sourcing of a new interface for MuesliSwap, alongside the creation of a next-gen orderbook smart contract.

Enhanced Development:

1. Open-source Interface: We will redesign and develop a new frontend for MuesliSwap, which will be fully open-sourced. This will not only improve user experience through a more intuitive and responsive design but also allow developers worldwide to contribute to and enhance the interface. The open-source interface will also act as a starting point for new Cardano DApps, making it an excellent resource for potential new developers who want to learn about orderbook DEXs.
2. Next-gen Orderbook Smart Contracts: These smart contracts will include many features not possible with AMM-based approaches, such as time-based orders that auto-cancel and more efficient orders with lower costs. By open-sourcing the smart contracts, other developers can build advanced market makers and tools that can interact with these contracts easily due to the known interface.

Unique Features of the Solution:

• Innovation through Openness: Open-sourcing the interface will catalyze innovation, allowing developers to implement novel features and optimizations that benefit all users. In addition, it will help bringing additional trust to the Cardano DeFi space
• Community Collaboration: By open-sourcing the interface, we invite the global developer community to participate in ongoing development, ensuring a diverse range of ideas and innovations that drive the Cardano DeFi space forward.
• First of its Kind: This will be the first fully open-source orderbook DEX of its kind (SCs and Interface), providing another valuable resource for the ecosystem.

Impact and Measurement:

• Engagement Metrics: Success will be measured by the level of active community involvement in development as well as usage of the next-gen orderbook DEX. By developing a next-gen orderbook DEX we will make the Cardano ecosystem more transparent, efficient and appealing in the broader DeFi ecosystem. 
• User Experience Improvements: User satisfaction and increased adoption rates will serve as direct indicators of the new interface’s impact.

Beneficiaries and Cardano Ecosystem Value:

• Users: A more efficient and user-friendly DEX enhances accessibility and usability for all users, from novice traders to experienced investors.
• Developer Community: Open-source access empowers developers to learn, innovate, and contribute to the DeFi ecosystem on Cardano, fostering a robust developer community.
• Cardano’s DeFi Landscape: By enhancing MuesliSwap with a transparent and innovative interface, we reinforce Cardano’s position as a leading blockchain for DeFi, appealing to a broader audience and encouraging further ecosystem growth.
• Technical Expertise: Our deep knowledge of technology will be made public, strengthening the overall ecosystem and leading to a stronger, more innovative community.

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

Value to the Cardano Community: Our project will directly enhance the Cardano DeFi landscape by introducing a fully open-source orderbook decentralized exchange (DEX). This initiative will advance transparency, efficiency, and community-driven innovation within the ecosystem. By providing advanced trading functionalities and DAO oversight, the DEX will support a more robust and versatile financial infrastructure on Cardano, appealing to both developers and users by offering features not currently available in AMM-based DEXs.

Measurement of Impact:

• Quantitative Metrics: We will track user adoption rates, volume of transactions processed through the DEX, and the number of contributions from third-party developers to our open-source repositories. These metrics will provide clear indicators of the DEX's acceptance and integration into the Cardano ecosystem.
• Qualitative Metrics: User feedback surveys will assess satisfaction with the platform’s usability and functionality. Additionally, engagement in community forums and social media will offer insights into the community's perception and acceptance of the new platform.

Sharing Outputs and Opportunities:

• Open-Source Repositories: All developed code, including smart contracts and frontend components, will be available on GitHub, allowing unrestricted access for developers worldwide to use, modify, and extend.
• Documentation and Developer Guides: Comprehensive documentation and guides will be provided to assist developers in understanding and integrating with the DEX. This will include detailed API documentation, setup guides, and example use cases.

Engagement with Technical Groups:

• We will maintain active communication channels through platforms like Discord and Telegram to ensure continuous engagement with both users and developers.

[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?

The MuesliSwap Team is well-known in the community and credited with delivering high-tech solutions. We started the first DEX on Cardano, months before its competition launched and to date provides the only hybrid AMM-Orderbook DEX with integrated DEX Aggregator.

In particular, MuesliSwap Team members are known to be particularly strong in developing secure smart-contract-based dApps, pioneering the development of DeFi protocols since the early days of SCs on Cardano. The described orderbook contracts with advanced features hence falls perfectly into our area of expertise. Among others, it consists of the creators of the first orderbook DEX on Cardano.

The Team has also already successfully completed multiple projects funded in Catalyst. As a large team of dedicated techies, we have the competence, capacity, and motivation to also complete this additional DeFi infrastructure project in time and with high quality.

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

Research, Planning, and Design

• Outputs: Comprehensive research on current orderbook DEXs, design of the new DEX architecture including interaction between front-end and smart contracts, and planning the development lifecycle.
• Acceptance Criteria: Completion of a detailed project plan and architectural design documentation that will serve as guidance throughout the development of the project.
• Evidence: Submission of the research report, architectural diagrams, and project plan.

Implementation of Enhanced Open-Source Frontend

• Outputs: Development of a new, enhanced open-source front-end interface for MuesliSwap, incorporating user feedback mechanisms.
• Acceptance Criteria: Successful implementation and user testing of the front-end, with iterative improvements and refinement of features based on initial user feedback.
• Evidence: Release of the frontend code on GitHub, user testing reports, and revision histories documenting the iterative improvements.

Development of Next-Gen Orderbook Smart Contracts

• Outputs: Development of next-gen orderbook smart contracts featuring advanced functionalities like time-based orders and auto-canceling; internal auditing of these contracts.
• Acceptance Criteria: Fully functional smart contracts as per the design specifications, successful internal audit with no critical issues.
• Evidence: Publication of smart contracts on GitHub, internal audit report.

Milestone 4: Integration of Frontend with Smart Contracts

• Outputs: Integration of the newly developed frontend with the orderbook smart contracts, comprehensive system testing and optimization of the entire platform.
• Acceptance Criteria: Seamless integration with efficient operation across the platform, successful system-wide tests showing robust performance and user experience.
• Evidence: Test results, performance optimization reports, testnet transaction showing successful interaction with the smart contracts submitted via the front-end.

Final Milestone: Deployment and Community Engagement

• Outputs: Deployment of the complete orderbook DEX system, public announcements, and creation of detailed documentation and tutorials on how to use the DEX.
• Acceptance Criteria: Successful deployment of the DEX, availability of user-friendly documentation and tutorials, positive initial feedback from the community.
• Evidence: Live DEX, documentation and tutorials published online, link to announcements on social media (X and Medium).

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

Our project team is composed of highly skilled and experienced individuals from the original MuesliSwap team. Each member brings specialized expertise critical for the successful delivery of our next-generation open-source orderbook DEX on Cardano. Below are the roles and responsibilities of each team member:

1. Lead Developer: Responsible for overseeing the high-level design of the entire project, including smart contracts and front-end components, conducting internal auditing, and managing project coordination. The Lead Developer has extensive experience in blockchain development, especially within the Cardano ecosystem, and is a founding member of the MuesliSwap team.
2. Smart Contract (SC) Developer: This team member focuses on the development and implementation of the next-gen orderbook smart contracts. With a strong background in Cardano's OpShin smart contract language, the SC Developer ensures the coding of primary contract logic, optimization of contract efficiency, and adherence to security best practices.
3. Front-End Developers: Tasked with designing and implementing the enhanced user interface for the DEX. The Front-End Developers plays a crucial role in integrating user feedback into the design, ensuring a responsive and intuitive user experience. Our front-end developer has expertise in modern front-end technologies and a deep understanding of user interaction with decentralized applications. In particular, he has been leading the front-end development of MuesliSwap since its foundation.
4. Marketing and Documentation Coordinator: Responsible for all marketing, community engagement, and documentation efforts. This role involves creating and executing marketing strategies to promote the DEX, coordinating outreach efforts, and developing comprehensive user guides and documentation.

Resource Allocation and Team Expansion:

Should additional resources be required, we are prepared to allocate more developers from the MuesliSwap team to ensure the project's success or hire additional developers from our pool of contractors.

Engagement and Verification:

• All team members are fully committed to the project and have been engaged with it from its inception.
• We engage regularly with our community and technical groups on platforms such as Discord and Telegram, facilitating ongoing dialogue and feedback.

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

Each of our project’s milestones is allocated a specific budget to manage resources efficiently and ensure the successful delivery of each phase. Below is the detailed cost breakdown:

Milestone 1: Research, Planning, and Design - 28,000 Ada

• Resource Allocation:
• Compensation for team members conducting in-depth market research, designing the system architecture, and drafting initial project specifications.
• Purpose: This budget covers the groundwork for the project, including defining the functional and technical requirements.

Milestone 2: Implementation of Enhanced Open-Source Frontend - 61,000 Ada

• Resource Allocation:
• Compensation for front-end developers to build the user interface, implement interactive design elements, and integrate user feedback mechanisms.
• Purpose: This allocation is aimed at developing a user-friendly, responsive frontend for the DEX, ensuring a seamless user experience and facilitating easy navigation.

Milestone 3: Development of Next-Gen Orderbook Smart Contracts - 78,000 Ada

• Resource Allocation:
• Compensation for developers to code and optimize smart contracts, including implementing advanced features like time-based orders and auto-canceling mechanisms.
• Purpose: Funds will be used for crafting robust smart contracts that are essential for the operation of the DEX, enhancing transaction efficiency and security.

Milestone 4: Integration of Frontend with Smart Contracts - 39,000 Ada

• Resource Allocation:
• Compensation for developers to ensure seamless integration of the frontend with the backend smart contracts, conducting thorough testing to ensure functional coherence and user interface compatibility.
• Purpose: This budget supports the technical synthesis of the frontend and smart contracts, crucial for the operational integrity and performance of the DEX.

Final Milestone: Deployment and Community Engagement - 19,000 Ada

• Resource Allocation:
• Compensation for the technical team responsible for deploying the DEX on the Cardano network and for the marketing team tasked with community outreach and engagement.
• Creation of comprehensive user guides and operational documentation to assist users in navigating the new system.
• Purpose: The final budget covers the public launch of the DEX, including efforts to promote adoption and provide detailed, accessible instructional content to users.

Community Engagement and Marketing:

• Funds specifically allocated for community engagement will ensure that we reach a broad audience, gather extensive user feedback, and foster a supportive ecosystem around the new DEX interface.

Alternative Funding:

Should the project costs exceed the initial budget, MuesliSwap's operational funds will be utilized to cover the additional expenses, ensuring the project's completion.

This budget plan is designed to cover all necessary expenses for the development phases of the DEX, from initial research and planning to final deployment and user engagement, ensuring each stage is well-supported and executed to the highest standard.

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

The budget for our project has been carefully structured to maximise value for the Cardano ecosystem. The cost allocations reflect a strategic investment in developing a cutting-edge platform that will bring significant long-term benefits to Cardano users and developers.

Cost Justification:

• Development Resources: The allocation for development resources is based on the need for highly specialised skills in blockchain development, smart contract coding, and secure application design
• Compensation: The compensation for our team members is in line with industry standards

Efficiency and Impact:

• Leveraging Existing Expertise: By employing the MuesliSwap team, known for their proficiency and experience in the Cardano ecosystem, we ensure that the project leverages existing knowledge and past successes.
• Open Source Contribution: Making the DEX open-source provides immense value to the community by allowing other developers to use, modify, and extend our work, thus multiplying the impact of the initial investment.
• Community Engagement and Growth: Investment in community engagement ensures that the platform is aligned with the needs and expectations of its users, driving adoption and active usage.

Long-Term Benefits:

• Enhanced Trading Capabilities: By providing advanced trading functionalities such as an order book with time-based orders and lower costs, the DEX will attract a broader range of users and transactions to the Cardano network, increasing the blockchain's utility and value.
• Support for DeFi Growth: The project directly contributes to the growth of decentralized finance on Cardano by providing tools that enable more complex financial products and services to be securely built and scaled.

Overall, the costs associated with this project are a strategic investment into significantly enhancing the capabilities and attractiveness of the Cardano ecosystem. The project is designed not only to deliver immediate benefits in terms of a functional and innovative DEX