Last updated 10 months ago
Tokeo & Maestro: Cross-chain swaps via Maya Protocol.
Problem
Cardano ecosystem is silo'd and not integrated with other blockchains. This has a negative effect on adoption, as new users to crypto, are not organically introduced to Cardano.
Total to date
This is the total amount allocated to Tokeo & Maestro: Cross-chain swaps via Maya Protocol..
About this idea
[GENERAL] Name and surname of main applicant
Stephen Giderson[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)
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)
Frictionless and fast cross-chain swapping integration with Maya Protocol's permissionless network. Swap natively between BTC, ETH, USDC, DOGE, ARB, AVAX, ATOM straight from the Tokeo mobile wallet.
[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.”
Maya Protcool Cardano Integration. (Maestro)
[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
NA
[SOLUTION] Please describe your proposed solution
Integrate into Tokeo Wallet the Maya Protocol: A permissionless cross-chain swapping protocol.
Cardano is currently being integrated into Maya Protocol, via a fund 11 proposal: https://www.lidonation.com/sw/proposals/maya-protocol-cardano-unleash-native-cross-chain-swaps-between-ada-btc-eth-usdc-f11
Our solution aims to capitalize and leverage this solution to offer cross chain, peer-to-peer swaps on Cardano, where EVM (ETH, MATIC et al) and other UTXO (BTC, Dodge) can be swapped for native Cardano assets.
Swaps will be made available directly within the Tokeo mobile wallet, creating a seamless and intuitive cross-chain user-experience.
Tokeo's existing 'Dex' style aggregated interface will be expanded to provide live prices for these coins, an aggregated portfolio value, and basic wallet functionality for (EVM + BTC).
The scope of this proposal is limited purely to the work required for the integration of the Maya protocol (ie building, submitting and tracking transactions / swaps).
It should be noted that the additional features required to support these swaps (live prices, wallet) will be funded directly out of the Tokeo roadmap.
[IMPACT] Please define the positive impact your project will have on the wider Cardano community
The integration of Cardano into Maya Protocol brings numerous benefits, including:
- Full open-source functionality, allowing anyone to contribute or fork the protocol
- Native cross-chain swapping capabilities for a wide range of assets, including BTC, ETH, USDC, and more
- A secure and battle-tested codebase with billions of dollars traded across THORChain and Maya Protocol
- Secure native asset trading without wrapped assets, offering a seamless trading experience
- No KYC requirements, providing a CEX trading experience with added privacy
- Higher LP yields compared to regular DEXs
- Single-sided yield capabilities, allowing users to earn yield without impermanent loss
- Potential influx of hundreds of millions in liquidity into Cardano
- DEX aggregation, enabling the swapping of any ERC20 token from ADA and vice versa
The Maya block explorer will also display key performance indicators (KPIs) such as:
- Number of swaps involving ADA
- Volume of swaps involving ADA
- Swaps to ADA
- Number of unique users swapping to ADA
- ADA provided in liquidity pools
- Number of LPers in the ADA pool
This integration is poised to bring significant value to the Cardano ecosystem, enhancing its functionality, security, and liquidity.
[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?
Tokeo
The Tokeo team boasts a proven track record of consistently delivering high-quality products. Our core development team has collaborated for decades, demonstrating our expertise in managing timelines, sprints, and crucially, deadlines.
Throughout the bear, we've remained steadfast builders, dedicated to innovation, delivery, and contributing to the Cardano ecosystem.
With Tokeo, we're capitalizing on our ethos of fostering greater awareness and adoption across the entire Cardano ecosystem. Our focus is on enhancing access and improving interoperability for users entering our ecosystem from cross-chain.
Spanning the globe, our multinational team is headquartered in Byron Bay, Australia, with members hailing from Australia, North America, the Middle East, Africa, and Europe. Comprising over 7 capable, highly skilled, and dedicated members, our team's track record speaks volumes. Notable innovations include pioneering Cardano's First Smart Contract Minting Engine, Liquid Offers (multi-asset offers with a single batch of ADA), and Staked Offers (allowing buyers' ADA to remain staked within the contract of an offer).
The founders bring over two decades of tier 1 enterprise technology delivery experience, along with extensive startup expertise. We're complemented by a team drawn from the Cardano community for marketing, project liaison, and community engagement, with guidance from top thought leaders in our space. Driven by discipline, agility, and a commitment to community feedback, our team is adept at delivering rapid outcomes.
Additionally, we've engaged ambassadors and resources from cross-chain networks to accelerate adoption across multiple chains.
Our team has also played a pivotal role in early smart contract aggregation, facilitating greater accessibility to products and services across the ecosystem. We have used this principle in developing Tokeo, essentially aggregating the aggregators. We see the Tokeo Wallet being a portal to showcase all the amazing projects and products that Cardano has to offer. We have always taken a view that collaboration is vital to our overall success and we will continue to embrace this principle
Maestro
Maestro is one of the leading infrastructure providers on Cardano, and has a proven track record in deploying and managing core Cardano infrastructure services reliably at scale. Their Dapp Development Platform offers the most complete Web3 stack for Cardano with services such as: Blockchain APIs, Transaction manager, Turbo transactions, Market data feed, Plug-and-play contracts, and Wallet manager.
[PROJECT MILESTONES] What are the key milestones you need to achieve in order to complete your project successfully?
Outputs:
Integration of Maya Protocol Cross Chain Swap (BTC)
Server side (only) development to Integrate SDK & API base level features for BTC. Live cross chain swapping between ADA and BTC.
This will MVP the solution and allow the design and work to begin on integrating this into the broader tokeo application base.
Acceptance Criteria
Proof of a swap between BTC and ADA.
Evidence of Completion
Via on-chain transaction IDs which will be socially advertised.
Outputs:
Integration of Maya Protocol Cross Chain Swap (ETH)
Server side (only) development to Integrate SDK & API base level features for ETH. Live cross chain swapping between ADA and ETH. This will enable other EVM chains to be rapidly supported.
This will MVP the solution and allow the design and work to begin on integrating this into the broader tokeo application base.
Acceptance Criteria
Proof of a swap between BTC and ETH.
Evidence of Completion
Via on-chain transaction IDs which will be socially advertised.
Outputs:
Integration of Maya Protocol Cross Chain Swap (BTC) Into the Tokeo App for public use.
Client side (only) development to Integrate SDK & API base level features for BTC. Live cross chain swapping between ADA and BTC.
This will involve both the UI and API (services integration) to perform a swap which will include:
- Quote cross-chain swap
- Build transaction
- Submit transaction
- track transaction
Acceptance Criteria
Proof of a swap between BTC and ADA via production app.
Evidence of Completion
Proof of a swap between BTC and ADA via production app. Social awareness through advertising.
Outputs:
Integration of Maya Protocol Cross Chain Swap (ETH) Into the Tokeo App for public use.
Client side (only) development to Integrate SDK & API base level features for ETH. Live cross chain swapping between ADA and ETH.
This will involve both the UI and API (services integration) to perform a swap which will include:
- Quote cross-chain swap
- Build transaction
- Submit transaction
- track transaction
Acceptance Criteria
Proof of a swap between ETH and ADA via production app.
Evidence of Completion
Proof of a swap between ETH and ADA via production app. Social awareness through advertising.
Outputs:
'Tokeo Cross Chain Trade Experience'
Implement the Tokeo Cross Chain Trade experience, by integrating live prices, and analytics into the native Tokeo application.
This will involve services integration into 3rd party data providers such as CoinGecko and Maestro, and will support the user experience that Tokeo is rapidly becoming known for introducing to the ecosystem.
UI Features will include:
- Live prices
- Swap analytics
- News and education feed
Acceptance Criteria
Features live via production app.
Evidence of Completion
Migration to production app on app store. Social awareness through advertising.
[RESOURCES] Who is in the project team and what are their roles?
Our Team
With a decentralized ethos at its core, Tokeo's team navigates the dynamic landscapes of wallets, Cardano, and cross-chain endeavours, propelling the project towards widespread adoption.
Simon Canil / MagicFlow
Founder, Development
Magicflow leads the development team, overseeing product conceptualization and delivery. Additionally, he plays a crucial role in managing the Tokeo team and ensuring the commercial sustainability of the business.
Stephen Giderson / Geedo
Founder, Growth
As a member of the founding team, Geedo contributes to growth, partnerships, and commercial matters within Tokeo. He also holds responsibility for token design, ISPO, fundraising, and marketing initiatives.
Zushan Hashmi / Shaz
Founder, Marketing
Zushan leverages years of relationships cultivated within the ecosystem. His focus lies in marketing the Tokeo platform and collaborating with the leadership team on overall strategy.
James Stocks / JDS
Founder, Growth
JDS ensures that incoming funds are meticulously managed and allocated to every aspect of the business. This ensures that funding is carefully distributed and evenly applied to specific development and marketing endeavors.
Gavin Harris / Gav
Senior Full-stack Engineer
Gav, a senior full-stack engineer, possesses a profound understanding of smart contracts. Having graduated early from the Plutus Pioneers program, Gav has played a pivotal role in developing the Tokeo aggregation framework. He dedicates himself tirelessly to driving innovation and enhancing usability within the ecosystem for the community's benefit.
Chase Donavan / Chase
Engineer
Chase, a full-stack engineer, collaborates with the development team to introduce new and captivating features for Tokeo. A reliable and proven member of the team, Chase consistently excels and demonstrates the ability to deliver projects punctually and within budget.
Udit Gandhi
Social Media Marketer
Udit assumes responsibility for Tokeo's social voice, diligently ensuring users remain informed about the platform's features and benefits. Additionally, he actively engages the community by sharing updates on our roadmap and strategic partnerships.
[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources
Milestone 1:
100k ADA
Milestone 2:
100k ADA
Milestone 3:
80k ADA
Milestone 4:
80k ADA
Milestone 5 (Final):
80k ADA
[VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?
Value for Money
The total project budget of 440,000 ADA represents significant value for money for the Cardano ecosystem. By investing in the development and enhancement of the Tokeo Wallet, we are creating a comprehensive solution that will drive adoption, innovation, and growth within the ecosystem.
Milestone 1:
Server-Side Development for BTC Integration (100,000 ADA)
This initial investment will enable live cross-chain swapping between ADA and BTC, providing a significant leap forward for the Cardano ecosystem. This milestone represents a crucial building block for a seamless cross-chain experience, and its cost reflects the importance of this foundational step.
Milestone 2:
Server-Side Development for ETH Integration (100,000 ADA)
This phase will integrate SDK & API base level features for Ethereum (ETH), enabling live cross-chain swapping between ADA and ETH. This will pave the way for support of other EVM chains, expanding the reach of the Tokeo Wallet and fostering a more connected ecosystem. The cost of this milestone reflects the value of broadening the ecosystem's interoperability.
Milestone 3:
Client-Side Development for BTC Integration (80,000 ADA)
This milestone will bring BTC integration to the Tokeo App for public use, integrating SDK & API base level features and enabling users to perform cross-chain swaps between ADA and BTC. The cost of this milestone represents the importance of delivering a user-friendly experience for Cardano enthusiasts and pioneers.
Milestone 4:
Client-Side Development for ETH Integration (80,000 ADA)
This phase will integrate ETH into the Tokeo App for public use, enabling users to perform cross-chain swaps between ADA and ETH. This will empower users with more choices and flexibility, and the cost of this milestone reflects the value of providing a robust and user-friendly experience.
Milestone 5 (Final):
Tokeo Cross-Chain Trade Experience (80,000 ADA)
The final milestone will bring the Tokeo Cross-Chain Trade Experience to life by integrating live prices, analytics, and news into the native Tokeo application. This will set a new standard for the Cardano ecosystem, ushering in the next wave of users and solidifying Tokeo's position as a pioneer in cross-chain innovation. The cost of this milestone represents the value of delivering a comprehensive and innovative solution.
Total: 440,000 ADA
The total project budget represents a significant investment in the future of the Cardano ecosystem, and we believe it will yield significant returns in terms of adoption, innovation, and growth.
