Minswap SDK for Stableswap + AMM v2 + LBE v2

[GENERAL] Name and surname of main applicant

Long Nguyen Le Vu

[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)

2

[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)

Develop a robust, open-source SDK with off-chain tools, price feeds, historical data storage, and integration methods for 1) StableSwap, 2) AMM V2, and 3) LBE V2, serving the greater Cardano DeFi.

[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

All the updates will be reflected on Minswap’s Github repository: https://github.com/minswap/sdk 

[SOLUTION] Please describe your proposed solution

Cardano's DeFi ecosystem is brimming with potential. However, current limitations in off-chain tools and data infrastructure can hinder its scalability, usability, and overall user experience. Minswap Labs, propose the following solution: a robust, open-source Software Development Kit (SDK) specifically designed to address these challenges and empower the Cardano DeFi landscape.

The problem is:

Many DeFi applications, including StableSwap, AMM V2, and LBE V2, currently lack essential off-chain tools. This translates to limitations for users, such as:

• Difficulty in obtaining accurate and real-time price data for stablecoins and liquidity pools.
• Lack of historical data storage for informed decision-making and market analysis.
• Manual order management on AMM V2, potentially leading to missed opportunities or expired orders.

These tradeoffs combined translate into limitations that affect the broader Cardano DeFi ecosystem, such as in:

• Scalability: Without proper infrastructure, handling increased user activity and transaction volume becomes challenging.
• Usability: The user experience suffers due to a lack of tools for efficient trading and informed decision-making.
• Trading Experience: Real-time price feeds, historical data, and automated order management features are crucial for a smooth and efficient trading experience.

The Power of the SDK:

Our proposed open-source SDK will be a game-changer, providing a comprehensive suite of off-chain tools and data infrastructure tailored for Cardano DeFi applications. Here's how it will address the limitations mentioned above:

For StableSwap:

• Stable Pool Price Feed: This feature will ensure access to real-time price data for stablecoin pairs, facilitating accurate pricing and secure trading experiences.
• Historical Data of Stable Pool: Traders will be empowered to make informed decisions through the ability to analyze historical price data of stable pools.
• Off-chain Integration with StableSwap Smart Contract: Seamless integration methods will be established, allowing users to interact with the StableSwap smart contract efficiently and securely.

For AMM V2:

• V2 Pool Price Feed: This tool will provide a reliable solution for obtaining and updating price data for liquidity pools within AMM V2, enhancing liquidity provision and overall trading experience.
• Historical Data of V2 Liquidity Pool: Users will gain valuable insights into market trends with access to historical data on V2 liquidity pool prices.
• Off-chain Monitoring and Order Expiration: An off-chain software will be implemented to monitor V2 orders and automatically cancel expired ones, promoting a smooth and reliable trading environment.

For LBE V2:

• Off-chain Integration with LBE V2 Smart Contract: This feature will provide seamless integration methods for users interacting with the LBE V2 smart contract, ensuring efficient and secure transactions.

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

Our open-source SDK injects a triple dose of goodness into the Cardano DeFi community:

1. Enhancing Scalability: Off-chain tools free up the Cardano blockchain, letting DeFi applications handle more users and transactions with ease.
2. Empowering Users: Real-time data, historical insights, and seamless integrations equip users to confidently navigate the DeFi landscape.
3. Fostering Innovation: The open-source codebase empowers developers to build upon our foundation, unlocking a wave of groundbreaking solutions.

Beyond Minswap, Building for Cardano: While the SDK is initially designed for Minswap's DeFi products (StableSwap, AMM V2, LBE V2), its modular and extensible nature holds immense potential. The SDK can be seamlessly integrated with other Cardano DeFi protocols, fostering interoperability and enabling the development of new, composable solutions.

All of these translate to a more robust, user-friendly, and collaborative Cardano DeFi ecosystem, attracting new users and strengthening Cardano's position as in DeFi. It's a win for Minswap Labs and the entire Cardano community.

[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?

Minswap Labs understands the critical importance of trust and accountability when building in Cardano. We've established ourselves as a leader within the Cardano ecosystem through our unwavering commitment to these values.

Proven Track Record of Excellence:

Our success speaks for itself. Minswap Labs is the team behind Minswap DEX (https://minswap.org/), currently boasting the highest Total Value Locked (TVL) on Cardano. Not only this, but we’re also progressing great on ALL of our approved proposals from past Catalyst Funds. These achievements demonstrate our capability to execute complex DeFi projects with the utmost security and transparency.

Validating Feasibility: A Multi-Pronged Approach

We don't just rely on past success; we meticulously validate our approach before development begins. Here's how:

• Deep Expertise in Cardano Development: Our team comprises several highly experienced Plutus engineers that have been working on developing Plutus-based Smart Contracts for more than 2 years.
• Delivering Accountability: This Proposal is to continue working on 3 previously funded Proposals. Minswap Labs received Catalyst to develop the Minswap Stableswap, Minswap AMM V2 and Minswap LBE V2.
• Community Collaboration: We believe in open communication. Throughout the development process, Minswap Labs will actively engage with the Cardano community. By soliciting feedback from users, developers, and other stakeholders, we can ensure the final product aligns with the needs and expectations of the community, fostering widespread adoption and trust.
• Building on Transparency: Open-sourcing further reinforces our commitment to transparency. This allows the community to scrutinize the code. Developers can contribute to the project's ongoing evolution, accelerating innovation within the Cardano DeFi ecosystem.

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

Building a Robust Historical Price Feed

• Milestone Output:
• Secure mechanisms to gather and store historical price data for both Stable Pools and V2 Liquidity Pools.
• Efficient data storage and retrieval systems to guarantee smooth access to historical information.
• Robust data security protocols to protect the integrity of historical price data.
• Acceptance Criteria:
• The system successfully retrieves and stores historical price data from various sources.
• Data can be efficiently queried and retrieved with minimal delay.
• Stringent data integrity checks and secure storage practices ensure trust in the data's accuracy.
• Evidence:
• Code published to the Minswap Github repository: https://github.com/minswap/sdk

Seamless Off-chain Integration

• Milestone Output:
• Secure and efficient off-chain methods for interacting with the Minswap Stableswap and AMM V2 smart contracts.
• Secure communication channels and protocols to ensure safe interactions between off-chain services and smart contracts.
• Guaranteed compatibility and interoperability with the existing smart contract infrastructure.
• Acceptance Criteria:
• Off-chain functionalities successfully integrate with both Stableswap and AMM V2 smart contracts.
• Secure and reliable communication channels facilitate smooth interaction with the smart contracts.
• Seamless integration with existing Minswap infrastructure and user interfaces.
• Evidence:
• Code published to the Minswap Github repository: https://github.com/minswap/sdk

Enhancing User Experience

• Milestone Output:
• An off-chain monitoring service to automatically track and cancel expired orders within the AMM V2 protocol.
• Off-chain integration methods for streamlined interaction with the LBE V2 smart contract.
• Efficient and reliable handling of order expiration and LBE V2 interactions.
• Acceptance Criteria:
• The off-chain monitoring service successfully identifies and cancels expired orders within AMM V2.
• Seamless off-chain integration with the LBE V2 smart contract ensures smooth user interaction.
• Order expiration and LBE V2 functionalities are handled efficiently and reliably.
• Evidence:
• Code published to the Minswap Github repository: https://github.com/minswap/sdk

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

The Minswap mobile application is being spearheaded by Minswap Labs, a passionate and experienced team dedicated to empowering the Cardano DeFi ecosystem. Our team comprises talented individuals with diverse backgrounds, united by a common goal: to create innovative and user-friendly DeFi solutions on Cardano.

Leadership with a Vision:

Long Nguyen (Co-founder): A DeFi native and visionary leader, Long’s expertise has been instrumental in shaping Minswap DEX into the leading dApp within Cardano DeFi. His experience and insights gleaned from interviews like the one linked below at Cardano Summit 2023 will guide the mobile app’s development.

Technical Brilliance:

Our team consists of highly skilled developers and project managers with a deep understanding of Cardano’s architecture and security best practices. The team is strategically based in the US, Asia and Europe. These talented individuals will ensure the mobile app is secure, performant, and integrates seamlessly with the existing Minswap DEX infrastructure.

https://www.youtube.com/watch?v=QKXPONr6XRY

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

This cost breakdown outlines the estimated resources required to achieve the key milestones in our development roadmap.

Milestone 1 (2 weeks):

Cost: (3 engineers * 80 hours/week * $60/hour) = $14,400

Milestone 2 (3 weeks):

Cost: (3 engineers * 120 hours/week * $60/hour) = $21,600

Milestone 3 (3 weeks):

Cost: (3 engineers 120 hours/week $60/hour) = $21,600

Total Project Cost: $14,400 + $21,600 + $21,600 = $57,600

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

Imagine a Cardano DeFi ecosystem that's not just functional, but truly empowering. Imagine a Cardano DeFi ecosystem that's not only powerful but also user-friendly, transparent, and fosters innovation. That’s the goal—for our SDK.

Scaling New Heights:

Currently, limitations in off-chain tools hinder the scalability of Cardano DeFi applications. Our SDK tackles this head-on by introducing off-chain processing and data storage. This alleviates the burden on the Cardano blockchain, enabling faster transactions, smoother operation, and paving the way for a more scalable DeFi ecosystem.

Empowering Users, One Feature at a Time:

We believe in a user-centric approach. The SDK's suite of off-chain features will transform the user experience. Real-time price feeds in StableSwap ensure informed trading, while historical data empowers users with valuable insights for AMM V2 liquidity provision. Seamless integration methods streamline interaction with smart contracts, making DeFi on Cardano accessible and convenient.

Transparency: The Cornerstone of Trust

Data is power, and the SDK fosters transparency within the Cardano DeFi ecosystem. Access to historical price data allows users to analyze market trends and make informed decisions. This transparency fosters trust among users and investors, a crucial element for long-term success.

Innovation on Tap: An Open Invitation

Open-sourcing the SDK isn't just about code; it's about collaboration. Developers across the Cardano community will have the opportunity to build upon this foundation. Imagine a future where the SDK acts as a springboard for innovative new Cardano DeFi applications.

A Rising Tide Lifts All Boats:

The improved scalability, user experience, and transparency facilitated by the SDK will attract new life to the Cardano ecosystem. More users, traders, and liquidity providers mean a more flourishing DeFi landscape. This rising tide will benefit everyone in the Cardano community, fostering growth and propelling Cardano DeFi to the forefront of the industry.

Beyond the code we write, the SDK represents a commitment to collaboration, innovation, and a user-centric approach. It's an investment in the future of Cardano DeFi, and ultimately, the success of the entire Cardano community. That’s how we make sure it’s a value for money!