Janus DeFi: An AI-powered flatcoin on Cardano
Problem
There's currently no decentralised medium of exchange which is inflation-resistant and adaptable to external shocks.
Janus is a flatcoin which follows a unique two token design to address this problem
Total to date
This is the total amount allocated to Janus DeFi: An AI-powered flatcoin on Cardano.
About this idea
[GENERAL] Name and surname of main applicant
Stylianos Kampakis[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)
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)
Janus is using a two token ecosystem which maintains a soft peg against an inflation target. This is using innovations in DeFi, such as yield farming, alongside AI to build up the collateral.
[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 projectâs delivery. If NO, please write âNo dependencies.â
No dependencies
[GENERAL] Will your projectâs output/s be fully open source?
No[GENERAL] Please provide here more information on the open source status of your project outputs
not open source
[SOLUTION] Please describe your proposed solution
Janus is an AI Powered, inflation-adjusted stability protocol that focuses on stability, transparency, user sovereignty, and risk adjustment.
One of the current issues in the crypto space is that there is currently no decentralised, inflation-resistant, store of wealth.
- There are stablecoins like Tether, which are centralised.
- At the same time, there are stablecoins like DAI, which are overcollateralised and inefficient.
- Bitcoin is a good inflation hedge, but its behaviour is erratic, and it's not designed to be an inflation hedge.
This raises many problems, which flatcoins, an emerging narrative is trying to solve.
Flatcoins are a new category of stablecoins that are pegged to the cost of living instead of real-world assets such as fiat currencies.
The cryptocommunity has recently seen some interesting examples, like Ethena.
What is special about Janus
What is special about Janus is the following:
- Janus is using a unique two-token design
- It integrates with Truflation
- Its vaults are controlled by AI, hence adapting faster to changes in the market.
A full white paper can be found on the official website.
[IMPACT] Please define the positive impact your project will have on the wider Cardano community
Cardano currently does not have a flatcoin, only stablecoins.
Flatcoins are emerging as a dominant narrative in the cryptomarket. Our design is fully decentralised, and more robust and safe compared to a traditional stablecoin.
Our hope is that Janus will eventually be used to pay fees on Cardano and it will enable the creation of a financial ecosystem within the 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?
We have already build an MVP on Ethereum. Hence we believe we are more than qualified to migrate this to Cardano.
The MVP can be found here: https://janus-theta.vercel.app/
[PROJECT MILESTONES] What are the key milestones you need to achieve in order to complete your project successfully?
Migrate current Janus MVP from Ethereum to Cardano: https://janus-theta.vercel.app/
Enable borrowing/lending vaults
Enable yield farming
The final milestone will consist of a fully working MVP on Cardano, which will consist of the following functionalities:
1) Mint janus tokens
2) Yield farming
3) Stake and earn
4) Borrow and lend
[RESOURCES] Who is in the project team and what are their roles?
Dr Stylianos Kampakis: CEO, head of tokenomics
Valter Sahakyan: Software Developer
Benjamin Lock: Chief Designer
[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources
50% of the costs will be allocated for software development
25% for tokenomics research
25% for design
[VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?
The total value of the DeFi market is vast. Cardano is underperforming in this segment.
Flatcoins are a new emerging narrative that can give a competitive advantage to any ecosystem that moves fast and creates the apex flatcoin.
Janus gives the possibility to Cardano to achieve just that.
Team
