Genius Yield | Easily swap +40 reward tokens in one transaction
Problem
20% of Genius Yield DEX fees and 20% of Genius X Accelerator fees are redistributed to GENS and GENSX token stakers. Rewards can be a mixture of +40 different tokens, making claims unpractical.
Total to date
This is the total amount allocated to Genius Yield | Easily swap +40 reward tokens in one transaction.
About this idea
[GENERAL] Name and surname of main applicant
Genius Yield Team[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)
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)
In 1-click, swap all reward tokens within one transaction.
[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?
No[GENERAL] Please provide here more information on the open source status of your project outputs
Selected elements of the Genius Yield DEX have been already open-sourced.
For more information, head to https://www.geniusyield.co/ , "Resources" tab.
[SOLUTION] Please describe your proposed solution
The new feature on the Genius Yield platform - swapping all token rewards in bulk, within one transaction.
Currently, as a part of the “Fees Sharing Program”, Genius Yield redistributes to GENS token stakers 20% of all fees collected on the DEX. These various tokens, that are traded on the DEX, are claimable each week through the “My Rewards” dashboard: https://app.geniusyield.co/earn
Moreover, “My Rewards” dashboard displays Genius X Accelerator token rewards, accrued to the GENSX tokens stakers.
This proposal offers a quick and easy possibility to swap all tokens, available in the “My Rewards” dashboard. All within one transaction.
[IMPACT] Please define the positive impact your project will have on the wider Cardano community
Possibility to swap all token rewards, available in the Genius Yield's "My Rewards" dashboard, to GENS or ADA (to be decided) in one transaction will help to save tokens, that otherwise would have to be spent on multiple transactions fees.
Holding and trading many tokens can present tax related administration burdens. Consolidating rewards into a single asset reduces these administrative burdens and costs.
Additionally "dust" tokens is a known issue on the Cardano block chain which can exacerbate coin balance calculations and detrimentally affect wallet performance. Allowing for dust consolidation transactions reduces the overall impact on the network.
[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?
A talented team of developers and engineers whose combined decades of experience has created one of the most innovative DeFi platforms to date.
Some accomplishments include:
- The Genius X Accelerator and Launchpad - one of the first tokenized, blockchain-agnostic business accelerators and launchpads for fully-vetted, early-stage blockchain startups. The Genius X Accelerator helps ambitious founders turn their visions from startups into impactful and scalable solutions that add value across multiple blockchains. Genius X accelerates the most promising startups by providing advisory support in areas such as marketing, business strategy, token design, fundraising, as well as token sales, giving them the edge to become successful.
- Genius Yield DEX - the innovative order-book DEX, that fully utilizes Cardano's unique EUTxO architecture, unlocking the tremendous efficiency of trades.
- Decentralized - open-source DEX that fully utilizes the EUTxO architecture. Fair and decentralized order matching is secured by the open-sourced Smart Order Routers (SORs) that make AMM-like batchers obsolete. SORs are technically superior, as they can execute orders in parallel due to the high level of order fragmentation created by the order book.
- Deterministic - say goodbye to large slippage amounts and know what you're going to get at the order’s execution. As Genius Yield DEX doesn't use batchers to match orders, the price is locked at order submission. Large slippage amounts are a risk in EVM chains and shouldn't be an issue on Cardano!
- Efficient - The EUTxO architecture and matching orders with SORs allowed us to cut fees in an unprecedented way and eliminate impermanent loss! We've created the most efficient DEX in the ecosystem. Moreover, by staking $GENS traders participate in Genius Yield’s Fees Sharing Program, which unlocks passive rewards sharing opportunity and transfers 20% of the DEX’s fees to the stakers.
- Atlas - Atlas is Genius Yield's state-of-the-art Plutus Application Backend (PAB) in Haskell. Atlas is an off chain, backend tool that allows dApps to interface with the Cardano blockchain and execute Plutus smart contracts. Genius Yield has open-sourced Atlas, making the solution available to any Cardano developer. A high-quality PAB will increase innovation and developer adoption on Cardano by significantly reducing the resources new developers would need to create dApps. Some of the biggest projects on Cardano, such as World Mobile, which is building the first mobile network built on the blockchain, is utilizing Genius Yield's PAB for its technology. http://bit.ly/3LXfFPn
At Genius Yield, we firmly believe that sustainable growth can be achieved through collaboration with the Cardano community and the ecosystem. That’s why selected, core elements of our DEX were open-sourced:
- Market Maker Bots
- Smart Order Routers
- Plutus Application Backend “Atlas”
- Trading Bot API
- DEX’s Smart Contracts
[PROJECT MILESTONES] What are the key milestones you need to achieve in order to complete your project successfully?
Dust estimated value
Time required: 1 month
Key results: Develop the systems required to determine the total value of a users DEX fees share rewards.
Dust risk profile
Time required: 1 month
Key results: Develop the systems required to determine the risk margins per token and the "dust" bundle as a whole based on historic token price volatility.
Dust swap transaction
Time required: 1 month
Key result: Develop the systems required in order to build, present, submit and track the "dust" swap transaction via the Genius Yield platform.
Multi-select assets to be converted
Time required: 1 month
Key result: Develop the systems required in order permit the user to dynamically select the assets they wish to consolidate.
[RESOURCES] Who is in the project team and what are their roles?
Laurent Bellandi - Chief Executive Officer & Co-Founder
Laurent is a serial entrepreneur who has focused on digital/online businesses for over 20 years. Lately he co-founded both Genius Yield, one of the most innovative DeFi protocols, and the Genius X accelerator. At Genius X he manages the day-to-day operations of the program and launchpad operating team, formulating the long-term business strategy and leading strategic decisions.
Dr. Lars Brünjes - Chief Technology Officer & Co-Founder
Lars is a mathematician and Haskell developer. As Director of Education at Input Output Global (IOG), the engineering research company behind the development of the Cardano blockchain, Lars has taught thousands of people how to build smart contracts. As Chief Technology Officer of Genius X (and Genius Yield), Lars leads research & development with the technical team, and has written the smart contract code for Genius X Launchpad, and other products on the Genius X platform.
Dr. Sothy Kol-Men - Chief Regulatory Officer & Co-Founder
Sothy has over 20 years of experience in digital finance, investments, building new ventures, and regulation. He is a legal expert, guiding Genius X (and Genius Yield) through legal and regulatory matters for fintech rules and regulatory compliance, particularly for the Genius X Launchpad. Sothy is also a highly regarded professional in the Swiss and European crypto network, where he leverages his network for originating high-potential founders and projects for the Genius X Accelerator Program.
Dikemba Balogu - Chief Financial Officer
Dikemba is finance professional with years of experience in portfolio management, equity research, capital markets, valuation, and financial planning. As Chief Financial Officer of Genius Yield and Genius X, Dikemba leads financial planning and forecasting, profit optimization strategies for products, long-term product development and strategy, and token economics. Dikemba has advised 20+ startups on business strategy, token valuation, creating token utilities, token distribution schedules, and budgeting and forecasting.
[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources
Milestone 1:
$50/hr x 8 weeks x 40 hr/week = $16,000
Milestone 2:
$50/hr x 8 weeks x 40 hr/week = $16,000
Milestone 3:
$50/hr x 8 weeks x 40 hr/week = $16,000
Final Milestone:
$50/hr x 8 weeks x 40 hr/week = $16,000
TOTAL ($) = $64,000
TOTAL ($0.45/ADA) = 142,222 ADA
[VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?
Blockchain developer hourly rates are charged at an international industry standard of ~$50 an hour. Reference: https://survey.stackoverflow.co/2023/#work-salary
Team
