MAYZ - Cardano fully decentralized indexing vending machine

[GENERAL] Name and surname of main applicant

Federico Ledesma

[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)

7

[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)

Improve liquidity in the ecosystem through a permissionless fully decentralized indexing vending machine, lowering the barrier of entry for more institutional investors.

[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

Answer:

MAYZ is fully open-source. The code will be available on GitHub. All our smart contracts to develop indexes in Cardano are Open Source.

https://github.com/MAYZGitHub/

MAYZ Protocol builds open-source projects to foster transparency, collaboration, and community involvement in the development of its decentralized finance solutions.

By adopting an open-source approach, MAYZ Protocol encourages innovation, improves security, and promotes widespread adoption of its permissionless platform for creating and managing investment funds on the Cardano blockchain.

This approach aligns with the decentralized and community-driven nature of blockchain technology, ensuring that MAYZ Protocol remains accessible and adaptable to the evolving needs of the Cardano ecosystem.

[SOLUTION] Please describe your proposed solution

Charles Hoskinson Insight

A month ago, Charles Hoskinson did a video about “Liquidity and Value”, in which he explained some of the things Cardano could do to improve its liquidity. One of the ways that Cardano has is to develop decentralized Index protocols. Indexes can bring value to Cardano Native tokens, creating demand for Cardano Native Tokens. According to his vision, a Cardano Vending Machine is necessary. Users of all networks can deposit Ada and other tokens in one or multiple smart contracts, and they will be automatically converted to Cardano tokens.

MAYZ Protocol is a decentralized, permissionless, and non-custodial protocol that aims to unlock the full potential of the Cardano ecosystem. Users can create, manage, and invest in Cardano funds. MAYZ brings financial vehicles to get exposure to a diversified portfolio of Cardano native tokens.

Charles video

https://www.youtube.com/watch?v=Iu3eiX7lJyA

How Does MAYZ Work?

MAYZ Protocol is a decentralized protocol that allows the creation and management of investment funds by its community members. Its token, MAYZ, has the functionality to create the behavior incentives needed for the protocol to be managed by its community.

Types of Members

• MAYZ Fund Manager: this role creates and manages MAYZ funds. It requires staking MAYZ into the creator fund smart contract (CFSM).
• Investor: this is the customer's protocol. This role does not require holding MAYZ tokens. Only holds LP tokens from the protocol's funds.
• MAYZ Escrow: this role provides services to investors. It helps them mint LP tokens from the funds.
• MAYZ Governance Members: this role participates in MAYZ governance. It can make and vote on proposals. It requires holding & staking MAYZ into the MAYZ governance smart contract (MGSC).

Fund Creation Process

Through smart contracts and economic incentives, MAYZ token holders can propose, approve, create, and manage funds.

The fund creation process requires the following:

1) Staking a certain amount of MAYZ into the Creator Fund Smart Contract (CFSM) by the Fund Manager (FM).

2) The Fund Manager generates the fund & sets the initial parameters.

3) Finally, it must perform an initial investment (regardless of size) for the fund to be operative.

Escrow Service

Another essential role is the Fund Escrow (FE), which will be in charge of investing on behalf of the fund investor. The FE has to follow these steps:

1) Receives funds from the investor

2) Performs the deposit transaction into the Portfolio Management Smart Contract (PMSC)

3) Gets the accordingly LP token from the SC

4) Sends it to the investor to complete the operation

It's worth noting that any user can interact directly with the PMSC. The escrow service goal is to ease that process, providing that the investing transaction can be complicated, costly, and time-consuming. To become an accredited escrow, MAYZ must be staked to provide an incentive for honest behavior.

MAYZ Technical Document

https://mayz.gitbook.io/mayz-whitepaper-v2/mayz-protocol/technical-document

Mainnet release

After an extensive effort, we could write the smart contracts and open-sourced them (https://github.com/MAYZGitHub/mayz-contracts-public). We conducted a code review by a third party such as TxPipe. And we have gone out to Public incentivized Testnet recently https://testnet.mayz.io/ in which more than 1,000 wallets participated successfully.

We need the funds we are asking to improve the current version of the protocol, go to Mainnet, and get exposure to a broader ecosystem than just Cardano investors.

• Current Version improvements after Public Tesnet (UX improvements, and Quality Assurance)
• Mainnet Release
• Marketing and Communications team to build bridges with crypto investors who have not yet invested in Cardano assets. 
• Prepare the technical documentation for version two of the protocol.

Work with traditional financial institutions such as Stock Exchanges, Security Commissions and regulators to create a friendly framework for conducting financial means to make crypto and Cardano more accessible for traditional investors.

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

MAYZ Protocol will make it easier for a range of investors in the crypto world to invest in Cardano. This will have an impact on liquidity in the ecosystem and will enable more opportunities for Cardano developers and builders to finance their projects. 

Smart contracts will be fully open-sourced and could potentially be used by other DApps that want to include this functionality.

[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 are a team of experienced Haskell developers and members with a university degree in economics. Our core smart contracts are live on Testnet and have been successfully reviewed by Tx Pipe engineers. 

Our team's diverse expertise, combined with a commitment to transparency, collaboration, and thorough validation processes, ensures that we can deliver with a high level of trust and accountability.

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

UX/UI Improvements

8 weeks

Tasks:

• Analyze user feedback and identify common pain points, usability issues, and areas for improvement.
• Collaborate with UX/UI designers to ideate and prototype potential solutions to address identified issues.
• Review and iterate on proposed design solutions based on user feedback and usability testing results.
• Finalize revised UX/UI designs and create detailed design specifications for implementation.

Deliverables:

• Detailed analysis report summarizing user feedback, pain points, and proposed design improvements.
• Revised UX/UI design mockups and wireframes showcasing updated interface layouts, navigation flows, and interactive elements.

Acceptance Criteria:

• Analysis report provides actionable insights and clear recommendations for improving the user experience, addressing identified pain points, and enhancing overall usability.
• Revised design mockups align with project objectives, stakeholder feedback, and industry best practices, demonstrating improvements in usability, aesthetics, and user engagement.

Documentation and Tutorials

4 weeks

Tasks:

• Develop detailed user documentation covering all aspects of the application, including how to buy a fund token, how to create a swap offer, how to monitor transaction processes, security features, and troubleshooting guides.
• Create interactive tutorials consisting of step-by-step instructions, screenshots, and explanatory videos to assist users in navigating the application seamlessly.

Deliverables:

• Comprehensive user documentation in ebook accessible within the application interface and on the project website.
• Interactive tutorials available on the application platform and hosted on relevant online channels such as YouTube or the project website.

Acceptance Criteria:

• User documentation is comprehensive, well-organized, and easily searchable, providing clear guidance on every aspect of the application.
• Tutorials are engaging, easy to follow, and cover all essential functions of the application, empowering users to utilize its features effectively.

Production Launch Preparation

4 weeks

Tasks:

• Assess scalability requirements and optimize infrastructure components to accommodate anticipated user growth.
• Review and enhance system reliability by implementing redundancy measures, failover mechanisms, and disaster recovery plans.
• Conduct thorough security assessments, including penetration testing and code audits, to identify and mitigate potential vulnerabilities.
• Document production launch procedures, including step-by-step instructions, contingency plans, and escalation protocols.

Deliverables:

• Scalability and reliability assessment report outlining infrastructure upgrades, configurations, and optimization strategies.
• Security assessment report detailing vulnerabilities identified, remediation measures applied, and compliance with industry standards and best practices.

Acceptance Criteria:

• Assessment reports demonstrate a thorough understanding of scalability, reliability, and security requirements, with actionable recommendations for ensuring a successful production launch.
• Deployment procedures and contingency plans are well-documented, tested, and approved by relevant stakeholders, minimizing risks and ensuring a smooth transition to a production environment.

Milestone 4: Production Launch & Incentivized Campaign Definition

4 weeks

Tasks:

• Smart Contract Protocol Mainnet Deployment 
• Fund creation & minting of fund tokens
• Swap Offers loading
• Incentivized Campaign Definitions & Medium Article Writing

Deliverables:

• Mainnet access to MAYZ Protocol with 100K ADA of TVL
• Incentivized Campaign Article

Milestone 5: Marketing Strategy Implementation

4 weeks

Tasks:

• Develop a multi-channel marketing strategy tailored to target audience.
• Create compelling marketing materials, including social media posts, blog articles, press releases, and promotional videos, to generate buzz and drive adoption.
• Incentivized Testnet Launch

Deliverables:

• Comprehensive marketing plan outlining campaign objectives, target audience profiles, messaging strategies, distribution channels, and performance metrics for tracking success.
• Engaging marketing collateral designed to attract and retain users, build brand awareness, and differentiate the application from competitors in the market.
• Incentivized Testnet Launching materials: Tweets, Medium article & Discord Announcement.

Acceptance Criteria:

• A marketing plan demonstrates a clear understanding of market dynamics, user needs, and competitive positioning, with actionable strategies for achieving campaign goals and maximizing adoption.
• Marketing materials are professionally crafted, visually appealing, and effectively communicate the unique value proposition of the application, resonating with target audiences and driving conversion and engagement metrics.

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

Development Lead Smart Contracts Architect Manuel Padilla

(Funded Proposer in F10 and F11)

A versatile and highly experienced Smart Contracts Architect, specializing in Plutus smart contract development on the Cardano blockchain.

Project Management: Agustín Franchella

(Cardano Ambassador)

Responsible for leading the project and overseeing the development of the Cardano-based Haskell smart contract prototype.

In charge of implementing tokenization functionality for converting fungible assets into NFTs.

Team Lead: Diego Torres 

(Funded Proposer in F11, Cardano Ambassador, Organizer of Patagonia CIP1694 Workshop)

Conducts market research to identify liquidity challenges in the Cardano ecosystem and validates the feasibility of our solution.

Provides insights into Cardano's evolving landscape and adapts our approach accordingly.

Integrations: Diego Macchi

Leads the development of the project's documentation and educational resources, ensuring clear communication of our solution's concept, architecture, and potential applications.

Collaborates with technical experts to maintain accuracy and clarity.

Technical Writer Federico Ledesma Calatayud.

(Cardano Ambassador)

Federico has a deep understanding of blockchain technology, including Cardano and Plutus, which will enable him to create comprehensive and easy-to-understand documentation for the Trustless OTC Smart Contract project.

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

Team:

• Team Lead 25,000 ADA (5 months FTE 0.5)
• Project management 20,000 ADA (5 months FTE 0.5)
• User Documentation and content creation 25,000 ADA (3 months FTE 1.5) 
• Smart Contracts & Full Stack 60,000 ADA (4 months FTE 1.5)
• UX/UI & Front End Development 48,000 ADA (2 months FTE 3)
• Quality Assurance 33,750 ADA (3 months FTE 1.5)

Team total cost: 211.750

• TVL Protocol Bootstrapping 150,000 ADA
• Marketing and promotions 25,000 ADA 
• Community Initiatives and Partnerships 50,000 ADA 
• Version 2 Protocol Design and Architecture 50,000 ADA
• Infrastructure 5,000 ADA

Total 491,750 ADA

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

An Index Fund Protocol within the Cardano ecosystem holds the potential to significantly enhance the ecosystem's value proposition in several key ways.

Accessibility through diversified portfolio

Firstly, by offering an Index Fund Protocol, Cardano provides users with a convenient and efficient means to invest in a diversified portfolio of assets within the ecosystem. This accessibility drives user engagement by attracting both novice and experienced investors who seek exposure to a variety of assets without the complexity of individually managing each asset. As users actively participate in the Index Fund Protocol, they contribute to the overall liquidity of the market by increasing trading volumes and reducing price volatility, thus creating a more stable and attractive environment for all participants.

Cardano Brand Awareness

Moreover, the introduction of an Index Fund Protocol can amplify awareness of the Cardano brand beyond its existing ecosystem. As users interact with the protocol and discover its benefits, they become advocates for Cardano within their respective networks and communities. This organic promotion not only enhances the visibility of Cardano but also fosters trust and credibility in its capabilities as a blockchain platform.

Encourages community collaboration

Additionally, the implementation of such a protocol encourages collaboration within the Cardano community. Developers, entrepreneurs, and other stakeholders are incentivized to innovate and build complementary products and services that further enhance the functionality and utility of the ecosystem. This collaborative spirit not only strengthens the ecosystem's overall resilience but also promotes a culture of continuous improvement and innovation.

Cardano's global financial landscape positioning

While there may be associated costs involved in developing and maintaining an Index Fund Protocol, the long-term value it brings to the Cardano ecosystem in terms of increased user engagement, market liquidity, brand awareness, and community collaboration justifies these expenses. Ultimately, the Index Fund Protocol represents an investment in the sustainable growth and adoption of Cardano, positioning it as a leading blockchain platform in the global financial landscape.