Minswap iOS app (open-source)

[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)

3

[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)

We propose to develop an open-source, audited iOS app for Minswap, Cardano's largest DEX, to provide a seamless & regionally accessible mobile experience, driving greater adoption of 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 

[SOLUTION] Please describe your proposed solution

At Minswap Labs, we're committed to making DeFi on Cardano accessible and user-friendly with each passing day. That's why we propose developing a dedicated, open-source iOS mobile application for Minswap, the leading DEX on Cardano with a TVL of $68.71M (source: Defillama, https://defillama.com/protocol/minswap).

So why need an iOS mobile app in the first place?

Recent restrictions on Progressive Web Applications (PWAs) in some regions, like the European Union, highlight a need for a more robust and reliable solution. Beyond this, Cardano DeFi has also been behind in terms of accessibility and adoption compared to its Ethereum counterparts for a while now.

This need is further amplified by numbers. Here's a breakdown of our user base by platform as of May 6th, 2024:

• Total Users: 1,096,280
• Mobile Users: 487,259 (almost half!)
• iOS Users: 315,374 (a substantial portion of our mobile users)

Our user data paints a clear picture: we have 1/3rd of our total users actively using Minswap through Safari and other browsers. This significant user base is effectively underserved without a native, optimized mobile experience tailored to their needs and preferences. Furthermore, our Android app has performed REALLY well with over 186,929 active users.

The Minswap iOS app will prioritize user-friendliness. With a clean and intuitive interface optimized for mobile devices, we aim to make navigating the Cardano DeFi ecosystem effortless for everyone. Here's what you can expect from the Minswap iOS app:

• Unmatched User Experience: We'll design a user-friendly interface specifically optimized for mobile devices. This means intuitive navigation, clear information displays, and a focus on ease of use – even for those new to DeFi.

• Enhanced Functionality: The app will go beyond the capabilities of the web-based platform. Imagine features like these on your fingertips:
• Biometric security for added peace of mind when managing your assets.
• Push notifications to keep you informed about important events or price movements.
• Quick access to swapping tokens or adding liquidity, allowing you to react to market opportunities on the go.

• Open source: By developing an open-source app, we foster community trust and collaboration. This ensures the app's code is publicly verifiable, promoting security and ongoing improvement.

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

The Minswap iOS app is designed to be a transformative force for the Cardano community, fostering wider adoption, regional inclusivity, and a more engaging user experience. Here's how:

1. Accessibility and convenience at its peak: The dedicated mobile app removes barriers to entry. Users who prefer the convenience of their phones can now seamlessly access the Cardano DeFi ecosystem. This broader accessibility will undoubtedly lead to increased adoption and participation within the Cardano community.
2. Bridging Regional Divides: The app transcends limitations. By bypassing regional restrictions on Progressive Web Apps (PWAs), it ensures everyone has the opportunity to participate in Cardano DeFi, regardless of location. This fosters a more inclusive and globally accessible Cardano community, where everyone has a seat at the table.
3. Meeting User Demand: With 315k out of 1.09M total users already accessing Minswap from iOS devices, developing a dedicated iOS app directly addresses an existing demand from a significant user base, ensuring their needs are met with an optimized experience.
4. Building Trust and Visibility: A presence on the trusted Apple App Store signifies credibility and stability. This enhanced visibility positions Minswap, and by extension, Cardano's DeFi ecosystem, alongside established financial applications. This fosters trust among users, making Cardano's DeFi offerings more attractive to a wider audience.
5. User Experience Revolution: We understand that a smooth and intuitive user experience is paramount. Designed specifically for mobile interaction, the app boasts a set of native features like push notifications, biometric security (FaceID, fingerprints, etc), quick access to token swapping and many more. This streamlined experience will also encourage long-term engagement within the ecosystem.
6. Empowering the next gen of Cardano projects: The Minswap mobile app acts as a springboard for Cardano's burgeoning startup scene.

• By offering a user-friendly mobile interface, startups can effectively showcase their projects, fostering deeper user understanding and long-term engagement. This paves the way for innovation and flourishment within the Cardano community.
• By making the app's codebase open-source, we're actively fostering a culture of collaboration and innovation within the Cardano community. Developers will have the opportunity to learn from the foundation laid by the Minswap mobile app, contributing their own ideas and expertise. 

[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.
• Rigorous Pentesting: Security is paramount. The Minswap iOS mobile app will undergo comprehensive pentest by independent, reputable firms. These audits will identify and address any potential vulnerabilities, ensuring the app adheres to the highest industry standards.
• 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 the app's codebase 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?

Planning & Design (2 weeks)

• Milestone Output:
• Market research report & user requirements documentation
• App architecture & technical specifications document
• Mobile-optimized UI/UX mockups and prototypes
• Established development workflows and project management plan
• Acceptance Criteria:
• All documents clearly define the app's functionality and user experience.
• Project management plan ensures efficient development and communication.
• Evidence:
• Documented reports, mockups, and project management plan.

Functionality Development & QA (6 weeks)

• Milestone Output:
• Functional mobile app with core functionalities: token swapping, Send/ Receive tokens, biometric authentication (Face ID, fingerprint), Token List and detail.
• Completed integration with Minswap DEX backend infrastructure.
• Comprehensive QA testing report.
• Acceptance Criteria:
• App functions flawlessly on iOS devices.
• All core functionalities are implemented and integrated.
• QA report identifies and resolves any bugs or functionality issues.
• Evidence:
• Functional iOS app, integration documentation, and QA report.

Pentesting & Update (4 weeks)

• Milestone Output:
• Completed penetration testing report with addressed vulnerabilities.
• Updated app addressing security concerns identified during testing.
• Acceptance Criteria:
• Independent pentest finds no critical vulnerabilities.
• Identified vulnerabilities are addressed in the updated app.
• Evidence:
• Pentest report & documentation of addressed vulnerabilities.

Open-source & App Store Release (2 weeks)

• Milestone Output:
• Open-sourced app codebase on a public repository.
• App store listing optimized for discoverability.
• Submitted app to Apple App Store for review.
• Acceptance Criteria:
• App codebase is publicly accessible for review and contribution.
• App store listing meets Apple's guidelines and is optimized for visibility.
• App submission is complete and awaits Apple's review.
• Evidence:
• Links to open-source repository and app store listing, along with app submission confirmation.

[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 this 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

Here's a cost breakdown for the Minswap iOS mobile application project, categorized by the key milestones outlined previously.

Milestone 1 (Planning & Design):

• Product Management: $4,000 (40 hours @ $100/hour) - Dedicated product manager oversees project requirements, user experience, and communication.
• Product Design: $4,000 (40 hours @ $100/hour) - Design team crafts a user-friendly and intuitive interface for a seamless DeFi experience.
• Lead Engineer: $2,600 (20 hours @ $130/hour) - Lead engineer lays the groundwork for the app's architecture and technical foundation.

Total Milestone 1 Cost: $10,600

Milestone 2 (Functionality Development & QA):

• Product Management: $16,000 (160 hours @ $100/hour) - Continued product management oversight.
• Product Design: $4,000 (40 hours @ $100/hour) - Design refinements based on development progress.
• Lead Engineer: $5,200 (40 hours @ $130/hour) - Lead engineer provides guidance and technical leadership.
• Mobile Engineer: $12,800 (160 hours @ $80/hour) - Skilled mobile engineers implement core functionalities like token swapping and liquidity management.
• Backend Engineer: $1,600 (20 hours @ $80/hour) - Backend engineers ensure smooth integration with Minswap's core infrastructure.
• Quality Assurance (QA): $2,000 (40 hours @ $50/hour) - Rigorous QA testing to identify and resolve any bugs or functionality issues.

Total Milestone 2 Cost: $41,600

Milestone 3 (Pentest & Update):

• Product Management: $4,000 (40 hours @ $100/hour) - Ongoing project management and communication.
• Lead Engineer: $2,080 (16 hours @ $130/hour) - Lead engineer oversees security testing and implementation of updates.
• Mobile Engineer: $3,200 (40 hours @ $80/hour) - Mobile engineers address any findings from penetration testing and make necessary updates.
• Backend Engineer: $800 (10 hours @ $80/hour) - Backend engineers ensure updates integrate seamlessly with the backend infrastructure.
• QA: $1,000 (20 hours @ $50/hour) - Additional QA testing after updates are implemented.
• Penetration Testing: $6,000 - External pentest to identify and address potential vulnerabilities.

Total Milestone 3 Cost: $17,080

Milestone 4 (Release to App Store):

• Lead Engineer: $1,040 (8 hours @ $130/hour) - Lead engineer oversees final preparations for app store submission.
• DevOps Engineer: $400 (4 hours @ $100/hour) - DevOps engineer handles app store deployment and configuration.
• AppStore License: $297 ($99/yr for 3 years): Apple requires $99/year to publish an application.

Total Milestone 4 Cost: $1,737

Total Project Cost: $10,600 + $41,600 + $17,080 + $1,737 = $71,017

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

Think about it: the power of Cardano DeFi, seamlessly accessible in anyone’s pocket. Our data already reveals that over 45% (487,259 users) prefer mobile access, with a strong showing from iOS users (315,374) and Safari users (281,370, often associated with iOS devices). That's the transformative potential of the Minswap mobile app, and for a mere $71,000 investment, it represents an exceptional value for money for the Cardano ecosystem. Here's why:

1. A Mobile-First Future: Our phones are our lifelines. By creating a dedicated mobile app, we're removing the barrier for anyone who prefers the convenience of on-the-go DeFi. This broader accessibility will translate directly into a surge of new users and a thriving Cardano community while also promoting mass adoption.
2. No Region Left Behind: Cardano is supposed to be truly global. The Minswap mobile app bypasses restrictions on PWAs, ensuring everyone, regardless of location, has a seat at the Cardano DeFi table, fulfilling Cardano’s mission. This also fosters a truly inclusive and global community, where borders dissolve and opportunity abounds.
3. A User Experience Revolution: We'll not just be building an app, we'll be crafting an experience. Imagine a user interface so intuitive it feels like second nature, with features like push notifications and biometric security keeping you in control that would otherwise not be possible in traditional web apps. This streamlined experience will not only attract new users but also keep them engaged for the long haul.
4. Additional Visibility: Having the Minswap app on the trusted Apple App Store is a game-changer. This visibility positions Cardano DeFi alongside established financial applications, fostering trust and making it more attractive to a wider audience. Think of it as a first impression that screams "credible" and "stable."

We're building a gateway to a more accessible, inclusive, and innovative future for Cardano DeFi. It's an investment with exponential returns, a chance to unlock the true potential of the Cardano ecosystem and empower users worldwide.