Summon Vaults: Intent Based Treasuries

[GENERAL] Name and surname of main applicant

Summon Platform Operating Company

[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)

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)

Our solution is to provide an intent-based treasury system so that DAOs can seamlessly interact with the DeFi ecosystem in a safe and transparent way, without bespoke contracts for each integration.

[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

We will be using the Apache 2.0 License which is a highly permissive open-source license.

[METADATA] SDG rating

SDG Goals

4 - Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all

5 - Achieve gender equality and empower all women and girls

8 - Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all

9 - Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation

11 - Make cities and human settlements inclusive, safe, resilient and sustainable

16 - Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels

SDG Subgoals

16.6 - Develop effective, accountable and transparent institutions at all levels

16.7 - Ensure responsive, inclusive, participatory and representative decision-making at all levels

8.10 - Strengthen the capacity of domestic financial institutions to encourage and expand access to banking, insurance and financial services for all

8.3 - Promote development-oriented policies that support productive activities, decent job creation, entrepreneurship, creativity and innovation, and encourage the formalization and growth of micro-, small- and medium-sized enterprises, including through access to financial services

9.1 - Develop quality, reliable, sustainable and resilient infrastructure, including regional and transborder infrastructure, to support economic development and human well-being, with a focus on affordable and equitable access for all

[SOLUTION] Please describe your proposed solution

The feasibility of managing a treasury on Cardano via DAO governance is currently lacking, the existing solutions require an extremely high over-head to integrate new DeFi solutions as they come to market. Our solution poses a safe and convenient method for DAOs to manage their funds while maintaining forward compatibility with new DApps that may come to market after our solution is live.

Our proposed solution follows a similar methodology to the existing Agora Treasury implementation, which allows for a DAO to manage a treasury through effects written to interact with the treasury.

We have decided that it makes sense for the treasury to act as a single 'effect', and this structure allows for DAO governance methodologies outside of Agora to leverage this treasury system as well.

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

By allowing DAOs to contribute to participation in DeFi, we believe that liquidity will be driven further throughout Cardano DeFi, and that DAOs will be able to more practically choose Cardano as an ecosystem to inhabit. Through a deployment in Summon Platform, we can easily monitor the uptake and ongoing usage of the solution we provide; and determine the average AUM of Organizations leveraging this methodology, as well as the average utilization rate of DAO treasuries within DeFi when applying this approach.

The information which we collect as our solution is deployed will be able to be viewed by the public. This solution will be useful for any DAO that needs to enhance their Treasury management, i.e. Liqwid Finance which manages large pools of assets.

[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?

Our engineering team has delivered on dozens of previous DApps, and has experience working with a multitude of teams throughout Cardano. We believe that it is completely feasible to implement our solution and integrate it as a part of the Summon product suite, while maintaining our commitment toward the open-source nature of the proposal.

The presence of a live product with several features already in operation further reinforces the team's capability. This existing product not only shows technical proficiency but also provides a tangible example of the team's ability to deliver on its promises.

The internal development team is another key asset. Having a dedicated team ensures that there is a focused and consistent effort towards achieving the project's goals. This internal resource provides the flexibility and responsiveness necessary to adapt to new challenges and opportunities that may arise during the project's lifecycle.

Legal and professional compliance is a critical aspect of building trust and accountability. The Summon Platform Operating Company exemplifies a commitment to formal and reputable management of the platform's development and operation. This structured approach to organization and management conveys seriousness and professionalism, essential qualities for ensuring trust and accountability.

In terms of validating the feasibility of the approach, the existing capabilities and achievements provide a strong basis. The team's history of successfully launching and operating a DAO on Cardano, coupled with the ongoing development and management of a live product, are clear indicators of practical feasibility. This track record, combined with the organizational structure and legal compliance, positions the Summon team as not only capable but also highly reliable and accountable in delivering this project.

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

Define Technical Specifications and Architecture

• Objective: To establish a comprehensive set of technical specifications and architectural designs for Summon Vaults.
• Outcome: A detailed technical specification document and architectural blueprint that defines all system components, workflows, and integration points.
• Acceptance Criteria:
• Complete technical documentation including system requirements, architecture diagrams, and integration strategies.

Smart Contracts Delivered with Property Based Test Coverage

• Objective: To develop and deliver fully functional smart contracts for the system with comprehensive property-based testing.
• Outcome: Deployable smart contracts with documented test coverage that ensures functionality and security.
• Acceptance Criteria:
• Smart contracts pass all defined tests without failures.
• Documentation of test cases and results.

Off-Chain Integrations with supporting DEXs

• Objective: To integrate the system with decentralized exchanges (DEXs) to facilitate token transactions related to the announcement system.
• Outcome: Operational and seamless integration with specified DEXs, enabling token transactions directly through the platform.
• Acceptance Criteria:
• Successful execution of token transactions in test environments.
• Verification of integration security and efficiency.

Off-Chain Integrations with supporting Lending Protocols

• Objective: To integrate the Summon Vault system with selected lending protocols to enhance platform utility and user options.
• Outcome: Functional integration with lending protocols, allowing users to leverage lending services through the platform.
• Acceptance Criteria:
• Demonstrable lending transactions facilitated via the platform in a test environment.

Initial UI/UX and Documentation delivery

• Objective: To develop and present the initial user interface/user experience design and comprehensive project documentation.
• Outcome: A user-friendly interface and well-documented system guide that facilitates easy navigation and usage.
• Acceptance Criteria:
• UI/UX is intuitive and meets initial design specifications.
• Comprehensive user and developer documentation is complete and available.

Review based iteration on UI/UX and final DApp delivery to commnunity

• Objective: To finalize the DApp through iterative reviews and improvements on UI/UX, culminating in the official launch to the community.
• Outcome: A fully functional, user-optimized DApp available to the Cardano community, incorporating all feedback and refinements from previous milestones.
• Acceptance Criteria:
• Completion of all scheduled UI/UX iterations with documented changes and improvements.
• Final version of the DApp operates seamlessly with all integrated systems and services.

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

Riley Kilgore, Head of Development, Summon Platform Operations Company

https://www.linkedin.com/in/riley-kilgore-1645b813a/

• Oversee the development process of software and product development
• Assist in project outreach and technology integration
• Experienced DevOps and Smart Contract Engineer
• Wrote first DAO script deployed on the Cardano Blockchain as founding core contributor of ADAO

Dominik Zachar, Solutions Architect, Summon Platform Operations Company

https://www.linkedin.com/in/dominikzachar/

• Design and oversee the execution of solutions that meet infrastructure and project needs
• Experienced Solutions Architect and software engineer
• Assist with emergent structural issues
• Founding core contributor of ADAO

Rodrigo Molina, Front-end Developer, Summon Platform Operations Company

https://www.linkedin.com/in/rodrigo-molina-dacaret-data-and-gis/

• Engineer innovative solutions for front-end and back-end needs
• CTO of BETTER and Innovative software engineer
• Assist with emergent usage issues
• Long time core contributor to ADAO

Adam Rusch, President, Summon Association

https://www.linkedin.com/in/adamruschtech/

• Oversee education and outreach efforts
• Holds PhD in Education Policy and member of the School of Information Sciences faculty at the University of Illinois Urbana-Champaign
• Member of Cardano Civics Committee and Parameters Committee at Intersect MBO
• Founding core contributor of ADAO

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

Budget Allocation for 285,000 ADA

1. Project Management & Research (42,750 ADA):

• Percentage of Total Budget: 15%
• Details: This budget covers the planning, administration, and research activities necessary for effective project management and strategic decision-making. It ensures that the project remains on track and aligns with its objectives. Allocating 15% reflects a focused investment in maintaining high project standards and achieving strategic alignment.

2. Integration Development (128,250 ADA):

• Percentage of Total Budget: 45%
• Details: This significant portion of the budget is dedicated to the development of infrastructure and protocols for integration with existing systems or platforms. This includes developer salaries and technological resources, ensuring robust and efficient integration capabilities. The 45% allocation emphasizes the critical role of technological development in achieving project goals.

3. Testing & Refinement (57,000 ADA):

• Percentage of Total Budget: 20%
• Details: This allocation is dedicated to thorough testing and refinement processes. It's crucial for ensuring that the project meets its functionality and quality standards. This budget addresses the costs associated with testing and necessary improvements, underscoring the importance of delivering a reliable and effective system.

4. Documentation (28,500 ADA):

• Percentage of Total Budget: 10%
• Details: This portion is reserved for the development of comprehensive user documentation and sample decentralized applications (dApps). It supports user understanding and showcases the project's capabilities. Allocating 10% to documentation ensures that users can effectively engage with and utilize the technology.

5. Contingency Reserve (28,500 ADA):

• Percentage of Total Budget: 10%
• Details: A contingency reserve is set aside to handle unforeseen costs or challenges during the project's execution. This ensures flexibility and adaptability in managing the project. Setting aside 10% provides a prudent buffer to address unexpected issues without disrupting the project's progress.

This budget allocation ensures that the project is well-managed, robustly developed, thoroughly tested, well-documented, and resilient to unexpected challenges, aligning financial resources effectively to meet the project’s ambitious objectives.

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

The cost of smart contract development and audits is high, and while this cost has come down in the Cardano ecosystem, it is still higher than that of other ecosystems. Given the current price of ADA and the requested amount for this proposal, we believe that the value is quite high for the community. We believe that the value of open-source work with permissive licenses to be extremely high, not only due to the products produced, but the ability for those products to be referenced in the future by other developers.