Open-Source Batchers for MuesliSwap Orderbook

[GENERAL] Name and surname of main applicant

MuesliSwap Team

[GENERAL] Are you delivering this project as an individual or as an entity (whether formally incorporated or not)

Entity (Incorporated)

[GENERAL] Requested funds in ada

82100

[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 will provide open-source batcher implementations for our orderbook contract, enabling developers to interact with orders, access MS liquidity, and integrate advanced features like TxChaining.

[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 intend to release all project outputs under the MIT License, making them fully open-source and available throughout the project's lifecycle. All code will be accessible in a public repository.

[METADATA] Horizons

Infrastructure

[SOLUTION] Please describe your proposed solution

We will develop and release open-source implementations of batchers for the MuesliSwap orderbook. This includes:

• Minimal Batcher Implementation: Capable of directly matching orders against one another.
• Advanced Features:
• TxChaining: Enables multiple otherwise consecutive transactions to be included in a single block for efficient and fast order matching.
• Liquidity Pool Matching: Ability to match orders against liquidity pools for overall improved liquidity of the markets.

By providing these tools, we aim to empower developers to:

• Interact with orders placed on MuesliSwap.
• Tap into existing liquidity.
• Build their own projects or become market makers.
• Innovate using our advanced features.

Our solution addresses the lack of accessible batcher implementations and fosters innovation within the Cardano ecosystem.

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

Our project will significantly benefit the Cardano community by:

• Empowering Developers: Providing open-source tools that enable developers to build upon our orderbook and integrate with MuesliSwap.
• Enhancing Liquidity: Encouraging more market makers to participate, increasing overall liquidity.
• Fostering Innovation: Allowing projects to learn from and implement advanced features like TxChaining and LP Matching.
• Improving Efficiency: Leading to faster swaps and better user experiences.

Measuring Impact:

• Developer Engagement Metrics: Tracking downloads, forks, and contributions to the repository.
• Integration Count: Monitoring the number of projects integrating our batchers.
• Trading Volume Increase: Assessing the growth in trading volume facilitated by our tools.

Sharing Outputs:

• Openly sharing code and documentation via public repositories.
• Engaging with the community through forums, developer channels, and social media.
• Hosting webinars and workshops to educate and onboard developers.

[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 team's capability and approach:

• Proven Experience: We already operate MuesliSwap, a leading decentralized exchange on Cardano.
• Technical Expertise:
• Chris: Experienced project manager coordinating successful blockchain projects.
• Pascal: Skilled off-chain developer with expertise in backend systems and blockchain integrations.
• Philip: Proficient on-chain developer specializing in smart contract development and auditing, as well as blockchain interactions.
• Existing Infrastructure: We currently run our own matchmakers and have implemented the features we plan to open-source.
• Trust and Accountability:
• Transparent fund management with regular financial reporting.
• Adherence to project timelines with milestone updates.
• Open communication with the community and stakeholders.
• Validating Feasibility:
• Utilizing our operational experience to ensure technical viability.
• Engaging in rigorous testing and code audits.
• Gathering feedback from the developer community during the development process.

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

Milestone 1: Base Implementation (Base Batcher)

• Milestone Outputs
• Develop and release a minimal batcher capable of directly matching orders on the MuesliSwap orderbook.
• Acceptance Criteria
• Code completed, tested, and published in a public GitHub repository.
• Comprehensive documentation provided for developers.
• Evidence of Milestone Completion
• Public repository link with code and documentation.
• Announcement to the community via official channels.

Milestone 2: Extended Feature Set 1 (TxChaining)

• Milestone Outputs
• Implement advanced features such as TxChaining for efficient and fast matching by enabling multiple consecutive transactions to be included into a single block.
• Update documentation to include new features.
• Acceptance Criteria
• Advanced batcher code with TxChaining completed, tested, and published.
• Updated documentation covering new functionalities.
• Evidence of Milestone Completion
• Updated public repository.
• Release notes and documentation updates.
• Community announcement highlighting new features.

Milestone 3: Extended Feature Set 2 (LP Matching)

• Milestone Outputs
• Implement batcher functionality to match orders against other liquidity pools.
• Finalize all features and ensure stability.
• Acceptance Criteria
• LP Matching code completed, thoroughly tested, and published.
• Comprehensive documentation finalized.
• Evidence of Milestone Completion
• Finalized code in public repository.
• Complete documentation accessible to developers.
• Final project report and presentation to the community.

Final Milestone: Project Close-out Report and Video

• Milestone Outputs
• Submit a detailed project close-out report.
• Produce a video summarizing the project outcomes.
• Acceptance Criteria
• Report and video meet Catalyst guidelines and are submitted on time.
• Evidence of Milestone Completion
• Submission of the report and video.
• Confirmation of receipt from the Catalyst team.

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

• Chris - Project Manager
• Role: Oversees project execution, coordinates between team members, ensures timely completion of milestones.
• Pascal - Off-chain Developer
• Role: Develops off-chain components, including batcher logic and interaction with the orderbook.
• Philip - On-chain Expert and Off-chain Developer
• Role: Developed big parts of the on-chain smart contracts associated with batcher implementations. Expert that can help develop the batcher logic.

Our team members have been integral to the success of MuesliSwap and have the expertise necessary to deliver this project effectively.

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

All costs are allocated directly to the developers' compensation for their work on the project.

• Milestone 1: Base Implementation - 32840 ADA
• Off-chain development: 20400 ADA
• On-chain review and testing: 12440 ADA
• Milestone 2: Extended Feature Set 1 - 24630 ADA
• Development & Testing of TxChaining features: 16200 ADA
• Documentation updates: 8430 ADA
• Milestone 3: Extended Feature Set 2 - 24630 ADA
• Development of LP Matching features: 20400 ADA
• Final testing and optimization: 12440 ADA

Total Requested Funds: 82100 ADA

All funds will be used to compensate the developers for their time and expertise in delivering high-quality, open-source software.

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

Our project offers significant value for the requested funds:

• Catalyzing Development: By providing essential tools, we lower the barrier to entry for developers building on Cardano.
• Enhancing Ecosystem Efficiency: Advanced features like TxChaining and LP Matching lead to faster swaps and improved user experiences.
• Stimulating Market Activity: More market makers and integrated projects increase liquidity and trading volume.
• Knowledge Sharing: Open-source code allows others to learn from and build upon our work, fostering innovation.

The investment in our project is amplified by the widespread benefits it brings to the entire Cardano community.