Yepple - CIP-68 Token Creation SDK to Fuel DeFi & DePIN

[GENERAL] Name and surname of main applicant

Nicholas Fekete

[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

70000

[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 open-source a comprehensive TypeScript SDK for CIP-68 token creation and management on Cardano, empowering developers and project owners to innovate and grow.

[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

This project and all associated deliverables will be open sourced with an MIT License.

Our modular open source developer tooling will be open source and free to use with a focus on portability, transparency, and community collaboration within all components of the solution. Our goal is for the deliverables of this project to serve as a backbone to the current and future needs of many Cardano developers as it evolves during and after the scope of this proposal.

[METADATA] Horizons

Developer Tools

[SOLUTION] Please describe your proposed solution

Our solution will enable any project to create their own CIP-68 fungible token (CNT) with proper standards and registrations with an incredibly low barrier to entry. Cryptocurrency technology has finance (value exchange) at its core, and users have a massive amount to gain from projects launching their own token economies on Cardano. Many of the popular cryptocurrencies have seen massive volume in “alt-coin” trades. Cardano has also had several successful launches, but the quantity of tokens is magnitudes less than several other chains in large part due to the complexities of creating and managing fungible tokens. DeFi and DePIN tokens in particular have been getting more and more attention, yet the process of creating a token is still kept behind closed doors; the standards for creating a token are not well respected; and the platforms supporting token creation are beginning to enforce the rules surrounding the token’s launch.

Written as a TypeScript SDK for widespread support and portability – it will be able to be run on a server or a browser to support various implementation approaches. It will also feature a command-line interface to maximize the possible use cases. Regardless of the chosen implementation it will allow for an intuitive and simple process for token minting, burning, and registration management. It will have built-in support for some of the more common registrations, such as the Cardano Foundation Token Registry, MinSwap, and DexHunter. It will also allow easy plugin scripting for additional registrations as the project grows and new dApps are adopted by the community.

When it comes to token creation, many tokens on Cardano do not follow any standard. Many of them use incorrect standards (NFT metadata standards) to display properly on some websites, but this is not a good practice and does not enable long term support. The CIP-68 is the gold standard for fungible token creation, however many services currently available do not support it. Yepple has been minting tokens using CIP-68 since its inception, and we are now proud to open-source our solutions so that project owners and developers can create future-proofed tokens at no cost. As part of the CIP-68 support, the SDK will include utilities for converting human-readable token metadata into the necessary datum format for token creation.

Demonstrating Impact:

We will track the adoption of our solutions through direct feedback, tool usage metrics, and success stories from project owners who utilize our token management solution. This will allow us to continuously refine our offerings and provide tangible evidence of our impact on the ecosystem.

Uniqueness and Benefits:

What sets our solution apart is its proven track record (dozens of fungible tokens created), ease of use, and robust support for standards and registrations. By democratizing access to high-quality fungible token management tools, we are enabling projects to build economies within and add value to the Cardano ecosystem.

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

Our open-source TypeScript SDK will significantly enhance the Cardano ecosystem by democratizing access to fungible token technology, reducing dependency on costly service providers and promoting a culture of transparency and collaboration. By open-sourcing our advanced token solution, we empower creators across the globe to create and register tokens independently with a secure, scalable, and free tool. This not only drives innovation within the Cardano community but also attracts new users and developers to the platform, strengthening its position in the competitive blockchain space.

We will measure the impact of our project through several key metrics:

1. Adoption Rate: Tracking the number of projects and users adopting our tool. Particularly, tracking the increase in the rate of tokens being created on Cardano.
2. Community Contributions: Monitoring updates and enhancements made by the community to the open-source code.
3. TVL and Trading Volume: Calculating an estimate of the TVL and total trading volume of tokens created using our tool, showing a direct impact and financial gain by the Cardano community.

To ensure wide distribution and engagement, our outputs will consist of:

• A GitHub repository hosting the complete source code
• Comprehensive documentation of how to create and register tokens using our tool
• Advice, insights, and guides on the best practices surrounding common token use-cases, gained from several years of experience performing them

These efforts will not only showcase the practical benefits of our solution but also reinforce Cardano's reputation as an inclusive and innovative blockchain community.

[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?

Yepple has a strong track record of delivering high-quality blockchain solutions since February 2021. Having successfully managed over 200 projects on the Cardano platform over the past three years, we have not only mastered the technology relevant to this proposal but also gained countless invaluable insights into the specific needs of creators of NFT projects and fungible tokens (CNTs). Our team is composed of seasoned blockchain developers, project managers, and strategists who are deeply knowledgeable about the Cardano ecosystem. This experience positions us uniquely to deliver this project with high levels of expertise, trust, and accountability. Several of the projects we have worked with, and the work that we performed for them, can be found on the “contributions” link attached to this proposal. We are also registered as a DRep for Cardano, further showcasing our commitment and dedication to this blockchain.

Yepple has deployed many solutions on Cardano (minting, metadata updates, staking, NFT customizers, storefronts, custom dApps), and one of the main pain points that we have seen is a large amount of confusion and friction around creating fungible tokens, which is one of the core elements of all financial, utility-based, and meme projects. This solution, crucial for efficiently minting and registering tokens, represents our commitment to quality and innovation. We are eager to share these tools with the community as part of this proposal. We are confident in our ability to provide the necessary support and guidance to encourage the adoption of this solution, facilitating the seamless launch and management of fungible token projects.

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

Milestone 1 (Planning & Technical Design): 

• Outputs: Scope of work, design, and other associated planning documents for all technical aspects of the proposal. Importantly, this includes documentation on the setup, configurations, and usability from the perspective of our target audience, project owners and developers.
• Acceptance Criteria: The designs and documentation provide a clear preliminary understanding of how a project owner can create and manage registrations for fungible tokens are Cardano. The documentation elaborates on the solution to all high-level technical requirements in this proposal and aligns with the future milestones of this proposal.
• Evidence: Documentation in a public GitHub repository (alongside the future codebase) detailing the planned method of interacting with the finished product.

Milestone 2 (Product Development): 

• Outputs: A product encompassing every technical feature and all functionality detailed in this proposal. This includes a refactoring of Yepple’s existing codebase to be usable by developers and project owners, as well as additional development for customization, ease of use, and adaptability as an open-source product. Includes a screen recording video demonstration of a full token minting and registration process utilizing the SDK and command-line as two separate approaches.
• Acceptance Criteria: Product development meets all technical requirements described in this proposal. A recording of a demonstration is shown including all notable features.
• Evidence: The GitHub repository codebase and associated demonstration video will serve as evidence of the completed product development and its effectiveness as a deployed solution.

Milestone 3 (Technical Documentation, User Instructions, & Community Support): 

• Outputs: Codebase documentation and enhanced user documentation. The codebase documentation will increase the ability for developers to understand and contribute to future versions of the codebase, increasing long-term sustainability. With the product in place, the enhanced user documentation will provide project owners with a complete instruction manual for managing their own fungible tokens using the current version of the codebase at this stage.
• Acceptance Criteria: There is sufficient documentation within the code and alongside the GitHub repository to meet open source best practices and assist in the community’s ability to build and iterate on the solution. Yepple is available through Discord to accept and respond to all community feedback and questions. Any issues or feature requests mentioned through GitHub or Discord have been documented and considered for feasibility; if feasible within the scope of this proposal, the features were added for an improved experience.
• Evidence: The project structure and modules have their purposes all clearly explained in the repository documentation. All critical components of the code have appropriate documentation for classes, methods, and other key logic. Responses to GitHub Issues within the repository. A channel in Yepple’s official Discord dedicated to feedback on our open source development where the Yepple team is responsive to questions and comments.

Milestone 4 (Close-Out Report & Video): 

• Outputs: Comprehensive project report detailing the development process, community impact, and future directions. A professional video showcasing the project's journey and final product.
• Acceptance Criteria: The report and video must comprehensively cover all aspects of the project, demonstrating the success and community benefit.
• Evidence: Final project close-out report and a video link shared with the community through Discord, social media, and potentially additional locations.

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

Nicholas Fekete - CEO/Management - https://www.linkedin.com/in/nicholas-fekete/

Since founding Yepple and leading the team from day 1, Nicholas has driven progress and overseen project management across all internal and external projects that we have completed within Cardano and for our clients. With more than 5 years of experience as a startup founder, Nicholas has a fundamental understanding of how to run a cost-efficient company with values and quality that his team and our clients can be proud of.

Jake Shearman - CTO/Fullstack Blockchain Developer - https://www.linkedin.com/in/jake-shearman/

Handling the trinity of design, development, and documentation, Jake has led Yepple’s development team across the finish line for all development projects. With a formal computer science education, a work history in FinTech, and many years as a hobby blockchain developer that eventually turned into a career, Jake has been learning about and building on Cardano since before the very first Plutus Pioneer Program that he was a part of. He has remained committed to Cardano ever since, and is looking forward to improving and open sourcing many of the developer tools that he has built.

Dominic Monette - Developer/Quality Assurance

We take great pride in our quality, and we owe much of that quality to Dominic’s contributions as a developer, operations manager, and product quality assurance engineer.

Tyler McVety - DevOps/Blockchain Developer

Working behind the scenes, the server infrastructure set up by Tyler is what has allowed Yepple’s hosted solutions (stake pools, mints, CNT/NFT staking, and custom dApp transaction processing) to remain reliable and efficient.

Campurean Alexandru (Sic) - Marketing

As one of our most valuable connections to the Cardano community, Sic is a core community member of countless CNT/CNFT projects. Not only is he crucial in spreading awareness of the solutions and tools that our team has created, but he also ensures that we are constantly aware and deeply considerate of the types of user experience and functionality Cardano community members are looking for.

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

Milestone 1: Designing (config, customizability, etc.) - 15k

Milestone 2: Refactoring the Code based on design - 50k

Milestone 3: Create documentation - 20k

Milestone 4: Close-out - 5k

Design:

Creation of detailed design documents outlining technical specifications for fungible token (CNT) creation and registration on Cardano.

Cost: 10k ADA

Development:

Development of a comprehensive SDK for token minting and registration, including refactoring for ease of use and adaptability by developers.

Cost: 40k ADA

Development of a command-line interface for accessing the benefits of the SDK described in this proposal.

Cost: 5k ADA

Documentation: 

Production of thorough technical and user documentation to facilitate understanding and implementation of the token minting process.

Cost: 5k ADA

Management: 

Management of the project lifecycle, ensuring that all development aligns with the planned scope and technical requirements.

Cost: 5k ADA

Marketing & Support: 

Implementation of marketing strategies and community support services to ensure widespread adoption and user satisfaction.

Cost: 5k ADA

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

Our proposed budget represents exceptional value for money for the Cardano ecosystem, reflecting more than three years of intensive development by our experienced team. The investment of 70k ADA in open-sourcing our token minting and registration library, while also packaging it as an out-of-the-box SDK with a command-line interface, is significantly lower than the industry costs of hiring a reputable development firm to build a similar robust, secure, and fully-functional token creation platform from scratch. This is evidenced by the current lack of CIP-68, smart-contract-compatible CNTs as well as the cost of trusted Cardano providers to create high quality and globally registered CIP-68 tokens, which can exceed hundreds or even thousands of ADA per token. We are not only offering the Cardano community access to our refined, battle-tested technology but also providing comprehensive documentation. This ensures that even those new to the space can quickly leverage our tools to efficiently mint and register tokens, thereby enhancing innovation and participation within the Cardano ecosystem. In essence, we are equipping the community with a high-caliber toolset that simplifies token creation and registration, reduces operational costs, and fosters greater autonomy and creativity on the blockchain.