Cardano Swap Bot: A Discord bot enabling over 200M users to trade ADA and tokens

Problem

Unlike stocks, ADA and tokens can be traded 24/7/365 and traders might not always carry their laptop with them to execute trades. Some DEX works on mobile, but the user experience is often cumbersome.

Total to date

This is the total amount allocated to Cardano Swap Bot: A Discord bot enabling over 200M users to trade ADA and tokens.

₳200,000

Total funds requested

230

Total votes cast

₳24.2M

Votes yes

₳54.8M

Votes abstain

About this idea

[GENERAL] Name and surname of main applicant

Simon (QCPOL Stake Pool)

[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)

[GENERAL] Please indicate if your proposal has been auto-translated into English from another language

[GENERAL] Summarize your solution to the problem (200-character limit including spaces)

We will develop a simple & fast Discord bot leveraging ADA Markets API to allow users to submit swap transactions within seconds.

[GENERAL] Does your project have any dependencies on other organizations, technical or otherwise?

Yes

[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.”

ADA Markets API: https://github.com/ADA-Markets/API

[GENERAL] Will your project’s output/s be fully open source?

[GENERAL] Please provide here more information on the open source status of your project outputs

It will not be open source to protect the users ensuring it's not copied into a malicious bot.

[METADATA] Horizons

DeFi

[SOLUTION] Please describe your proposed solution

A fully functional Discord bot will be written and allowing users to submit swap transactions leveraging ADA Markets API.

The workflow is going to be:

The user will need to create a trade wallet with the bot using the /trade_wallet command. The bot will generate a new wallet linked to the user. The user will receive the address AND seed phrase.
The user will deposit ADA and/or tokens into the created wallet
The user will submit a swap transaction using the /swap command
A confirmation will appear to the user showing the approximate ADA or tokens received for the swap with fees + deposits. From there, there's 3 option:
The user accepts: the swap TX is signed & submitted
The user declines: the swap TX is discarded
After 30 seconds, the estimate is cancelled and the user needs to reexecute the /swap command

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

It eases the trading experience on Cardano by allowing > 200M users to trade ADA and tokens directly from Discord, whether they're at home, at work, on vacations, on the road, etc.

Measuring of the impact can be done by counting the amount of users of the bot and the amount of swaps submitted.

For now, these measurements will be tweeted by the QCPOLstakepool Twitter (https://x.com/QCPOLstakepool), but a separate account could be created in the future.

[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 have a lot of experience with Discord bots and Cardano. We developed the Cardano Tip Bot over 2 years ago: https://github.com/QCPOLstakepool/cardano-tip-bot for Twitter, Discord and Telegram. It is still currently used by over 10 000 users. The funds are safe and nothing was ever lost.

The feasibility is already confirmed as we have a prototype using DexHunter. It will be hardened and converted to ADA Markets.

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

A: Milestone outputs

Working prototype with a fixed set of tokens (2)

B: Acceptance criteria

Create a trade wallet
Create a swap: ADA -> HOSKY or USDM
Create a swap: HOSKY or USDM -> ADA