Helix Labs : Unlocking restaking and interoperability on Cardano with maximized yield.

[GENERAL] Name and surname of main applicant

Yie Sean Teoh

[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)

5

[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)

Implementing restaking into Cardano ecosystem and to support liquid staked and liquid restaked $ADA into the modular ecosystem which will enhance interoperability and additional incentives.

[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

The EigenFi - Ethereum is only open source and licensed under MIT licence. The Cardano product will be open sourced as it has been launched.

[METADATA] Horizons

Staking

[SOLUTION] Please describe your proposed solution

Helix Labs is creating a multi-layered platform for $ADA holders that combines staking, liquidity, and cross-network yield opportunities, with an emphasis on future-proofing through L2 migration and non-EVM chain support.

• Maximizing Yield for $ADA Holders :

Helix Labs offers a way for $ADA holders to maximize their earnings by restaking through their platform. This likely involves an additional layer of staking rewards or benefits that go beyond the PoS yield on Cardano.

• Helix Vault :

Users can stake their assets through Helix Vault, earning both native PoS yield from Cardano and Helix Points, which might be a form of additional rewards or incentives provided by Helix Labs.

• Additional Yield Through Lending :

By lending out their restaked security to other networks, users can earn extra yield. This suggests that Helix Labs will facilitate interoperability and omni-chain UX, potentially increasing the overall yield for participants.

• Future Migration to L2 ecosystem :

Helix Labs plans to launch its own Layer 2 solution. Once this is live, users will be able to migrate their LSTs over to this L2 and continue to restake them through AVS.

• Cardano focused architecture :

The first Helix Vault will be deployed on Cardano, with $ADA being the first supported asset. This indicates a focus on expanding beyond EVM-compatible chains and integrating more closely with Cardano's unique architecture.

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

Helix Labs is positioning $ADA as a more dynamic and versatile asset that can earn yield across multiple blockchains, interact with diverse dApps, and participate in various ecosystems—all without compromising the core benefits of holding and staking $ADA. This approach could lead to increased adoption, utility, and value for $ADA holders.

• Maximized Yield Beyond Cardano :

Through Helix Vault, $ADA holders can restake their assets and earn yield not just from the Cardano blockchain, but also from securing other networks. This means that $ADA will have utility beyond the Cardano ecosystem, contributing to the security of multiple networks and generating additional rewards.

• Dual Benefits Without Sacrifice :

Traditionally, $ADA holders might have had to choose between earning PoS rewards and using their assets in DeFi applications. With Helix Vault, they can do both simultaneously. This ability to earn PoS rewards while also engaging with dApps is likely to increase the TVL on Cardano without compromising the chain's security.

• Expanded Interoperability with L2 Launch :

Once Helix launches its own Layer 2, $ADA holders will gain the ability to interact with dApps beyond the Cardano ecosystem. This cross-chain functionality significantly expands the use case of $ADA, making it a more versatile asset that can be used in various DeFi ecosystems and applications.

• Participation in AltVM Ecosystems :

As alternative virtual machines (AltVMs) become more prevalent, $ADA holders will be able to participate in multiple ecosystems without needing to sell their $ADA. Helix's tiered incentive program will offer rewards that accumulate across these different platforms, enhancing the overall earning potential and use case of $ADA.

[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?

For the past 6 months, Helix Labs has been in close communication with Cardano's core team to demonstrate restaking and interoperability on the Cardano blockchain.

We recognize Cardano’s strong community and its robust positioning as a sovereign L1. With plans to expand its utility into the modular ecosystem, we aim to unlock its full potential.

We've set clear milestones to build a liquid staking and restaking platform within EigenLayer, ultimate usecase of restaked $ADA with Movement Labs.

With our technical expertise and business development, we are confident in delivering groundbreaking infrastructure and interoperability for the Cardano ecosystem.

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

Stage 1: Initial Development and MVP

Duration: 4 weeks 

Objective: Develop the core functionality of the liquid staking protocol and create a minimum viable product (MVP) for staking and generating $stADA tokens.

Milestones:

Research and Planning (1 week)

•  Conduct detailed research on $ADA staking mechanics.

•  Define technical specifications and architecture for the LSD protocol and dApp.

•  Establish partnerships with key stakeholders and advisors.

Smart Contract Development (2 weeks)

•  Develop smart contracts for staking $ADA or transferring staking key for native $ADA LST whilst locking tokens via Helix Vault.

•  Implement core logic for staking and reward distribution.

•  Conduct initial internal testing and debugging.

MVP dApp Development (1 week)

•  Develop a basic user interface for the dApp allowing users to locking $ADA in Helix Vault.

•  Integrate the smart contracts with the dApp.

•  Perform internal testing to ensure functionality and user experience.

Deliverables:

•  Technical specification document.

•  Fully functional smart contracts deployed on a test network.

•  MVP dApp with core staking functionality.

Stage 2: Enhanced Functionality and Security

Duration: 4 weeks

Objective: Enhance the LSD protocol's functionality, ensure security, and expand the dApp features.

Milestones:

Security Audits and Improvements (1 week)

•  Conduct third-party security audits of the smart contracts.

•  Address any identified vulnerabilities and optimize contract security.

•  Implement automated testing and monitoring tools.

Advanced dApp Features (2 weeks)

•  Implement point system.

•  Implement user-friendly dashboard for tracking staking rewards.

Community Engagement and Feedback (1 week)

•  Launch a beta version of the dApp for community testing.

•  Collect user feedback and identify areas for improvement.

•  Conduct community outreach and educational webinars.

Deliverables:

•  Security audit report and improved smart contracts.

•  Begin development of dApp with advanced staking features.

•  Beta version release and user feedback report.

Stage 3: Successfully launch UniRollup L2, a Layer 2 solution built using Polygon CDK, to enhance scalability and interoperability within the Ethereum ecosystem.

Duration: 8 weeks

Milestones:

Initial Setup and Planning (1 week)

•  Research and Documentation: Conduct thorough research on Polygon CDK and its components. Document the technical requirements and architecture for UniRollup L2.

•  Resource Allocation: Allocate necessary resources, including development tools, cloud infrastructure, and budget.

Smart Contract Development (3 weeks)

•  Core Contracts: Develop the core smart contracts for UniRollup L2, including those for transaction processing, state management, and security.

•  ZK Proofs Integration: Integrate zero-knowledge proofs to ensure secure and efficient state transitions.

•  Internal Testing: Conduct initial internal testing to identify and fix bugs.

Infrastructure Deployment (2 weeks)

•  Node Setup: Deploy nodes on a cloud platform (e.g., AWS) to support the UniRollup L2 network.

•  Sequencer Configuration: Configure the sequencer to manage transaction ordering and batching.

•  Bridge Deployment: Deploy a trustless bridge to enable seamless interoperability between UniRollup L2 and Ethereum.

Security Audits and Optimization (1 week)

•  Third-Party Audit: Engage a third-party security firm to audit the smart contracts and infrastructure.

•  Optimization: Address any vulnerabilities identified during the audit and optimize the system for performance and security.

•  Automated Testing: Implement automated testing and monitoring tools to ensure ongoing security and reliability.

Community Engagement and Beta Launch (1 week)

•  Testnet Version Release: Launch a testnet version of UniRollup L2 for community testing.

•  Feedback Collection: Collect feedback from beta testers and the community to identify areas for improvement.

•  Educational Outreach: Conduct webinars and AMA sessions to educate the community about UniRollup L2 and its benefits.

Deliverables:

•  Develop and audit smart contracts.

•  Deploy infrastructure and nodes.

•  Launch Beta version of UniRollup L2 with community feedback.

•  Finalise comprehensive security audit report.

Stage 4: Helix Restaking Vault on UniRollup L2

Duration: 5 weeks

Objective: Develop a restaking vault for $ADA tokens, in preparation for EigenLayer integration.

Milestones:

Restaking Vault Development (3 weeks)

•  Design and develop the restaking vault for $ADA tokens.

•  Conduct internal testing and debugging.

EigenLayer Integration Preparation (1 week)

•  Prepare for integration with EigenLayer to extend the utility of our platform beyond the Cardano blockchain. 

Community Engagement and Feedback (1 week)

•  Launch a beta version of the restaking vault for community testing.

•  Collect user feedback and identify areas for improvement.

Deliverables:

•  Fully functional restaking vault for $ADA tokens.

•  EigenLayer integration documentation.

•  Beta version release of the restaking vault and user feedback report.

Goals:

•  Achieve at least $50 million USD in Total Value Locked (TVL) within 2 months after public launch.

•  Reach at least 5,000 protocol users within 2 months.

•  Integrate with at least 5 protocols in the Cardano ecosystem.

•  Conduct 2 AMAs with the Cardano Foundation per month.

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

Sneh Bhatt https://www.linkedin.com/in/snehbhatt/

Co-founder and CEO, worked as a blockchain consultant in early 2016-2017. As a nuclear and systems engineer in college, he has always been drawn to systems thinking. He was a technical advisor and wrote the white paper for Trust wallet (Acquired by Binance). He authored the patent and founded Monarch Wallet based on the premise of decentralized recurring payments. He made an equity exit to a third party decentralized exchange after a successful angel funding round.  

Yie-Sean Teoh https://www.linkedin.com/in/yieseanteoh

Co-founder, CBDO, and COO is a finance professional and crypto enthusiast with a BSc Economics from the London School of Economics (LSE). He has over 7 years of experience in traditional finance, including two fortune 500 investment banks, and has passed all three levels of the CFA. Transitioning into the crypto industry, he previously led the listing department at Poloniex, later taken over by Huobi, where he oversaw over hundreds of listings on the exchange and built a vast network within the industry.    

Snake Cha https://www.linkedin.com/in/snake-cha-5a60751a9/

Co-founder and CSO, an early crypto investor and advocate. Leveraging his prior experience in the gambling industry, he transitioned into the realm of crypto arbitrage and OTC trading. Recently, he has contributed to multiple projects focused on smart contract platforms, liquid staking, and algorithmic stablecoins. He is also the founder of Ellipti, a company dedicated to crypto investment and ecosystem development. 

Zandanbal Arslanhuyag https://www.linkedin.com/in/zandanbal-arslankhuyag-611480169/

CTO, Zandanbal Arslankhuyag is a Mongolian-born, US-educated FinTech expert and entrepreneur. He launched his first startup in Menlo Park while still in college, pioneering inter-chain communication protocols without the need for trust assumptions. Zandanbal is a core contributor to projects like EtherScale and leads GHorde, his venture studio dedicated to empowering young talent to excel in the Web3. He has published peer-reviewed research on Islamic Banking and FinTech in the Journal of Risk Finance and gained significant experience in real-world blockchain adoption through his work with Ard Financial Group, Mongolia's first publicly traded financial firm to implement a blockchain-based royalty system.

Davis Richardson https://www.linkedin.com/in/davisrichardson95/

Head of Growth, Davis is a Los Angeles native and UC Berkeley graduate with a deep-rooted passion for cryptocurrency and blockchain technology. Formerly the CEO of Decom, a pioneering crypto payments company, Davis has extensive experience in scaling startups and driving innovative growth strategies within the blockchain ecosystem. After Decom,, he served as a Program Manager for Bitcoin Startup Lab, an accelerator dedicated to fostering the next generation of Bitcoin-focused startups. Davis brings his expertise in crypto payments and startup acceleration to his current role at Helix Labs, where he leads growth initiatives and strategic partnerships to propel the company to the forefront of the decentralized finance space.

Chingun Amarbaatar https://www.linkedin.com/in/achingun/

Lead Engineer, Chingun is a cybersecurity expert with a major in the field and over four years of experience in the web3 space. Specializing in EVM development and Cardano, Chingun has successfully launched the Base Name Service, where they developed smart contracts and innovative solutions for integrating 2D and 3D NFTs with Name Services. They have also led the development of an on-chain gaming tournaments platform, an on-chain marketplace for luxury retail products, and a raffle system. Currently, Chingun leads engineering teams at Helix DeFi and GHorde Venture Studio, driving cutting-edge solutions in decentralized finance and beyond.

Badral Bat-Ochir https://www.linkedin.com/in/badral-bat-ochir-22bb3527b/

Core Developer, Badral is a Cyber Security enthusiast with a strong passion for Web3 and blockchain technology. His focus is on smart contract development and testing, aiming to contribute to the security and advancement of decentralized applications. As an active member of GHorde, Badral is deeply involved in the cybersecurity community and is committed to becoming a full-stack DApp developer, dedicated to shaping the future of secure, decentralized technologies.

Munkhsuld Bayaraa

Core Developer, Munkhsuld is a software engineer with a background in front-end development and over 2 years of professional experience. He has led front end team projects like an on-chain gaming tournament platform and implemented complex payment systems for a centralized exchange, with a strong focus on UI/UX design. Previously with Infinite, Munkhsuld is now at the forefront of web3 innovation, contributing to Helix DeFi and serving as the Front-End Lead at GHorde Venture Studio.

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

Development Costs : 250K $ADA

Milestone 1 - 50k $ADA

Milestone 2 - 55k $ADA

Milestone 3 - 80k $ADA

Final Milestone - 65k $ADA

Supplementary Costs : 50k $ADA

Audit - 20k $ADA

Server, API - 10k $ADA

User rewards : 20k $ADA

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

The project will be able to highlight the benefits of holding $ADA through restaking beyond $ETH, increasing the token's value and Cardano blockchain relative to the overall blockchain markets. Leveraging the network that Helix has developed between the team’s accumulated years of experience, Helix is able to deliver premier AVS restaking solutions for $ADA holders, five times faster than otherwise.