Orcfax Live Feed Extension – Latest Price Smart Contract

[Proposal setup] Proposal title

Please provide your proposal title

Orcfax Live Feed Extension – Latest Price Smart Contract

[Proposal Summary] Budget Information

Enter the amount of funding you are requesting in ADA

100000

[Proposal Summary] Time

Please specify how many months you expect your project to last

3

[Proposal Summary] Translation Information

Please indicate if your proposal has been auto-translated

No

Original Language

en

[Proposal Summary] Problem Statement

What is the problem you want to solve?

Orcfax does not provide latest price UTxO for direct use and instead leaves this to integrators to discern. However, the need for time-sensitive data is a requirement of many DeFi protocols.

[Proposal Summary] Project Dependencies

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

No

Describe any dependencies or write 'No dependencies'

No dependencies

[Proposal Summary] Project Open Source

Will your project's outputs be fully open source?

Yes

License and Additional Information

MIT

[Theme Selection] Theme

Please choose the most relevant theme and tag related to the outcomes of your proposal

UTXO

[Campaign Category] Category Questions

Mention your open source license and describe your open source license rationale.

This project will be released under the MIT License, ensuring broad adoption, commercial compatibility, and minimal restrictions. It encourages community contributions, fosters transparency, and delivers a public good to Cardano.

How do you make sure your source code is accessible to the public from project start, and people are informed?

We will publish the code in a public GitHub repo from project start, commit regularly with version control, and share progress updates to X and GitHub to ensure transparency, accessibility, and community trust.

How will you provide high quality documentation?

We will provide clear user and developer docs (README, setup guide, etc) in Markdown, with structured examples and visuals. Documentation will be maintained in GitHub, updated regularly, and aligned with open CIP standards. Instructions on the use of the smart contracts will also be documented clearly.

[Your Project and Solution] Solution

Please describe your proposed solution and how it addresses the problem

We propose to build an open-source “latest price” smart contract that consumes Orcfax Fact Statements (FS) and outputs the most recent validated price in a single UTxO, unique per feed. This enables time sensitive DeFi protocols to directly reference a single source of truth for price data rather than parsing multiple archived statements.

The contract will:

• Accept and validate Orcfax Fact Statements (NFT, signature, feed ID, timestamps, expiration).
• Maintain a Continuing UTxO per feed containing the latest price datum.
• Allow the combination of multiple feeds (e.g., ADA/USD and BTC/USD → ADA/BTC).
• Include sanity checks (e.g., prevent negative prices).
• Ensure only authorized wallets can update feeds.
• Support reciprocal price derivation when needed.

This extension does not modify existing Orcfax live oracle contracts; it complements them with a lightweight, use case specific and DeFi-focused delivery mechanism.

[Your Project and Solution] Impact

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

• Improved DeFi Integrations: Protocols (specifically IndigoProtocol) can easily consume latest prices without building their own FS parsing logic or the need for any centralized actors.
• Reduced Development Overhead: A common contract standard for “latest price” reduces duplicated engineering effort across projects.
• Stronger Ecosystem Interoperability: By making Orcfax feeds more accessible for this prominent DeFi use case, we expand the number of DeFi protocols that can use secure, on-chain data.
• Public Good: Fully open-source and permissionless for any builder to integrate.

[Your Project and Solution] Capabilities & 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?

3rd Eye Labs is the primary development team behind Indigo Protocol V1, V2, and V2.1 — high-assurance, audited Cardano DeFi smart contracts. Our team has delivered multiple successful Project Catalyst proposals and complex on-chain/off-chain integrations.

Key Team Members:

Cody Butz – Lead Developer & Project Manager

Over a decade of full-stack development experience. Leads smart contract architecture, protocol design, and partner integration. Core contributor to Indigo Protocol since inception.

Zachary Sluder – Smart Contract & Off-chain Developer

Built widely-used Cardano DeFi tools such as Indigo Iris, Dexter (Multi-DEX SDK), and Breeze. Specializes in secure contract/off-chain service integration.

We will also engage a reputable external auditor to ensure the security and correctness of the implementation.

Orcfax has also offered technical support where necessary.

[Milestones] Project Milestones

Milestone Title

Smart Contract Development

Milestone Outputs

• On-chain Plutus script to store latest feed data.
• Validation logic for NFTs, signatures, timestamps, and feed IDs.
• Support for single and combined feed price derivation.
• Full suite of positive/negative test cases.

Acceptance Criteria

• Passes all unit tests and on-chain validation scenarios.
• Successfully updates latest feed UTxO with valid FS. Valid datum is pushed to UTxO, readable by other protocols.
• Rejects invalid/expired FS or unauthorized updates.

Evidence of Completion

• Open-source repository with code and tests.
• Test coverage report.
• Video walkthrough of contract deployment and usage.

Delivery Month

1

Cost

30000

Progress

40 %

Milestone Title

Off-chain Infrastructure Development

Milestone Outputs

• Off-chain service to monitor mempool for new FS.
• Automation to submit updates to the latest feed contract.
• CLI/API tooling for integration partners.
• Documentation for deployment of off-chain service.

Acceptance Criteria

• Can detect and process FS updates within seconds of submission. Optimally, utilizing mem pool.
• Successfully updates on-chain feeds without manual intervention.
• Integration tested with at least two feeds.

Evidence of Completion

• Open-source off-chain code repository.
• Deployment guide and API documentation.
• Live demonstration in the form of a YouTube video posted publically.

Delivery Month

2

Cost

20000

Progress

60 %

Milestone Title

Audit & Deployment of Feeds

Milestone Outputs

• Security audit of smart contract and off-chain code.
• Post-audit fixes and final deployment to mainnet. Sign-off of fixes by Auditor.
• Funding for 1 year of feed operation (e.g., ADA/USD, ADA/ETH, ADA/BTC).

Acceptance Criteria

• All critical and high-severity audit findings resolved and signed-off by an Auditor.
• Useful feeds (ex. ADA USD) deployed and updating in production.
• Public release of audit report to Google Drive.

Evidence of Completion

• Audit report and resolution log.
• Mainnet addresses of deployed feeds.
• Public announcement and documentation on Google Drive.

Delivery Month

3

Cost

34000

Progress

90 %

Milestone Title

Project Close-out Report & Video

Milestone Outputs

• Written Project Close-out Report (2–3 pages, Markdown or PDF) including all required Catalyst sections
• Public Close-out Video (2–5 minutes) summarizing achievements and outcomes.
• Distribution of closed-out proposal by 3rd Eye Labs on X.

Acceptance Criteria

• Report submitted through the Catalyst Milestone Module with all required content.
• Close-out video uploaded to a public platform (YouTube/Vimeo) and embedded in the submission.
• Video will display the updating of the feeds and a project utilizing those feeds.

Evidence of Completion

• Public link to the Close-out Report.
• Public link to the Close-out Video.
• Public link to the X post by 3rd Eye Labs.

Delivery Month

3

Cost

1000

Progress

100 %

[Final Pitch] Budget & Costs

Please provide a cost breakdown of the proposed work and resources

A breakdown of the costs:

Smart Contract Development: 30,000 ADA

Off-chain Development: 20,000 ADA

Smart Contract & Off-chain Audit: 20,000 ADA

1 Year of Feed Deployment: 30,000 ADA

Total: 100,000 ADA

[Final Pitch] Value for Money

How does the cost of the project represent value for the Cardano ecosystem?

This proposal bridges a critical gap for DeFi builders who have built services which are time sensitive by making OrcFax’s trusted data more accessible in real time. By standardizing a “latest price” UTxO pattern, we reduce friction for developers, increase adoption of secure on-chain data, and enable more complex DeFi products to flourish — all delivered as a public good.

[Required Acknowledgements] Consent & Confirmation

Terms and Conditions:

Yes