Last updated 5 months ago
There's no simple, customizable protocol allowing groups of people to pool assets & knowledge, decide on trading strategies, vote with governance, and then execute trades.
DAO Vaults that (1) pool assets, (2) mint vault tokens, (3) offer dynamic governance voting, (4) execute strategies with logic based robo-trading, and (5) distribute proceeds to holders.
This is the total amount allocated to Robo-trading Asset Vaults: Unlock Group Trading & Investing.
Please provide your proposal title
Robo-trading Asset Vaults: Unlock Group Trading & Investing
Enter the amount of funding you are requesting in ADA
100000
Please specify how many months you expect your project to last
6
Please indicate if your proposal has been auto-translated
No
Original Language
en
What is the problem you want to solve?
There's no simple, customizable protocol allowing groups of people to pool assets & knowledge, decide on trading strategies, vote with governance, and then execute trades.
Supporting links
Does your project have any dependencies on other organizations, technical or otherwise?
No
Describe any dependencies or write 'No dependencies'
No dependencies
Will your project's outputs be fully open source?
Yes
License and Additional Information
We will utilize a copy left open source license.
Please choose the most relevant theme and tag related to the outcomes of your proposal.
DeFi
Describe what makes your idea innovative compared to what has been previously funded (whether by you or others).
Crypto traders are often discouraged and or intimidated by volatility and risk in the market, whereas large sophisticated token holders (whales) have an advantage.
If there was a way for traders to pool resources and knowledge represented by a vault-specific governance token, they could potentially outperform and even move the market based on their trading decisions.
This would be extremeley empowering and fun for the majority of active traders on cardano and would generate rewards for smart traders who create vault tokens that outperform the market.
Describe what your prototype or MVP will demonstrate, and where it can be accessed.
We will demonstrate the ability for users to pool ADA and/or assets in L4VA vaults with specific programmable trading strategies for the assets in the vault. This is expanded functionality on the recently developed L4VA vault protocol (Fund 12 winner - in testnet by time of voting), which will be demonstrated and accessed via the L4VA dApp mainnet, upon implementation.
Describe realistic measures of success, ideally with on-chain metrics.
Upon success, we would expect to see a meaningful increase in the ADA volume traded across CNT and NFT markets by providing traders with new exposure to unique trading strategies and providing a passive way to actively trade the market (holding a vault token), plus we would expect to see larger ADA trades on-chain.
Please describe your proposed solution and how it addresses the problem
Building on the succss of L4VA protocol (Fund 12 - in testnet by time of voting), this solution will enable vaults to trade specific assets, and allow token holders to submit proposals with specific strategies that will automatically execute, based on preset variable criteria and logic, such as Asset Price, Appreciation, Amount, and other Token / Market Data.
This solution will allow users to (1) create vaults on L4VA, (2) contribute assets and/or ADA in the smart contract vault, (3) set initial trading strategy criteria, (4) mint a new token representing pro-rata governance in the vault, (5) update, add, or change strategies over time via governance proposals, and (6) expand the vault to accept new ADA/assets, mint new tokens, and onboard new users to participate in the vault.
The execution of trades in CNTs and NFTs will be executed through API integrations between the L4VA app and third party DEXes and NFT marketplaces.
For example:
NFT Trait Abritrage Examle: Buy NFTs from collection A with trait B, when the floor price of NFTs with Trait B is within 20% of the floor, then sell NFTs with Trait B when when price is 100% greater than the collection floor).
CNT Buy-the-dip and sell-the-pop Example: Buy token A, whenever it drops by more than 20%, then sell token A once it has increased by more than 30%.
We are approaching this solution from the perspective of empowering traders to pool resources and trade like a whale via a trustless asset-backed vaults.
We will prove our impact by the number of additional vaults created with this advanced robo-trading governance functionality, and by the market cap and transaction volume of tokens created on the L4VA protocol.
Please define the positive impact your project will have on the wider Cardano community
We believe this solution will have a massive impact on the Cardano community because it will:
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 have deep enterprise software development & management experience, with a proven track record of delivering dapps on Cardano that are funded by Catalyst (we've delivered L4VA protocol to testnet from Fund 12, which is a fully functioning app with more features delivered than committed to in our proposal).
We have a team of professionally trained design, engineering, and marketing partners, and are committed to responsibly utilizing funds from Catalyst to support the delivery of this protocol concept.
Our team have a combined 50+ years of professional experience in software engineering and over 20 years of executive management experience. We are deeply immersed in the Cardano ecosystem and have closely studied NFT and CNT markets.
Milestone Title
Requirements
Milestone Outputs
Completion of (i) written requirements for the user interface features, and user experience flows, (ii) written requirements of smart contract functionality upgrades, and (iii) a diagram of how smart contracts will operate together with the API and UI to deliver the intended user experience.
Acceptance Criteria
Requirements must clearly document the core user flows and functionality to show:
The types of inputs available for users to choose to make logic based trading proposals.
The intended workflow that will enable successful proposals to execute trades on vaults.
The ability of vaults to expand and onboard new contributors & token holders.
Evidence of Completion
Posting of the requirements to a publicly accessible document link that is available to view by anyone.
Delivery Month
1
Cost
30000
Progress
20 %
Milestone Title
Completion of front-end prototype web interface
Milestone Outputs
To show the updates of the user interface functionality and show a visual demonstration of how the intended user flow and features will enable users to create dynamic governance proposals with unique logic, as well as the types of inputs and logic that can be utilized to execute trades from successfull proposals.
Acceptance Criteria
Clickable web based user interface, which can successfully demonstrate configuration actions in the UI, navigate through at least 3 use case flows on the page, and be ready for implementation of API and smart contracts for testnet.
Evidence of Completion
Commit front end code to git-hub, share the public code link in the milestone review page, and record a demonstration video of the user flows in the clickable UI.
Delivery Month
2
Cost
30000
Progress
40 %
Milestone Title
API & Smart Contract Integration on Preprod
Milestone Outputs
Demonstration of successful implementation of the smart contract upgrades and the L4VA protocol API, to show how proposals are able to be configured for logic based trading strategies, voted on with vault tokens, and successfully passed.
Acceptance Criteria
Governance proposals must be configurable by input types, be able to record a snapshot of voting power by vault, and the API must be able to automatically extract assets from the vault on preprod network.
Evidence of Completion
Must demonstrate the ability of API to snapshot vault token voting power, properly allow the user and enter custom proposal information for logic-based trades, and successfully extract assets from the vault by sharing the web links to the relevant transactions via a public cardano blockchain scanner website.
Delivery Month
3
Cost
25000
Progress
70 %
Milestone Title
Main-net Launch
Milestone Outputs
Launch the upgraded protocol to mainnet and demonstrate the ability to create new governance proposals with logic based trading strategies, which then automatically execute based on the pre-set crietria through integrated DEXes and/or marketplaces.
Acceptance Criteria
The protocol must allow the users to:
Then the protocol must successfully execute a trade based on the requirements set in the proposal, by extracting assets from the vault and creating a trade on a DEX or marketplace, and then proceeds from the transaction back to the vault.
Evidence of Completion
Demonstrate the flow in acceptance criteria above by recording the steps listed above in the user flow, then sharing the web links to the relevant transactions via a public cardano blockchain scanner website.
Delivery Month
4
Cost
15000
Progress
100 %
Please provide a cost breakdown of the proposed work and resources
30,000 ADA = Smart Contract Upgrades: Smart contracts protocol development to allow the expanded functionality.
20,000 ADA = API development and integrations to trading platforms and data feeds, to anable the logic based trading execution on-chain
5,000 ADA = UX/UI Design: We subsidized the cost of UX/UI design in our Catalyst proposal for this scope of work, by assigning it to a core team member who will be responsible for producing full designs for the web app.
10,000 ADA = Front-end Development: Front-end web development for dynamic governance proposals.
10,000 ADA = Tech Support & Dev Ops: Our full-stack engineering team will initially be charged with providing technical support during the Test-net and Public Launch phases of the project, with the expectation that we may need to add part-time support engineers before protocol income becomes enough to support.
10,000 ADA = Marketing: We will allocate this budget to paid digital marketing on common channels across Cardano and sponsorships to raise awareness of our Test-net and Main-net upgrades.
10,000 = Legal: We are budgeting to pay for legal advice on the legality of the protocol upgrades and how to launch it in a compliant manner. We plan to finance additional legal fees through Other sources of Funds.
5,000 = Project Management: Technical project management will be managed as part of the scope for each deliverable above
Other Sources of Funds:
NFT Mint: We have successfully raised 50,000 ADA via our first NFT mint, and intend to raise an additional ADA via additional mints.
Founder funding: The core team has funded the project to date, and are capable of supporting the project personally if needed.
Token Sale: We plan to complete a token sale event to raise additional funds for the viability of the platform and project.
How does the cost of the project represent value for the Cardano ecosystem?
We have previously worked with a development agency for smart contract and back-end protocol development. With this strong smart contract foundation we will be utilizing our internal team, outside advisors, and smart contract development contractors to complete smart contract upgrades in the most cost-efficient manner while maintaining the highest standards of quality and security.
We are utilizing our highly skilled team of Ukraine based contractors for the majority of the work, who are very cost effective and good value for money in terms of output and quality of code. This team have experience implementing enterprise0grade software applications with SOC 2 compliance and are highly professional.
We have also subsidized team labor or covered costs associated with (1) Executive Project Management, (2) Marketing Management, (3) Community Management, (4) Legal Fees, and (5) Tech Support, DevOps, etc.
Terms and Conditions:
Yes
Rob Eberenz (principal):
Nick Goehner (Advisor):
Aric Fedida (Senior Advisor)
Vladyslav Koshevoi (Engineering Lead):
Anton Hrabarchuk (Full Stack Engineer):
Ihor Kordiukov (Project Manager)
Adrian Fanatiu (Cardano Technology Advisor)
Bassthay (Community Management and Support)