Last updated a month ago
Accessibility to projects building liquidity in exchange environment require immense capital requirements. Using their smart layers opens market access for CNT's.
Extend Rosen Bridge support into INK and BASE L2's. Along with Bianace Smart Chain this opens every CNT to access liquidity across Kraken, Coinbase and Binance smart environments.
Please provide your proposal title
BASE and INK: Connecting Exchange Environments to CNTs
Enter the amount of funding you are requesting in ADA
480000
Please specify how many months you expect your project to last
10
Please indicate if your proposal has been auto-translated
No
Original Language
en
What is the problem you want to solve?
Accessibility to projects building liquidity in exchange environment require immense capital requirements. Using their smart layers opens market access for CNT's.
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
Project is Open Source
Please choose the most relevant theme and tag related to the outcomes of your proposal
Financial Services
Describe your established collaborations.
The Rosen Bridge team has been building infrastructure across Ergo, Ethereum, Bitcoin, Binance Smart Chain and Dogecoin.
This base layer connects assets across blockchains allowing greater accessibility across markets and opens additional assets to DeFi applications.
We have also been working with HummingBot to bring market making tools to the Cardano ecosystem. These should start to be available in release 2.8. Together this package uniqually positions projects and large actors that want to move across new markets to access new users and manage liquidity in a unified manner.
Describe funding commitments.
The Rosen Team will integrate bridge implmentations into BASE and INK following the Rosen Contribution Standards for EVM.
We have put together open specifications to outline the scope of work for the Rosen Expansion Kit which can be found here.
https://github.com/rosen-bridge/rcs/tree/master/rcs-003
Describe your key performance metrics.
Key performance metrics for the project is related to TVL the current TVL of Rosen Bridge is 10+ million. This is prior to the integration of liquidity management support via hummingbot which will open the Cardano ecosystem to 20K+ users.
This will bring transaction volume, new assets, deeper liquidity and open markets for new users for CNT's, as well as bring new assets into the Cardano DeFi ecosystem.
The combination of Binance Smart Chain, INK, and BASE with unified market making tools across environments opens the door for new value flows across assets.
Please describe your proposed solution and how it addresses the problem
Exchange listings have intense capital requirements that pull value from projects directly. This requires a project either sell tokens on the market, having the community funding indirectly fund listings, or by governance requests. This practice does not scale. The second large capital expense is related to market making.
Rosen has been specifically designed to address these barriers. The implementation will allow any CNT to move across major exchange environments and have support for open source market making tools. This accesses new users, new liquidity, and broadens the reach of Cardano Projects without the cost burdens of listings.
It is more censorship resistant, does not come with liquidity requirements and improves the long term position of the Cardano ecosystem, as currently the external market access for CNTs is extremely limited.
Please define the positive impact your project will have on the wider Cardano community
Rosen Bridge already supports multiple CNT's and has never charged for listing support.
Any token holder can contact the Rosen Bridge team and petition us to support new CNT's across environments. It is a point of open access that is provided to the Cardano community based on previous catalyst grants.
This toolset is open source, and designed to address market frictions that occur in the crypto space. We have multiple infrastructure system service providers for Rosen in the Cardano community running stake pools.
We are working to align incentives with external development to drive external assets into the Cardano DeFi markets in parrallel.
Opening Binance Smart Chain, Coinbase and Kraken related environments to CNT's allows projets to focus less on access costs and more on software and community development.
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 delivered on previous Catalyst proposals, and have created a clear open contribution standard for Rosen bridge that concisely lays out the tools, and tests needed for new chains.
https://github.com/rosen-bridge/rcs/tree/master/rcs-003
Milestone Title
Scanner, Address Codec, Rosen Extractor
Milestone Outputs
The Milestone 1 Output is based on following the Rosen Contribution Standard for BASE and INK support.
This includes following the guides interation of 2 new scanners, 2 new Address Codec's and 2 Rosen Extractor Modules.
Acceptance Criteria
Open Source implementation of the following Modules will be added to the Rosen Github
BASE Scanner
BASE Address Codec
BASE Extractor
INK Scanner
INK Address Codec
INK Extractor
These will follow the Rosen Contribution Standard
Evidence of Completion
Open Source implementation of the following Modules will be added to the Rosen Github
BASE Scanner
BASE Address Codec
BASE Extractor
INK Scanner
INK Address Codec
INK Extractor
These will follow the Rosen Contribution Standard
Delivery Month
2
Cost
80000
Progress
20 %
Milestone Title
Rosen Chain Support
Milestone Outputs
The Rosen-chains packages contain the most functionalities of the new blockchain and mainly is used in the Guard Service.
For the sake of simplicity, the implementation is divided into four parts and it is highly recommended to implement them in the following order:
Abstract Chain (Bases)
Rosen Extractor (Universal)
Abstract Chain
Abstract Chain Network
Acceptance Criteria
Rosen Chain Packages will be built for INK and BASE. These components will be open source and available for review on our github
Abstract Chain (Bases)
Rosen Extractor (Universal)
Abstract Chain
Abstract Chain Network
Evidence of Completion
Rosen Chain Packages will be built for INK and BASE.
These components will be open source and available for review on our github.
Abstract Chain (Bases)
Rosen Extractor (Universal)
Abstract Chain
Abstract Chain Network
They will follow the Rosen Contribution Standards guidelines.
Delivery Month
4
Cost
80000
Progress
50 %
Milestone Title
Rosen Health Check
Milestone Outputs
Health Check
As the name suggests, these packages check the healthiness of some components in both Watcher and Guard services. For new blockchains, two parameters are required.
Asset Check
This health check parameter monitors the balance of specified assets at given addresses, primarily used by the Guard service to ensure sufficient native token to pay bridge transaction fees.
Scanner Sync Check
This parameter checks the last scanned block with the current block of the network and is mainly used in the Watcher service.
Acceptance Criteria
The Rosen Bridge team will build and release the Asset check and Scanner sync modules for BASE and INK according to Rosen Contribution Standards guidelines.
These will be open source available for review.
Evidence of Completion
The Rosen Bridge team will build and release the Asset check and Scanner sync modules for BASE and INK according to Rosen Contribution Standards guidelines.
These will be open source available for review.
Delivery Month
5
Cost
800000
Progress
60 %
Milestone Title
Module Intregration
Milestone Outputs
After implementing the required modules, they can be integrated into the main services. Unlike module implementation, the order does not matter in the integration phase, and the chain can be deployed once its modules are integrated into the four services:
Watcher Service
Guard Service
Rosen App
Contracts
Acceptance Criteria
Rosen team will update its github demonstrating the integration of the existing modules for BASE and INK into the following:
Watcher Service
Guard Service
Rosen App
Contracts
This will folllow the Rosen Contribution Standard
This will be open and available for review.
Evidence of Completion
Rosen team will update its github demonstrating the integration of the existing modules for BASE and INK into the following:
Watcher Service
Guard Service
Rosen App
Contracts
This will be open and available for review.
Delivery Month
8
Cost
80000
Progress
80 %
Milestone Title
End to End Testing
Milestone Outputs
Rosen Bridge has create RCS-001: A Unit-Test Standard for the Rosen Bridge Expansion Kit.
Milestone 5 covers end to end testing each Service and Module.
This is a part of the quality assurance process.
Acceptance Criteria
Rosen Bridge has create RCS-001: A Unit-Test Standard for the Rosen Bridge Expansion Kit.
Milestone 5 covers end to end testing each Service and Module.
This is a part of the quality assurance process.
The tests will be made public on Github for Review.
Evidence of Completion
Rosen Bridge has create RCS-001: A Unit-Test Standard for the Rosen Bridge Expansion Kit.
Milestone 5 covers end to end testing each Service and Module.
This is a part of the quality assurance process.
The tests will be made public on Github for Review.
Delivery Month
9
Cost
80000
Progress
90 %
Milestone Title
Ui Update and Mainnet Release
Milestone Outputs
The final milestone will include a Rosen system wide update, Ui Update, and a release of the two new connection points for the Cardano ecosystem.
Projects and users will be able to bridge to BASE and INK.
Acceptance Criteria
The final milestone will include a Rosen system wide update, Ui Update, and a release of the two new connection points for the Cardano ecosystem.
Projects and users will be able to bridge to BASE and INK.
We will release all updates publically on github.
Write a medium article covering the new connection points and covering TX IDS for the first transctions.
Evidence of Completion
The final milestone will include a Rosen system wide update, Ui Update, and a release of the two new connection points for the Cardano ecosystem.
Projects and users will be able to bridge to BASE and INK.
We will release all updates publically on github.
Write a medium article covering the new connection points and covering TX IDS for the first transctions.
Delivery Month
10
Cost
80000
Progress
100 %
Please provide a cost breakdown of the proposed work and resources
Timeframe: 10 month Expense
Scope of Work:
Base Integration and Ink Integration
Built to the following Standards
https://github.com/rosen-bridge/rcs/blob/master/rcs-001.md
https://github.com/rosen-bridge/rcs/blob/master/rcs-002.md
https://github.com/rosen-bridge/rcs/tree/master/rcs-003
Team Overview:
1x Lead back-end Developer
5x Back-end developer
1x Project manager to support implementation plans
1x UI designer
2x Front end developer
How does the cost of the project represent value for the Cardano ecosystem?
Rosen Bridge opens access to 2 exchange environments for all CNT's for much less that the listing cost of one CNT project to get listed on an exchange.
The cost of market access does not scale well across ecosystems as in most cases projects are selling tokens to fund listing costs.
Terms and Conditions:
Yes
Joseph Armeanio @ERG_Armeanio on Twitter. CoFounder of Rosen Bridge, Nautilus Wallet, Lithos Protocol, and Machina Finance
Mohammad Hasan Samadani: Lead developer for the Rosen Bridge project + SuSy Bridge (Wormhole).
Holds a PhD in computer science and has over 12 years experience in security, software development, and team management. Designed various applications for the Ergo ecosystem.