Cardano’s First End-to-End Metal and Minerals RWA Ecosystem

[Proposal setup] Proposal title

Please provide your proposal title

Cardano’s First End-to-End Metal and Minerals RWA Ecosystem

[Proposal Summary] Budget Information

Enter the amount of funding you are requesting in ADA

550000

[Proposal Summary] Time

Please specify how many months you expect your project to last

12

[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?

Cardano’s RWA potential is clear, but gaps in infrastructure keep physical commodities off-chain. Closing traceability, tokenization & compliance gaps will drive institutional adoption & DeFi growth.

[Proposal Summary] Supporting Documentation

Supporting links

• https://palmyraecosystem.io/gold/
,
• https://palmyra-docs.vercel.app/docs/winter-protocol
,
• https://palmyraecosystem.io

[Proposal Summary] Project Dependencies

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

Yes

Describe any dependencies or write 'No dependencies'

Alto Grande Oro (https://altogrande.ar/) will be our primary stakeholder who owns and operates the metal and mineral mining facilities.

[Proposal Summary] Project Open Source

Will your project's outputs be fully open source?

Yes

License and Additional Information

GPL-3.0 – traceability schemas, tokenization smart contracts, DeFi integration logic, and minting policies will be open-sourced under the Winter Protocol framework.

[Theme Selection] Theme

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

RWA

[Campaign Category] Category Questions

Describe your established collaborations.

Memorandum of Understanding (MoU) signed with Alto Grande Oro (https://altogrande.ar/)..) Alto Grande Oro is a leading real-estate group with 14+ mining operations in LATAM.

Describe funding commitments.

Alto Grande Oro will take part in a matching agreement initially starting at 40% of the value of this proposal to further accelerate traceability and tokenization of their gold reserves (mined and refined from their facilities). As the project expands into new mining facilities and across new minerals; there will be further financial commitments.

Describe your key performance metrics.

• 10+ tokenized batches of gold within 12 months.
• 3+ DeFi integrations on Cardano (DEX, lending, staking, RWA indexes).
• $5M+ worth of commodities traced and tokenized as part of initial pilot phases.
• Future expansion to 10+ metals and minerals modeled for traceability and tokenization via open standard.

[Your Project and Solution] Solution

Please describe your proposed solution and how it addresses the problem

Problem Statement: Despite Cardano’s robust infrastructure and DeFi ecosystem, there are few real-world assets (RWAs) on-chain. Physical commodities—especially metals and minerals—remain off-chain due to missing traceability, tokenization infrastructure, and compliance layers. This limits institutional participation, reduces utility for ADA holders, and restricts Cardano’s DeFi TVL growth.

Solution: Mine. Trace. Tokenize. DeFi.

We will launch the first fully-traced, tokenized, and DeFi-integrated RWA commodities ecosystem on Cardano—starting with gold. In partnership with a Latin American mining group operating 14 mines producing over 30 minerals, we will:

• Deploy End-to-End Traceability: Track mining operations, processes, and outputs with secure, tamper-proof digital records via Palmyra Pro’s traceability modules.
• Develop Proof of Reserve Capabilities: Collaborate with custodians of refined mining assets to provide real-time auditability and transparent reporting of assets held in custody via IoT integrations. This will leverage zenGate’s Merkle Oracles which are custom built for RWA events.
• Develop the RWC (Real-World-Commodities) Tokenization Engine: Design and implement minting and burning logic for on-chain assets, including tools for institutional actors to manage asset records, submit mint/burn requests, and perform metadata updates.
• Develop Physical Redemption Processes: Enable a redemption protocol where holders of the on-chain RWA commodity token can request and receive physical delivery.
• Cardano DeFi Integration: Integrate tokenized commodities into the existing Cardano DeFi ecosystem, including commodity indexes (e.g. Xerberus), lending markets (e.g. Liqwid), decentralized exchanges (e.g Minswap), and other synthetic indexes.

[Your Project and Solution] Impact

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

• Unlocks DeFi Use-Cases for Real-World Assets: Allows users to lend, borrow, or speculate on tokenized commodities (such as gold, lithium and more).
• Institutional-Grade Onboarding: Brings real production, audit, and proof-of-reserve data from large mines on-chain.
• Boosts Network Activity: Every batch, conversion, redemption, and trade generates on-chain volume.
• TVL Growth on Cardano: every tokenized commodity that comes onto Cardano will boost ecosystem TVL; not by just millions of dollars but 10s and 100s of millions of dollars.
• Scalable Blueprint: Built to extend across multiple commodity assets, locations globally, and partners.
• Enhances Cardano’s Position as an RWA Leader: Helps Cardano compete with Ethereum, Base, Ripple, Solana and other ecosystems in the RWA category.

[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?

Capability:

zenGate Global’s team is uniquely equipped:

• Daniel Friedman (CEO): Former IOG Business Development Manager, key to Cardano’s early growth, with expertise in global partnerships.
• Sam Lambert (Co-Founder): Management consulting veteran, skilled in stakeholder workshops and project execution. Lead the deployment of Palmyra Pro in Zambia; onboarding over 3,000 farmers in the Honey Supply Chain; real-world trace deployment experience and capabilities.
• Theodore Morisis (Co-Founder): Director of Business Development at zenGate Global; currently overseeing onboarding of farmers in LATAM, South East Asia and West-Africa.
• Angel Cevera (Director of Technology): Angel has nearly 30 years experience in technology and has worked over 50 large-scale enterprise projects. His core strengths are in Solution and Data Architecturing, Software Engineering and Big Data. Some notable companies he has worked with include: Bank of Ireland, United Health, Dun & Bradstreet and Swiss Re.
• Luca D’Angelo, Shishir Pai & Luiz Oliveira (Founding Engineers & Lead Blockchain Developers): Experts in Winter Protocol and smart contracts, with experience on GuapSwap and Gluon Protocol (algorithmic stablecoins).
• 15+ zenGate Experts: Specialists in blockchain, DeFi, regulatory compliance, and commodity markets.
• Lamon Rutten: Former CEO and Managing Director of 2 leading commodities exchanges (India and Indonesia), former Chief of Commodities for the United Nations. RWA expert in the field of commodity markets.

Feasibility:

• Proven Deployments: 3,000+ users onboarded in Zambia on-chain traceability systems.
• Validated Infrastructure: Winter Protocol already supports traceability, credentials, and metadata capture.
• Strong Partnerships: Formal agreement with multi-commodity mine operators ensures access and deployment scalability.
• Validation Plan: Begin with gold traceability and tokenization pilot across 1–2 mines; verify reserves via third-party auditor; token issuance + redemption logic tested; mint & trade test batches on Cardano testnet.

[Milestones] Project Milestones

Milestone Title

Design & Implementation Blueprint

Milestone Outputs

• Map out all critical data events required for capture in the Gold supply-chain
• Conduct technical and operational scoping for traceability, tokenization, Proof of Reserve, and redemption processes.
• Define metadata standards for traceable mineral assets.
• Draft minting/burning logic and compliance requirements.
• Identify candidate custodians for PoR audit trails.
• Develop initial DeFi integration framework and target protocols (e.g., Xerberus, Liqwid, Minswap).

Acceptance Criteria

• Clear evidence of critical data events mapped for target gold mining supply-chain
• End-to-end process maps and architecture reviewed and validated by internal technical team.
• Draft tokenization logic includes mint/burn and reserve reconciliation steps.
• At least 2–3 candidate custodians shortlisted with documented evaluation criteria.
• DeFi integration framework specifies use cases, compatible protocols, and liquidity pathways. Minimum of 5 Cardano Defi protocols analysed for integration potential.

Evidence of Completion

Proof of evidence uploaded on the project github:

• Gold Traceability Workflows (documentation of each critical data events required for capture)
• Traceability Architecture & MVP Process Map (document + diagram).
• Tokenization & Proof of Reserve Specification (technical spec doc).
• Redemption Process Design Memo (operational notes + flow).
• DeFi Integration Plan & Ecosystem Brief (target protocols, rationale, roadmap).

Delivery Month

2

Cost

80000

Progress

20 %

Milestone Title

Traceability Rollout for Target Mine

Milestone Outputs

• Deployment of traceability modules and digital record capture at 1 target mine site via Palmyra Pro app.
• Configuration and testing of Winter Protocol traceability flows (mining, processing, batch management).
• Training of local teams and validation of field data inputs.
• Connection of data feeds to traceability dashboard and explorer to view on-chain submissions.

Acceptance Criteria

• Traceability modules installed, configured, and operational at mine site.
• Minimum of 10 traceable batches recorded covering mining and processing phases.
• Field team training completed with sign-off from site manager.
• Data validation confirms records include correct metadata (time, location, asset details).
• On-chain submissions visible in traceability explorer with confirmed transaction hashes.

Evidence of Completion

• System Deployment Report (setup documentation + configuration notes + demo recording of functional system).
• Batch Records Log (10+ batches captured with traceability metadata).
• Training Log & Validation Summary (attendance, training outcomes, validation checks).
• Traceability Dashboard/Explorer (showing live on-chain data from site).

Delivery Month

2

Cost

80000

Progress

40 %

Milestone Title

Infrastructure and Smart Contract Development

Milestone Outputs

• Developed RWC (Real World Commodities) Tokenization Engine and mint/burn modules built for reserve-backed minerals / commodities.
• Proof of Reserves (PoR) smart contract with custodian reporting logic integrated.
• IoT devices integration tooling for real-time feeds and PoR auditing capabilities.
• On-chain test environment established for all modules.

Acceptance Criteria

• Tokenization Engine successfully mints and burns RWC tokens in test environment.
• PoR contract reconciles custodian-reported reserves with on-chain token supply.
• IoT device tooling captures live data streams and feeds into PoR logic.
• All modules deployed in a testnet environment with verifiable transaction hashes.
• QA test suite covers tokenization, PoR validation, and IoT data submission.
• Internal audit review completed with no critical issues outstanding.

Evidence of Completion

All evidence documentation to be found on the project github:

• Deployed Test Contracts for Tokenization & PoR (addresses + tx hashes).
• IoT Integration Demo (real-time data feed logs + PoR reconciliation screenshots).
• QA Test Suite Results (coverage report, test execution, outcomes).
• Internal Audit Report (technical review of milestone modules).

Delivery Month

7

Cost

180000

Progress

70 %

Milestone Title

Pilot Tokenization and Redemption Testing

Milestone Outputs

• Link traceability data captured via Palmyra Pro into tokenization logic.
• Tokenize and issue 5+ gold batches on Cardano testnet.
• Execute Proof of Reserves (PoR) validation loop with custodian data.
• Deploy redemption front-end interface and simulate redemptions.

Acceptance Criteria

• Traceability data successfully linked to token metadata in tokenization engine.
• At least 5 tokenized gold batches issued on Cardano testnet with PoR references.
• PoR contract reconciles custodian-reported reserves with token supply.
• Redemption front-end allows wallet connection and executes full redemption simulation.
• Pilot test demonstrates a complete issue → PoR validation → redemption cycle.
• Pilot report produced with results, lessons learned, and improvement plan.

Evidence of Completion

• Tokenization Transactions (testnet tx hashes + metadata with traceability + PoR linkage).
• PoR Validation Logs (custodian data feed + reconciliation output).
• Redemption UI Prototype (screenshots, demo video, wallet interaction).
• Pilot Report (results, lessons learned, proposed improvements).

Delivery Month

10

Cost

150000

Progress

90 %

Milestone Title

Cardano DeFi Integration and Composability Testing

Milestone Outputs

• Integrate tokenized assets into 3 DeFi protocols (e.g., lending, DEX, index).
• Configure trading pairs and/or vaults for RWC tokens.
• Develop a unified portal to interact with multiple DeFi protocols using tokenized commodities.

Acceptance Criteria

• At least 3 DeFi protocol integrations live on Cardano testnet (e.g., Liqwid, Minswap, Indigo, Xerberus).
• RWC tokens successfully traded in pairs or deposited into vaults with verifiable transactions.
• Portal allows wallet connection and interaction with all 3 integrated protocols from one interface.
• End-to-end composability test demonstrates a user journey: tokenization → DeFi use → redemption.
• Final report documents user experience, composability pathways, and ecosystem readiness.

Evidence of Completion

• DeFi Integration Logs (testnet contract addresses, transaction hashes, pool/vault configuration).
• Portal Beta Launch (screenshots, demo video showing interaction across protocols).
• End-to-End User Journey Report (steps, outcomes, lessons learned, UX improvements).

Delivery Month

11

Cost

50000

Progress

100 %

Milestone Title

Final Milestone Reports

Milestone Outputs

• Comprehensive final close-out report documenting milestones, deliverables, lessons learned, and ecosystem impact.
• Final close-out video summarizing outcomes, showcasing achievements, and outlining next steps for future expansion into other mineral commodities.

Acceptance Criteria

• Report provides milestone-by-milestone breakdown with supporting evidence, measurable outcomes, lessons learned, and ecosystem contributions. Must be detailed enough for Catalyst community review.
• Video highlights the project’s journey, key technical achievements, ecosystem benefits, and a forward-looking roadmap. It must clearly explain future expansion into additional mineral commodities.

Evidence of Completion

• Final Close-Out Report (PDF, 10+ pages) covering milestones, deliverables, lessons learned, adoption pathways, and ecosystem impact. Includes visuals, references, and validation details.
• Final Close-Out Video (10+ minutes, public link) showcasing project results, ecosystem impact, and clear articulation of expansion plans into other minerals.

Delivery Month

12

Cost

10000

Progress

100 %

[Final Pitch] Budget & Costs

Please provide a cost breakdown of the proposed work and resources

Milestone 1: Design and Implementation Blueprint – 80,000 ADA

• Research and technical architecture
• MVP specification documents
• Ecosystem scoping and integration planning

Milestone 2: Traceability Rollout for Target Mine – 80,000 ADA

Resourcing: Project lead, on-ground liaasons and technical team (full stack, blockchain dev and tech lead).

• Site setup and module deployment - full stack developers (3) + tech lead)
• Local team training and validation (on-ground liaisons)
• Integration with dashboard and Winter Protocol (2 blockchain devs)

Milestone 3: Infrastructure and Smart Contract Development – 180,000 ADA

Resourcing: Project lead, Fullstack and blockchain developer resources (5).

• Tokenization Engine: Development of minting/burning modules, token metadata standards, and issuance logic for Real World Commodities (RWCs)
• Proof of Reserves: Separate implementation of the PoR smart contract architecture, including design of data schemas, integration with custodians, and asset verification logic
• On-chain test environment setup, internal QA and audit workflows

Milestone 4: Pilot Tokenization and Redemption Testing – 150,000 ADA

Resourcing: Project manager, fullstack and blockchain developer resources (5).

• Gold batch token issuance on Cardano testnet
• Simulated redemption workflows and UI testing
• Feedback gathering from pilot mines and improvement reporting

Milestone 5+6: Cardano DeFi Integration and Scaling Roadmap – 60,000 ADA

Resourcing: Project manager, fullstack and blockchain developer resources (5).

• DeFi integrations with protocols such as Xerberus, Liqwid, Minswap
• Trading pair setup, vault configurations, composability toolkit
• Public documentation, GitHub release, institutional onboarding materials

[Final Pitch] Value for Money

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

The 550,000 ADA investment delivers transformative value for Cardano and ADA holders.

This proposal directly supports Cardano’s core growth priorities by delivering:

• New Use Cases On-Chain: This is one of the first large-scale initiatives to bring real-world commodities like gold and minerals onto Cardano. It provides tangible utility for Cardano's infrastructure beyond purely digital assets.
• DeFi Ecosystem Expansion: By integrating tokenized commodities with existing protocols such as Xerberus, Liqwid, and Minswap, this project enhances the composability and diversity of DeFi use cases—unlocking collateral, trading, lending, and synthetic index products.
• Speculative and Institutional Participation: Tokenized, on-chain commodities offer exposure to real-world assets, opening the door for both retail and institutional players to speculate, hedge, and invest via Cardano-based financial tools.
• Increased Users, TVL, and Transactions: As physical commodities are traced, tokenized, and traded, we expect significant growth in transaction volume and wallet activity. Each mined, tokenized, and redeemed asset represents multiple on-chain events.
• Scalability Across Commodities and Regions: While gold is the starting point, the infrastructure is designed to support over 30 minerals across 14+ mines. This system can be replicated for agriculture, energy, and other supply chain sectors globally.
• Enterprise-Ready Integration Model: With Proof of Reserve tooling, redemption flows, and traceability APIs, this creates a trusted and auditable pathway for enterprises and institutions to interact with Cardano.
• TVL Growth and Long-Term Utility for ADA: By anchoring real-world value on-chain, ADA’s utility as a governance, transaction, and economic coordination token is amplified—benefiting the entire Cardano ecosystem.
• ADA Holder Benefits: High transaction volume, DeFi adoption, and global visibility enhance Cardano’s utility, potentially appreciating ADA’s value.

[Required Acknowledgements] Consent & Confirmation

Terms and Conditions:

Yes