Last updated 6 months ago
Cardano currently lacks a compliant, bank-backed digital currency token. The absence of a regulated euro-equivalent token on Cardano limits enterprise adoption and real-world financial use cases.
Bridge the Commercial Bank Money Token to Cardano via EVM sidechain. This provides Cardano with a compliant, bank-backed euro token for enterprise-grade transactions, like a stablecoin alternative.
This is the total amount allocated to Commercial Bank Money Token CBMT on Cardano.
Please provide your proposal title
Commercial Bank Money Token CBMT on Cardano
Enter the amount of funding you are requesting in ADA
500000
Please specify how many months you expect your project to last
8
Please indicate if your proposal has been auto-translated
No
Original Language
en
What is the problem you want to solve?
Cardano currently lacks a compliant, bank-backed digital currency token. The absence of a regulated euro-equivalent token on Cardano limits enterprise adoption and real-world financial use cases.
Supporting links
Does your project have any dependencies on other organizations, technical or otherwise?
No
Describe any dependencies or write 'No dependencies'
The project leverages the existing Milkomeda sidechain and CBMT framework, but does not rely on any external project deliverables.
Will your project's outputs be fully open source?
Yes
License and Additional Information
MIT license
Please choose the most relevant theme and tag related to the outcomes of your proposal
Cross-chain
Describe your established collaborations.
The Commercial Bank Money Token initiative is spearheaded by the German Banking Industry Committee with major banks involved (including Deutsche Bank, Commerzbank, DZ Bank, UniCredit, and Helaba, alongside corporates like Siemens and BASF). Blockchain Helix serves as the technical lead in the CBMT project – we developed the official CBMT wallet and operate the infrastructure.
We have established collaboration with key banking partners in the CBMT group, providing a strong foundation of industry support for our proposal. These partnerships and our role has a backing behind this project.
Describe funding commitments.
The 500,000 ADA will fully fund the Cardano integration of CBMT. Blockchain Helix is committing its specialist team to execute this project. No additional external funding is needed – the Catalyst grant covers development, infrastructure, and project management for the 8-month timeline. Industry partners will be enabled in the CBMT concept to pilot the Cardano bridge once it’s delivered. Our team will deliver the scope within the Catalyst budget and timeframe, ensuring the project is fully resourced by the requested grant alone.
Describe your key performance metrics.
Cardano Integration Cardano added as an official supported network for CBMT. This demonstrates that Cardano is formally serving as a CBMT transaction partner.
Transaction Volume The number of CBMT token transactions processed on Cardano. We aim to facilitate pilot transactions between participating banks and corporates on Cardano as a proof of concept.
**User Adoption **The number of Cardano wallets/accounts used for CBMT transactions. This includes banks or enterprises setting up Cardano addresses to send/receive CBMT tokens.
Please describe your proposed solution and how it addresses the problem
Our proposed solution is to enable the Commercial Bank Money Token (CBMT) on Cardano by building a bridge via Milkomeda, Cardano’s EVM-compatible sidechain. CBMT is essentially a tokenized form of commercial bank deposits – a regulated digital euro token issued by banks – which has the same legal and financial treatment as regular bank money. By bringing CBMT onto Cardano, we give the ecosystem a compliant stablecoin alternative backed by actual bank money, which addresses the current gap of a lack of regulated euro-value tokens on Cardano. Technical Approach: We will develop smart contracts and integration logic so that CBMT can be minted and transacted on the Milkomeda C1 sidechain (an Ethereum Virtual Machine sidechain connected to Cardano). Milkomeda allows Solidity-based contracts to run on Cardano, which means the existing CBMT token implementation (originally designed and audited for Ethereum-compatible networks) can be adapted with minimal friction. Our bridge solution will likely involve issuing CBMT tokens on Milkomeda.
This preserves the compliant nature of CBMT even on a public chain environment, by leveraging smart contract-based access control.
Implementation Steps Over the project’s 8-month timeline, we will proceed in milestones (detailed below) that include: designing the architecture and compliance model for Cardano, developing the token contract and any needed bridge/oracle logic, testing in a controlled environment (Milkomeda devnet or testnet) with sample transactions, and then deploying to the Milkomeda mainnet connected to Cardano. During development, we will coordinate to ensure the solution meets the operational and security requirements.
We will also collaborate with the Milkomeda team if needed, to utilize the existing Cardano↔EVM bridge infrastructure for moving ADA liquidity or interacting with Cardano mainchain (e.g., for users to move CBMT value back to Layer-1 if necessary via wrapping/unwrapping). Our solution aligns with the CBMT project’s multi-network philosophy. The CBMT concept was designed to be DLT-agnostic and to deploy on multiple platforms to serve various industry consortia.
The official working paper emphasizes the importance of easily onboarding new blockchains into the CBMT ecosystem (https.//bvr.de)– our project fulfills this by making Cardano one of the supported networks for CBMT. We will provide the “simple and fast onboarding process” to integrate Cardano, as envisioned in the CBMT roadmap
Why This Solves the Problem Once CBMT is live on Cardano, the Cardano community and enterprises gain access to a euro-denominated stable token that is bank-backed and compliant. This directly addresses the problem of Cardano lacking a reliable stablecoin for enterprise use. Instead of relying on unregulated stablecoins or crypto-volatility, businesses on Cardano can use CBMT tokens, which carry the credibility of being issued by regulated banks. For example, a German manufacturing company could settle an IoT-driven microtransaction or supply chain payment on Cardano using CBMT, knowing that token is legally equivalent to a bank deposit in their account. This bridging solution thus unlocks Cardano for corporate use cases that demand full compliance and trust. Example Use Case: Consider an industrial IoT scenario: machines automatically invoice each other or their users for micro-services. With our solution, a machine in Company A could automatically send a CBMT payment (representing euros) to a supplier on Cardano every hour of operation. Because CBMT is available 24/7 and supports atomic settlement and tiny fractions of currency, these machine-to-machine micropayments become feasible. Cardano, known for its scalability and low fees, becomes an ideal settlement layer for high-frequency microtransactions. Meanwhile, the banks behind CBMT handle the compliance (each machine’s wallet belongs to a whitelisted customer). This illustrates how solving the stablecoin gap with CBMT opens up new, high-volume transaction use cases on Cardano that were not possible before.
Differentiation Unlike typical crypto stablecoins, CBMT is multi-issuer and bank-regulated. Our solution is not creating a new asset from scratch but bridging an existing framework endorsed by major financial institutions. This gives it immediate credibility and user base. It also means our development will integrate with systems that banks are already piloting, rather than competing with them. In summary, our solution brings real-world bank money onto Cardano in a way that’s secure, regulated, and technologically compatible via Milkomeda – effectively marrying Cardano’s network benefits with the trust of traditional finance.
Please define the positive impact your project will have on the wider Cardano community
Positive Impact on Cardano Ecosystem This project has the potential to be transformative for Cardano’s adoption in enterprise and fintech contexts. By introducing a regulated euro token on Cardano, we empower many new use cases and significantly lower the barrier for businesses to utilize Cardano. Some key impacts include:
Enterprise Adoption & Volume Cardano will become one of the transaction networks for major banks and industries via CBMT. In the initial proof-of-concept, companies like Siemens, Mercedes-Benz, and BASF participated alongside banks. If Cardano is integrated, future phases can route some of their transactions through Cardano. This could lead to a surge in transaction volume on Cardano (e.g. frequent machine-to-machine payments, supply chain settlements, etc.), showcasing Cardano’s throughput and reliability in real industrial settings. The CBMT trials demonstrated that tokens can be used for anything from basic transfers to streaming payments, meaning Cardano could see a blend of microtransactions and high-value transactions 24/7. Such usage directly aligns with the Fund’s goal of driving high-volume, mainstream transactions on Cardano.
Liquidity and DeFi Boost Having a stable, bank-backed euro token in the Cardano ecosystem will greatly enhance the DeFi landscape. Cardano’s DeFi has struggled with liquidity partly due to lack of widely used stablecoins. By filling this gap, CBMT can act as a trusted stable liquidity source for Cardano DApps (e.g. as a trading pair on DEXes, or as a stable store of value in lending platforms). According to Emurgo (Cardano’s commercial arm), increasing stable token availability is crucial as “stable tokens will be a corridor for external liquidity to come into the Cardano ecosystem” and deeper stablecoin liquidity can attract more real-world asset projects (emurgo.io).
Our project directly contributes to this by adding a high-quality stable token. This could catalyze more DeFi activity and even encourage other institutions to issue regulated assets on Cardano (since a precedent with major banks will have been set).
Reputation and Trust: Integrating CBMT elevates Cardano’s profile in the traditional finance sector. It sends a strong signal that Cardano is compatible with and welcoming to regulated finance products. This reputational boost can lead to further partnerships: other banks or enterprises might consider Cardano for their blockchain projects once they see it successfully working for the CBMT use case. In essence, Cardano becomes known as a blockchain that banks can work with, which is a significant positioning advantage in the race for enterprise blockchain adoption.
Financial Inclusion & New Services In the longer term, a bank-backed token on Cardano could enable services for ordinary users as well (if whitelisting is expanded or if banks allow clients to access these tokens). For instance, fintech apps on Cardano could offer users the ability to hold digital euros (CBMT) in a Cardano wallet, with the confidence that it’s effectively a bank deposit. This bridges the gap between crypto and traditional banking for end-users, fostering mainstream acceptance of Cardano-based services. While initially CBMT transactions are B2B, success could eventually encourage banks to explore more retail or SME-facing solutions on Cardano.
Open-Source Contribution We will release our integration code open source, meaning the Cardano developer community can build on our work. This includes smart contracts, perhaps scripts for interoperability, and documentation. The benefit is twofold: developers can create new applications using CBMT (e.g., incorporate CBMT into dApps for payments or remittances), and the code can serve as a reference for integrating other asset systems with Cardano. It effectively adds to Cardano’s technical toolkit for interoperability.
Overall, the project’s impact is to firmly embed Cardano in the evolving landscape of digital finance. It transforms what could have been a missed opportunity (Cardano being left out of a major banking initiative) into a big win: Cardano as a key player enabling real-economy transactions on blockchain. The introduction of a compliant euro token not only solves an immediate ecosystem need, but also paves the way for sustained growth, higher utility for ADA (as ADA will be used for fees on these transactions), and greater confidence from both community members and external observers in Cardano’s real-world applicability.
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’s capability to deliver this project is extremely solid, rooted in both technical expertise and direct involvement in the CBMT initiative. We outline our qualifications and plan for ensuring feasibility:
Experienced & Credible Team Blockchain Helix (the applicant) has been operating in the blockchain space since 2016, specializing in digital identity and enterprise blockchain solutions. Crucially, we are already the technical lead for the CBMT project – for instance, we developed the official wallet for the Commercial Bank Money Token and operate the infrastructure European Public Network.
This means we deeply understand the CBMT architecture, compliance requirements, and the expectations of the participating banks. Our team has also collaborated with major corporations like Mercedes-Benz and Deutsche Telekom on blockchain projects, evidencing our ability to work at the intersection of enterprise needs and blockchain tech. Key members include senior blockchain engineers (experts in Solidity/EVM), a project lead who sits on the board of the European Public Network (the Ethereum-based network used in CBMT trials), and experienced project managers (details in Project Team section). Collectively, we have decades of experience in blockchain development and IT project delivery. We are confident in our capacity to deliver a secure and robust solution, and our reputation with the consortium is on the line – which further incentivizes us to perform with high accountability.
Technical Feasibility From a technical standpoint, the project is feasible because it builds on known components and previous work. The CBMT has already been implemented on EVM-compatible platforms in the PoC (e.g. on an Ethereum permissioned network). Milkomeda C1 is an EVM sidechain, so the core token logic can be ported or re-developed in Solidity with minimal surprises. Cardano’s sidechain environment means we do not have to deal with the differences of Cardano’s native UTXO model for the token itself – instead, we operate within an Ethereum-like environment for CBMT and then rely on Milkomeda’s bridge to Cardano mainnet for any needed interactions. This dramatically lowers technical risk, as we’re working with tools and languages (Solidity, Ethereum libraries) the team is fluent in. Moreover, the infrastructure (Milkomeda) is already live and Catalyst-funded; we are essentially utilizing an existing highway to bring the banks’ token to Cardano. We will validate feasibility early by creating a working prototype: e.g., deploying a basic CBMT contract on Milkomeda devnet and performing a test transfer between two dummy bank accounts. Early success criteria will include confirming that whitelisting logic works on-chain and that transactions can be observed and controlled as intended.
Risk Management & Compliance One potential challenge is ensuring that the Cardano sidechain integration meets bank compliance standards (security, data privacy, etc.). Our advantage is that we are already familiar with these standards from the CBMT trials. We will incorporate necessary features like address whitelisting, transaction monitoring hooks (if banks require audit trails of token movements), and emergency freeze or roll-back functions as needed (for example, to allow an issuing bank to halt CBMT transfers on Cardano in case of misuse, as per CBMT design principles.
We intend to engage an external security audit for the smart contracts in Milestone 2 or 3 to ensure the code is airtight and meets industry best practices. This is part of our feasibility validation – if auditors approve and we pass a series of test scenarios (e.g., trying to break the whitelist rules, testing settlement finality), it will give both us and the banks confidence to proceed to mainnet launch.
Milestones & Iterative Validation We have structured the project into clear milestones (see below) that each produce tangible outputs and checkpoints. This iterative approach ensures feasibility is continuously validated. For example, Milestone 1 delivers the integration architecture and a prototype; this will be reviewed with stakeholders to confirm our approach meets their requirements before heavy coding starts. Milestone 2 focuses on completing the smart contracts and basic internal tests – by the end of it, we’ll have a functional CBMT-on-Cardano on a testnet, which proves the concept end-to-end in a sandbox. If any critical issues arise, we’ll catch them early and adjust (feasibility checkpoint). Milestone 3 involves running pilot transactions with an actual bank or corporate user in a test environment – this is the ultimate real-world feasibility test: if a bank’s treasury system or a corporate’s account can successfully execute a CBMT payment on Cardano, we know the approach works in practice. Only after these validations do we proceed to Milestone 4 (deployment on mainnet). By gating the project with these milestones and acceptance criteria, we ensure that at each step the approach remains viable and aligned with user needs.
Accountability & Transparency Our plan is to maintain public documentation and updates throughout the project. We will publish progress reports at each milestone, including any test results and challenges encountered. Given the open-source nature, the Cardano community and Catalyst advisors can observe and even participate in testing (for instance, we could open a testnet demo for community members to try sending a CBMT test token). This transparent approach holds us accountable to high standards. It also provides additional validation: feedback from the community or experts can be incorporated to improve the solution’s feasibility (e.g., suggestions for optimizing performance on Cardano, or ensuring compatibility with Cardano wallets). By project end, we intend to have comprehensive documentation Cardano developers alike can understand how the integration works and trust its integrity.
In summary, our team has the right expertise, a concrete plan, and the support of key partners to confidently deliver this project. We have already effectively delivered a similar component (the CBMT wallet and infrastructure) in the past, and this proposal is a logical extension of that work onto Cardano. The feasibility is reinforced by using known technology (Milkomeda and Solidity) and by having direct access to the eventual end-users (banks/enterprises) for iterative testing. We will validate each aspect of the approach through prototypes, audits, and stakeholder testing, ensuring that by the time of final deployment, the solution is battle-tested and ready for real usage.
Milestone Title
Milestone 1: Architecture Design & Prototype (Month 2, ~30% progress)
Milestone Outputs
A complete solution architecture and a working prototype of CBMT on Cardano in a test environment. We will produce an Architecture Document detailing the system design (including smart contract designs, how the whitelist/permission system will function on Cardano, the bridging mechanism via Milkomeda, security measures, etc.). Additionally, we will set up the development/testing environment on Milkomeda (nodes, wallets, etc.) and deliver a simple prototype smart contract – e.g., a rudimentary CBMT token contract deployed on Milkomeda devnet – to validate key assumptions. This prototype will allow a basic token issuance and transfer between two test accounts to demonstrate feasibility. We’ll also produce a Compliance Plan outlining how KYC/whitelisting and bank controls will be implemented in the Cardano context (this may be part of the architecture doc).
Acceptance Criteria
The architecture document must be reviewed and approved by our internal team. It should address all critical areas: security, compliance, scalability, interoperability with existing CBMT processes. The prototype should successfully execute a test token transfer on Milkomeda devnet or testnet: e.g., mint 100 units of “CBMT-Test” token to Bank A’s test address and transfer a portion to Bank B’s test address, with the transfer obeying a simplistic whitelist (two hardcoded test addresses as allowed participants). Successful execution of this end-to-end flow (mint -> transfer -> settle) in a controlled environment will demonstrate that the core idea works on Cardano. We will consider Milestone 1 accepted when we have a video or log of a test transaction with the prototype showing expected behavior (e.g., a screenshot of the transaction on a block explorer, and proof that disallowed addresses cannot receive the token).
Evidence of Completion
We will provide the Architecture Document (PDF or markdown in repo) as evidence, along with meeting notes. For the prototype, we will publish the prototype smart contract code in our repository and provide a demo report: this could be a short report or recording demonstrating the test deployment and token transfer. Transaction IDs from the Milkomeda testnet (or screenshots from the explorer) will serve as evidence that the prototype worked. All this evidence will be linked in our milestone deliverable update on Catalyst.
Delivery Month
2
Cost
150000
Progress
30 %
Milestone Title
Milestone 2: Smart Contract Development & Internal Testing (Month 4, ~50% progress)
Milestone Outputs
Full implementation of the CBMT smart contracts and core system on a test network, with comprehensive internal testing. This includes the CBMT Token Contract on Milkomeda (implementing all required features: mint/burn by virtual banks, whitelist-based transferable, compliance hooks) and any Bridge/Integration Logic required (for example, scripts or services that integrate Cardano addresses with the banks’ existing CBMT systems – possibly an off-chain component for token conversion between networks, if needed). We will also develop an Admin Interface (likely command-line scripts or a simple UI) for banks to monitor their tokens on Cardano (e.g., a way for a bank operator to whitelist an address or to initiate a token issue or redemption on Cardano). By the end of Milestone 2, the system will be functionally complete in a dev/test setting. We will conduct thorough internal testing: unit tests for smart contract functions (ensuring only authorized actions work, unauthorized actions are blocked), and scenario tests (simulating a few transaction flows between multiple parties). If feasible within this milestone, we will also initiate a security audit of the smart contracts by a third-party auditor (the audit might conclude in Milestone 3, but initiation means we submit code for review).
Acceptance Criteria
The CBMT-on-Cardano system should be feature-complete and passing all internal tests. Specifically: (1) Smart contracts deployed on a Milkomeda testnet environment with all intended functionalities working (minting by virtual bank’s key, transfers with whitelist enforcement, burning/redemption mechanics, etc.). (2) Internal test cases covering key scenarios (e.g., valid transfer, blocked transfer to unwhitelisted address, mint limits, atomic swap simulation if applicable) should all pass. We'll require at least, say, 90% of planned test cases to succeed and any critical bugs resolved. The code should be ready for external review – meaning it’s documented and meets basic quality standards. Additionally, if an external security audit is part of this milestone, the acceptance criterion is that the audit is commissioned and the auditor’s initial feedback doesn’t reveal any show-stopper vulnerability (if it does, we fix and iterate until the code is secure). Auditing approval will be part of Milestone 3. Milestone 2 is considered achieved when we have a working “beta” version of the solution on testnet that the team can use to perform end-to-end transactions reliably, and we have confidence (internally and via preliminary audit results) in its security and correctness.
Evidence of Completion
We will provide access to the source code repository with the completed smart contracts and documentation (e.g., a README explaining how to deploy and test). We will also produce an Internal Test Report summarizing the test scenarios executed and the outcomes (for transparency, possibly including screenshots or logs of test transactions, and references to specific commits/tests). If an audit is done, we’ll share the Audit Report (initial) or at least a confirmation from the auditor that the code was reviewed and issues (if any) were addressed. The final auditor conf.rmation is part of Millestone 3. Another piece of evidence will be a deployed instance on a test network: we can share the contract address on Milkomeda devnet/testnet and a few example transaction hashes demonstrating that the contract functions as expected. Essentially, anyone could verify on the testnet explorer that, for example, address X (Bank A) sent Y tokens to address Z (Bank B) and that it succeeded only after whitelisting. This transparent evidence will back the milestone completion.
Delivery Month
4
Cost
100000
Progress
50 %
Milestone Title
Milestone 3: Integration Testing with Partners & Pilot Transactions (Month 6, ~70% progress)
Milestone Outputs
A pilot deployment of the CBMT-on-Cardano system in collaboration with at least one or two consortium partners (banks or corporates), and the execution of pilot transactions in a controlled environment. In this milestone, we move from internal testing to involving external partners to validate the system under real-world conditions. Outputs include: an instance of the system deployed on a pre-production network or restricted mainnet environment (could be Milkomeda testnet or even mainnet with test tokens), User Acceptance Testing (UAT) reports from partners, and refinements to the system based on feedback. We will coordinate with a partner bank or virtual bank and another bank or corporate to conduct a trial run: Bank A will issue a small amount of CBMT on Cardano and transfer to Bank B’s Cardano wallet, then perhaps simulate conversion back or multi-party transfers. We will output a Pilot Report detailing these transactions and any issues encountered/solved. Additionally, by this stage, all compliance procedures (whitelisting process, key management, etc.) will be demonstrated with the actual users – so we will deliver any training or documentation for the partner (showing how a bank would use the admin interface to whitelist an address, for instance). If any final features or fixes are needed as discovered in testing, we will implement those in this milestone as well (outputting an updated code version). Auditing approval will be final.
Acceptance Criteria
The critical acceptance criterion is successful completion of end-to-end pilot transactions between actual consortium participants on the Cardano network. For example, if Bank A and Bank B are involved, then: Bank A can mint a CBMT token on Cardano corresponding to a deposit (in a test scenario, maybe a dummy value), Bank B receives it on Cardano, and both confirm the transaction was atomic and reflected properly in their systems (even if manually). Success is measured by getting confirmation from these partners that “Yes, we were able to perform a CBMT transfer via Cardano and it worked as expected.” Specifically: (1) At least one cross-organization transaction with CBMT on Cardano is executed without issues (and with compliance checks in place). (2) Any feedback from the partners (e.g., regarding usability or integration with their internal processes) is addressed – meaning the system is deemed usable and acceptable by those partners. (3) Security and performance are validated in a live environment: for instance, demonstrate that the system can handle multiple transactions or that latency is within acceptable bounds for the partners. Also, by this milestone, we expect the external security audit to be finalized with all identified issues resolved – a criterion for acceptance will be having a clean bill of health from auditors. We also expect that by end of M3, we have any necessary go-live approvals from stakeholders. In short, Milestone 3 is accepted when real users have tested the system and given a green light, and all technical and security checks are green.
Evidence of Completion
We will provide a Pilot Transaction Log – details of the pilot transactions (transaction IDs on Cardano/Milkomeda, timestamps, participating addresses) and a statement from the involved partners on the outcome. This might include a short letter or email. The Pilot/UAT Report will document the scenarios run, any issues found, and how they were resolved. We will also provide the final Audit Certificate or Summary from the security audit to demonstrate the system is secure. Additionally, updated documentation (user guide for banks, etc.) will be shared, showing that we have all the pieces needed for operation. If possible, we might also present a short demo video to Catalyst/the community summarizing the pilot (without revealing any sensitive info) – as public evidence of how it works. The code repository will be updated with any refinements from this phase, and we will tag a release candidate version. All these together will evidence that we have a working, tested system ready for production launch.
Delivery Month
6
Cost
150000
Progress
70 %
Milestone Title
Milestone 4: Mainnet Deployment & Documentation (Month 8, ~100% progress)
Milestone Outputs
The final deployment of CBMT on the Cardano network (Milkomeda mainnet) and comprehensive documentation and handover.
Key outputs: Deployment of Smart Contracts on Milkomeda Mainnet – this means the CBMT token contract (and any auxiliary contracts or configuration) will be live on the production sidechain and ready for real usage by consortium banks. We will generate the Genesis CBMT tokens on Cardano for participating banks (likely a small amount for each bank to initialize their balances, or as required by the consortium). We will also produce a Complete Documentation Suite, including: Technical docs (protocol specs, contract addresses, integration guides), Operational docs for banks (step-by-step guides on how to use the system, manage keys, perform token operations), and an API/Interface guide if we have built any API services. Additionally, we’ll deliver a Final Report summarizing the project, results, and next steps/recommendations (for example, suggestions for the consortium on scaling usage, or for the Cardano community on building on this). If required, we will assist the consortium in any last-mile tasks like node setup on Milkomeda or connecting their existing CBMT infrastructure to Cardano – and document that in a handover plan. Finally, we will perform a community presentation or demo (Final Pitch) to showcase the solution to Catalyst and the Cardano community, demonstrating the live deployment.
Acceptance Criteria
The CBMT system on Cardano is live and functional for mainnet usage by the intended users. Specifically: (1) All smart contracts are deployed on Milkomeda mainnet (with their addresses recorded in documentation) and verified. (2) A sample real transaction is performed on mainnet as a final sanity check – e.g., Bank A sends 1 unit of CBMT to Bank B on mainnet (with authorized personnel, likely as a ceremonial first transaction) – and it succeeds with all rules enforced. (3) All documentation is completed and reviewed by relevant stakeholders (for accuracy and completeness). The documentation should be sufficient that a new technical person from a bank could understand how to onboard Cardano, or a Cardano developer could grasp how CBMT works on the network. (4) Our final presentation is delivered to Catalyst (fulfilling any Catalyst reporting requirements). In essence, Milestone 4 is accepted when the system isn’t just ready in theory, but actually in production and handed over: the banks have what they need to use it, and the Cardano community has visibility into it.
Evidence of Completion
We will provide the Mainnet Contract Addresses and a link to the Milkomeda explorer showing the contracts and initial transactions (for example, a transaction hash of the first CBMT token transfer on Cardano mainnet). The Final Documentation Package will be shared (likely via a GitHub wiki or PDF compilation), which can be verified for completeness. For Catalyst, we will publish the Final Report highlighting that all milestones were achieved and the project outcomes (including any metrics like how many banks are onboard at launch, etc.). The final public demo recording or slides will also be evidence of completion, showing the working system. Additionally, because this is open source, the community can inspect the live network state – for instance, we might encourage Catalyst members to verify that the contract is live and perhaps even interact with a faucet or test token distribution (if allowed) to see it in action. All such evidence will be compiled to conclusively demonstrate that the project is finished and successful.
Delivery Month
8
Cost
100000
Progress
100 %
Please provide a cost breakdown of the proposed work and resources
We request 500,000 ADA and below is the breakdown of how this budget will be allocated across the project components:
Our cost breakdown is designed to ensure value for money: the bulk goes to building the product (which directly benefits Cardano and the users), while sufficient allocation is given to ensure that building process is well-managed and the product is secure and compliant. The percentages (70/10/20) reflect a focus on engineering while not neglecting infrastructure stability and proper oversight. In terms of absolute values, 500k ADA (at current value, depending on ADA price) is a reasonable budget for an 8-month project of this scope. It allows us to retain a skilled development team and cover expenses for 8 moths We have benchmarked this against typical costs: for instance, hiring experienced blockchain developers and auditors can be expensive, but by leveraging our in-house team and open-source tools, we maximize output per ADA spent. The budget is also within the Fund’s parameters (between the 250k and 1M ADA range for the category), showing that our request is moderate and justified for the ambitious deliverables promised.
We will maintain detailed accounting internally to ensure each ADA is used effectively. If there are any significant savings or unneeded funds (for example, if infrastructure costs less than anticipated), we would channel those into additional value-add activities like extended testing or community workshops around the solution, thereby further benefiting the Cardano ecosystem.
How does the cost of the project represent value for the Cardano ecosystem?
This project represents an excellent value proposition for the Cardano ecosystem given its cost vs. the anticipated benefits and outcomes. Here’s why our requested 500k ADA is a worthwhile investment:
In conclusion, spending 500k ADA on this proposal yields disproportionately high value: it brings real-world bank adoption, a much-needed stable token, and showcases Cardano’s interoperability strength. The cost is justified and efficient, given we utilize existing tech and an experienced team. The positive outcomes: increased transactions, liquidity, reputation, and open-source tools — will continue to benefit Cardano long after the initial investment. By funding this, the Cardano community secures a foothold in a major financial innovation, demonstrating a clear and compelling use case that can attract even more users and partners to the ecosystem. This aligns perfectly with Catalyst’s mission to drive adoption and innovation on Cardano, making our proposal a high-value win for the community. (References: Emurgo emphasizes stablecoin liquidity draws real-world assets; major banks see CBMT’s potential and are expanding it – our project ensures Cardano is part of that future expansion.)
Terms and Conditions:
Yes
Our team is composed of seasoned professionals in blockchain development and project delivery, with specific experience relevant to CBMT and Cardano:
Team’s Strengths Our team combines deep technical skill in blockchain (especially Ethereum-based tech) with direct domain experience in the CBMT project. We already speak the language of both the Cardano ecosystem and the banking consortium. This allows us to efficiently bridge requirements and implement solutions that satisfy all stakeholders. The team’s composition covers all necessary roles – leadership, project management, development, testing, and deployment. We also have access to advisors from the CBMT consortium (e.g., a compliance expert or a banking IT architect) whom we can consult if specialized input is needed, although they are not listed as core team members. With this team, we are confident in delivering the project with high accountability: each member has a clear role, and collectively we have delivered similar complex projects in the past.