Last updated 5 months ago
The Cardano ecosystem lacks liquidity and a variety of stablecoins. This restrains the DeFi ecosystem from thriving and disallows Cardano startups from having responsible onchain treasury management.
Rare Network in partnership with Frax will bring a well established and known DeFi ecosystem team to build on Cardano, introducing stablecoins, crosschain features, and deep liquidity.
This is the total amount allocated to Launching the Frax Stablecoin & DeFi Ecosystem on Cardano.
Please provide your proposal title
Launching the Frax Stablecoin & DeFi Ecosystem on Cardano
Enter the amount of funding you are requesting in ADA
850000
Please specify how many months you expect your project to last
12
Please indicate if your proposal has been auto-translated
No
Original Language
en
What is the problem you want to solve?
The Cardano ecosystem lacks liquidity and a variety of stablecoins. This restrains the DeFi ecosystem from thriving and disallows Cardano startups from having responsible onchain treasury management.
Supporting links
Does your project have any dependencies on other organizations, technical or otherwise?
Yes
Describe any dependencies or write 'No dependencies'
We will work in direct partnership with the Frax team as they will be primarily developing the stablecoin on Cardano, while Rare Network will be responsible for business development, ecosystem activations, and marketing throughout Cardano by funding via Building the Frax DeFi Stablecoin Ecosystem on Cardano - Powered by Rare Network / Rare Evo.
Will your project's outputs be fully open source?
Yes
License and Additional Information
NA
Please choose the most relevant theme and tag related to the outcomes of your proposal
Stablecoin
Describe your established collaborations.
Rare Network and Frax have a rich history of collaboration. Frax has participated as an exhibitor and/or speaker at Rare Evo in both 2024 and 2025.
Sam helped lead the Cardano Soveirgn Wealth Fund workshop hosted at Dev & Governance Day 2025, alongside Charles and other community leads.
Charles interviewed Sam as a renowned fouder 4 years ago on his Youtube.
Describe funding commitments.
With the 800k in $ADA funds provided, Rare Network will launch an ecosystem luanch and marketing campaign for Frax on Cardano. In exchange, Frax will commit to building their stablecoin on the Cardano blockchain.
Describe your key performance metrics.
The primary KPI is bringing millions of additional dollars worth of stablecoin liquidity to the lacking Cardano DeFi ecosystem. Frax presence on Cardano will greatly increase the amount of stablecoin liquidity on Cardano.
Please describe your proposed solution and how it addresses the problem
Frax has built a top 10 stablecoin ecosystem on 14 different chains with a market cap of $676,000,000 USD (all time high of $3B USD). This world renowned DeFi team is ready to bring their stablecoin ecosystem onto Cardano. In order to properly launch the FRAX stablecoin on Cardano, Rare Network will lead project management on marketing, community building, and Cardano ecosystem partnerships (business development for Frax specifically within the Cardano community). Funds will be spent to activate properly in the Cardano ecosystem as a project team, forming partnerships with other project teams, such as DEXs, dev shops, KOLs, and other individuals or organizations to collaborate on various initiatives.
Rare Network will do the following in order to better guarantee a successful onboarding of the Frax team to Cardano:
Designate a Cardano ecosystem project team for the Frax launch.
Produce a project plan and timeline for the launch that is aligned with Frax R&D efforts.
Curate multiple marketing campaigns and educational programs to onboard users to the Cardano DeFi ecosystem in partnership with Frax.
Build partnerships with trusted Cardano project teams and leadership who will aid the launch of Frax whether it be specialty R&D contract work, DEX listings, or marketing work.
Host trading competition with Cardano ecosystem partners.
Host a DeFi hackathon with bounties and prizes at Rare Evo 2025 including Frax.
Create a short film highlighting the project.
This project will integrate the Cardano community within the existing Frax DeFi community, strengthening both overall. By doing so, this will allow Frax to responsibly allocate their limited time and resources on building within the ecosystem, ensuring a higher success rate for the launch as a whole. The business development and marketing campaigns developed by Rare Network will act as an accelerator to launching a stablecoin on Cardano that is already connected to 14 other chains, bringing deep liquidity to and revolutionizing the Cardano DeFi ecosystem.
Please define the positive impact your project will have on the wider Cardano community
Integrating the FRAX stable token into the Cardano ecosystem would introduce deep liquidity of a trusted stablecoin, enabling it to pair seamlessly with Cardano-native assets on decentralized exchanges. This addition would attract more traders and empower projects with effective treasury management options, allowing them to hold a portion of their assets in stable tokens to navigate bull and bear market cycles securely.
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?
Rare Network has a trusted blockchain industry reputation inside and outside of the Cardano community, as well as the Project Catalyst ecosystem.
Throughout the past year, Rare Network has built a strong relationship with Frax. In 2024 we had Sam Kazemian, on our mainstage DeFi panel at Rare Evo, our annual blockchain industry conference. Through this relationship building, we have been able to strengthen trust and showcase our competence as a business in order to earn this collaboration opportunity with a world renowned DeFi team.
The Frax team has committed to develop their stablecoin on Cardano. They have developed FRAX on 14 blockchains, therefore showing they are one of the most capable teams on earth to build on Cardano. In order to do this responsibly, they need to properly enter the Cardano ecosystem. Rare Network who has built trust within the Cardano ecosystem for 5 years and communicates with nearly every single Cardano project, due to the nature of their annual blockchain conference, are the bridge of trust to succeed as a launch/biz dev partner.
Please see video evidence of our past interactions with Frax below:
Please view our past closeout video submissions in prior fund categories to better understand our level of professional production, consistent fair use of funds, and proven track record of executing to completion for the mutual benefit of the Cardano blockchain and our ever-growing Cardano originated business (Rare Network started off as RARE stake pool over 3 years ago -- more proof of our technical abilities and knowledge of the ecosystem):
Latest Project Catalyst Closeout Videos by Rare Network:
Community Stage & Livestream:
NFT Ticketing on Cardano for Rare Evo:
Rare Social Singapore Token 2049:
Paris Blockchain Week - Rare Social: A Cardano Side Event & Vlog (322k views on X!):
Token2049 Dubai - Rare Social: A Cardano Side Event & Barcelona Fund 12 Launch Working Group (an impactful event produced by Rare Network) with Vlog:
Rare Bloom - A Cardano Community Event 2022: Mainstage & Live Stream Production:
Can't get enough? Check out the recap of our past three annual conferences! The largest Cardano community originated event in the world!
2024 Rare Evo Vegas Sizzle Reel:
2023 Highlights of Rare Evo:
2022 Highlights of Rare Bloom Promoting Rare Evo 2023:
You can find more of our media, including project interviews, on our YouTube!
Milestone Title
Complete a project plan.
Milestone Outputs
The task is to create a single project plan in spreadsheet format for the Frax Cardano ecosystem launch. The sheet should outline key phases—Preparation, Pre-Launch, Launch, and Post-Launch—covering strategy, development, marketing, partnerships, compliance, and community. Each task should include owners, timelines, dependencies, and milestones, serving as both a tracking tool and communication dashboard to ensure accountability and smooth execution.
Acceptance Criteria
Acceptance criteria: The project plan must be in spreadsheet format, include clear phases, tasks, owners, timelines, dependencies, and milestones. It should enable tracking, accountability, and communication for the Frax Cardano ecosystem launch.
Evidence of Completion
A finalized spreadsheet shared with stakeholders, showing all tasks, timelines, owners, and milestones for the Frax Cardano ecosystem launch. This will be available publicly in a google Drive with live and versioned documents.
Delivery Month
1
Cost
170000
Progress
10 %
Milestone Title
Complete program launch marketing campaign documentation.
Milestone Outputs
The milestone output is a comprehensive marketing campaign document defining Frax’s ecosystem launch on Cardano. It should outline objectives, target audience, key messages, promotional channels, and activation timeline. The document will align stakeholders on strategy, ensure coordinated execution, and provide a roadmap for building awareness, engagement, and adoption across the Cardano community and broader market.
Acceptance Criteria
This document will outline the full launch plan for Frax’s program on Cardano, specifying the official launch date and detailing the marketing campaign activities, channels, and messaging to drive awareness and adoption.
Evidence of Completion
The finalized marketing campaign document is delivered in an organized format via Google Drive, accessible to all stakeholders for review and execution.
Delivery Month
2
Cost
170000
Progress
20 %
Milestone Title
Hackathon Activation
Milestone Outputs
The milestone output involves formally announcing the hackathon and clearly detailing the bounty structure to attract participants. This includes publishing official information across multiple social media platforms, creating engaging posts that highlight objectives, rules, and rewards. The campaign ensures wide visibility, builds excitement, and encourages developer and community participation in the hackathon.
Acceptance Criteria
The hackathon is considered officially announced once clear details, including prize amounts and bounty structure, are publicly shared. Social media and marketing posts must reflect accurate, consistent information.
Evidence of Completion
Provide the live hackathon webpage link, social media posts showcasing the event, and organized documentation via Google Drive for stakeholder access.
Delivery Month
4
Cost
170000
Progress
30 %
Milestone Title
Provide a project update and timeline.
Milestone Outputs
The milestone output is a comprehensive project update that includes the latest version of the project plan. It should reflect all current tasks, timelines, responsible owners, dependencies, and progress. The update provides stakeholders with a clear snapshot of the project’s status, highlights any changes or adjustments, and ensures alignment across teams for the next phases of the Frax Cardano ecosystem launch.
Acceptance Criteria
Acceptance criteria: The project update and updated project plan must provide stakeholders with clear insight into all deliverables, timelines, responsibilities, and current progress, ensuring transparency and alignment.
Evidence of Completion
Evidence of completion: The finalized project update and project plan are delivered in an organized format via Google Drive for stakeholder access and review.
Delivery Month
5
Cost
170000
Progress
50 %
Milestone Title
Podast & Closeout Video
Milestone Outputs
The milestone outputs include a podcast featuring the Cardano and Frax ecosystem teams to provide a visual update on project progress, highlight team members, roles, and contributions, and show Frax’s integration into Cardano. Additionally, a project closeout video and finalized assessment document summarize achievements, lessons learned, and provide a complete record of the project for stakeholders and the community.
Acceptance Criteria
Acceptance criteria: The deliverables must showcase the project team, their contributions, Frax’s progress in the Cardano ecosystem, project successes, lessons learned, and confirm formal completion of the project.
Evidence of Completion
Evidence of completion: Podcast and closeout video uploaded to YouTube/social media, final assessment delivered to leadership/community, and all documentation organized on Google Drive.
Delivery Month
10
Cost
170000
Progress
100 %
Please provide a cost breakdown of the proposed work and resources
Cost breakdown from 800,000 $ADA requested:
20% - Partner Ecosystem & Launch Activations
10% - Administrative Services
10% - Operational Overhead
20% - Marketing Budget
20% - R&D
20% - Hackathon Bounties & Sponsorship
How does the cost of the project represent value for the Cardano ecosystem?
One of the biggest concerns of the Cardano ecosystem is the lack of a healthy stablecoin presence. This proposal will solve that, allowing Frax to properly form relationships within the community and launch FRAX stablecoin on Cardano.
In short, this is a 800k $ADA proposal, that will ultimately bring 100s of millions in stablecoin liquidity.
Terms and Conditions:
Yes
Rare Network Leadership Team:
WES PARKINSON (https://www.linkedin.com/in/wes-parkinson-8591526a/ or https://twitter.com/RareEvo))
Co-Founder of Rare Network, Wes has 13 years of global software sales and services experience within the Content Services industry. Wes created the RARE stake pool with Rand in 2020. Wes has a bachelor’s degree in Information and Telecommunication Systems with a minor in Business and Marketing. Wes primarily manages global sales and partnerships at Rare Network.
RAND MCHENRY (https://www.linkedin.com/in/rand-mchenry-126b25145/ or https://twitter.com/RandCorp_eth))
Co-Founder of Rare Network, Rand has 15 years experience creating live events and has been working in the crypto space for 7 years. Rand was an award winning pioneer in the cannabis industry. Additionally, he was a Sales Director for a $40M annual revenue logistics company. Rand primarily manages business development and event production at Rare Network.
EVAN FISCHER (https://www.linkedin.com/in/evan-fischer-01a9a6113/))
Core member of the Rare Evo team, Evan heads business operations at Rare Network, with 10 years experience in live events production and co-founder of Lucid Investments with a focus in Web3 gaming.
Frax Leadership Team:
SAM KAZEMIAN - Founder@ Frax (https://en.wikipedia.org/wiki/Sam_Kazemian)) is an Iranian-American software programmer. He is the founder of Frax, a decentralized stablecoin cryptocurrency protocol. He founded Everipedia, a for-profit, wiki-based online encyclopedia December 2014 and later served as its President. In 2019, he began development of Frax, a fractional stablecoin cryptocurrency. By January 2022, Frax is ranked the 5th largest (now 10th) stablecoin by market capitalization. With just eight people, it earned $83 million in revenue in 2021 and $46 million in the first half of 2022, making money through trading fees and lending.
The Rare Network team also consists of members, Vincent, Kevin, and Shafiq, who are the co-founders of VCD Studio, the media and development wing of the organization.
Vicario Communications & Design Studio (aka VCD Studio) is an international software development, video production and marketing specialized firm. Since 2013, the company's focus has been on increasing business efficiency through robust software integration and marketing strategy. This well rounded focus and experience ensures a positive user experience and project viability.
Regarding software, the team has developed the RareEvo.io Wallet Connect, RareEvo.io Website, E-Commerce Website Platforms, Event QR Ticketing Platforms, Rental Equipment Software, Inventory Management Systems (IMS), Customer Relation Management (CRM), API Database Integrations i.e. Shipping Label Propagation and much more.
Regarding video production and marketing, the team specializes in video advertising, interviews, short and long form content, Pay Per Click (PPC) and digital and print graphic creation.
VCD Studio is owned and operated by Vincent Vicario, Kevin Vicario and Shafiq Pasha. This core team has a combined experience of more than 75 years in computer technology. The team is continually committed to pushing the boundaries of all things digital.
Vincent Vicario is an entrepreneur, owner/partner and President of Vicario Communications & Design Studio, an international software development, video production and marketing specialized firm.
Vincent has a Bachelor's degree in Business Management from University of Cincinnati, and an impressive knowledge and experience in front end/back software development, video production/editing and digital advertising. Vincent uses his skills to produce user friendly and robust software integrations and other digital interactions.
Kevin Vicario is an entrepreneur, owner/partner and Creative Director of Vicario Communications & Design Studio, an international software development, video production and marketing specialized firm.
Armed with a Bachelor's degree in Strategic Communications from Miami University in Oxford, Ohio, with a specialized focus on marketing and journalism, Kevin uses his skills in crafting compelling narratives to provide impactful digital and physical marketing strategies and software.
Shafiq Pasha is owner/partner and Technology Director of Vicario Communications & Design Studio, an international software development, video production and marketing specialized firm.
Shafiq has his Master of Computer Applications - MCA focused in Computer Software Engineering from Al-Ameen Institute of Information Science, and manages a team of software developers for VCD Studio’s entity in India. He has a significant amount of experience in front end/back software development. Shafiq is skilled in LARAVEL Frameworks, SQL, PHP, also Visual Basic .NET (VB.NET), C, and C++ and uses his knowledge to coordinate the production of robust and quality software integrations.
Rare Network Core Team:
LIAM WORSDELL (https://twitter.com/LetsTalkWerz))
As the Creative Director at Rare Network and entrepreneur in web2 with a background in property development, Liam brings a unique perspective to his role. Prior to his current position in real estate, he was a travel vlogger, proficient in producing and editing media content. Now, as the Creative Director at Rare Network, he is tasked with leading and creating all aspects of content and social media. Liam's responsibilities include crafting strategies and implementing creative solutions to drive engagement and brand growth. He finds joy in meeting new people and contributing to the growth of Cardano's remarkable individuals within its ecosystem.
NATHAN MANTIA (https://twitter.com/D3vryn))
Nathan is Rare Network's Cardano account manager and content coordinator. With over 2 decades in hospitality management, Nathan is a seasoned professional known for crafting exceptional guest experiences. He's been immersed in blockchain technology, particularly the Cardano ecosystem, for the past 8 years. He has a bachelor's degree in Physics with a minor in Mathematics.
CLAIRE PARKINSON (https://www.linkedin.com/in/claire-parkinson-120940284/))
As the customer relations lead at Rare Network, Claire helps onboard our exhibitors and sponsors to our main conference and produced side events. Additionally, she assists in content coordination, partner relations, and vendor communication. Claire has a bachelor's degree in psychology from the University of Cincinnati and has invested in crypto since 2019. Prior to her work at Rare Network, Claire built her decade long career as a professional child caregiver raising the next generation, a teacher, and also has past sales experience.