Last updated 6 months ago
Most defi on Cardano is permissioned and AMM based leaving traders subject to slippage, pool fees, and trust assumptions.
Seer is an oracle based decentralized and permissionless order book. By using orcfax price feeds users can place defi orders and be assured they will receive the latest chain-wide oracle price.
Please provide your proposal title
Oracle Orderbook - Opshin V3 Example dApp
Enter the amount of funding you are requesting in ADA
49600
Please specify how many months you expect your project to last
3
Please indicate if your proposal has been auto-translated
No
Original Language
en
What is the problem you want to solve?
Most defi on Cardano is permissioned and AMM based leaving traders subject to slippage, pool fees, and trust assumptions.
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
Please provide details on the intellectual property (IP) status of your project outputs, including whether they will be released as open source or retained under another licence.
Open Source MIT 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 launched in the market (whether by you or others).
There are no permissionless oracle DEX's on cardano. We have orderbooks and AMM Dexs but both of these are subject to restrictions. AMM's expose users to impermanent loss, pool fees, and slippage on orers when a purchase or sale moves the pools asset ratios. Orderbook orders cannot monitor the current chain-wide price of an asset and need to be delisted and relisted in order to update the price. Using orcfax oracle prices the user gets the latest onchain price.
Describe what your prototype or MVP will demonstrate, and where it can be accessed.
The MVP is already operational on the preview network and has been tested with a mock token pegged to USDM and to snek - coins with vastly different prices and underlying fractionalization. SNEK is a currency with 0 decimals, while USDM has 6 decimals. A minimal UI allowing users to place orders, cancel orders and see onchain orders for pairs will be included in an MVP launch. We will also demonstrate oracle order book pegged pricing, partial order fills, complete order fills, and time-based order auto expiry. The contracts are available to view/interact with on cardano explorers and an MVP interface will be published on mainnet and publicly available before submission of the first milestone.
Describe realistic measures of success, ideally with on-chain metrics.
If we can populate the orderbook with enough liquidity and save users fees associated with AMMs the MVP will be a success. If we can be responsible for over 50k ADA of swaps I would consider the platform a success.
Please describe your proposed solution and how it addresses the problem
An Orderbook Oracle-based DEX using orcfax reference datums for dynamic pricing on orders. Users will be able to swap tokens and get the latest chain-wide oracle price without having to update prices if the market moves or be subject to excessive slippage or pool fees associated with AMM based exchanges.
Please define the positive impact your project will have on the wider Cardano community
Utilising Opshin plutus v3 and pycardano the solution not only provides reduced fees for traders but can be used an educational tool increasing developers access to less known but more user friendly cardano tooling examples.
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?
The UI has been undergoing testing and onchain contacts have been already completed. Multiple swaps have been executed on-chain on the preview network proving the feasibility of the app. The following transaction includes proof of concept and provides evidence of oracle reference scripts used in a validator locked utxo. Don't trust - verify - https://preview.cexplorer.io/tx/b853baa20d824cd8690c26cad840a1fbdc93cb6bda57781e1a07a4541f07cdcc?tab=content
Milestone Title
Publish On/OffChain Codebase
Milestone Outputs
Acceptance Criteria
Evidence of Completion
The github repository will act as the evidence of completion of the milestones. The existence of the repository containing the listed files will prove milestone completion.
Delivery Month
1
Cost
14880
Progress
30 %
Milestone Title
Publish Web Application Codebase
Milestone Outputs
Acceptance Criteria
Evidence of Completion
The github repository will act as the source of truth to verify the completion of the milestone outputs.
Delivery Month
2
Cost
14880
Progress
30 %
Milestone Title
Project Closeout
Milestone Outputs
Acceptance Criteria
Evidence of Completion
The github repository will be used to verify the completion of the milestone outputs. The provided link contains the closeout video.
Delivery Month
2
Cost
19840
Progress
40 %
Please provide a cost breakdown of the proposed work and resources
@100 USD/Hr
24800/0.5 = 49600 ADA
How does the cost of the project represent value for the Cardano ecosystem?
This project delivers a first of kind, open source, orcacle orderbook dex application to cardano at incredibly competitive rates. It provides a simple example for other developers to use or bootstrap other solutions and provided cardano users with a novel new trading platform.
I confirm that evidence of prior research, whitepaper, design, or proof-of-concept is provided.
Yes
I confirm that the proposal includes ecosystem research and uses the findings to either (a) justify its uniqueness over existing solutions or (b) demonstrate the value of its novel approach.
Yes
I confirm that the proposal demonstrates technical capability via verifiable in-house talent or a confirmed development partner (GitHub, LinkedIn, portfolio, etc.)
Yes
I confirm that the proposer and all team members are in good standing with prior Catalyst projects.
Yes
I confirm that the proposal clearly defines the problem and the value of the on-chain utility.
Yes
I confirm that the primary goal of the proposal is a working prototype deployed on at least a Cardano testnet.
Yes
I confirm that the proposal outlines a credible and clear technical plan and architecture.
Yes
I confirm that the budget and timeline (≤ 12 months) are realistic for the proposed work.
Yes
I confirm that the proposal includes a community engagement and feedback plan to amplify prototype adoption with the Cardano ecosystem.
Yes
I confirm that the budget is for future development only; excludes retroactive funding, incentives, giveaways, re-granting, or sub-treasuries.
Yes
I Agree
Yes
Marc Purvis will complete the entire project - including project management, development and catalyst reporting.
Marc ran a stakepool on cardano for many years and has made, deployed and operated multiple full stack dapps on Cardano. He also successfully delivered a catalyst fund 11 proposal on time and on budget with similar deliverables. The preview testnet app has already been entirely developed and tested.