Tokenized ADA for Yield Farming

These tokens are basically tokenized ADA which represent the ADA that holders will need to deposit into a dApp or a centralized custodian. In return for the deposited ADA, the user will receive the tokens which can be converted back to ADA anytime.

The deposited ADA will then be staked with community stake pools to earn staking rewards. And the issued tokens can then be used by the holders for yield farming in DeFi applications such as liquidity and lending pools.

The staking rewards earned from the deposited ADA will be paid to the holders of the tokens during the corresponding epoch the staking rewards were earned.

If the tokens are sold or transferred to another wallet/holder, the staking rewards will then also be sent to that new holder of the tokens.

This requires development of a system to track the wallets holding the tokens at any given epoch so that staking rewards can be paid to them accordingly. And a decentralized governance system is also needed to decide on the delegation choices for the deposited ADA in order to avoid possible centralization of a huge amount of stake in the network.

50% of the requested funds will go to the initial development of the dApp that will hold custody of the deposited ADA, and the system for tracking the token holders to whom earned staking rewards are due to be paid. This also includes the formation of a competent team to work on the project.

30% will go towards targeted marketing to get new adopters onboard.

20% will go towards miscellaneous expenses and initial overheads

Initial working version of the needed apps estimated to be completed in the first 2 to 3 months.

Reviews and public testing can then be done in the next 1 to 2 months while marketing is also ongoing in parallel.