Last updated 3 months ago
Open-source ISO Toolkit
Problem
ISO or ISPO (Initial Stake Pool Offering) is one of the best ways to raise funds, but there aren't any tools to do it efficiently yet.
Solution
Develop and open-source tools to help projects do their own ISO and help them save time to focus on developing their applications.
Total to date
This is the total amount allocated to Open-source ISO Toolkit.
About this idea
NB: Monthly reporting was deprecated from January 2024 and replaced fully by the Milestones Program framework. Learn more here
Background
A key component of creating a positive developer ecosystem that empowers builders is having an effective community fundraising model for projects. The ISO has proven to be such a model for Cardano. Developing an open-source toolkit that allows developers to easily and efficiently run an ISO would be a powerful catalyst for the developer ecosystem.
Technical specification:
The toolkit has 2 main components:
1. Reward calculator:
- This component is packaged as a CLI program that can connect to an instance of DB Sync and calculate ISO rewards.
- It supports calculating rewards based on ADA rewards or a fixed amount distributed to delegators every epoch.
- It supports multiple stake pools for Fair ISO.
2. Reward sender:
- Because of a minimum of 1-2 ADA when sending native tokens, it is a common practice for projects that want to distribute their tokens to ask investors to send them 2 ADA before sending back native tokens with the minimum ADA per UTxO (learn more: https://docs.cardano.org/native-tokens/minimum-ada-value-requirement).
- This component is packaged as a running server that can watch incoming transactions to an address in DB Sync, check for eligible rewards, and send back the rewards.
Team
Our team has experience working in big companies such as Amazon Web Services (AWS), Vingroup, Sea Group and contributing to big open source projects like Jenkins, Kubernetes, Prometheus.
We have got Innovation Award at NEO Hackathon Tokyo, thus demonstrating our knowledge about DeFi and blockchain.
We are all also part of the Plutus Pioneer Program, Alonzo White and Alonzo Purple.
We have had fully integrated DEX demos since June on our Youtube channel: https://www.youtube.com/c/MinswapDEX
Minswap won Catalyst Fund5 for proposal Minswap - Multi-pool DEX.
Definition of success/Roadmap:
- 3 months: Open-source beta version of the toolkit with basic documentation that is ready to be used by interested projects.
- 6 months: Polish the API and documentation, release the first stable version (v1). Establish open-source contribution standard/process and merge feature requests from the community. The toolkit is expected to be used by several projects.
- 12 months: The toolkit is expected to be used by most projects doing ISO and is considered the standard way to conduct ISO.
Budget breakdown:
One full-time senior backend engineer working in 2 months with $50/hour rate: $17600
Expected launch date: December 1st
Team
MInswap's Fair ISO is considered one of the best-executed ISO in Cardano community. We have experience with DB Sync and Cardano toolings.
