Earn Interest on CeFi and DeFi

Users will be able to use their crypto deposits on the CeFi platform to earn additional interest through Plutus smart contracts on DeFi.

John Ro served on 2 blockchain startups: Relex and Paysic. The developers from Wiringbits who participated in Prism for IOHK are helping us.

Market: We will make our platform accessible to ETH users with the ERC-20 Converter. Therefore, users on the heavily used ETH network can easily transition to our platform. 

Product: By using Plutus on the Cardano network instead of costly smart contracts on the ETH network, we will save users with much lower transaction fees.

Acquisition: Our current platform has over 25,700 users, mostly from countries that have a high percentage of crypto usage, such as Vietnam, Philippines, Indonesia, and Nigeria. With an effective referral bonus system, social media, and additional marketing, we can attract more users organically.

Monopoly: As we convert more CeFi users to DeFi and transition more ETH network users to the Cardano network, we will grow in number of transactions and see an increase in the value of crypto assets earning interest.

Use of Funds $96,400

Development of the smart contracts and integration with the CeFi platform $8,000 per month x 6 = $48,000

Maintenance of the platform (Website domain/hosting, APIs, Github, cloud storage, etc) $1,800 per month x 6 = $10,800

Onboarding a payment processing system (Banxa or Simplex) $15,000

Auditing the smart contracts $14,000

Marketing and social media (Telegram moderators, Constant Contact, Digital Media content creators) $2100 x 6 months = $8,600

One month goal

Users acquired: 28,000 users (since we have 25,700 users now)

Product capability built: Implement payment processing system

Three month goal

Users acquired: 34,000 users

Product capability built: Develop interactive features for earning tokens.

Six month goal

Users acquired: 46,000 users

Product capability built: Run Plutus smart contracts fully integrated with the CeFi platform

Defining success

Success after 6 months would mean that we have a growing number of actively engaged users (more than 46,000 users) who use the SwanFinance platform to earn SWAN tokens and to earn interest using the DeFi features.