[IMPACT] Please describe your proposed solution.
Fracada v2 smart contracts by Dcspark are code complete, audited and open source.
ADAO has worked closely with the Fracada contracts, created tutorials on how to deploy and leverage Fracada, as well as advised other Cardano projects (most recently Disco solaris who used it to fractionalize a high value NFT into their native currency “Discoin”) on use of Fracada.
A contributing team of web developers from within ADAO will build a DApp around the Fracada contracts leveraging Lucid Cardano, to allow for the hosting of a simple web interface that anyone can use.
The ADAO Fracada DApp will be hosted and maintained by ADAO Community.
ADAO will take a small fee upon fractionalization of any NFT and direct it to the ADAO Community treasury to sustain open source contributions and continued hosting and maintenance of the DApp.
[IMPACT] Please describe how your proposed solution will address the Challenge that you have submitted it in.
Having a simple web interface that is not gated, runs in the browser and that is accessible to anyone will enable the unlocking of substantial liquidity within NFTs and allow for the underlying tokens to interact and interoperate with a wide variety of decentralized financial applications and primitives.
Users looking to fractionalize non-fungible tokens will be able to do so via a simple web interface that requires no coding or development experience whatsoever.
[IMPACT] What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?
Although the Fracada v2 Smart contracts developed by the well known and trusted team at Dcspark are open source and audited there are always risks when dealing with Smart contract code.
[FEASIBILITY] Please provide a detailed plan, including timeline and key milestones for delivering your proposal.
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Testing and deployment of Fracada Smart Contracts: completed
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Testing and deployment of Fracada v2 Smart Contracts: completed
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Written technical specifications around web application architecture leveraging Lucid Cardano Tx library: completed
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Development of off-chain code leveraging Lucid Cardano: On track for July-August 2022 completion
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Public launch of Fracada web DApp (test-net): on track for August, 2022
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Public launch of Fracada web DApp (main-net): on track for August-September 2022
[FEASIBILITY] Please provide a detailed budget breakdown.
Exact details and timelines for software and blockchain development projects are extremely difficult to predict and it is not an exact science. Below is an educated breakdown based on previous experiences developing similar projects and products.
Breakdown based on development hours:
Setting up GitHub project and contributor flows/documentation - 30
Technical documentation and developer content - 50
Collaborative research (vital for integration/interoperability with other dapps/marketplaces) - 50
General testing - 75
Open source auditing (off-chain code) - 50
open source auditing (on-chain code) - 75
Technical Specification - 50
Community outreach, workshops, and education - 50
Miscellanies unforeseen tech. and development issues - 20
Total development hours = ~450 (Technical development) = 33750
[FEASIBILITY] Please provide details of the people who will work on the project.
Tom aka: TCT has over six years of experience in Decentralized Finance and DAO governance as a researcher, builder and practitioner. His latest achievements include Co-founding and team building within the ADAO Community, prominently known as being the first smart contract DAO on the Cardano blockchain.
Riley is a developer trained in Haskell and other functional programming languages with a degree in Computer Science and Mathematics from the University of Washington. He has experience working within both startups as well as large public corporations such as Smartsheet. Riley served as the Development Working Group lead for ADAO and contributed to the Agora DAO repositories
DzCodes is a professional problem solver who started as a potential web designer/frontend developer around eight years ago but quickly moved through the frontend to the backend. He is currently contributing full time to ADAO and other open-source and blockchain projects where he leads smart contract development for Cardano Sounds as well as web development for the ADAO Community.
[FEASIBILITY] If you are funded, will you return to Catalyst in a later round for further funding? Please explain why / why not.
No. The proposed amount is expected to get the full dapp code complete and running on main-net. Once live the maintenance of the application will be sustained via a small fee collected at initial fractionalization.
[AUDITABILITY] Please describe what you will measure to track your project's progress, and how will you measure these?
Progress/commits of open source code in GitHub
Number of NFTS fractionalized using the DApp daily, weekly, monthly growth.
Number of Fungible fractions minted using the DApp.
[AUDITABILITY] What does success for this project look like?
Success for this proposal would be sustainable, continued adoption and use of the application.
ADAO has noticed sufficient demand for this type of tool and has been in continued talks with numerous Cardano community projects that are looking for this very solution. Success would look like a low cost (under 5ADA) browser application, that is open source and assessable to anyone.
[AUDITABILITY] Please provide information on whether this proposal is a continuation of a previously funded project in Catalyst or an entirely new one.
New proposal
