Please describe your proposed solution.

WhalesHeaven - is a non-custodial cross-chain peer-to-peer swaps. We let people exchange their crypto assets cross-chain without a trusted intermediary. Our solution relies on modern cryptography mechanisms and lets us provide much cheaper transaction fees than any of your competitors without compromising user's privacy. Our biggest selling point is that our model is much cheaper than any other, for example it is >6 times cheaper comparing to smart contract DEXes and let people exchange tokens directly for native ADA, Bitcoin or any other crypto. Currently we support following networks: Bitcoin, Litecoin, Ethereum, Binance Smart Chain, Dogecoin, Bitcoin Cash, Polygon and Avalanche.

There are two target groups that will benefit from this solution. 1st user group - token/project founders and institutional players who wants to buy/sell tokens at specific volumes for BTC, ETH, stablecoins, etc; 2nd user group - tokens community members that want to buy/sell Cardano coin/tokens for BTC, LTC, BCH, ETH, stable coins on other blockchains and so on. There are some other use cases where our DEX solves user's pain points.

Our solution can also be used as a migrating bridge, where a token project would want to migrate to Cardano ecosystem from some other chain.

Please describe how your proposed solution will address the Challenge that you have submitted it in.

We let people to swap crypto-to-crypto without any intermediary. No registration. No custody. Funds always stay on the chain. For example, you can swap any token to Bitcoin or Ether much faster and cheaper than anywhere else. You can sell an asset like token or ADA to multiple users and receive USDT on Ethereum, Binance Smart Chain and Polygon from them, based on where they keep their funds. No need for the buyer to seek for a bridge first to make the deal with the seller. There are many more trading scenarios where WhalesHeaven relieves users' pain when they are trading cross-chain.

What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?

We base our work on modern cryptography. In particular - threshold signatures. It is a tech savvy process and will require extra cautions during implementation. Additionally, it is best to have a security audit by external company/security researcher.

It will be much harder for us to implement this proposal if our our wallet proposal is declined and this one is accepted.

Please provide a detailed plan, including timeline and key milestones for delivering your proposal.

This proposal is coupled with our multichain multisig wallet. Please see our wallet proposal for reference.

• We will add a Cardano adapter to out multichain multisig wallet - 1.5 month
• We will test the integration - 2 weeks
• We will request a security audit (optional, external company) - 2 weeks (this is additional expenses, we will appreciate Cardano community will be able to help with that)
• At this moment users will be able to group create Cardano addresses, store Cardano based assets and transfer them. Transaction will look like a single user transaction.
• We will add Cardano coins and tokens to our DEX and test the integration - 1 month
• We will be monitoring Cardano ecosystem for newly created coins and will be offering them a free listing

Please provide a detailed budget breakdown.

• Funding will be spent to cover developers time mostly. It is ~1 month of work of 3 developers.

• We will allocate 25% as a reward for our sales members for reaching out to Cardano tokens and to guide them though our listing process.

Please provide details of the people who will work on the project.

Max - Full stack developer, 10 years of commercial experience. Max holds comprehensive knowledge of various blockchain protocols and a good understanding of various cryptography algorithms.

Alex - Backend/mobile developer, 6 years of commercial experience.

Leonid - Frontend/React developer, with 4 years of commercial experience.

If you are funded, will you return to Catalyst in a later round for further funding? Please explain why / why not.

Once we are live with Cardano, we will be contacting Cardano tokens for collaboration and we might discover some aspects where we can provide additional help for Cardano community to attract more attention and liquidity from other chains. Once we will have an action plan we will wrap it up as proposal for further community consideration/feedback.

Please describe what you will measure to track your project's progress, and how will you measure these?

Implementation part

• We first will make sure that Cardano adapter is working and can generate new wallets, receive and send tokens/coins. We can provide a weekly summary of our progress.

Adoption part

• We will be announcing every listed token in our Twitter, asking general audience what project to list next and running voting campaigns. There we will be measuring amount of comments, likes and retweets and comparing this numbers week by week. This will show that general audience is interested in opportunities that are coming from Cardano ecosystem.

• We will be measuring ADA/Cardano tokens trading volume and amount of trades and comparing this numbers week by week. This will show that our presence in Cardano ecosystem is growing and is attracting more attention from outside of ecosystem.

What does success for this project look like?

• Cardano token or ADA trades will exceed 1000 in a week.

• Cardano token or ADA trade volume will exceed $1 000 000 in a week.

Please provide information on whether this proposal is a continuation of a previously funded project in Catalyst or an entirely new one.

This is entirely new proposal