Please describe your proposed solution.
What will we produce? (i.e. outputs)
A user facing Dapp that allows any user to list any Cardano asset for sale, in any quantity and any price they choose. Orders are settled peer to peer, using signatures and an atomic swap mechanism. Any user can browse available offers created by other users.
No liquidity pools are required.
Token listing is instant and permission less, and takes place on non custodial contracts that any other project can build on top of.
We have already built a working implementation of our DEX and deployed it to several EVM based networks. We will rewrite our smart contracts and UI for Cardano.
Why is this needed?
A secure peer to peer DEX is a needed and complimentary trading arena that should coexist with AMM based DEX's like SundaeSwap or Wingriders.
For trades larger trades of popular tokens or small trades of tokens with lower liquidity, this "over-the-counter" style DEX will offer a superior execution price.
This is extremely helpful for keeping smaller, fledgling projects alive during market downtrends and periods of waning liquidity. Users are also fully protected from front-running and sandwich attacks.
What will happen as a result of this work? (i.e. outcomes)
The Cardano ecosystem will gain a key piece of peer to peer trading infrastructure. We expect this to make the Cardano ecosystem an even more investor friendly environment. We hope this contributes to greater network health overall.
The DEX will also support trading of other kinds of derivatives, LP tokens and liquid vesting tokens - that traditionally don't have AMM Liquidity - creating further business opportunities for Cardano developers.
Please describe how your proposed solution will address the Challenge that you have submitted it in.
Peer to peer trading is a very helpful piece of Dapp infrastructure.
It is a composable and interoperable tool that benefits all token issuers and owners on the Cardano network.
What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?
We have already deployed our trading tools on several EVM blockchains. The primary risk is that our team does not have as much experience building natively for Cardano.
We will be consulting with experienced Cardano developers to support the porting process and up-skilling our existing team to build more on Cardano in the future.