[SOLUTION] Please describe your proposed solution.
The primary challenge we are addressing is the complex process of managing a Cardano Native Token diversified portfolio. The vast number of tokens in a fast-growing ecosystem makes this an arduous task for most cryptocurrency users, not to mention regular users.
Our approach is guided by the principle of democratizing access to Cardano tokens.
We have created the MAYZ protocol, a Decentralized Finance (DeFi) solution on the Cardano blockchain.
MAYZ provides a platform for users to gain exposure to investment funds consisting of tokens handpicked by experts, analysts, and fund managers. This approach makes it more accessible to get exposure to a diversifying portfolio, opening up this investment avenue to a broader audience.
The beneficiaries of this project will be cryptocurrency enthusiasts, new investors looking for an easy way to diversify their holdings in Cardano tokens, and advanced traders interested in exploring new investment mechanisms. This solution is vital to the Cardano ecosystem as it lowers the barrier to entry for investment in native tokens, contributing to the growth and diversity of the Cardano network.
Technically, the MAYZ protocol has been developed as a suite of smart contracts on the Cardano blockchain. Each investment fund within the protocol will be composed of a unique Investment Unit containing different tokens. The composition of the Investment Unit can be modified according to market trends, ensuring optimal performance. An associated utility token, $MAYZ, will grant holders access to certain administrative functionalities.
The protocol is accessible through a web portal. Users can invest in the Cardano ecosystem quickly and securely by holding Fund Tokens (FT) in their wallets. There will be mechanisms for acquiring a fund's tokens through the secondary market or by interacting directly with the Protocol.
The protocol includes key components such as:
- Protocol Smart Contract: Forms the backbone of the protocol, handling fund creation and regulating fund contracts.
- Funds Contracts: Manage individual funds, controlling their composition, tracking underlying assets' performance, and permitting modification of the Investment Unit based on market trends.
- Swap & Escrow Contract: Access to Fund Tokens will be provided by two main mechanisms: through swap order, to exchange ADA for FT, and Escrow orders that allow the user to get FT by depositing a single token in a collaborative way to get FT.
- Fee Contract: A unique system that allows fund managers to earn a commission from the fund's performance.
- Re-indexing System: Enables adjustments to the composition of the Investment Units responding to market changes, ensuring optimal fund performance.
- Oracle Integration: Reliable oracles will be integrated for accurate and real-time price feeds for all assets within the protocol.
The $MAYZ token is an essential aspect of the protocol. It is a utility token that also serves as the governance token of the MAYZ protocol. Token holders can influence the protocol's future development and direction through decision-making processes.
As a utility token, it will provide access to the fund creation functionalities.
Furthermore, we will provide a REST API, granting external platforms easy access to all protocol data and transaction creation capabilities. This feature will be beneficial for outside platforms and our official platform, enabling easy showcasing of funds and attracting users from various portals or websites. The API will also ease integration into diverse ecosystems, increasing the accessibility of our protocol.
In terms of project development, we are at the point where the code, on-chain and off-chain, for all major services of the platform, is already written. Additional features are on track and will be incorporated via regular updates.
The app is tested exhaustively by ours developer in private networks, using simulated cardano blockchain and preview testnet network.
Also we deployed the website with all the smart contract integrations on Demeter infrastructure for private testing. The server in Demeter is stoped right now to avoid extra costs. We will open for few days when votations begin.
Simulated blockchain:
https://3000-diatonic-dinosaur-zoxdqb.us1.demeter.run
Preview testnet:
https://3000-absorbed-internet-pjc4is.us1.demeter.run/
Here is a small video showcasing the website and integrations: https://x.com/mayzprotocol/status/1730741175005368627?s=46&t=Itbyu6gtuSltERtKDHAkcg
The on-chain code is public (https://github.com/MAYZGitHub/mayz-contracts-public) and as we write this proposal a third party (Tx Pipe) is finishing a Code-Review, our first step on the path for the final audit.
To be ready for deployment in Mainnet, we want to perform a full code review and security audit before.
Code review and a variety of testing strategies will be carried out by our partner txPipe. Their quote is already covered.
The security audit will be conducted by Anastasia. As a key player in the industry, their endorsement guarantees trust and safety in the code. This alone will support the entire ecosystem of users and developers to grow confidently.
We are considering for this funding proposal the quote given by Anastasia, plus the costs related to work in our hands as developers rewriting the code or costs related to keeping a steady stream of news and updates to early supporters and the Cardano community in general.
Extra costs related to actual deployment to Mainnet and the testing services provided by txPipe are not included.
[IMPACT] Please define the positive impact your project will have on the wider Cardano community.
By launching the MAYZ protocol on mainnet, we're establishing a fresh way for Cardano users to invest in, manage, and diversify portfolios of native Cardano tokens.
MAYZ aims to bolster Cardano's DeFi landscape by enabling effortless portfolio diversification within the Cardano ecosystem. The introduction of funds that track Cardano's native tokens provides an integration that significantly improves the end-user experience and gives more investment options. This proposal offers a powerful tool for investors looking to maximize their exposure to the potential of Cardano's native tokens, thereby further driving user interaction and adoption of the Cardano blockchain.
We anticipate that our project will considerably strengthen Cardano's ecosystem by attracting new users and increasing usage.
As an investment tool, the MAYZ protocol is designed to draw a broad array of participants, from curious beginners to professional investors with experience. The former will benefit from simple ways to get exposure to the Cardano Ecosystem, and for the latter it is a great way to provide their services under web3 infrastructure, in a decentralized, permissionless and non-custodial way.
By filling the gap in index funds for native tokens, we're addressing a key problem in the Cardano ecosystem, opening new opportunities and widening its adoption.
By democratizing access to a diverse range of Cardano tokens, we predict that we can bring a considerable number of users to the Cardano ecosystem.
The MAYZ protocol also serves as a broad integration within the Cardano ecosystem. Its REST API enables easy access and transaction creation capabilities for external platforms, opening paths for more integrations and products to create upon.
How can we make sure this Protocol won’t fail?
- Undergoing a security audit of our smart contracts will help find and address any existing vulnerabilities. That way, we’ll reduce the risk of hacks and exploits without compromising the safety and integrity of the protocol and the Cardano DeFi ecosystem.
- Code Review will secure open-source smart contracts that aim to instill confidence in developers who want to build on Cardano and in users who deposit their money in them.
- The bug bounty will incentivize developers and security experts to participate in actively finding vulnerabilities and solving any issues, further strengthening the ecosystem’s security reputation.
How will you measure this impact?
The success of the MAYZ protocol will be gauged through a combination of quantitative and qualitative metrics that reflect both short-term outcomes and long-term impacts.
In the short term, we'll track tangible metrics such as:
-Total Value Locked (TVL): As a DeFi project, TVL is a crucial measure of the capital efficiency, and the trust users place in our protocol.
- Number of Funds: A measure of the different offerings among the platform.
-User Base: We'll monitor the growth in the number of users actively investing and managing portfolios through MAYZ.
-Number of Tokens: A measure of the variety of Cardano native tokens included in our index funds, indicating the level of ecosystem coverage.
- Number of Third-Party Integrations: This assesses the usage and relevance of our open REST API.
We believe these measures are realistic as they align with our product's nature and the DeFi usage trends. We're offering a needed solution within the Cardano ecosystem, which we anticipate will be rapidly adopted by a growing audience.
In the long term, we aim to enhance Cardano's DeFi ecosystem and bring a wider adoption. To measure this, we'll focus on:
-Market Position: Success would be marked by MAYZ becoming a go-to platform for diversified investment in Cardano native tokens.
-Community Engagement: We'll monitor user feedback and engage with the community to improve and evolve the protocol.
-Influence on Cardano Ecosystem: We'll examine the impact of our protocol on Cardano's DeFi landscape.
The innovation brought by the MAYZ Protocol is designed to stimulate Cardano's growth by attracting more users to the ecosystem and enhancing the user experience. By offering a reliable and accessible investment solution, we expect to drive increased usage and transaction volumes on Cardano, contributing to its productivity and growth.
Qualitative feedback from our users will also be important to ensure we are meeting the needs of the Cardano community and providing a valued service. We plan to continuously iterate and improve our offering based on the input from our user base, ensuring that the MAYZ protocol remains relevant and valuable in the long term.
How will you share the outputs and opportunities that result from your project?
We plan to share the outputs and results of the MAYZ project with our community, the Cardano ecosystem, and the wider blockchain industry in the following ways:
-Updates: As grateful recipients of funding, we plan to provide regular updates on the progress of the project through all designated channels. These updates will include technical development milestones, user growth metrics, partnerships, and integrations, as well as any challenges encountered and the measures taken to address them.
-MAYZ Community and Token Holders: Our early supporters are crucial to the success of the project. We will maintain active communication with them through our community channels, such as Discord, Telegram, and Twitter. Regular updates, Q&A sessions, and interactive discussions will be conducted to keep them informed and involved in the project's progress. As our project develops, we anticipate our community will grow, and we will continually engage with them in transparent and meaningful ways.
-Online Events and Presentations: We plan to host regular live events, such as AMAs (Ask Me Anything), technical deep dives, and feature demonstrations. These events will be conducted on platforms such as Twitter Spaces or YouTube Live. They will not only serve to update the community but also provide educational content on the functionalities and advantages of the MAYZ protocol.
- Integration Partners: We will maintain close communication with the platforms and services integrating with the MAYZ protocol, ensuring they are well-informed of any updates, new features, or potential issues.
In terms of using the results generated from the project, we will apply these insights to continually refine and improve the MAYZ protocol. Data on user behavior, transaction patterns, and fund performance will help guide our development efforts and strategy. We aim to create a protocol that truly meets the needs of the Cardano community and to do that, we will rely heavily on the results and feedback generated from our project.
[CAPABILITY & FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?
Our team brings together a wealth of experience and a proven track record in delivering high-impact projects within the Cardano ecosystem.
Proven Track Record: Our team has previously been granted and successfully completed projects within the Cardano ecosystem, demonstrating our commitment and capability to deliver on our promises.
Experienced Developers: Our team includes developers who have deployed and maintained smart contracts on Cardano's mainnet. This hands-on experience ensures that we have the technical expertise and knowledge required to implement the proposed solutions.
Financial Management Experience: Key members of our team have been involved in the RATS DAO, where they successfully managed hundreds of thousands in funds on behalf of the community and the DAO. This experience showcases our ability to handle financial resources responsibly and transparently.
Clear Project Management Processes: We utilize standard project management tools and methodologies to keep track of project progress, risks, and issues. Regular updates will be shared with the community to ensure transparency and accountability.
Internal Audits and Quality Control: We are committed to conducting regular internal and quality control checks to ensure that funds are properly managed and the project is progressing as planned.
[Project Milestones] What are the key milestones you need to achieve in order to complete your project successfully?
Milestone 1: Security Audits, Exhaustive testing, and Bug Fixing
Duration: Two months from the moment Anastasia starts working on the code.
Main Activities:
- Collaborate with Auditors to perform a comprehensive security audit on the on-chain Haskell code of the MAYZ Protocol.
- Fix out any potential vulnerabilities found during this process.
- Work continuously paired with txPipe in the code review of the whole system.
- Run all the suite of unit and property testing until both are succeeded.
- Document the outcomes and steps taken to rectify the discovered vulnerabilities.
>Milestone 2: Testnet Launch, Open Source Release, and Bug Bounty
Duration: one month
Main Activities:
- Make the Audit Report public for review.
- Establish web access to a testnet environment, allowing users to interact with and familiarize themselves with the Protocol before its mainnet launch.
- Run the Bug Bounty period by communicating to the community about the conditions and the How’s to.
>Milestone 3: Finalization and Mainnet Launch
Duration: 1 month
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Address any potential issues discovered during both the Testnet phase and the Bug Bounty program.
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Communicate the successful results after the security audit and completion of the testing period the resolutions implemented post-Testnet and Bug Bounty, and the imminent mainnet launch.
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Mainnet Launch
[RESOURCES] Who is in the project team and what are their roles?
Auditory of smart contracts
Auditing Third Party specialized in Haskell consultancy that works in developing mission-critical blockchain applications, particularly focusing on Cardano's smart contract ecosystem. They are renowned for their expertise in smart contract audit and development, ensuring the security and efficiency of Cardano's smart contracts.
Their team comprises experienced developers who have been actively involved in Cardano since the introduction of smart contracts during the Alonzo hard fork. They have an impressive track record, having contributed to some of the most successful projects within the Cardano ecosystem. They offers a range of services, including comprehensive smart contract auditing and security assessments, expert Haskell-based smart contract development, and the setup of off-chain transaction building infrastructure to enhance dApp user experiences.
Agustín Franchella, Project manager
Agustín has been involved in the Cardano community for several years and has contributed to various open-source projects. Deep understanding of blockchain technology and extensive experience in project management. Python enthusiast.
Experience in Cardano:
- Cardano Ambassador.
- RatsDAO Co-Founder.
- SPO [1MATE].
- MAYZ Co-Founder.
- Cardano Related YouTube Channel in Spanish "Crypto Latinoamérica" <https://www.youtube.com/@cryptolatinoamerica9459/featured>.
Links:
- LinkedIn: <https://www.linkedin.com/in/afranchella/>
- Twitter: <https://twitter.com/agustinenada>
- GitHub <https://github.com/Agustinblockchain>
Diego Torres, Corporate Financial Expert
He s a corporate financial expert with years of experience in the private sector and the academic environment. He provides overall strategic direction and leadership for the project. He ensures the project aligns with the team's vision and goals and manages stakeholder relationships.
Experience in Cardano:
Links:
Federico Ledesma, Business Developer
Stake Pool Operator [1MATE]. Business Manager with expertise in multiple environments and over ten years in the blockchain. Blockchain enthusiast since 2013 plan.
Experience in Cardano:
- Cardano Ambassador.
- SPO [1MATE].
- MAYZ Co-Founder.
- YouTube [FedeBlockchain](<https://www.youtube.com/<member id='190162' communityId='163'>fedeblockchain</member>>)
Links:
Diego Macchi, Partnership Advisor and Business Development
Diego has been actively involved in Bitcoin and Cardano Community since 2019. He has contributed to AnetaBTC, Yamfore, and TosiDrops.
Experience in Cardano:
Links:
Luis Restrepo, Blockchain Developer & Techonology advisor and Educator
Luis Restrepo brings 20 years of experience working in multi-cultural environments and in several initiatives in techonlogy and in Cardano Blockchain. Started as a Stake Pool Operator (Ticker: Moxie), his journey in Cardano has been full of initiatives and projects from DeFi protocols to educational platforms focused on the Latin American community.
Experience in Cardano:
• Cardano Developer Professional instructor at Emurgo Academy. Instructor of the Cardano deep dive concepts and Plutus Smart Contracts developing.
• EdTech platform for Latam - Ayllu Academy developer. Integrating Cardano blockchain and Smart Contract developer with the platform.
• Python Library, React interface and AWS IOT Architecture to communicate and interact with the blockchain
• Member founder of startup company for tree tokenization project in Colombia, South America and CO2 retention incentives.
• SPO in Cardano Blockchain. Ticker: MOXIE.
• Known programming languages: SQL, Python, JavaScript, TypeScript, Haskell, Plutus.
Links:
Manuel Padilla, Lead Software Engineer & Blockchain Specialist
Versatile system engineer with a Bachelor's degree in Technology from the National Technological University. Having a plethora of programming languages under their belt, including but not limited to SQL, Basic, C, C++, VB, .NET, Java, JavaScript, TypeScript, Python, and Haskell, He brings over 13 years of experience in web development and software engineering.
Experience in Cardano:
- Protofire (April 2023 - Present): Currently working as a Software Engineer, focusing on blockchain technologies, including Cardano, Plutus, DeFi, and DApps.
- MAYZ Protocol *(*October 2022 - Present): Involved in full-stack blockchain development, specializing in Cardano, Plutus, and Haskell.
- RATS DAO (January 2022 - Present): Serving as a Web Developer, DApp Developer, and Blockchain Developer, primarily focusing on Cardano, Plutus, and Haskell.
- ALDEA DAO (January 2022 - Present): Fulfilling roles as a Web Developer, DApp Developer, and Blockchain Developer, with a primary emphasis on Cardano, Plutus, and Haskell technologies.
dApps:
- <https://aldea-nft-marketplace.vercel.app/>
- <https://staking.ratsdao.io/>
Links
- LinkedIn: <https://www.linkedin.com/in/manuel-ale-padilla/>
- GitHub: <https://github.com/manupadillaph/>
Alfred Vilsmeier
He is a highly skilled tech enthusiast with over 22 years of experience in the IT field. Alfred is well-versed in various areas, including scripting, Database Administration, Networking, Security, and Cardano node management. With his extensive experience, proficiency in various domains, and a keen interest in blockchain development, Alfred is well-equipped to tackle complex challenges and contribute to the advancement of technology in the ever-evolving landscape of the IT industry.
Experience in Cardano:
- SPO TOPO (July 2020 - Present): Contributes to securing the Cardano network.
- MAYZ Protocol (2022 - Present): ISPO tracking system and other operational tasks.
- RATS DAO (2022 - Present): Dev for multiple projects.
- ALDEA DAO (2021 - Present): Founding member of the ALDEA SPO’s group, helped with some security, DevOps
Links:
Elio Esis, Web Developer
Web developer with experience in vanilla JS, REACT, Angular, NextJs, and TypeScript. Knowledge of Node ExpressJS and Java Spring backend. Development of static and dynamic responsive pages. Web developer experience in Cardano Blockchain using Lucid-Cardano, interaction with the wallet, and assembly of transactions.
Links:
- <https://github.com/esis8>
- <https://github.com/shito8>
Jorge Moto, Business Development & Operations
Business and Technical Operations with years of experience in the SaaS industry. Jorge brings his IRL business and technical experience to the blockchain since 2021. Ability to adapt and take different roles to ensure the success of the projects.
Experience in Cardano:
- Space Troopers (P2E game) - Co-owner
- MAYZ Team - BizDev/Community
Links:
-
LinkedIn: <https://www.linkedin.com/in/jorgemoto>
-
Twitter: <https://twitter.com/trotamoto>
[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources.
-Code Audit
Third Party Auditing quote of 140.000 ADA for the whole on-chain Haskell code.
-Bug Bounty
We want to set 5% of the auditors quote for user rewards in the form of Bug Bounties. This is equivalent to 7.000 ADA.
-Development
Fixing issues, finishing details and keeping the communications will require two devs full time during for 2 months period. This is equivalent to 20.000 ADA.
So in total, we are asking 167.000 ADA.
[VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?
Bringing fully audited and tested open-source Haskell contracts to the ecosystem is extremely positive. Thanks to its transparency and credibility, the MAYZ Protocol will allow users to feel more attracted to a rather new way of dealing with finances in general, incentivizing the growth of the network.
Cardano is the third most important network in the cryptocurrency landscape and the current trend of institutional investment adoption demands such financial tooling like MAYZ Protocol to allow a whole new type of user to find the basic stuff he or she is used to use to provide financial services to the mainstream.
MAYZ Protocol, not only makes it easier for the degen but also for a more traditional user persona.
At the same time, developers can rely on using our code for their services and applications, allowing them to do it faster, easier, and in a reliable way. That will infuse the development of other tools within the ecosystem, strengthening and attracting new users and more developers to it.
