[SOLUTION] Please describe your proposed solution.
Supporting and catalyzing the adoption of Optim-Account across the Cardano ecosystem will enhance dApp performance, enable new applications, and improve the user experience on Cardano. A more complete and composable DeFi ecosystem is only possible by shifting to a new paradigm of performance and interoperability.
The concept of Optim-Account is conceived as a response to inherent limitations within Cardano's existing architecture, particularly addressing issues related to transaction concurrency and deterministic processing. Rooted in a comprehensive understanding of blockchain mechanics and user experience, the Optim-Account system introduces a paradigm shift in how transactions are conceptualized and executed within the Cardano ecosystem.
At the core of the Optim-Account system is the innovative concept of intent-based transactions, diverging from traditional direct blockchain transaction submissions. Users articulate their transactional goals as 'intents', a digital method of conveying desired outcomes without initiating blockchain operations. These intents offer a simpler, more abstract yet precise interaction with the blockchain, easing complexity.
Intent-Based Transactions focus on specifying the "what" rather than the "how" of desired outcomes. Traditional transactions require users to define every parameter, but intents allow users to state their end goals and leave execution to 'solvers'. For example, traditional transactions might demand "do A then B, pay C to get X," while intent-based transactions would simply state "I want X and am willing to pay up to C", letting solvers handle technical details.
The process of conveying user intents in the Optim-Account is akin to sending messages. Users articulate their transactional needs in the form of these messages, which encapsulate the essence of their intended blockchain interactions. This abstraction not only simplifies the user experience but also enhances the system's efficiency.
By decoupling the user's direct engagement with the blockchain's intricacies, the system effectively opens the door to a more intuitive and accessible blockchain experience, even for users who may not possess extensive technical knowledge of blockchain operations.
[IMPACT] Please define the positive impact your project will have on the wider Cardano community.
The healthy growth of Optim-Account will transform the Cardano ecosystem, enabling new applications and an improved user experience. Using the Optim-Account architecture lowers barriers to entry for project building, enables more advanced applications, and improves the end-user experience for those interacting on Cardano. Supporting ecosystem growth of this new paradigm, through the efforts of the ODAO, is a necessary and important initiative.
The Optim-Account system marks a significant advancement in the Cardano ecosystem, addressing key challenges like transaction efficiency and composability. By integrating sequencers and intent-based processes, it addresses issues like concurrency and resource contention, offering a practical approach to enhancing Cardano’s capabilities. This system is an important step in evolving blockchain interactions, combining technical improvements with a focus on user needs.
As the system approaches its Mainnet Beta release, it aspires to contribute positively to the Cardano ecosystem. This upcoming release is an important milestone, focusing on functional deployment while emphasizing stability and security in blockchain transactions.
By acting as a virtual ledger layer that integrates relatively easily into Cardano’s existing architecture and infrastructure, dApps and Cardano users can derive value and expect a widespread impact on the ecosystem. Composable dApps and account abstraction are just a few of the user experience improvements that the Cardano community can expect.
[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?
A prototype of Optim-Account is seen on our currently deployed Dapp, the Optim Bonds. The application takes advantage of the future state of the blockchain and makes use of it in the present, using a bespoke off-chain technology that ensures rollback and fork coherence in the process. We will continue to leverage this technology and in fact have made efforts in pushing it to the utmost theoretical limit of scalability. This is what Optim-Account aims to achieve, and is the core of our scaling improvement plan around it’s ecosystem. The other features of it center around improving developer experience and pushing beyond what apps on cardano can achieve.
Optim Finance has notably achieved a substantial milestone with the successful launch of a functional dApp, achieving top 5 TVL on Cardano. We’ve safely handled nearly 70 million ADA on our dApp in the past year. Our inaugural product, Liquidity Bonds, an innovative addition to the DeFi landscape, distinguishes itself by its uniqueness within the crypto space. This accomplishment underscores the team's capacity for not only conceiving but also effectively implementing groundbreaking DeFi solutions.
The team's ability to introduce novel financial instruments showcases a forward-thinking approach that contributes to the diversification and enrichment of the broader DeFi ecosystem, transcending conventional paradigms.
Critical to Optim Finance's achievements is its strategic alignment with Cardano's unique capabilities. By leveraging the distinct features of the Cardano blockchain, the team has demonstrated not only the conceptualization of pioneering products but also the agile and cost-effective deployment of these solutions. Optim’s track record underscores the team's adeptness at leveraging Cardano's strengths and showcases the efficient delivery of DeFi solutions.
The team's proven ability to innovate, design, and swiftly deploy DeFi products meets the evolving needs of the decentralized finance landscape, solidifying their role as leaders in the ongoing narrative of DeFi innovation.
[Project Milestones] What are the key milestones you need to achieve in order to complete your project successfully?
Detailed documentation of Optim Labs Mainnet Beta of Optim Account V1
>Comprehensive guide outlining benefits of Optim Account with examples of immediate utility for specific ecosystem projects upon implementation.
>Smart contract extension requirements for Cardano dApps integrating OA
>Onboarding of 1-3 projects outside Optim and begin end-user education
>Video and report outlining documentation, development and integration standards, and ecosystem adoption initiatives for both dApps and end users
[RESOURCES] Who is in the project team and what are their roles?
Documentation, outreach, and coordination led by Optim ODAO
Marco - Minswap DAO lead, IPOR, tradfi experience
Mike R - former AXO trade, extensive finance and legal experience
Juve - Emurgo, Cardano Spot, experienced in DeFi and Cardano
Jamie - former Indigo Labs
Lucia Briois - Marketing Consultant
TheGodDelusion - founder of Danogo
Other ODAO members with track record and experience on Cardano
Technical Support from Optim Labs
Ethan - Product lead
Zygomeb - Tech lead
Experience - Minswap, MLabs, IOHK
Consistently delivered/shipped high quality DeFi protocols to mainnet
Clear track record of successfully delivering dApps that are widely adopted
Website: https://www.optim.finance/
[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources.
Documentation - Technical and non-technical documentation for builders and the public.
Technical
Comprehensive written documentation, with available corresponding system components on Github, related to system architecture, modular contracts, design patterns, and implementation best practices.
Non-technical
Translate technical architecture, points of divergence with current Cardano status quo, and new possibilities for dApp innovation and transaction speed to non-technical audience. This includes articles, videos, diagrams, and Gitbook.
Cost - 75000 ADA
Project onboarding + technical support - The Optim ODAO, with assistance from Labs, will provide assistance to the first projects building on Optim-Account. Helping projects conceptualize and implement dApp features that maximally leverage intent-based txs and sequencer speeds. Guidance and contributions to contract architecture and implementation using simplified Aiken primitives and design patterns. Generally, protocol design and engineering support.
Cost - 150000 ADA
Marketing + Education - Content generation and promotion of Optim Account.
Content production includes copywriting, branding, video production, conference stand builds and materials, translation of materials to Spanish and Japanese, and graphic design to support Optim Account promotion.
Promotion includes digital marketing, in-person conference attendance, and general promotion of Optim Account materials across digital and physical mediums wherever relevant.
Cost - 75000 ADA
[VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?
The cost of scaling Optim-Account adoption throughout the Cardano ecosystem signifies a strategic investment in value creation and sustainable growth. By allocating resources to this initiative, the Cardano ecosystem will realize a significantly improved user experience and dApp capabilities. Greater interoperability, account abstraction, improved concurrency, and other benefits that enable more sophisticated products and services will provide significant value beyond the immediate financial expenditure.
The proposal brings account model functioning to Cardano Dapps. This will reinvent the decentralized application paradigm on Cardano with new and previously unseen functionalities.