Please describe your proposed solution.
The proposed solution is a no-code, no-setup fee platform that enables even non-experts in the Cardano community to create DeFi farming pools that support Native Assets staking with the click of a button. Our platform will leverage Cardano's unique architecture to provide a non-custodial service that minimizes centralization and risk. This solution addresses the lack of a permissionless staking platform on Cardano in a safe and sustainable manner and aims to promote inclusivity, accessibility, and community engagement within the DeFi ecosystem. Our solution will have a positive impact on the community because it is a service that can be utilized by a diverse range of community stakeholders and members. For example NFT Projects, Fungible Token Projects, Liquidity Pool Providers, cryptocurrency project owners and community members can all benefit and utilize the tool.
The problem at hand is the absence of a platform that allows individuals and token projects to easily create staking pools without technical expertise or upfront fees. This hinders broader participation in staking activities and limits the potential for decentralized finance (DeFi) growth on Cardano.
To tackle this problem, the proposed solution takes a no-code approach, removing the need for programming skills and lowering the barriers to entry. Experts and Decentralized Exchanges (DEX) will no longer be the gate keepers deciding which projects can or cannot create their own Native Asset Staking Pools. By offering a user-friendly platform, it empowers a wider range of individuals, including those without technical backgrounds, to participate in staking and contribute to the health and liquidity of the Cardano DeFi ecosystem.
The solution engages various stakeholders within the Cardano community. For example it allows project owners, developers, token holders, liquidity providers, NFT creators, etc to effortlessly create staking pools to the benefit of their communities and users who will be able to easily participate in staking activities and earn rewards. Our proposed solution encourages collaboration, knowledge-sharing and community-driven improvements, fostering a sense of ownership and collective impact.
What sets this solution apart is its focus on simplicity, accessibility via the permissionless creation of staking pools. It streamlines the staking process and enables the Cardano community to actively participate without unnecessary technical barriers or costs. By lowering the entry barriers, our solution aims to attract a wider range of projects, users and investments, leading to increased adoption of the Cardano blockchain and the utilization of ADA within the cryptocurrency DeFi ecosystem.
The beneficiaries of this solution include project owners, individual token holders, liquidity providers, NFT creators, and any projects seeking staking opportunities, and the Cardano ecosystem as a whole. Individual token holders can stake their assets and earn rewards, liquidity providers can participate in yield farming activities, NFT creators can leverage staking to incentivize engagement, and projects can benefit from increased liquidity and user engagement.
This solution is important for Cardano because it aligns with the principles of decentralization, inclusivity and community empowerment. By providing a platform that democratizes staking and removes unnecessary barriers, it encourages active participation, enhances the vibrancy of the Cardano ecosystem and strengthens the overall value proposition of the network. It promotes sustainable growth, fosters innovation, and positions Cardano as a leading platform for decentralized finance.
How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?
The proposed solution directly addresses the challenge of the lack of a staking platform on Cardano that supports the permissionless creation of staking pools for tokens. By providing a no-code, no-setup fee platform, the solution enables the Cardano community to easily create farming pools supporting Native Assets (such as NFTs, Liquidity Pool Tokens, and Fungible Tokens) staking with the click of a button.
The aims addressed by the proposal include:
- Promoting Inclusivity: The solution lowers the barriers to entry for individuals and projects, allowing a wider range of participants to engage in staking activities. It promotes inclusivity by enabling users without technical expertise or significant upfront fees to create and participate in staking pools.
- Enhancing Participation: The solution encourages active participation within the Cardano ecosystem. It enables Cardano based Native Asset Projects to easily create farming pools so that token holders, liquidity providers, and NFT creators can actively stake their assets, earn rewards, and contribute to the liquidity and growth of the ecosystem.
- Fostering Decentralization: The permissionless creation of staking pools aligns with the principles of decentralization. It empowers individuals and projects to independently create and participate in staking pools without requiring prior approval or intervention from centralized entities. This fosters a more decentralized and community-driven ecosystem.
The impact of the project on the Cardano ecosystem goes beyond funding creation of a useful DeFi protocol. It brings several benefits, including:
- Increased Adoption: The user-friendly and accessible platform is expected to attract new users to the Cardano ecosystem. It provides an entry point for individuals and projects interested in staking activities but may have been deterred by technical complexities or high setup costs.
- Liquidity and Participation: The creation of farming pools supports the growth of liquidity and active participation within the Cardano ecosystem. This increased liquidity facilitates trading, DeFi activities, and the overall vibrancy of the ecosystem.
- Community Engagement: The solution encourages community engagement and collaboration. It empowers the Cardano community to actively contribute to the growth and development of the ecosystem by creating staking pools, sharing knowledge, and driving improvements to the platform.
Quantifying the impact of the project in terms of users, transactions, or usage within a specific timeframe can be monitored simply via the metric of Total Value Locked (TVL) measured in ADA. TVL is a record of the amount of assets being staked in the app at any given time frame. Monitoring whether this is increasing or decreasing will show how popular the staking solution is in real time. Other possible indicators for quantifying impact would be new user adoption rates (new wallet creation, number of wallets that interact with the staking app, etc) and on chain activity (number of transactions associated with the app). Both these metrics can be easily monitored via DeFi existing tools such as DeFiLlama and in fact we have already taken steps to integrate the Tangent MVP Staking App with DeFiLlama for this very purpose. Another quantifiable measurement for the project's impact would be measured by the number of staking pools created (however this may not be reliable as it does not measure the quality of the pools created; are they fake/spam tokens? This is an daily issue on Minswap and Taptools at this moment). Other measurement methods include engagement from users and projects, and the overall growth in staked assets and liquidity within the Cardano ecosystem.
It is important to approach impact quantification in a multifaceted manner consider the organic growth of the ecosystem, user adoption trends, and DeFi market dynamics. The value the proposal brings to the Cardano ecosystem lies in its ability to democratize staking, enhance participation and contribute to the overall strength and vibrancy of the Native Asset ecosystem.
How do you intend to measure the success of your project?
Measuring the success of the project involves assessing the benefits it brings to the Cardano ecosystem. While it may be challenging to provide precise measurements, both quantitative and qualitative metrics can be used to evaluate the impact. Here are some potential measures and benefits:
1.Adoption and Engagement:
- Measure the number of staking pools created on the platform (drawback; does not account for spam tokens & pools).
- Monitor the growth in the number of participants engaged in staking activities (via DeFiLlama).
- Assess the level of community engagement, such as active discussions, contributions, and collaborations related to the project.
- Collect user feedback and opinions to gauge satisfaction and overall experience.
2.Liquidity and Market Impact:
- Monitor the volume of assets staked within the created pools (TVL).
- Observe the growth in liquidity within the Cardano ecosystem.
- Assess the impact on trading volumes, market depth, and overall market activity in Cardano-based tokens and assets.
- Observe the growth in the number of assets available for staking, including NFTs and native tokens.
3.Ecosystem Growth and Development:
- Measure the number of projects leveraging the staking pools to incentivize participation, liquidity provision, and engagement.
- Assess the growth of the Cardano DeFi ecosystem in terms of the number and variety of projects utilizing the platform (is it only popular with DeFi projects or with NFT projects as well).
- Monitor the number of new users attracted to the Cardano ecosystem as a result of the accessible staking opportunities.
- Collect testimonials or qualitative feedback from users, projects, and community members to understand their perception of the project's impact on ecosystem productivity and growth.
In the short term, the project is expected to drive immediate benefits by providing a user-friendly platform for creating staking pools, attracting new participants and increasing liquidity within the Cardano Native Asset ecosystem. The accessibility and ease of use will encourage rapid adoption and engagement.
In the long term, the project can have a lasting impact on Cardano's productivity and growth by fostering a vibrant DeFi ecosystem. The availability of staking pools will contribute to the liquidity and stability of the network. Increased participation from users and projects will drive innovation, attract investments and expand the range of services built on Cardano. This, in turn, can enhance Cardano's overall productivity, market position and long-term sustainability.
While some metrics can be measured quantitatively, such as the number of staking pools or the volume of assets staked, it is also important to consider qualitative feedback and opinions from users and stakeholders. User satisfaction, community engagement and testimonials can provide valuable insights into the perceived benefits and overall impact of the project.
By employing a combination of quantitative and qualitative measurements, the proposal team can gain a comprehensive understanding of the project's success and its contribution to the productivity, growth and reputation of Cardano.
Please describe your plans to share the outputs and results of your project?
To share the outputs and results of the project, the following plans can be implemented:
- Documentation and Publication: Prepare comprehensive documentation, including installation guides, user manuals and best practices. Publish these resources on the project website, open-source repositories (Github), and relevant platforms (Gitbook, Medium, Cardano Forum). This ensures that the outputs are easily accessible to the Cardano community and beyond.
- Online Channels and Social Media: Utilize online channels, such as social media platforms, forums, and community groups (Discord, Telegram, Youtube, Twitter), to share project updates, announcements, and milestones. Engage with the Cardano community through regular posts, discussions, and Q&A sessions to foster awareness and gather feedback.
- Collaboration and Partnerships: Forge collaborations and partnerships with other projects, community members, and stakeholders within the Cardano ecosystem. Share the outputs and opportunities that arise from the completed project to encourage joint initiatives, integrations, and collective growth.
- Conference and Event Participation: Present the project's outputs, impact, and opportunities at relevant conferences, meetups and industry events. Engage with the broader blockchain and cryptocurrency community to showcase the innovation and gather insights from other experts in the field.
- Research and Academic Channels: Publish research papers, articles, or case studies related to the project's findings, impact and potential future developments. Share the results with academic institutions, research communities and industry experts to contribute to the broader knowledge base and stimulate further research and development activities.
By sharing the outputs and results of the project through these various channels, the project team can disseminate knowledge, create awareness and foster collaboration within the Cardano ecosystem and the broader blockchain community.
The results generated from the project can be utilized in further research and development activities in the following ways:
- Iterative Improvements: Apply the insights gained from user feedback, community engagement and monitoring the impact of the project to make iterative improvements to the platform. Continuously enhance the user experience, address any issues or limitations and implement new features based on user needs and evolving industry trends.
- Promise to be Opensource: Make the code (front end and back end) both opensource and available freely on GitHub so that other developers may come and fork the code to improve or modify as they see fit.
- Ecosystem Development: Collaborate with other projects and stakeholders to explore integration opportunities and contribute to the development of the Cardano ecosystem. Share the project's findings, lessons learned and best practices with other developers, projects and entrepreneurs to foster innovation and drive the growth of the ecosystem.
- Knowledge Sharing and Education: Utilize the results generated from the project to develop educational resources, tutorials and workshops that can benefit newcomers to the Cardano ecosystem. Disseminate the knowledge gained to empower individuals and organizations in understanding and utilizing the project's outputs effectively.
By leveraging the project's results in further research and development activities, the team can contribute to the ongoing evolution and advancement of the Cardano ecosystem while fostering a culture of continuous learning and innovation.