Please describe your proposed solution.
What will we produce? (i.e. outputs)
A user facing Dapp that allows any project developer to bond coins to any NFT collection. They can specify balances to bond per NFT or wallet address, and linear vesting parameters that determine how quickly those coins can be claimed.
The key innovation here is that the ownership of bonded tokens transfers with the NFT, meaning vesting tokens or airdrops can be transferable without introducing fungibility.
New NFTs can be minted using the tool or an existing collection can be specified.
NFT vesting is free 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 this tool and deployed it to several EVM test networks. We will rewrite our smart contracts and UI for Cardano.
Why is this needed?
Having an NFT that acts as a transferable claim key to a locked asset pool allows for valuable use cases like token vesting, employee equity and decentralised LP token ownership. Importantly, this tool supports linear vesting, which is not possible with our seperate Liquid Vesting Token protocol.
What will happen as a result of this work? (i.e. outcomes)
The Cardano ecosystem will gain a free to use vesting utility. We expect this to make the Cardano ecosystem an even more investor friendly environment, especially for existing NFT projects that may be looking to migrate to Cardano. We hope this contributes to greater network health overall.
Please describe how your proposed solution will address the Challenge that you have submitted it in.
Art NFTs were a major narrative in 2021/22. We believe that NFTs with fundamental utility will be the next major market narrative.
We aim to provide a free, composable and interoperable tool that allows all developers on the Cardano network to create utility NFTs on demand.
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 vesting tools on several EVM testnets. 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.