Please describe your proposed solution.
Our proposed solution aims to address the problem of limited understanding and awareness of decentralized finance (DeFi) among the Cardano community. We believe that DeFi is a crucial aspect of the blockchain ecosystem and it is essential for the community to grasp its concepts and actively participate in it.
We approach this challenge by creating a fun and educational community farming pool where users can stake LP tokens and earn a share of the 40,000 ADA as a learning experience. By providing a hands-on opportunity to engage with DeFi, we empower community members to gain practical knowledge and experience in liquidity provision and LP token staking.
Objectives:
- Educate the Cardano community about DeFi concepts, liquidity provision and LP token staking.
- Encourage community members to actively participate in the DeFi ecosystem and bootstrap liquidity.
- Foster a collaborative and supportive environment for learning and sharing knowledge.
- Reward users with ADA for participating and learning about Cardano DeFi
Deliverables:
- Use an existing online service to host the community farming pool. Potential options include Tangent (https://app.tangent.art), Minswap (https://app.minswap.org), WingRiders (https://app.wingriders.com) and VyFi (https://www.vyfi.io)
- Provide clear instructions and educational resources on DeFi and LP token staking such as online articles, blogs, step by step guides, twitter spaces and videos
- Distribute the 40,000 ADA rewards proportionally to users based on their stake in the pool
Our project will engage the Cardano community, particularly those who are interested in exploring DeFi but lack the necessary knowledge or experience. We aim to foster a collaborative learning environment where participants can ask questions, share insights, and support each other's growth. We also will provide educational resources in the form of online guides, videos and forum discussions about to use interact with DeFi using the most popular web3 wallets (Nami, Eternl, Yoroi, NuFi, etc).
To demonstrate the impact of our project, we will measure the number of participants in the community farming pool, their level of engagement and active participation and gather feedback and testimonials from participants on their learning experience and understanding of DeFi. The goal is to see an increase in awareness, understanding and engagement in the Cardano community regarding DeFi concepts.
Our solution is special because it is a combination of education and hands-on experience through a fun and community-driven approach. By creating an environment that encourages learning and sharing, we believe that participants will develop a deeper understanding of DeFi, which will benefit both themselves and the community. Empowering community members with the knowledge and experience in DeFi will contribute to the growth and strength of the Cardano network as it evolves into a thriving decentralized financial ecosystem.
How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?
Our proposed solution directly addresses the challenge of limited understanding and awareness of decentralized finance (DeFi) within the Cardano community. By creating a fun community farming pool where users can stake LP tokens and receive a share of the 40,000 ADA as a learning experience, we aim to bridge the knowledge gap and encourage active participation in DeFi.
Our project aligns with the following aims of the challenge:
- <u>Increasing community engagement:</u> We provide a hands-on opportunity for community members to actively engage with DeFi concepts, learn about liquidity provision, LP token staking and the benefits of participating in DeFi farming pools.
- <u>Enhancing education and knowledge sharing:</u> Through the community farming pool, participants can acquire practical knowledge, ask questions, share insights, and learn from one another in a collaborative learning environment.
- <u>Encouraging participation in the Cardano ecosystem:</u> By enabling community members to earn rewards through staking LP tokens, we incentivize participation and foster a sense of ownership in the Cardano ecosystem.
The impact of our project goes beyond funding the project team. It brings value to the Cardano ecosystem by:
- <u>Increasing awareness and understanding of DeFi</u>: By providing a fun and educational platform, we empower community members to develop a deeper understanding of DeFi, its benefits, and its potential for the Cardano ecosystem.
- <u>Fostering community growth and engagement:</u> The project will attract new participants to the Cardano community who are interested in exploring DeFi. This will contribute to a more vibrant and active community, leading to increased discussions, knowledge sharing, and collaboration.
- <u>Building liquidity and strength in DeFi</u>: As participants stake LP tokens in the community farming pool, it will bootstrap liquidity, making it more attractive for other users to join and contribute. This strengthens the Cardano DeFi ecosystem as a whole.
While it is challenging to provide specific quantitative projections, we anticipate attracting a significant number of participants to the community farming pool. We aim to have hundreds of users actively staking LP tokens and engaging in discussions within a reasonable timeframe after the project completes. The specific LP tokens to be staked can be chosen by the Cardano community via vote. The success of the project will be measured by the level of community engagement, the amount of liquidity generated (TVL) and the feedback and testimonials from participants regarding their learning experience and understanding of DeFi.
How do you intend to measure the success of your project?
Measurement of Success:
- Number of participants in the community farming pool.
- Level of engagement and active participation from community members.
- Feedback and testimonials from participants on their learning experience and understanding of DeFi.
Our solution includes staking rewards, we will monitor the staking activity of users who receive rewards in different tokens. Tracking the amount of tokens staked and the growth of staking pools indicates the attractiveness and success of our staking rewards system.
Please describe your plans to share the outputs and results of your project?
We will leverage various online channels to disseminate information about our project. This includes publishing articles, blog posts, videos and case studies on our website and other relevant platforms. We will also utilize social media platforms such as Twitter, Medium, Youtube, Discord and Telegram to engage with the community, share updates, and encourage discussions around our project's outputs and results.