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ErgoDex Plutus Port

$91,000.00 Received
$91,000.00 Requested
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Problem:

我们需要一个非托管的去中心化交易所,允许我们在Cardano网络上轻松、快速、安全地转移流动资金。

挑战: F5: Scale-UP Cardano's DeFi Ecosystem
funded Awarded 36.4% of the fund.
Community Advisor Reviews:
3.4 (43)
Yes Votes:
₳ 257,763,109
No Votes:
₳ 22,796,071
Unique Wallets:
1602

经验

Team has a solid background in core and ecosystem development with projects including Ergo and Scorex.

解决方案

ErgoDEX - 一个去中心化的交易所,将AMM和OrderBook结合在一个应用程序中,以提供最佳的用户体验。

ErgoDEX is a set of protocols and an ecosystem built on top of them allowing to trade any pair of tokens through a single interface in various ways:

  • through atomic-swap orders
  • orders with partial filling
  • and finally AMM pools It is now in active development on Ergo blockchain. As soon as Ergo and Cardano share a similar eUTXO model in their core, ErgoDEX contracts and all its ecosystem (UI, bots) can be relatively easily ported to Cardano.

Background: ERGO

Ergo was founded by Charles Hoskinson's "favorite technologist" Alex Chepurnoy who contributed to the development of Cardano, co-founded smartcontract.com (now Chainlink) and was a core developer at Nx, the first Proof-of-Stake chain. In an interview, Hoskinson described Ergo as; "It's one of the most revolutionary cryptocurrencies ever built. Got so many crazy ideas like sigma protocols and pruning the blockchain and roller chains. All this crazy stuff. Even has proof of no premine. So really a technological marvel in many respects, and it reflects about 8 years of knowledge that Alex has amassed as both a researcher and a developer. Super concise code and it blows my mind that the market cap is where it's at. It should be a top 10 coin or top 15 coin" — Charles Hoskinson Ergo is one of a very exclusive group of blockchains that had no premine, ICO or VC funding. Built with fairness in mind. While developers are starting to appear, access to funds would allow us to hire more UI devs, and create a more robust and tested system in time for Alonso.

Current state of ErgoDEX

ErgoDEX protocol is described in EIP14 (https://github.com/ergoplatform/eips/blob/eip14/eip-0014.md) and will be fixed as standard DEX protocol for Ergo. Most contracts from the protocol are already tested in the ERGO main-net and now developers are mainly focused on delivering DEX UI, SDK and security audit of the protocol. Unfortunately ErgoDEX is now being developed by very few devs what makes it hard to deliver good UI and port the app to Cardano, so additional funding is required in order to attract more developers and deliver DEX in time when communities of both Ergo and Cardano need it most.

UPD:

Automatic swaps against AMM pool (TestUSD -> TestERG) are tested in the mainnet: https://explorer.ergoplatform.com/en/transactions/bc638795df9d5411c8213296b13f69e078c5dd0bc37bba53deedb44b29650cf7 The TestERG|TestUSD pool: https://api.ergoplatform.com/api/v1/boxes/unspent/byTokenId/d7d0d6ecc4ed6c282a22655da253070157b381173460a6a8f556eace1529791e

Team

  • Ilya Oskin (oskin1) is a Software Engineer, Core Developer of Ergo, Lead Developer at Mail.ru Group. [Github: https://github.com/oskin1]
  • Dmitry Usov (eilemust / deadit) is a Software Engineer, ex. Frontend Team Lead at Citymobil, Javascript developer at Chatfuel. [Github: https://github.com/deadit]

Experience

Ilya Oskin has a broad experience in core blockchain research and development. He previously worked as a core developer of Ergo reference node, backend developer of ErgoWallet, Ergo Blockchain Explorer, Prism (a language for financial contracts). Experienced in functional programming in Scala, Haskell. Dmitry Usov is a frontend dev with 6+ years of experience in commercial development and 2+ years of blockchain-related development. He took part in projects like ErgoExplorer UI, AgeUSD UI (algorithmic stable coin), Ergo JS SDK.

Ergo->Cardano ports

This is not the first contract that will be ported to Plutus, IOHK, Ergo, and Emurgo designed the economic model of AgeUSD. Its economic model maintains the conservative settings for collateral reserves and avoids the need for liquidations. Along with that, it supports a fully decentralized stablecoin emission setup. Thus, AgeUSD will offer the world a stable, simple, and decentralized UTXO stablecoin. The AgeUSD contracts were also converted to Plutus, and are currently being implemented by Cardano, the original drafts of the Plutus contracts can be seen on the AgeUSD github.

Proposal impacts on key metrics

Finally, the ErgoDEX will create the necessary conditions for expanding the audience using the Cardano protocol. Transparent tokenomics and familiar UX will allow to attract more LPs and users to Cardano DeFi. In 12 months, we expect the number of active users of the exchange to exceed 100,000 in a week. ErgoDEX will serve to successfully implement cross-chain swaps between the Ergo ecosystem and Cardano in the future. We have a unique opportunity to test all contracts on the Ergo blockchain and successfully implement them in Cardano. We expect that the LVT indicator for the first 3 months of the exchange's existence reached $ 100 million, for the next 3 months $ 300 million, and at the end of the year it will be equal to ~ $ 1 billion. This rapid growth will ensure the popularity of the Uniswap exchange.

Definition of success

3 months: Successful tests of contracts on the Ergo ecosystem (already done). Ready to use version of ErgoDEX UI (AMM and OrderBook included). Successful tests of contracts on the Cardano ecosystem, which are based on solutions for Ergo; 6 months: Conducting protocol research for cross-chain swap protocols, getting first results. Added support for concentrated liquidity in AMM; 12 months: Cross-chain DEX implemented. ErgoDEX UI fully adapted to work with cross-chain swaps.

Plan in detail

  1. Develop a UI for AMM first and then for OrderBook
  2. Run public tests on the Ergo blockchain. Collect and analyse feedback from community.
  3. Port tested protocol to Cardano (port contracts to Plutus)
  4. Based on already developing ErgoDEX SDK implement Javascript SDK for the Cardano. (https://github.com/ergoplatform/ergo-dex-sdk-js/tree/dev)
  5. Update backend services (DEX bots) in order to serve ErgoDEX on Cardano (Already implemented for Ergo: https://github.com/ergoplatform/ergo-dex-backend))
  6. Update the DEX UI in order for it to work with both Cardano and Ergo networks
  7. Test and launch the app on Cardano

 

Further steps (not included in this funding proposal, probably will be funded from DEX fees) 8. Research a protocol allowing to transfer liquidity among Ergo and Cardano networks 9. Add the inter-chain swap protocol to ErgoDEX allowing to trade assets between two networks in a decentralized manner We estimate UI development to take 3 month assuming a team of 3 UI devs working simultaneously. Core development will take less effort as soon as pretty much work is already done so far, so 2 devs for 2 month (working in parallel with the UI team). Overall estimated development time from the start of UI dev to the public launch on Cardano is 3.5 month including tests (2nd half of August 2021).

  • All code is open source under the Creative Commons license.

Funding:

UI development

  • 2 UI devs full time, 3 month: 30K$
  • ErgoDEX UI/UX: 10K$
  • 1 QA, 2 month: 6K$ Core development (Port of contracts, SDK and backend update)
  • 2 devs full time, 2 month: 30K$ Management:
  • 1 Product Owner full time, 3 month: 15K$ *Any remaining funds will be dedicated to a research of inter-chain Ergo-Cardano swaps protocol.

Links:

 

 

 

 

Definition of Success

Received emails from [email protected], How my proposal impacts the challenge metrics, Broken down my budget requirements, Defined expected public launch date., How I address the challenge question, Submitted this proposal to only one challenge, Definition of success after 3, 6 and 12 months, Included identifying information about all proposers

社区顾问评论

Addresses Challenge

3.5 / 5
15 评论

Does the proposal effectively addresses the challenge?

社区评论 (12)

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October 23, 2021

DEX is the core of DeFI. The approach is innovative with a mix of AMM and order-book exchanges.

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October 23, 2021

The proposal is not effectively addressing the challenge of launching a DeFi protocol on Cardano in the next 6 months, this DEX has not launched on Ergo yet and its unclear the team has full understanding of the work required to bring this DEX to Plutus.

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October 23, 2021

An exchange that combines AMM with order book, with capability of partial filling - This really seems all people need. I believe ErgoDex will become the top DEX on Cardano.

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October 23, 2021

The proposal does not effectively address the challenge of scaling up Cardano's DeFi sector in the next 6 months. The DEX is not complete and has not launched on Ergo yet. The process of porting it to Cardano (Haskell) will be a several month process that can only commence once the system is in production on Ergo.

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October 23, 2021

The proposal is one of several AMM DEX's in this challenge yet its the only one building on a different blockchain. As a CA the amount requested and fact this has not gone live on the Ergo chain yet means this proposal is not effectively addressing the challenge (deploying Plutus DeFi protocols in the next 6 months)/

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October 23, 2021

This brings valuable DeFi functionality to the Cardano ecosystem. The potential synergy with the Ergo blockchain offers value and an on-ramp for innovation for DeFi applications on Cardano.

The development and implementation timeline is well-aligned with Cardano's Alonzo mainnet launch, which would capitalize on and contribute to overall Cardano awareness and demand.

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October 23, 2021

As a CA we are seeing an increased number of proposals suggesting some form of a bridge or port of their dApp to Cardano. All of those protocols are already live on other chains. In the case of ErgoDEX this team has yet to deploy the Dex solution on Ergo and are now requesting funds from the Cardano community to build a ported version of the system on Plutus. This is not effectively addressing the challenge as well as other AMM DEX's in this challenge building native Plutus DEXs that will be live in the next six months.

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October 23, 2021

Sounds like a good project. The proposers have not made clear the case how this helps to scale-up DeFi and thus meet the challenge goal. Does this make other DeFi projects easier, or is it just bridging to an existing one?

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October 23, 2021

The problem description doesn't describe the problem clearly but a solution, I recommend that the statement be modified to communicate the objective more clearly.

DEXs based on order books (including crosschain atomic swaps) never achieved relevant adoption among the DeFi community, it was only with the introduction of the AMM model that the use of DEXs became attractive, this is due to the greater liquidity of the AMM model . This places uncertainty in this aspect of the proposal, I believe that the part that deals with AMM has a much more evident and promising potential, however DEXs in the AMM model do not present ease for crosschain swaps as in the order book model and this would make it difficult to develop a bridge ERGO-Cardano.

The metrics and KPIs described would have an extremely positive impact on Cardano's DeFi challenge and ecosystem if they are met.

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October 23, 2021

ErgoDEX proves the interoperability between the Ergo and Cardano chains and can connect the communities of both ecosystems.

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October 23, 2021

As an early investor in both Cardano and Ergo, I'm very excited for this project. However, the Ergo community seems quite small and there is going to be a lot of competition from other DEXs on Cardano. What competitive advantage will ErgoDEX have? I spotted a big mistake in your proposal, "This rapid growth will ensure the popularity of the Uniswap exchange." Uniswap?!?

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October 23, 2021

This proposal effectively addresses the challenge of bringing DeFi to cardano by using a similar block chain to deliver an innovative working product, leverages the advantages that EUTXO brings to DeFi and will be able to be used in the wild before implementing on Cardano. The key innovation that EUTXO brings is the ability to merge liquidity between the order book and AMM, something that isn't possible on the accounting model.

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Feasibility

3 / 5
15 评论

Given experience and plan presented is likely that this proposal will be implemented successfully

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October 23, 2021

The team does not have a live protocol on Ergo yet so they should not be talking about any port until that's complete, the roadmap is also 12 months out which does not align with the challenge goal of scaling up Cardano's DeFi ecosystem with functional/working protocols on Plutus mainnet in the next 6 months.

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October 23, 2021

The plan to bring ErgoDEX to Cardano is not one a CA can completely analyze in its current state as the solution has not gone live yet on Ergo. There is no way to judge the current viability of the solution and the last Defi solution the Ergo team launched (AgeUSD stablecoin) was hacked and had to be reset. The team behind this proposal also does not specify who the Plutus developers building these contracts in Haskell will be. The budget/timeline also don't match the amount of work outlined in this proposal.

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October 23, 2021

Experience of team is impressive and the proposal is well-thought through and realistically outlined. Alignment with Cardano's evolution is well-considered and delivery milestones are reasonable, given the resources outlined. The detailed, professional and focused proposal builds confidence in the ability of the team to deliver.

Future development directions and funding plans seem reasonable, but greater confidence of success would come from inclusion of marketing and community support resources to support growth.

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October 23, 2021

The team's experience delivering scalable DeFi dApps on Cardano is not known. No Plutus dev resource is identified, the AMM build on Ergo is not complete and the SigmaUSD protocol deployed on Ergo was exploited. That timeline (1 year at least before going live on Cardano) is also not as competitive as the other AMM DEXs in this f5 challenge.

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October 23, 2021

This is a very strong team. With the previous on Ergo, I think the team will successfully complete the implementation. The plan also looks good to me.

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October 23, 2021

The team is already developing ERGO DEX (on ERGO's blockchain) and has expertise in different areas relevant to the proposal as research and development, software engineering and experience in functional programming languages (Scala and Haskell), but there is no information about experience with the Plutus language or if the team is participating in the Plutus Pioneer Program.

The plan is reasonable, detailed, includes a clear and objective roadmap. There are details on budget allocation.

A recommendation that may seem unnecessary, but I think it is important to change the name of DEX. If a DEX adopts the name of the blockchain itself, it ends up causing confusion, even more when there is an interest that the project be ported to Cardano. It doesn't make any sense to have an "ETHEREUM DEX" running on Cardano's blockchain for example (To be clear, this is a recommendation to the team and I'm not using it to set the score, just to give feedback)

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October 23, 2021

The team behind this proposal has never built in Plutus before and it's never made clear who their Haskell dev resources working on this are, in addition the timeline of launching the cross-chain swap solution on Cardano in 12 months is not at all in line with the proposal goal of DeFi protocols going live on Cardano in the next 6 months.

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October 23, 2021

The team has no experience building Haskell code in Plutus and the timeline to deliver this DEX on Cardano is 1 year. That is not effectively meeting the challenge when their are other DEX proposals in this challenge building directly on Plutus now.

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October 23, 2021

With the ErgoPlatform having connections to IOG and the experience of the team members. I do not see how this would not be implemented successfully.

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October 23, 2021

The experience of this team building on Cardano is nill, this is an Ergo dApp that is going to have a difficult time making the leap into the Plutus (Haskell) framework Cardano is built on. The proposal timeline is also clear this won't go live for 1 years, this challenge is meant to fund DeFi protocols going live as Plutus dApps in <6 months. It's also not clear who the Haskell dev talent building these contracts in Plutus will be.

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October 23, 2021

The proposal shows a working example of a smart contract on EUTXO, which is evidence that the working bits have already been developed on Ergo but need a friendly user interface to enable adoption. The feasibility of porting the contracts over to Cardano is shown in the proposal, with example of other Ergo contracts being re written for cardano. The Dev team have shown their work on existing blockchain defi products such as SigUSD.

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October 23, 2021

Proposers have the skillset to do this and are already heavily involved, thus likely to succeed if funded.

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Auditability

3.6 / 5
13 评论

Does the proposal provides sufficient information to assess and audit progress and completion?

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October 23, 2021

The resource plan is well-laid out and clearly links to proposed results. The development and delivery milestones are clearly laid out on a reasonable timeframe. This provides the high level information needed to audit progress.

One area for improvement could be dapp usage or adoption targets as measures of success.

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October 23, 2021

Plan is well set out, and easy to audit. If the goal is to meet the challenge of scaling up DeFi ecosystem, some metrics to measure success here would be good.

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October 23, 2021

There is a clear timeline with milestones that meet the challenge. There are relevant metrics and KPIs.

There are details about the team's qualifications and experience, but there are no details about the team's expertise with Plutus. There are details on the budget allocation.

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October 23, 2021

The goal and milestones have been clearly defined, which can be used to audit the progress. The github is also provided.

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October 23, 2021

More then sufficient information is provided. They linked their Github, and provided a roadmap. Since the team has connection to Input Output, I am certain they will be held accountable.

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October 23, 2021

The proposal does not provide sufficient info on who will complete this work, the implementation strategy they will follow to port to the Ergodex to Plutus and given the timeline (and fact other AMM's are already deploying Plutus beta apps) this proposal is less competitive than other DEXs in this challenge.

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October 23, 2021

The team needs to deploy the AMM DEX to Ergo blockchain before requesting this amount of funds to build the contracts on Plutus. As stated above the last protocol deployed to Ergo was exploited almost immediately, the team needs to prove they can successfully deploy on their own chain and then prove they have the Haskell Plutus devs capable of building their contracts on Cardano.

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October 23, 2021

The proposal is very well thought out and leaves no stone unturned within the details of the proposal. All questions I could think of were answered within the proposal.

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October 23, 2021

This team should focus on implementing the Dex on Ergo in the next few months and then put together a detailed plan highlighting how they will create a Plutus version of the protocol, currently this proposal reads as a team with an unfinished dApp on the Ergo chain requesting funds to build a version of it on Cardano.

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October 23, 2021

The proposal Identifies a clear and defined budget and a detailed plan for deliverables, as well as total value locked in the protocol for easy measurement of success.

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October 23, 2021

looking at the history of the team with ergo, playing around with their stablecoin UI. it does seem likely they have the experience needed.

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October 23, 2021

The proposal team should focus on getting this dex implemented in Ergo before talking about any form of 'Plutus port', using the AgeUSD as an example of their ability to port ErgoScript into Plutus is a complete non-starter as the contracts are not even complete for that stablecoin protocol. The timeline to launch on Plutus of 12 months is also way too long to be a competitive proposal.

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Impact

0 / 5
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The proposal is able to scale to address future challenges.