Please describe your proposed solution.
Staking Baskets is a groundbreaking new innovation and schematic for furthering decentralisation on the Cardano blockchain. Created by Âtrium Lab, and developed by MLabs, a renowned specialist in Haskell and Rust, Staking Baskets are a smart contract system that allows users to deposit their ADA and delegate to a large number of Stake pools in a user-friendly way. Users will eventually be able to create their own Staking Baskets with their own list of stakepools, following the successful funding of a separate proposal.
For depositing the ADA, users will receive basket tokens that can be used to withdraw their initial ADA deposit + their rewards. These basket tokens are liquid and can be sent to other wallets. They can also be swapped on a DEX, given that there’s a liquidity pool. Diffusion our first basket has been built and is now in the later stages of testing and integrating within our front end.
This proposal will see the development of a frontend that enables creation of customisable Staking Baskets, making them accessible to the wider community. Users will be able to create their own Staking Basket with their own list of stakepools and their own reward incentive.
Interacting with the Staking Basket contract directly is something that requires a deep level of technical knowledge. We are building a simple interface that will allow a much larger cohort of users to create and manage Baskets. Users will be able to choose which pools they would like to initially include, they can add or remove pools, rebalance the delegation to each pool, adjust Basket fees, and include their own token incentives as well as set their own fee.
How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?
With Staking Basket SPO tooling, operators can create their own Staking Basket with their own list of stakepools for stakers to delegate their ADA too. Staking Baskets are a great tool for existing Stake pools to collaborate with other pools to advertise their collectives, teams, trusted partners, organizations and friend groups.
How do you intend to measure the success of your project?
A functioning platform that allows users to create their own Staking Baskets with their own list of Stakepools, collect fees, change stakepool delegation, and reward with their own Cardano Native Token.
Please describe your plans to share the outputs and results of your project?
The Custom Baskets Platform will be released on Âtrium following the successful release of the initial Staking Baskets contract/interface on Cardano’s mainnet.
Basket creators will be able to choose which pools they would like their Basket to be composed of, they can add or remove pools, rebalance the delegation to each pool, adjust Basket fees, and include their own token incentives as well as set their own fee. All Basket operations can be completed through a simple front-end interface, with no development experience required.