Please describe your proposed solution

Many countries across the globe and Africa in particular are plagued with hyperinflation and currency devaluation. According to IMF data, the average Inflation for sub-Saharan Africa for 2023 was %15.6 (https.//imf.org/external/datamapper). The Nigerian Naira is currently trading at an all-time low. In a little under a year, the Naira (NGN) has fallen more than 49%. The Naira traded at N735/$ on January 1, 2023, but currently exchanges for about N1345/$. This unpalatable scenario is not limited only to Nigeria. Several other countries in Africa and beyond suffer similar currency devaluation.

Often to hedge against this alarming currency devaluation, the upper class has access to USDollar-denominated investments such as domiciliary bank accounts among others.

The lower and middle classes are worst hit by eroding currency values due largely to the challenge of accessing domiciliary bank accounts and limited savings. The need to preserve their limited savings is even more urgent as their little savings get eroded all too quickly.

We believe Cardano ecosystem stablecoins can deliver the much needed solution. This we hope to achieve by incentivizing users to save using Cardano stable coins in a non-custodial DApp .

Stablecoins emerged sometime in 2014 and have extended the usefulness of blockchain technology. By tracking the value of an underlying asset (such as US Dollar), stablecoins protect users from the volatility of cryptocurrencies. With this relative stability, stablecoins have become a veritable medium of exchange and a reliable store of value. Stablecoins have extended the decentralized finance (DEFI) use case of cryptocurrencies by giving access to financial services not within reach of the poor.

Our proposed solution is to get users with access to any of the selected Cardano ecosystem stablecoins to lock up their savings for a defined period. If users abide by the lockup period, they will be rewarded with one or a combination of ADA/stablecoins/NFTs/badges at the end of the period. Those who choose to break up their savings MAY BE penalized for this depending on how much of the savings tenure was kept.

Cardano Stablecoins:

USDA by Anszen/Emurgo

https://www.emurgo.io/press-news/the-role-of-stablecoins-in-cardanos-defi-ecosystem/

USDM by Mehen

(https://medium.com/tap-in-with-taptools/fiat-backed-stablecoin-usdm-to-launch-next-month-on-cardano-8272dcdaf321

Djed by COTI

https://djed.xyz/

Please define the positive impact your project will have on the wider Cardano community

We seek to validate the concept of savings using Cardano stablecoins as a means of hedging against hyperinflation and currency devaluation.

We plan to develop a prototype minimalist DApp that users can connect their wallets and lock up stablecoins for a defined period. In achieving the validation we will provide education and information to target prospective users (including new-to-crypto, new-to-Cardano, and existing Cardano users). This will lead to the onboarding of hundreds of new users and extend the utility of the Cardano blockchain and stablecoins in particular.

The positive impact will be measured using the following metrics

Number of outreaches and events to showcase Cardano and the DEFI savings DApp.

Number of new users onboarded to Cardano ecosystem.

The number of wallets connecting to the DApp and utilizing Cardano DEFI stablecoins.

The total value of Cardano stablecoins locked in the DApp.

Collaboration with Cardano stablecoins projects.

We plan to share the outputs from the project with the Cardano community using monthly/milestone reports, and the GitHub repository among others.

The proposed DApp will ultimately be available to anyone anywhere across the globe with access to Cardano stablecoins. While we will reach out to users globally, we will target key African markets with in-person presentations in Nigeria at the initial stage.

What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?

The proposal is very feasible in our opinion as it depends largely on the availability of acceptable stablecoins on the Cardano blockchain and the development of a minimalist DApp.

We intend to consult extensively within and outside the Cardano community before, during, and after project implementation. The project iteration will include but not limited to the following:

Prospective users surveys

Code development and testing

Code audit and review

Community outreach/events

Deployments and improvements

With ongoing engagements with the Cardano community for feedback.

The Proposer and Team Lead is an experienced Financial Consultant with years of banking experience. He has been involved with blockchain technology and cryptocurrencies both as an investor and evangelist. He will be supported by other team members with financial sector experience as well.

On the code development, we plan to engage recognized developer teams within Cardano community.

What are the key milestones you need to achieve in order to complete your project successfully?

Milestone 1: Milestone ! (1 month)

Team building and assignment of roles.

Target users survey for design of the proposed DApp.

Discussion with the Developers for the DApp.

Acceptance Criteria

Questionnaire for survey

Define target audience for survey

Conduct the survey

Deliverables

Team is formed and defined tasks.

Clear cut understanding of what will be in DApp.

Agreement and contract with the developer.

Milestone 2: Milestone 2 (3 months)

Commission DApp development.

Testing of the DApp.

Acceptance Criteria

Identify potential developers

Interview and agree terms with developers

Deliverables

DApp delivered.

Milestone 3: Milestone 3 (5 months)

Marketing Campaign

Onboard users

Acceptance Criteria

Identify advertising platforms and costs

Short list of advertising platforms and breakdown of advert spend

Come up with calendar of events/outreaches (dates/venues)

Deliverables

Organize and hold outreach/promotional events.

Onboard target number of users

Final Milestone: Final Milestone:

Closeout

Acceptance Criteria/Deliverables

Close-out report and video

Who is in the project team and what are their roles?

Ona Ohimor

Proposer and Team Lead

The lead proposer is a finance professional with several years of banking experience. He has been in web3 for over four years, initially as a crypto enthusiast but now as a Blockchain and Web3 evangelist. He has trained and onboarded dozens of newbies to Blockchain. Besides, his passion for crypto, he is an advocate for small and growing businesses and provides functional skills training for businesses.

https://www.linkedin.com/in/onoakpomaohimor

Efe Christian O – Technical Lead

He is an Electrical Engineer with focus on ICT infrastructure design and development.

Efe will co-ordinate the technical aspects of the projects including working with developer team and over seeing integrations of various aspects of the project. He is an experienced IT engineer with many years of experience in areas of payments and switching services.

https://www.linkedin.com/in/efe-ohimor-099a222

Emmanuel Rukevwe – Project Assistanct

Emmanuel will assist with developer relations and marketing among other duties.

Upon approval and funding, the team will engage additional members to meet the needs of the project including a Cardano developer.

Please provide a cost breakdown of the proposed work and resources

Budget is in ADA

5 months for the developer will cover 3months of initial development and two months covering testing, feedback and improvement of the DApp.

Milestone 1 (1 month)

Preliminary survey ₳2,000

Team compensation ₳2,300

Total ₳4,300

Milestone 2 (3 months)

DApp development ₳15,,000

Team compensation ₳6,900

Total ₳21,900

Milestone 3 (5 months)

Further DApp Development ₳10,,000

Marketing campaigns ₳15,000

Incentives for DApp users ₳12,,500

Events and Outreaches ₳7,500

Team compensation ₳11,500

Total ₳56,500

Close out report/video ₳1,500

Total ₳84,200

Our project will depend on the use of a USD-backed stablecoin in the Cardano ecosystem. While several stablecoin projects have been initiated within the ecosystem, we look forward to using any that has great acceptability and is easy to use for this project.

How does the cost of the project represent value for money for the Cardano ecosystem?

The proposal seeks to fund a team of four excluding the DApp developer and achieve the following outcomes:

Survey the target market segment on utilizing Cardano stablecoins for savings to hedge against inflation and currency devaluation.

Develop a Prototype DApp for locking of stablecoins.

Onboarding of at least 500 DApp users (both new-to-blockchain and new-to-Cardano users).

Extending the use and adoption of Cardano stablecoins.

Increase and enhance Cardano as a DEFI platform.

We believe this is great value for the Cardano ecosystem as the funds will deliver insightful feasibility/survey, a prototype DApp and validate the concept of the use case of Cardano stable coins while also bringing potentially thousands of users to the network in the long term.