Please describe your proposed solution
<u>Cardano Use Case: Concept</u>
<u>Proposed Solution</u>
In this proposal, we will upgrade DeltaDeFi with Hydra Head protocol for improving Cardano DeFi by allowing a true high-frequency trading experience that could compete with centralized exchanges.
<u>DeltaDeFi - Hydra order book decentralized exchange</u>
The core substance of this proposal is to upgrade DeltaDeFi with a Hydra-powered dencentralized exchange. Hydra is the technology that helps us build features that are required by traditional high-frequency trading, including but not limited to (1) instant order confirmation, (2) zero cost placing and cancelling orders, (3) concurrent order placing etc.
<u>KnightSafe - Self-custody wallet enabling yield opportunities for liquidity providing</u>
DeltaDeFi enables yield opportunities that purely arises from trading activities. Less-sophisticated retail users can stake to the vault managed by professionals to generate extra yield. It will also provide capital to professional traders with low cost, which can be the catalyst for boosting trading volume on Cardano.
<u>Industry-standard API trading service</u>
On top of the core feature, DeltaDeFi would expose Binance-like APIs to traders with all necessary related features like concurrent order placing etc. Traders can start trading on Cardano with the least learning curve. This feature will have high synergy with KnightSafe which has the infrastructure and a network of professional traders, onboarding huge trading volumes to Cardano at ease.
The solution above is modified from our original proposal in Cardano Use Cases: Product. both us and catalyst team got area of improvement. Always appreciate all the hard work by the catalyst team. For public record, we will put down the rationale of why we go for Cardano Use Cases: Product
<u>DeltaDeFi has reached MVP stage</u>
DeltaDeFi was first started in concept in F11, with the scope below:
- Conducted market analysis and requirements
- Designed the initial architectural framework for the off-chain computation layer
- Conducted a feasibility study for the proposed HFT gateway
- Published a whitepaper detailing the concept, architecture, and potential impact
- Collected community engagement and feedback
With the completion of the milestones in F11, DeltaDeFi then evolved in the MVP category in F12 with the scope below:
- Developed a detailed technical architecture for both off-chain and on-chain components
- Designed and developed DeltaDeFi Cardano smart contracts
- Developed the API for accessing & trading on DeltaDeFi
- Designed and developed the DeltaDeFi website for traders to access
- Integrated the application with a user-facing website and deployed the API service
At this stage, DeltaDeFi has completed the MVP as evidenced by our co-founders conducting alpha testing in public - <https://x.com/DeltaDeFi/status/1810287799561830639>.
KnightSafe is production ready, which belongs to “Projects and ventures porting from or bridging other ecosystems to Cardano”
Track Record: <https://gov.gmx.io/t/knightsafe-gmx-grant-final-report/3847>
Dune Analytics: <https://dune.com/knightsafe/knight-safe-x-gmx-v2>
According to the F13 guidelines at <https://projectcatalyst.io/funds/13/f13-cardano-use-cases-product>, this proposal should be eligible for Cardano Use Cases: Product: