Please describe your proposed solution.
The proposed solution involves developing a smart contract on the Solidity programming language to facilitate lending and borrowing of milkADA and wrapped assets on the Milkomeda platform. This smart contract will utilize NFTs as collateral for the lending and borrowing process.
Additionally, a new frontend will be created to enhance the user experience by allowing easy connectivity with the Metamask wallet and seamless interaction with the Milkomeda platform. This frontend will provide a user-friendly interface for users to lend, borrow, and manage their assets.
To ensure security and reliability, an audit of the smart contract code will be conducted. This audit will help identify any potential vulnerabilities or flaws in the code, allowing for timely fixes and improvements. The auditing firm has already been chosen.
Furthermore, the code will be open-sourced, meaning it will be made freely available for the public to view and contribute to. This will help to onboard new developers and encourage collaboration within the community, resulting in continuous improvement and innovation of the Milkomeda platform.
The overall result will be an opensource DApp that allows a smooth experience for Milkomeda users.
How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?
The proposed solution addresses the challenge of enabling lending and borrowing on the Milkomeda platform by implementing a smart contract and developing a new frontend. By leveraging NFTs as collateral, users will be able to lend and borrow milkADA and wrapped assets with ease.
This means:
- Users on Cardano can better use Milkomeda
- Open source project for new developers
- Layer 2 speed for Cardano users
- Lower fees on the platform due to L2 implementation
- Onboarding of EVM developers to Cardano
How do you intend to measure the success of your project?
To measure the success of the project, the following key metrics can be taken into consideration:
- Adoption and User Engagement: Monitor the number of users who have started utilizing the lending and borrowing services on Milkomeda. This can be tracked by the number of active addresses interacting with the smart contract and the volume of transactions.
- Asset Liquidity: Measure the liquidity of the milkADA and wrapped assets on Milkomeda. This can be evaluated by calculating the total value locked (TVL) in the smart contracts, which represents the amount of assets being borrowed or lent.
- Security and Reliability: Conduct regular security audits of the smart contracts to identify and rectify vulnerabilities. Ensuring the security and reliability of the platform is crucial to building trust among users and developers.
- Community Growth: Track the growth of the Milkomeda community on different platforms such as social media, forums, or mailing lists. Increasing engagement, active discussions, and a growing user base indicate a successful project.
- Comparison with Competitors: Compare the project's performance and metrics with similar lending and borrowing platforms to assess its competitiveness and market position.
Please describe your plans to share the outputs and results of your project?
Outputs:
- Documentation: A comprehensive documentation will be created, which will include all the technical details, functionalities, and guidelines related to the smart contract development on Solidity for lending and borrowing milkADA and wrapped assets on Milkomeda. This documentation will be shared with the community through various channels such as the project's website, developer forums, and social media platforms.
- Open Source Code: The codebase of the project will be made open source, allowing developers from around the world to access and contribute to the project. This will be done through a repository on a popular platform like GitHub. By open-sourcing the code, the project aims to encourage collaboration, innovation, and the growth of the ecosystem.
- Audit Report: To ensure the security and reliability of the smart contracts and the platform as a whole, an independent audit will be conducted by security experts. The audit report will assess the code for any vulnerabilities, potential exploits, and compliance with industry best practices. This audit report will be made publicly available, giving users and stakeholders confidence in the security of the platform.
- Frontend Deployment: The project will deploy a new frontend that allows users to connect their Metamask wallets and interact with Milkomeda seamlessly. The frontend will be user-friendly, intuitive, and provide a smooth experience for users. The deployment will be announced through various channels and users will be encouraged to provide feedback and suggestions for improvement.