Please describe your proposed solution.
We aim to optimize user engagement by integrating novel functionalities, specifically Open Order Contracts and Delegation Contracts, into the MAYZ Protocol. This intentional approach leverages the potential of the existing protocol, enabling us to enhance it rather than creating a separate solution.
Our project seeks to facilitate a more inclusive and dynamic interaction with the protocol. It is designed to engage various participants in the Cardano ecosystem, from token holders to developers, validators, and new users. We aspire to streamline their interaction with the protocol and provide them access to a diversified portfolio of Cardano native tokens. With critical indicators such as heightened protocol activity and increased user engagement, we intend to establish a vibrant Cardano ecosystem, proving our solution's efficacy.
Our proposal stands out due to its inherent synergistic design. We're building upon the existing framework of the MAYZ Protocol, enhancing its functionality, robustness, and user-friendliness. We're improving the protocol and amplifying its potential to serve as a platform for more active user engagement.
A broad spectrum of users will benefit from this project, ranging from existing MAYZ users with access to enhanced functionalities to new users who find the system easier to navigate. The broader Cardano ecosystem will also witness an influx in active user participation.
The importance of this proposal to Cardano is manifold. It resonates with Cardano's ethos of decentralization and community engagement. It brings a novel, user-centric perspective to the ecosystem's growth and is a potential blueprint for future developments within the Cardano blockchain. Ultimately, it aims to position Cardano as a more appealing option within the DeFi sector, driving its adoption and reinforcing its place as a critical player in decentralized finance.
The solution
Our implementation strategy for incorporating Open Order Contracts and Delegation Contracts within the MAYZ Protocol is highly detailed, focusing on every aspect, from oracle integration to contract versioning. In the technical realm, implementing Open Order Contracts and Delegation Contracts within the MAYZ Protocol will involve significant work in both backend smart contract development and frontend user interface (UI) design.
At the core of our proposal are the Open Order Contracts, which are more than just simple trading mechanisms. They offer an alternative and efficient way to acquire Fund Tokens (FT), representing a share of the diversified portfolio in a fund created by the MAYZ Protocol. They are designed to enable users who may not possess all the necessary tokens to deposit into the fund directly. This facilitates broader user participation within the fund.
The Open Order Contracts will not be limited to FT and ADA transactions. They will support a wide range of token exchanges, including FT to other Cardano native tokens and vice versa, thereby opening up a diverse array of trading options for users.
The community plays a crucial role in our system. Those who create Open Buy Orders will leave a fee that can be claimed by others in the community who fulfill these orders, either partially or entirely. This fosters a spirit of cooperation and incentivizes active participation within the ecosystem.
Open Sell Order creators, on the other hand, will earn commissions by facilitating the exchange between ADA and FT for users. This provides an additional avenue for users to engage with the system and earn rewards, encouraging more active and frequent participation.
By making acquiring Fund Tokens more accessible and creating an array of trading opportunities, we anticipate that our system will stimulate a community effort to maintain an adequate supply of orders to meet demand. The vibrant exchange environment thus created will foster a sense of community, drive user participation, and underpin the success of our proposal. This holistic, community-focused approach is a crucial feature of our project, reflecting our commitment to building a truly inclusive and engaging ecosystem.
We will utilize oracle data feeds for accurate, real-time market information. We'll design these contracts to interact with multiple oracle data feeds, providing the versatility and accuracy necessary for users to make informed trading decisions.
Delegation Contracts, however, are crucial in engaging users within the protocol. By delegating their MAYZ tokens, users can participate in protocol governance and earn rewards, fostering a more active and inclusive community.
Regarding the REST API, we'll build a robust interface to facilitate smooth communication between the front end, the smart contracts, and the oracle data feeds. This will involve developing a comprehensive set of endpoints that allow for secure and efficient interactions with both types of contracts. Each endpoint will be designed with a specific function in mind, ensuring that every aspect of the user experience, from creating an order to delegating tokens, is handled seamlessly.
An innovative aspect of our approach is the focus on contract versioning. Unlike traditional version control systems that primarily deal with source code, our versioning system caters to smart contracts. This means we'll be creating an ecosystem where multiple versions of the contracts can coexist, and the user interface and the API can interact with any of these versions in a specific, controlled manner. This unique capability provides flexibility and ensures the long-term sustainability of the platform, even as enhancements and changes are made to the contracts over time.
How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?
Our proposed solution directly addresses the challenge of enhancing user engagement within the Cardano ecosystem by integrating innovative functionalities into the MAYZ Protocol. Introducing Open Order Contracts and Delegation Contracts allows for a more inclusive and dynamic interaction with the protocol, enabling a broad spectrum of participants to benefit from the proposed upgrades.
The integration of these novel functionalities will not only optimize the existing MAYZ protocol but also create a platform for active user engagement. This would attract diverse participants - from token holders, developers, and validators, to new users and streamline their interactions with the protocol. By offering a diversified portfolio of Cardano native tokens and creating an array of trading opportunities, we aim to facilitate broader user participation, thereby driving user engagement and adoption of the Cardano platform.
The proposed solution echoes Cardano's decentralization and community engagement ethos and brings a user-centric perspective to the ecosystem's growth. We aspire to set a precedent for future developments within the Cardano blockchain by leveraging the inherent potential of the existing protocol, reinforcing Cardano's place as a critical player in decentralized finance.
The project aims to bring significant value to the Cardano ecosystem:
- Community Engagement: By integrating functionalities that incentivize participation, the project is expected to stimulate active engagement within the ecosystem, building a more vital and vibrant community. Integrating Delegation Contracts will further enable users to participate in protocol governance, fostering a more active and inclusive community.
- Ecosystem Robustness: The project adds to the robustness of the Cardano ecosystem by enhancing the functionality, efficiency, and user-friendliness of an existing protocol. This improves the existing infrastructure and opens up new avenues for interaction and engagement within the ecosystem.
- User Attraction and Retention: The solution aims to make the Cardano ecosystem more appealing to existing and potential users. The project is expected to attract more users to the Cardano platform and keep them engaged by streamlining user interaction and providing diversified trading opportunities.
Regarding quantifiable impact, while exact numbers are contingent on market dynamics and user behavior, we anticipate a significant surge in protocol activity and user engagement. The increase in users and transactions will be continuously monitored and evaluated as a key performance indicator of our project's success. We believe this project, upon successful completion, will play a pivotal role in positioning Cardano as an increasingly attractive option within the DeFi sector, ultimately driving its adoption at a larger scale.
How do you intend to measure the success of your project?
The success of our project will be measured through a combination of quantitative and qualitative metrics. Here are some ways we intend to assess the project's benefits for the Cardano ecosystem:
- User Engagement: The primary measure of our project's success will be increased active user engagement. This can be quantified by tracking the number of new users engaging with the MAYZ protocol, the number of Open Order Contracts created and fulfilled, and the number of Delegation Contracts initiated.
- Community Growth: Another quantitative measure will be the community's growth, which can be gauged through increased token holders and active participants in protocol governance.
- Increased Transactions: The overall increase in the number of transactions involving Cardano native tokens, particularly the Fund Tokens (FT), will strongly indicate the project's impact on the ecosystem.
- Protocol Activity: The activity level within the MAYZ Protocol, monitored through metrics such as the number of new funds created, the amount of ADA staked, and the number of smart contract interactions, will provide valuable data on our project's influence.
We will assess the project's success by gathering user feedback on the qualitative side. This can be obtained through surveys, user interviews, and active engagement within the community.
The feedback will help us understand the following:
- User experience and ease of use of the integrated features
- Any challenges or obstacles faced by the users
- Suggestions for improvements and additions to the protocol
Regarding productivity and growth, the innovation is designed to make the Cardano ecosystem more robust and user-friendly, attracting more users to the platform. This should increase the number of transactions in the short term, leading to a more vibrant and active community. In the long term, this could significantly contribute to the adoption and growth of the Cardano ecosystem by making it a preferred platform for DeFi activities.
Given our project's scope and alignment with Cardano's ethos of decentralization and community engagement, we believe these measures are realistic. Furthermore, integrating the Open Order Contracts and Delegation Contracts into the MAYZ Protocol taps into the existing potential of the protocol, leveraging it to improve the overall user experience and engagement.
Please describe your plans to share the outputs and results of your project?
We have a strong commitment to giving back to the community and ensuring that the outputs and results of our project are shared widely. Here is our plan to spread the project's outputs over a reasonable timescale and share them with the broader Cardano community:
- Online Live Sessions: We will organize online live sessions, such as Twitter Spaces or other live streaming platforms, to present project updates, discuss findings, and engage with the Cardano community. These sessions will provide an opportunity for community members from different channels and platforms to join, ask questions, and participate in real-time discussions.
- Community Channels: While we utilize channels like the MAYZ community, we also recognize the importance of engaging with the broader Cardano community. We will actively participate in relevant Cardano community forums, social media groups, and communication channels. This includes engaging on platforms like Reddit, Telegram groups, and Cardano-related Discord servers. We will share updates, invite feedback, and actively contribute to discussions about our project.
- Project Catalyst: We will present all the relevant information about our project to Project Catalyst. This will allow us to share the outputs, impact, and opportunities arising from our completed project with the Cardano Foundation, IOHK, and the wider Cardano community. Participating in Project Catalyst provides an additional avenue to reach a broad audience and gather feedback from the community.
- Open-Source Contributions: We believe in the power of open-source collaboration. Therefore, we plan to release the project's relevant code, smart contracts, and technical components as open-source. This will allow other developers and researchers within the Cardano community to leverage our work, build upon it, and contribute to further research and development activities.
- Documentation and Reports: We will create comprehensive documentation and reports that outline the project's objectives, methodologies, findings, and outcomes. These documents will be made publicly available on platforms like the Cardano community website, GitHub, and relevant project repositories. By sharing these documents, we ensure that the broader Cardano community can access the information, review our work, and contribute to further research and development.
- Social Media and Online Platforms: We will leverage social media platforms, such as Twitter, LinkedIn, and Cardano-specific channels, to share project updates and relevant findings, and engage with the wider Cardano community. This will allow us to reach a broader audience, including developers, enthusiasts, researchers, and individuals interested in decentralized finance and blockchain technology.
By following this plan, we aim to reach the broader Cardano community and share the outputs, impact, and opportunities that arise from our completed project. We will actively utilize online platforms, participate in relevant community channels, and leverage Project Catalyst to ensure that the information reaches a wide audience within the Cardano ecosystem.