Please describe your proposed solution.
SUMMARY PROPOSAL
Problem Statement:
The current NFT Staking solutions available for Cardano are too expensive charging projects 5,000 to 15,000 ADA per project. Examples include solutions from CardanoLands , Mutant Labs and Anvil Dev Agency
Project Response to the Problem:
Enhance an existing Non-Custodial Staking MVP Web3 dApp that tracks every NFT in the users wallet and rewards Cardano native tokens with a new hybrid Web2 / Web3 business model. $5/month Subscriptions for members that give them a 25% boost in rewards. Non-Members can stake and claim for free, but without the boost.
Project Status:
Expanding on what is already in place at https://tekmirio.xyz
Project Team: A team of developers lead by Santo Electronics (Santo Stake Pool) with marketing, software, back-end, front-end and network operations experience, all working together by sharing skills and collaborating. The team has practical and expert knowledge in Cardano, Marketing, Stake Pool Operations, Blockchain, Databases, JavaScript, Plutus & Haskell, Web2 and Web3.
Funding Ask Amount: 100,000 ADA
DETAILED PROPOSAL
PILOT PROJECT
The pilot project started in February 2023 thru June 2023 to provide a staking capability (v1) for Ada Hackers NFT collection and its users. https://adahackers.com The team also partnered with OsmiumDAO and Rogue Primate NFT projects in this effort.
The rewards chosen for the pilot was vADA and pADA from https://testnetcoins.io. This effort gave the team great insight into the needs and demands of NFT holders as well as the requirements of the reward token selected.
MVP PROJECT
The team has <u>already completed</u> a working MVP (minimum viable product) of the new Tekmirio NFT Staking Platform. The design goal was to make it as simple as possible and leverage the new JavaScript Development Tools from Helios, Lucid and Koios to deploy a fully functional modern Web3 decentralized application for the Cardano blockchain. The MVP is live now and can be found here https://app.tekmirio.xyz
Keep it Simple - Easy as 1, 2 3
Live Staking Dashboard displays everything you need to know in real time
Admin Screen used by the Reward Token owner to manage stakes and claim requests
Reward Calculator <- live link
Project Timeline and Deliverables
Total Amount: 100,000 ADA ($27,000 USD @0.27)
Timeline: 12 months
Use of Proceeds
Promotions — 50% 50,000 ADA($13,500 USD @0.27 )
- Partnerships, Discord Mods
- Twitter Re-tweet Raids, Giveaways, Raffles
- Liquidity Incentives, NFT Giveaways
New Development- 50% 50,000 ADA ($13,500 USD @0.27 )
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- Integration of TestnetCoins.io SPO and Tester Claiming
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- A New Customer/partner Token with Rewards Calculation Design
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- Enhanced Reporting and Statistics of Staking and Claiming
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- Parameterization of Token Reward Calcs per Customer
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- Adding Governance Proposals and Voting on Parameter Changes
PROJECT RISKS
Assumptions
All assumptions and forecasts are risky. Our forecasted assumptions are based on the small test of 78 addresses that staked their NFTs with us over 124 days. We saw about 5% of those users signup for the $5/mo subscription service. The conservative forecast above is based on capturing 5000 addresses (2024), 30,000 (2025) and 100,000 (2026). This is a reasonable assumption based on the estimated total 500,000 active Cardano addresses today and we expect this number to grow. <https://cexplorer.io/wallets>
Governance
We see governance and the strategic decision making within the group going forward to be a risk. We will solve this in 2024 with a working DAO of Tekmirio subscribers of the new Staking Platform who will propose and vote on improvements, partnerships and new reward calculations.
Liquidity
Obtaining sufficient liquidity for the reward tokens to trade efficiently on Cardano DEXs is a major risk for all staking applications and tokens.
How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?
Tekmirio is a brand new NFT Staking product that is free for all Cardano NFT Projects to use to add utility/value and will also help Incentivize Cardano Testnet by distributing rewards of TestnetCoins.io Proof of Participation tokens.
- Will distribute vADA and pADA to support Cardano Testnet and Testnetcoins.io
- Cardano Community can stake ALL their NFTs in their wallet and get rewards
- Free to use for ALL NFT Projects to add utility for their holders
- Even failed NFT projects can get rewards
How do you intend to measure the success of your project?
Development
We will track developer activity on Github and publish the development progress on a regular basis via Twitter, Discord and our Websites.
Marketing & Promotions
We will be posting daily on Twitter and Discord as our community grows.
<https://twitter.com/tekmirionft> <https://discord.gg/hTw6vTPsxU>
Marketing success will be measured by obtaining at least ONE new blue chip Cardano Token Distribution partner to expand our value proposition to our subscribers and user base.
Financial Success will be measured based on meeting our 2024 financial projections.
Please describe your plans to share the outputs and results of your project?
Our dApp automatically tracks number of users, wallets, staking and claiming activity. We will publish the growth of our user base on a regular basis on Twitter, Discord and our websites.