Please describe your proposed solution.
<u>Market Research:</u>
Through extensive market research, we have identified a growing demand for traceability solutions in the realm of cross-chain token transfers. The interoperability between EVM chains and Cardano L2 has gained significant traction, leading to an increased need for transparent and reliable tools to track token movements.
<u>Our Solution:</u>
The Sisu Network token bridge explorer is a direct response to this market demand. It is a web platform that leverages blockchain technology to provide comprehensive traceability for token transfers between EVM chains and Cardano L2. Our solution offers real-time tracking, detailed transaction information, and user-friendly features to ensure a seamless experience.
<u>Project End-Users Aim:</u>
Our solution caters to a wide range of end-users, including individual token holders, decentralized applications (dApps), cryptocurrency exchanges, and institutional investors. These stakeholders require a trusted and transparent tool to monitor and verify token transfers across different blockchains.
<u>Project Demonstrate Outcomes:</u>
1. Enhanced Trust: By offering a transparent record of token transfers, our solution boosts trust and confidence among users engaging in cross-chain transactions.
2. Improved Efficiency: The Sisu Network token bridge explorer streamlines the monitoring and tracking of token movements.
3. Facilitated Compliance: Regulatory compliance is a critical aspect of the cryptocurrency ecosystem.
<u>The Uniqueness of This Solution:</u>
What sets our solution apart is its ability to bridge the gap between EVM chains and Cardano L2, offering a comprehensive and user-friendly platform dedicated to cross-chain token traceability. While blockchain explorers exist for individual chains, our solution supports two different chains, catering to the specific needs of users engaging in cross-chain transactions.
<u>Importance to Cardano:</u>
For Cardano, our solution plays a pivotal role in strengthening its position as a leading blockchain platform. By providing robust traceability for tokens transferred between EVM chains and Cardano L2, we enhance Cardano's interoperability capabilities. This promotes seamless integration with other blockchain ecosystems and attracts more users and projects to the Cardano network. Additionally, our solution aligns with Cardano's commitment to transparency, security, and efficiency, reinforcing its reputation as a reliable and innovative blockchain platform.
How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?
<u>This Proposal Targets the Goal of the Challenge:</u>
The Sisu Network token bridge explorer effectively addresses the challenge of traceability in token transfers between EVM chains and Cardano L2. Our web platform is specifically designed to bridge the gap between these two blockchain ecosystems, providing a comprehensive solution for cross-chain token tracking and verification.
<u>Impact of Our Proposal on the Cardano Ecosystem:</u>
- Enhanced Interoperability: Our solution promotes seamless interoperability between EVM chains and Cardano L2
- Increased Adoption: The Sisu Network token bridge explorer attracts more users, projects, and liquidity to the Cardano ecosystem
- Reinforced Reputation: Our solution aligns with Cardano's commitment to transparency, security, and efficiency. By providing a trustworthy tool for traceability in cross-chain transactions, we reinforce Cardano's reputation as a reliable and innovative blockchain platform. This fosters trust among users and enhances the ecosystem's credibility, attracting more stakeholders to participate in the Cardano ecosystem.
<u>The Value Our Proposal Brings to the Cardano Ecosystem:</u>
- Trust and Security: The Sisu Network token bridge explorer ensures trust and security within the Cardano ecosystem
- Improved User Experience: Our user-friendly web platform offers a seamless and intuitive experience for user
- Regulatory Compliance: Our solution assists participants in meeting regulatory compliance requirements. By providing transparent traceability of token transfers, the Sisu Network token bridge explorer aids in anti-money laundering (AML) and know-your-customer (KYC) efforts. This ensures that participants in the Cardano ecosystem can adhere to regulatory standards and maintain a compliant environment.
- Catalyst for Innovation: By enabling cross-chain token transfers, our solution acts as a catalyst for innovation within the Cardano ecosystem. It encourages the development of new cross-chain applications, services, and decentralized finance (DeFi) solutions. This fosters a vibrant ecosystem where different blockchain networks collaborate and share resources, driving the growth and advancement of the Cardano platform.
How do you intend to measure the success of your project?
<u>Quantitative/Qualitative Indicators to Measure Project Success:</u>
1. Transaction Volume: The success of the Sisu Network token bridge explorer can be measured by monitoring the total transaction volume facilitated through the platform. Increasing transaction volumes over time indicate the growing adoption and utilization of the token bridge for cross-chain transfers. By setting targets and tracking transaction volumes, we can assess the project's success.
2. User Engagement: Measuring user engagement metrics provides insights into the effectiveness and popularity of the Sisu Network token bridge explorer. Key indicators include the number of active users, average session duration, and frequency of platform usage. Higher user engagement signifies a successful project that is meeting the needs of its users. As far as active users on the Sisu Network testnet: Over 40,000 users on Discord, 40,000 users on Twitter, and more than 100,000 across all Sisu platforms and channels.
<u>Impact on Cardano growth:</u>
1. Increased Cross-Chain Transactions: The successful implementation of the token bridge explorer will lead to an immediate increase in cross-chain transactions within the Cardano ecosystem. This increased activity enhances Cardano's productivity as users gain access to a wider range of opportunities and can leverage assets from different blockchain networks.
2. Expanded Developer Community: A successful token bridge explorer attracts developers and projects interested in leveraging the benefits of cross-chain interoperability. As more developers join the Cardano ecosystem to build applications and services that utilize the token bridge, productivity increases through innovation, collaboration, and the sharing of knowledge and resources.
3. Improved Network Efficiency: With a reliable and efficient token bridge explorer in place, Cardano's ecosystem operates more smoothly. Transactions between EVM chains and Cardano L2 become faster and more secure, reducing friction and enhancing network efficiency. This improved efficiency directly contributes to increased productivity and growth in the short term.
Please describe your plans to share the outputs and results of your project?
<u>Milestone 1: Project Initiation and Research (Month 1)</u>
Outputs:
- Establish a project team with defined roles and responsibilities.
- Conduct comprehensive review of existing cross-chain token bridge solutions.
Results:
- Clear understanding of project goals and objectives.
- Solid foundation for project execution.
- Alignment of team members and stakeholders on project expectations.
<u>Milestone 2: Design and Architecture (Month 2)</u>
Outputs:
- Define an architectural framework for the token bridge explorer.
- Develop front-end components and initial back-end infrastructure.
Results:
- Established architecture ensuring scalability, security, and interoperability.
- User-friendly and intuitive design for the platform.
- Basis for further development and implementation.
<u>Milestone 3: Development and Testing (Months 3-4)</u>
Outputs:
- Implement core functionalities of the Sisu Network token bridge explorer.
- Develop smart contracts for cross-chain transfers.
- Test and debug the platform for stability and reliability.
- Integrate necessary security protocols and measures.
Results:
- Functional token bridge explorer enabling traceability of cross-chain token transfers.
- Smart contracts facilitating seamless transfers between EVM chains and Cardano L2.
- Stable and secure platform ready for integration and testing.
Currently, the Sisu Network's testnet supports the following chains:
- Cardano,
- Ethereum,
- Polygon,
- Fantom,
- Binance Smart Chain,
- Solana,
- Moonbeam,
- Avalanche C chain,
- Cronos chain.
<u>Important note</u><u>:</u> an implementation of this proposed solution is live and running in Sisu testnet. Users can move test ERC20 tokens between EVM-based chains (eth, polygon, fantom, Bsc, etc) to Cardano and vice versa through a user-friendly DEX <https://app.ko.exchange/>.
To deliver the proposed integration of Sisu Network as a Layer 2 solution for Cardano, the following detailed plan with a timeline and key milestones in the follow-up FEASIBILITY and finally shared explorer at https://sisu.network/