Standard Protocol - Builders Program Application

Project Overview

Standard Protocol is an multichain stablecoin protocol that is run by DAO of STND holders. It’s uses bridges to move around from network to network and provides scalable collaterization mechanism with create2. CDP in a form of NFT can be traded as bonds. Those who cannot pay debt with the stablecoin can sell their position to people who have stablecoins or other desirable assets that seller prefers and buyers can get collaterals by paying back seller’s loan.

Standard Protocol tries to overcome the problems of current overcollaterized stablecoin by applying credit system with DAO to configure collaterization through a poll and council, leverage bridges to provide interoperable collaterization, and fairer liquidation mechanism where it distributes liquidations to stablecoin holders who uses the service instead of few who holds initially distributed tokens. Standard team aims to make the project decentralized across evm compatible blockchains and become chain agnostic interoperable stablecoin in the future.

We already have our smart contracts ready to deploy in Shiden/Astar network.

What we do in this Builders Program

We launch our dapp for sure then we try to bring wrapped native currency in polkadot to shiden/astar ecosystem. Also, we would like to offer synthetic crypto, where people can do call option on certain assets like mirror.

Goals

  • Develop wrapped native currencies coming in with Polkadot’s xcmp
  • Provide Dex to setup liquidity for them with different pairs
  • Dapps to interact with stablecoin protocol with CDP bond as NFT
  • Become the first evm dex to trade kusama native tokens in Shiden

Team( @{telegram id})

  • @hyungsukkang (Founder, Developer)
    • Writer of the smart contracts
  • @billjhlee
    • Writer of the dapp frontend
  • @derrenb0
    • Product Owner of Standard
    • banker

Builders Program Roadmap

Total Estimated Duration: 3~4 months
Total Grant amount : $30k worth of SDN
Full-Time Equivalent (FTE): 4

For each milestone, we’ll publish the whole source code licensed under Apache 2.0 except automated market maker(since it is GPLv3) on GitHub, and other developers will be able to run and test it.

Milestone 1 — Deploy wrapped native currency in Shiden

Grant amount : $10k worth of SDN
Full-Time Equivalent (FTE): 4

Wrapped native currencies are needed for dexes to run their dapp. We will deploy wrapped SDN contract on evm to initiate defi ecosystem in Shiden.

Number Deliverable Specification
1. Smart Contracts (solidity) Team will create Wrapped SDN contract with WETH9 with the core devs.
2. Web Frontend We will create a web frontend that will interact with the smart contracts.
3. EVM dapp The team will deploy one of the first evm dapps in Shiden, generating stablecoin with SDN collaterization
4. Assets repo The team will open repos where new project team in shiden can add their token info to be shown in our dex

Milestone 2 — Deploy wrapped native currency on shibuya

Grant amount : $10k worth of SDN
Full-Time Equivalent (FTE): 4

Number Deliverable Specification
1. EVM precompile and contracts The team will create an evm precompile with interface which wraps native currency to erc20
2. Documentation We will create a runtime module where it has implemented to change erc20 to sdn and vice versa

Milestone 3 — Launch wrapped native currencies in shiden

Grant amount : $10k worth of SDN
Full-Time Equivalent (FTE): 4

Number Deliverable Specification
1. Web Frontend We will create a web frontend that will interact with the smart contracts.
2. Liquidity pairs The team will list wrapped native currencies in the dapp and integrate with initial liquidity
3. Wrapped Native Token Contracts The team will create Wrapped native currency contract where it executes balances.transfer to the smart contract address and give back the wrapped ERC20 token, and vice versa when withdrawing

Future Plans

  • In the short term, the team would like to bring bridged asset with chainbridge from other evm blockchains(e.g. ethermint, ethereum, polygon, avalanche, acala, neon-project etc) and provide
    multichain liquidity for the project teams inside their network.
  • Support for ink! version of ERC20 to wrap into evm in second grant
  • In the long term, the team would try wrapping other assets bridged with different smart contract engine such as cosmwasm or solvm.
  • P2P Oracle middleware are in research stage, and there might be a third grant for it.
12 Likes

I think stablecoin is very very needed to nurture DeFi applications on Shiden and Astar.

6 Likes

where’s the vote button? i vote yes. early supporter here :slight_smile:

2 Likes

I think this is a very good project that uses xcmp.

1 Like

if you need any help,we can do our best stand by yu!!

1 Like

This is included in the infrastructure track. Please add 3 months milestones and USD amount.

5 Likes

I support this application, we need more stablecoins for Polkadot and Kusama ecosystems and for sure one for Shiden and Astar.

3 Likes

Hello @hskang9 This application is on the infrastructure track. Could you add 3 months milestones and SDN amount?

5 Likes

Sure thing, There are expenses to consider regarding items like code contest, designer payment, etc. I will try to get it done by this week :white_check_mark:

5 Likes

Stablecoin is needed to exit when the market is dumping.

Is this a good reason for me to say we need it?

4 Likes

all right ,must be thount.

1 Like

I have added milestones and aded SDN amount

1 Like

I definitely support the Standard protocol application that will bring a high value to Astar ecosystem.
Also, I would love to see the WASM smart contracts in future plans to bring its full power :smile:

3 Likes

Standard Protocol gets my vote!

2 Likes

@hskang9 one question I have in my mind is that what is the difference between milestone1 and milestone3?

1 Like

@Coreman @admins @Ambassadors any other questions? If you don’t, I am going to create the poll tomorrow :smiley:

2 Likes

Milestone 1 is about setting WSDN first and setting up evm dapp infrastructure for token registry, and Milestone 2~3 is about bringing the other network currencies to wrapped tokens. Ethereum had native currency access to ETH as well as Shiden in default. However, other network currency from substrate runtime (e.g. ACA, PHA, etc) requires balances.transfer from substrate runtime to execute to the contract address. The team tries to make evm precompile to execute balances.transfer function with those network tokens which flows in Shiden with xcmp. Milestone 1 will use WETH9 contract and start form up registry of assets for dexes or other evm based dapps to use, then Milestone 3 will bring network currencies from kusama network and then add them in the registry formed in Milestone 1.

3 Likes
Standard Protocol Builders Program Application
  • Yes
  • No

0 voters

1 Like

suggest The STAND token maybe airdrp for SDN and ASTAR holders

1 Like

we plan on farming on sdn liquidity, and bridged assets will come soon.

3 Likes