Team Name: stated.tech
This proposal aims to fund the development of a Smart Contract-based OTC (Over The Counter) trading desk using the ink! framework on the Astar ecosystem. Focusing on decentralization, we aim for a solution that enables permissionless peer-to-peer trading, enhancing the DeFi landscape on Astar.
Our goal is to facilitate trades for experienced traders and early backers of new projects without the necessity for DEX listing or existing liquidity.
David G. (Product Manager) (d.gen#4824)
Matthieu M. (Blockchain Developer) @mm1356
Team Code Repos:
Team LinkedIn Profiles:
Prior work and experience:
David our Product Manager is a Ph.D. candidate in blockchain technology and has worked extensively with parachain teams. Our Blockchain Developer, Matthieu, completed the Polkadot Blockchain Academy in Buenos Aires and has hands-on experience with the Substrate framework.
Our team carries an extensive background in blockchain development, especially with the Substrate framework. Our expert, Matthieu, has worked with several parachain teams, and David has worked as a Product Manager with several substrate chains. We have also had experience working on EVM smart contract-based DeFi projects, mainly with derivatives like perpetuals and options protocols.
Project Goals and Differentiating Factors:
Our project’s primary goal is to facilitate peer-to-peer trading on the Astar blockchain. Unlike our competitors, we focus on permissionless, decentralized trading without the need for DEX listing or existing liquidity.
Development Roadmap and Project Sustainability:
We have a prototype ready to be implemented, and a preliminary version of our smart contract on GitHub.
Our roadmap estimates a total duration of 3 months for the completion of the Smart Contract, requiring 2 Full-Time Equivalents (FTEs). We are requesting 2 mil Astar for delegation to our project from the Unstoppable Grants’ treasury. The roadmap has been broken down into four primary milestones:
- Milestone 1: Maker Contract Development (Estimated Duration: 20 days)
Users will be able to put orders with specific terms and conditions, such as price, quantity, a taker address (optional), and expiration date. The Maker Contract will store this information on-chain and emit events for trade creation. Testing for this milestone will include unit testing of all functions, integration testing with the Astar testnet, and edge case testing to ensure the contract can handle irregular inputs and scenarios.
- Milestone 2: Delete an order (Estimated Duration: 20 days)
Users will be able to delete the order they created in the past. We will perform rigorous testing on the removal of orders, especially focusing on scenarios where multiple users attempt to delete an order simultaneously. It will ensure that the contract handles such situations correctly and with no vulnerabilities.
- Milestone 3: Taker Contract Development (Estimated Duration: 20 days)
akers will be able to take offers or make counter-offers at a different price. For testing, we will simulate various scenarios, such as multiple takers for a single offer, and race conditions where multiple takers attempt to take an offer simultaneously. We want to ensure the contract prioritizes the first taker correctly in these scenarios.
- Milestone 4: Partial Fill Estimated Duration: 20 days)
If the maker accepted the partial fill, the taker will have the opportunity to accept only a percentage of the trade (e.g., the maker sells 10ETH for each 2000 USDT, and the taker will only take 5ETH). We will conduct tests simulating different fill percentages and scenarios where multiple takers attempt partial fills.
- Milestone 5: Documentation Development (Estimated Duration: 10 days)
We will create comprehensive documentation to facilitate users and developers in interacting with our Smart Contract. This documentation will include step-by-step guides, examples, and detailed function descriptions.
In all those milestones, we will implement testing procedures to ensure there are no vulnerabilities or technical flaws. Initial testing will be conducted on the testnet for optimal security assurance.
N.B. We’re not planning to make any UI development/deployment in these milestones as we want to focus on ink! first and deliver a strong contract before integrating into our UI in our next incubation phase at the ink!ubator. But we already have a prototype nearly done available on figma. You’ll find the design here: https://www.figma.com/file/Q10yEXOp0rha3dlY1T7Qt0?node-id=0:1&comments-enabled=1&viewer=1&locale=en
Following the grant deliverables, our team is fully committed to sustaining and expanding the projectby entering the ink!ubator for its next cohort. We aim to collaborate with the Astar ecosystem and build upon it by incorporating multi-assets OTC trades and NFT support. We will also explore cross-VM integrations with EVM/Astar, as well as exploring XCM support with the help of the Polkadot/Kusama communities.
Our request for a 2mil ASTAR delegation to our dapp staking pool aligns with the outlined milestones, considering the amount of work required and the potential value it can add to the Astar ecosystem.
Ecosystem Engagement and Alignment:
Our team is fully committed to the Astar ecosystem and its guiding principles. We believe our project will significantly contribute to its growth, and we look forward to fruitful collaboration and engagement throughout the application and diligence process.
How we heard about the Unstoppable Grants Program:
We learned about the Unstoppable Grants Program through various channels like Medium, Twitter, Element, other team announcements, and personal recommendations. As strong supporters of Substrate technology, we’re eager to contribute to this ecosystem by creating intuitive and robust use cases ready for adoption.
In terms of funding, we are still in the self-funded stage and have not received any external financial contributions yet. However, we’re open to opportunities for partnerships and collaborations that align with our project’s objectives and values.
We aim to showcase how our OTC trading solution, built on top of Astar, brings something unique to the ecosystem, while also aligning with Astar’s principles and values. We are excited about the opportunity to engage with the Astar community and are fully committed to enhancing the growth of the Astar ecosystem.
We believe in the potential of our project and hope you share our enthusiasm. Our commitment to Astar and the future of decentralized finance is unwavering, and we’re excited about the potential of contributing to the ecosystem.
We’re ready to answer any questions and look forward to engaging with the Astar community!
We appreciate your time and consideration.
Thank you for your attention,
The stated.tech team.