Unstoppable Grants Proposal: Furucombo

Astar
21

Thank you for your proposal. As an Astar Network maximalist and Turkey ambassador, I always want our ecosystem to thrive. Here are my questions:

1- Currently, we have 64 dApps in the ecosystem. With the new dApp staking system, are you aiming to reach 100 dApps? Will there be continuous improvements in the Astar ecosystem?
2- Will you share your developments with us and maintain a transparent approach?
3- Will you contribute value to the Astar brand?

I genuinely like your project, and it seems like a valuable tool for our ecosystem. However, I’ve been a bit cautious about projects that don’t add value to the Astar ecosystem. I would be grateful if you could answer these three questions.

Thank you.

1 Like
22

I discovered Furucombo during my research of the features and uses of flashloans. I think this feature is unique and it will be an amazing + to have it on Astar as well.
Is it possible to also add flashloans to the list of initial developments to be done on astar PoS?

1 Like
23

hey, great to have you onboard. I have some questions, hope you can help me.

  1. Are these all active ecosystems you guys support?
    grafik
    Couldn’t find a overview in the docs.

  2. Is this protocol active on other ecosystems? If yes can you share stats on the active users and tvl?

1 Like
24

We deployed a lot of DeFi products, but almost 100% failed.

Why do you guys are different from the others? Why makes you guys think Astar is the right place to be?

What the difference between XY Finance, for example?

Where’s the liquidity comes from?

1 Like
25

@Gaius_sama sounds good thanks!

The new plan will be as follows:

Phase 1

  1. All utility features (Multi-Send, Wrap/Unwrap, Send Token) on Astar PoS & Astar ZKEVM
  2. Stargate (wormhole) bridge (Token Bridge) for Astar ZKEVM (and Astar PoS if required)

Phase 2

  1. Lending Dashboard integration for ZKEVM Astar Network (Aave or Aave fork) with advanced position management features such as: Collateral Swap, Debt Swap, Leverage, and Deleverage
  2. Uniswap or Uniswap fork support for ZKEVM Astar Network (Swap Token, Add Liquidity, Remove Liquidity, Stake Token & Unstake Token [If the contract supports chain input])
  3. Aave or Aave fork support for ZKEVM Astar Network (Borrow, Repay, Withdraw, Deposit, Flashloan)

Phase 3

  1. Include Protocolink API/SDK to allow builders to utilize protocols on ASTAR through our API and create products or protocols easier and without coding knowledge for Astar ZKEVM

Milestone 1:

  • Launching base contracts on Astar PoS & Astar ZKEVM, front end integrated and ready to use (2-3 weeks) - includes features in phase 1

Milestone 2:

  • Launching Uniswap & Aave integrations (when available), and Lending Dashboard integration with advanced features (2-3 weeks)

Milestone 3:

  • Providing Protocolink functionality (1-2 weeks)

@Leo We are also a firm believer in the Astar ecosystem, so we will continue to monitor the state of the network and provide functionality as the community desires. We are also very dependant on network activity, so if there is demand, we will provide what products we can to support the growth of the ecosystem.

VasaKing: Adding flashloans to Astar PoS will require adding SiO2 Finance integrations, and well as a swapper integration (Arthswap). In other words it will require the full feature set to implement. We could however add the integrations as part of Protocolink, which would allow builders to create products using the composability of our API, but based on the fact that the network will be upgraded to ZKEVM, we believe its not worth the extensive development time to launch on both PoS and ZKEVM, so we will focus on launching these on ZKEVM once the appropriate integrations are available.

Sequaja: correct! We currently support Ethereum, Polygon, Arbitrum, Optimism, Avalanche, Fantom, and Metis (and Soon Astar :wink:). Currently the breakdown of stats can be found here: https://dune.com/Marcov/furucombo

pitcoin777: Our product is very much a DeFi aggregator. For example we can route and create combinations by dragging and dropping cubes of available protocols and actions. For example, you can deposit to a lending protocol, borrow, and perform some swaps, and send out to a different address, all executed within one transaction using Furucombo. At that being said, we do not offer in-house swapping or lending. We simply utilize the protocols that are on chain, so we do not have any liquidity as well. Because our service is EOA (externally owned accounts), we do not utilize the smart wallet system like DeFisaver, so all your funds remain in your possession (therefore no liquidity to measure on our side)

Thank you everyone for the support and questions. We hope you will vote in favour and support us moving forward. We hope to continue to build a great product and provide our features and functions to the Astar networks and community! Cheers :grin:

2 Likes
26
Unstoppable Community Grants Program Application: Furucombo
  • Yes
  • No
0 voters
27

I’m voting no because I haven’t received clear answers to my questions.

If we can’t get proper and clear responses initially, I doubt what you will add to Astar in the future.

Good day.

28

Hey @Leo, we had no intention of not answering your questions. Let me break them down one by one.

  1. “Currently, we have 64 dApps in the ecosystem. With the new dApp staking system, are you aiming to reach 100 dApps?” I am not sure how to answer this one, can you elaborate more on what you mean? “Will there be continuous improvements in the Astar ecosystem?” Yes, we will continue to add new features and functions as the community demands. Our intention is to release our full suite of tools (adding all the functionality: swapping, aggregator, lending protocols, lending dashboard, multi-sent, multi-swap, flashloans, etc.).

  2. “Will you share your developments with us and maintain a transparent approach?” Yes, we will continue to update the community at whichever frequency works for you all, probably either bi-weekly or monthly.

  3. “Will you contribute value to the Astar brand?” Yes, our intention is to ship products that the users of Astar will want to use, as our product is very dependant on the network activity. The more people that are using our product on Astar, the higher the chance we have of success.

I hope that answers your questions! Thanks.

2 Likes
29

Thank you for the information. I would like to ask a few more questions.

  1. Where do the revenue and cost of the project come from? What are the details?
  2. What are the targets that the team is looking for in the proposal? Numbers would be great.
  3. In case the target is not met, what is the contingency plan?
1 Like
30

Maybe because I saw Your Youtube tutorials and follow Your Community updates I care more about Furucombo, not a surprise i voted YES :grinning:

1 Like
31

I think it is essential that dApps have at least one MVP, you have it is true but the proposal is not clear to me, maybe you should look for other forms of funding before making this request, there are dApps with more development and it would be unfair to approve something like this right now.

Also the answer you gave me a few days ago was very ambiguous.

32

I have the same thoughts(@Vangardem )and therefore I vote ‘No’.

1 Like
33

Hey there thanks again for the questions and concerns!

Vangardem & MrKarahanil: How can we alleviate your concerns? Basically the updated proposal is an MVP that allows us to build out a product and start supporting Astar soon with our Multi-send and Interface. Once the ZKEVM chain matures, we can add the bridiging protocol, swapping protocols, and work on the lending integration which will allow much more features. We can do this in real time as the integrations become available. Basically we decided to make the transition from the PoS chain because of the migration of the protocols to ZKEVM. We could add the functionality to the PoS chain, but the development costs are not low for this kind of product. It requires us to interact and interface with each contract and protocol and inject the code into our proxy system. The amount requested basically 1:1 handles the development cost of adding our functionality to Astar, and because of the UGP system, it would be at least a year or more for us to recoop the costs of deployment on a PoS chain thats migrating to ZKEVM. We however believe in the network and are happy to front the cost of deployment on ZKEVM, but again we need to monitor in real time and provide updates to the system as it becomes available. Today we are able to work on releasing the multi-send, utility functions, and potentially the bridging cube and release with an MVP in the first phase. I hope this helps to clear things up with our thinking and why we went this direction.

Vasaking: Thank you for your support! We are glad you like our videos :grin: We will of course also provide great content to educate users on Astar once we are live as well.

BoomBLB: The revenue comes from a ‘initial funds’ fee for transacting on Furucombo. We generally charge a small fee of 0.2% for performing or bundling any trading actions. This can be reduced by up to 36% by minting our loyalty cubes which will reduce the fees charged by Furucombo on every network. The associated costs come from back end, front end, design, and marketing (with 90% coming from development cost). The system we have designed is complicated, and requires us to interact directly with others contracts. Generally this requires more time and effort from our part to integrate. For the full integration we are looking at approximately 34 man days to complete. As for targets, its hard to peg a number because we have for example some networks that perform incredibly well, such as arbitrum or polygon, and some that we dont see many transactions on. Ideally we would like to see at least 50 users a month with a total volume of at least around $500k. We would be very happy with those numbers. If the target is not met, it usually means that either we are not providing the right tooling for users, or that DeFi on the network is not yet mature. We will continue to monitor each chain individually and see how we can make modifications to increase traffic. The good thing is even if we do not make any future additions, the product will remain useable with the functions that are available in each phase, so users will always be able to multi-send, multi-swap, and create combos with the available protocols (as long as the protocols themselves still provide the services of DEX or Lending).

2 Likes
34

Hey Furucombo Team,
thank you for you answer before. Have watched some videos of you to understand it a little bit better.
The total transactions and unique users seem very nice.

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I have another question.

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As seen in the Screenshot most of the transactions on your dApp happen on Polygon and a lot less on the other chains. How would you explain that? Are you mainly focusing on Polygon?

2 Likes
35

Hey @Sequaja, most of the users on Polygon are doing Flashloan Arbitrage transactions (i would assume because of the cheap gas cost, and the kind of users that we see generally on Polygon is lower funds, but searching for opportunity). At that being said, the general volume of Polygon might not be higher than other chains like Ethereum or Arbitrum, but the transaction count is definitely higher because of the nature of performing this kind of action. Thanks for the comments and question! :grin:

1 Like
36

In Astar we don’t have tools for non technical users to create complex transactions with flash loan, swap and so on.
I voted yes because I am pretty sure this missing piece can add value in our ecosystem.

4 Likes
37

I am totally in favor of what you say, mate! We definitely need tools like this in the ecosystem.

2 Likes
38

Voted aye on this proprosal.

3 Likes
39

Got it. Thank you for your clarification.

1 Like
40

Hello Furocomo team

Thank you for applying for the grant. I noticed that most of the project’s transactions are currently on Polygon, and it’s generating some revenue according to Dune data. My main question will be why you need a bootstrap if you already have some users and revenue coming and whether you will shift more focus to the Astar ecosystem.

I agree that we need more options in DeFi for complex transactions (flash loans, multi assets). However, given the current market conditions, I would like to promote dApps that generate more ‘engagement’ and retention on the platform, like GameFi or SocialFi. Nonetheless, your product is very interesting and could be beneficial to us in the future.

1 Like