Name of the Project
Expanded DeFi (EXDEF)
Application type
Product launch
Proposal overview
Cryptocurrency technologies have come a long way since 2008 when they came to the fore. These technologies, which are not based on any centralized system and can be accessed anytime anywhere in the world, have created a new area in the world financial system. In these years when everything became digital and the banking system changed shape, another important financial structure emerged, which we call decentralized markets.
These structures, which we call DEX, seem to have gained a serious momentum especially in the last 1 year. To roughly summarize their operational logic, these platforms, which bring buyers and sellers together, remove this centralized structure and replace it with smart contracts. Thanks to smart contract technologies, users pay commissions to liquidity providers rather than pay them to a fixed location. In this way, not a single person wins, only transfers between wallets and users do not share their identity information. This is how we can summarize the general working principle of DEXs, which we can call classical. However, it has many disadvantages as it is a new field.
We noticed these shortcomings in the Harmony ecosystem and wanted to establish a new DEX system. So what do we want to change? First of all, we think that DEXs can do much more than a swap center. So what will happen in the DEX we will set up?
We provide artists with a new income opportunity. Users will be able to stake their items purchased from a particular NFT Marketplace in the decentralized finance system where we will come and install them. However, in addition to staking NFT, we will also ask them to maintain a certain amount of liquidity. We will then give the income from this liquidity to both the artist and the collector. While this is a source of income for the artist, we need to increase its utility for the collector. Here, too, the artist will grant collectors priority rights in every collection he releases. In this way, we will maintain a double-sided win-win policy.
Another feature of the decentralized finance system we will establish is that a team that we will create will bring new and promising projects to our decentralized financial system, which will be technically and fundamentally qualified and talented people. In this way, users will have the opportunity to invest in projects liked and approved by our team, with the farm method, of course taking into account their risks. This will also provide a marketing and advertising opportunity for emerging projects.
We follow DAO programs closely and we want to create a new system for them as well. On this platform we will establish, DAO projects in the Harmony ecosystem will be able to benefit. We are aware that the details of this need refinement, but we can roughly explain it as follows. We will provide a system where 9 governors are integrated among themselves, they can vote with the token we provide, the election dates are clearly stated, and the money is transferred from which wallet to which wallet. Moreover, we will not expect any profit from this system, and we will contribute to this new business model.
At this point, we have to request a grant from you. Because while establishing a decentralized finance is difficult on its own, hard work will be required for each of the features we have in mind. We also want our project to reach as many people as possible. If we get accepted, you can be sure that we will be accountable for even the smallest amount of money we receive.
Proposal ask
$10K after launching a feature-complete product on our testnet
$10K after forming a DAO with 5-out-of-9 multisig with our DAOs
$10K after launching on our mainnet with audit
$10K after 1K daily active users (with launch video, full PR promotion)
$10K after 10k daily active users (with a detailed roadmap, governance process)
Metrics for success
1000+ active users daily
50+ partner artists
5+ new token projects
10+ new DAO
1m+ locked liquidity
Partners
Expanding the range of partner projects
