KANGA - Launch Proposal

redKanga · December 23, 2021, 9:57pm

Name of Project

Proposal overview

Describe in less than 2,000 words on how this will benefit the blockchain ecosystem.

Summary: KANGA wishes to partner with Harmony to double Harmony’s TVL to $1 Billion and increase it’s standing from #20 blockchain TVL to the top 15. We do this with a multi-phased rollout providing a gamified de-fi platform which provides infrastructure for the increasing DeFi and NFT use cases. Please see this three minute video, this 17 minute detailed video and this presentation for more details.

Kanga Finance overview

KANGA is a DEX, lending protocol, yield farming engine and NFT marketplace with gamified earnings which runs on multiple chains.

The motivation for creating KANGA

We’re big fans of the innovation happening in DeFi and in blockchain technology in general, and we’ve been waiting to create a DeFi project to really embrace the full potential of the blockchain. Our goal is to provide a gamified DeFi and NFT platform which works across multiple chains and provide the highest returns to our holders and is both fun and easy to use.

A Dedicated Team and a Shared Vision

We wanted a dex that allows holders to not just hold a monetary token, but own a token that is usable, valuable, and that gives back to holders in many ways. We’re packaging DeFi elements into a complete platform, providing KANGA token holders with an engaging and meaningful experience and provide the KANGA Reserve Currency to enhance our profitability and sustainability. We’re here for the long term, planning features for phases releasing shortly, and some for further down the road. Our mission is to build an inclusive rewarding community UNITING DEFI by partnering and bridging with the larger DeFi ecosystem.

Current working solution on Harmony Testnet

The Kanga demo app is here also please see these demonstration videos for demonstration videos and this testing data.

Liquidity Providers: can create liquidity pools and deposit liquidity for any HRC20 tokens on Harmony Testnet and earn trading fees on any swaps.

Traders: can use these liquidity pools to swap any HRC20 tokens on Harmony Testnet

Prototyped Functionality

One-Wallet Integration: Https://demo.kanga.finance has placeholders for One Wallet and we are working with the Harmony team on connecting to one wallet for signing . We have also integrated the kanga protocol into one-wallet locally allowing one-wallet to leverage kanga liquidity pools for swaps. (demo can be found at https://one-wallet.kanga.finance)

Jump Functionality: Allows user to jump assets from other blockchains (currently Ethereum and Binance Smart Chain) via Harmony using Kanga Liquidity Pools. It also allows users to jump assets from other assets into Kanga Liquidity Pools on Harmony, leveraging Harmony’s bridge-sdk (demo is at https://one-jump.kanga.finance)

Functionality Overview

Kanga Functionality Overview (This grant is for Trading Engine 1.0)

Be specific about the goals and outcome of the proposal, with go-to-market and/or user-acquisition strategies if possible.

What stage of the product or idea are you (and your team) at?
We have

Built and Lunched Trading Functionality on Harmony Testnet
Entered and one two categories in the Harmony Hackathon (cross-chain middleware and HashKey Challenge)

Next Steps

Deploy Token Holder Rewards on Testnet
Finalize Tokenomics, compliance and code audits.
Launch on Harmony Mainnet early Q1.

Is it live on Harmony and/or another chain?
No it is live on Harmony Testnet and contracts have been deployed to Ethereum Kovan Network.

How many active users do you currently have, or aim to acquire?
Our goal is to compete with the leading DEX’s on Harmony including ViperSwap, Sushi and DeFi Kingdoms.
As such our goals are focused more on Total Value Locked (TVL) and Daily Transaction Volume.
Metrics for success

Trading Engine $2 Million and Daily Trading Volume = $200,000
DeFi Engine = $20 Million and Daily Trading Volume = $2 Million
Liquidity Engine = $100 Million and Daily Trading Volume = $10 Million
NFT Metaverse: TBD

Harmony Ecosystem

KANGA Target Market

How much funding do you need?
Complete Funding TBD but initial thoughts is a minimum of $100k is required with larger amounts helping us to build, launch and engage faster.

This request for funding aligns with the criteria for Launch Funding I.e. $50K.

$10K after launching a feature-complete product on our testnet
- Complete see demo app, videos, testing data
$10K after forming a DAO with 5-out-of-9 multisig with our DAOs
- TBD
$10K after launching on our mainnet with audit
- Planned for early Q1 2022
We will not be asking for this as we see TVL and Daily Trading Volume as better metrics
- ~~$10K after 1K daily active users (with launch video, full PR promotion)~~
- ~~$10K after 10k daily active users (with a detailed roadmap, governance process)~~
Instead we are asking for these launch based incentives
- $10K when TVL = $2 Million and Daily Trading Volume = $200,000
- $10K when TVL = $20 Million and Daily Trading Volume = $2 Million

Additional funding via investment, grants or bounties will be done separately.
We will be seeking or raising funds for

Compliance Framework
Token Generation Event
Code Audits
Community Engagement

What are your milestones?
The immediate milestones are

Code Complete on Token Holder Rewards
Finalize Tokenomics
Finalize Compliance (including code audits)
Launch on Harmony Testnet

Here is a high level roadmap

What help do you need, or what gaps are there in your team?
We can use help in multiple areas including marketing, branding and community engagement.

Proposal ask

We are requesting

$10,000 immediately to enable us to keep building. This aligns with four completed first milestone of a working testnet application.
The remaining $40,000 will be milestone based.
Also introductions to Investors, Liquidity Providers and Investors would be appreciated.

Metrics for success

Below are KANGA success metrics the first of which is covered by the milestones in this launch grant proposal.

Trading Engine $2 Million and Daily Trading Volume = $200,000
DeFi Engine = $20 Million and Daily Trading Volume = $2 Million
Liquidity Engine = $100 Million and Daily Trading Volume = $10 Million
NFT Metaverse: TBD

dpagan-harmony · January 6, 2022, 12:01am

Thanks for the proposal @redKanga. This write-up is detailed and clearly outlines your metrics for success. It has clear milestones and a working demo. Normally I would push back on upfront $10K for a launch grant but being on testnet means first tranche could be distributed not long after approval.

There is one concern and that’s measuring funding milestones by TVL. It’s best we stick to daily active users as that’s a better way to measure growth and user adoption compared to TVL. That said, I propose we keep the original milestones in place.

$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).

Can we agree to the terms above?

redKanga · January 6, 2022, 4:09am

Daniel,
Thank you for the follow up.
The short answer is yes we can agree on the terms above.

Kind Regards,

The Kanga Team.

A more nuanced answer
For us the TVL and Daily Trading volumes are of more interest, however we do understand that Harmony values Daily Active users. Also we are still evaluating our DAO infrastructure and whether a 5-out-of-9 multi-sig is the best fi for our projects governance, but once again we understand that this is what Harmony feels is best and so any grant needs to have these milestones in place. As these are Harmony requirements for the grant, then we accept with the knowledge that if any of these milestones are not met, then the funds for that milestone will not be issued.

Thank you again for your support of not only our project but the broader Harmony Community.

dpagan-harmony · January 6, 2022, 5:18am

Thanks for the quick response @redKanga and understanding that keeping to our standards really helps us not only track grantee progress, but allows us to also make fair decisions across all the projects we’re helping along the way.

With that said, this is approved for a $50K Launch grant. Congratulations! Looking forward to seeing this built out with the first milestone for a Testnet Launch built on Harmony

“Testnet Launch” means launching a feature-complete product on Harmony Testnet. We define feature complete to include a user interface, connection to a wallet (Metamask, Harmony ONE Chrome Extension, etc.) on Testnet, and can be tested end-to-end by at least 100 users.

Funds will be released upon completing these milestones

$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)

Meanwhile, to prepare receiving funds, email your identification documents to kyc@harmony.one and create a Gnosis Safe MultiSig wallet at https://multisig.harmony.one and using instructions below
Setup Gnosis Safe with MetaMask & 1Wallet

Checkout the Funding FAQ for further info at Harmony Funding FAQ. Join the Harmony Grants Telegram channel to share your story and to gain partnerships there by growing your own ecosystem.

Please join the Harmony Grants Telegram channel and Harmony’s Discord server.

We’d love to see weekly updates on this thread here, to keep the community posted on this proposal’s progress!

redKanga · January 6, 2022, 8:00pm

Daniel,

Thanks again.
We have

emailed the identification documents to kyc@harmony.one
We have set up a Gnosis MultiSig Wallet and shared the address in the email as well.
We are on the Harmony Grants Telegram and Harmony’s Discord server.

Testnet application has been launched and tested using metamask

Application: https://demo.kanga.finance
Test data: https://test.kanga.finance
Hackathon demonstration video https://one-hackathon.kanga.finance/

@dpagan-harmony can we get approval that the Testnet milestone has been reached?
Once we have that we will fill out the funding form.