Launches: Xenon Finance | Leveraged Yield Farming Protocol

Name of Project / DAO / Company

Xenon Finance

Application type

Product Launch, Grant

Proposal overview

Xenon Finance is a leveraged yield farming protocol where users can borrow and leverage up their liquidity provider positions and earn higher yields than normal. Xenon Finance will help improve and add liquidity to existing protocols by incentivizing users to leverage their positions. Users can either leverage their existing positions or lend out their funds to borrowers looking to leverage. Users can earn a high yield on their single assets by lending them out for high yields.

We are looking to be a major protocol on the Harmony Blockchain and bring a lot of new users to DeFi and Harmony at the same time. We are currently in the middle of our development and we are likely to deploy a feature-complete product on the testnet in roughly 2 weeks. Xenon Finance is looking to be a Harmony only protocol with no current plans to extend to other blockchains.

Proposal ask

We are asking for $50,000 for us to be able to hire more smart contract developers and front end designers to develop our website. We will also use the funds for marketing and advertising to new users. We are currently a team of 3, a manager, a backend developer, and a frontend designer. We need more people and we are hiring.

Metrics for success

5,000 Total Transactions
$100,000 Total Value Locked
$1,000,000 Total Value Locked
1,000 Daily active users

External links

Discord: Xenon

Hi @XenonFinance , thank you for your proposal!

Can you describe your team in terms of roles and responsibilities and experience levels? The more information you reveal, you will likely gain more trust from the community to support this proposal. Any public profile will help, such as Twitter accounts, LinkedIn, GitHub, Gitcoin, Bitbucket, and/or personal websites.

If you so choose to remain anonymous, at least describe the roles each one of them play, the amount of time they’ve worked in such capacity (full time) and why they are involved.

In addition, what timeline do you have in mind for each Metric for success?
(Doesn’t have to be an exact date, could be “Q1” for instance, or a specific month)

Looking forward to your response!

Thank you for your response @gabby

Our team would like to stay anonymous/pseudonymous for now at least. For our roles though, I am the current manager and core founder of Xenon and I manage all the social accounts and discord currently. We also have a developer who is doing all of the smart contract development and some of the front end code. They have many years of experience in solidity and development. Our designer has many years of experience designing the front end of websites. They also currently do all of our logo and theme stuff. All of us are working part time currently but we wish to work full time if our project takes off. With the grant money we will be hiring more developers and designers as well as a community manager possibly.

Our timeline for the metrics of success go in this order:
Q1 2022 5,000 Total Transactions
Q1 2022 $100,000 Total Value Locked
Q2 2022 $1,000,000 Total Value Locked
Q2 2022 1,000 Daily active users

Thank you for this opportunity and I am looking forward to a response from you!