Name of Project / Company
OpenSwap’s request to build Harmony’s All-in-$ONE platform
The concepts to financially operate and take advantage of the fiscal opportunities granted to banking institutions are available to a privileged few. Decentralized finance brings these hidden opportunities to the general public. The ability to store, borrow, lend, provide liquidity is now readily available at your fingertips.
OpenSwap aims to bring decentralized finance to the world in the form of a unique, elegant, and secure protocol. OpenSwap is a community-driven product on the Harmony Network that connects users with everything they need to for the future of web3, crypto, and decentralized finance.
Our goal is to build an All-in-$ONE platform for decentralized finance. Providing additional services to connect the world with simplified elegance to decentralized finance through security, opportunity, and education. This proposal will include the roadmap to allow OpenSwap to bring a multitude of DeFi products to the Harmony community.
Total for completion of all delivered projects = $200,000
Liquidity (funds to remain in pools indefinitely) = $300,000
Total = $500,000
Projects, Functionality and Metrics for Success:
Road Map Grant Request to build Harmony’s all-in-ONE platform. Success of each milestone will be measured with a mainnet launch.
Launch a multi-chain swap aggregator. Create a single multi-chain platform to route token swaps in the most efficient means possible. Utilizing liquidity on existing decentralized exchanges, the site will analyze different routes, displays the most efficient, and allow the users to execute the trade. ($35,000)
Fund the fees for the multi-chain swap aggregator for 1 year. The money will be used to ensure zero fees from OpenSwap are charged on the aggregator for 1 year to help encourage multi chain adoption on the Harmony network using the Amazon approach. Eventually, when fees are implemented, they will be the most competitive in the market and paid in $ONE so all other chains will require some $ONE to use it. ($15,000)
Launch a liquidity aggregator that allow users to deposit liquidity in any of the aggregated projects through a single platform. ($15,000)
Launch a new Harmony Dashboard that will have dark mode and be represented in $ONE and $USD this will be the prelude to auto compounding for all validators giving delegates the much anticipated 20-25% APY for delegation as a sustainable model in light of the loss of Terra LUNA. Harmony’s own native system to provide the much anticipated Decentralized Basic Income that our community deserves. ($15,000)
Restructure pools to prepare for cross chain liquidity. There is a lot of risk to reducing to such a minimal number of pools in order to build back out to cross chain pools. This money will go to OpenSwap treasury in our multi sig wallet It will go to an OpenX/ONE pair to create plenty of liquidity and provide stability in $OpenX price as we go through this transition. These funds will remain in this pool indefinitely. ($150,000)
Implement cross chain pools, this money will act as a base layer of liquidity for all layer 1s added. The funds will also go to treasury never to be removed and will be added to the first 5 cross chain pools, the proceeds from those pools will be used to create the 6th,7th,8th, etc. Allowing cross chain pools to grow on the Harmony network in an exponential fashion. ($150,000)
Launch an auto-compounding feature to above mentioned Harmony Staking dashboard. This will allow delegates to choose multiple validators and multiple cross chain pools to auto compound into. A delegator will choose a validator and a pool the rewards from the validator will automatically be added LP pool of choosing, then as the fees are paid from LP pool it will automatically feed back to the validator in which it came. This will create a positive feedback loop where validator rewards feed cross chain liquidity for all other chains and us to hop from chain-to-chain with Harmony fast and inexpensive creating more transactions on chain which will help produce work for validators, LP providers and more rewards for delegators. A win-win-win for all in the Harmony ONE community. ($50,000)
Launch an order book that will integrate with aggregator allowing traders to feel have a centralize exchange like experience but using decentralized liquidity. This will give us limit orders and be the prelude to functioning grid bots, futures, and options. ($25,000)
Launch a farm aggregator that will find the best net rewards from aggregated decentralized exchanges and deploy capital. ($20,000)
DAO Launchpad; please refer to other grant request as this will be the ability to have on chain voting systems where we can decide the direction of pool expansion together. OpenDAO
Launch a NFT marketplace that is safe and secure so people can have confidence in transactions for the long haul. Giving artists and purchasers an on-chain experience that is secure, fair, and robust. We will also explore NFTs that serve functional purposes like ETFs where people can build investment strategies and sell them as a package unit IE the WaRu model. ($25,000)
Video overview of roadmap items discussed in this proposal: OpenXswap's Road Map Updated and Explained - YouTube