grantshares-dapp[bot] commented 3 months ago

Abstract

Aiming to be the leading DEX on the NEO X chain, RootSwap will let users trade with up to 50x leverage, obtain credit through overcollateralized loans and earn interest by providing liquidity.

Proposal Information

Description

RootSwap emerges as a comprehensive decentralized trading platform, integrating features like leverage trading, overcollateralized lending, zero slippage swaps, and traditional token exchange functionalities within a unified interface.

RootSwap allows users to engage in trading blue-chip crypto assets with leverage up to 50x, access credit through overcollateralized loans, and earn interest, fees, and rewards by contributing liquidity.

The ecosystem will consists of:

SWAP- RootSwap offers a complete suite of decentralized finance (DeFi) exchange capabilities, encompassing zero slippage swaps for blue-chip tokens and classic Automated Market Maker (AMM) swaps for other tokens.

LEVERAGE TRADING- RootTrade, as part of the RootSwap suite, serves as the Leveraged DeFi trading platform. Leveraged Trading, a popular derivative trading form, enables investors to speculate on price movements of major crypto assets without owning them. RootTrade, being margin-based, allows traders to deposit a percentage of the full trade value, providing enhanced exposure to markets but also amplifying both profits and losses.

LENDING- RootLend, within the RootSwap family of decentralized financial services, offers a non-custodial solution connecting lenders and borrowers. Depositors earn passive income by providing liquidity, while borrowers secure overcollateralized loans against whitelisted assets. Built on the Aave protocol, RootLend ensures security through decentralized smart contracts verified by third-party auditors.

INVESTING- The RootSwap ecosystem offers diverse investment avenues, supporting the platform's growth and strategic goals. $GROOTS, the RootSwap protocol token, facilitates rewards and fee distribution, attainable through support or purchase on the classic exchange. The long term mission aims to drive investor growth with new services while reducing $GROOTS emissions.

STAKING- Holders of $GROOTS can stake their tokens to receive a share of protocol fees and rewards, including RootTrade fee rewards in NEO, escrowed $GROOTS rewards, and Multiplier Points at a fixed 100% APR.

FARMING- Yield Farming in Farms on RootSwap allows users to earn $GROOTS rewards. Unlike staking, Farms require staking two tokens to provide liquidity, earning rewards in $GROOTS. These rewards can be used for more lp tokens, simple staking, lottery participation, or other preferences.

LOTTERY- RootSwap's Lottery offers an entertaining way to earn $GROOTS rewards, with increasing prize pools for rounds without a jackpot winner. Longer rounds attract more participants, and each ticket sold further boosts the prize pool.

PORTFOLIO MANAGEMENT- RootSwap Portfolio provides a consolidated portal for users to oversee and manage all their RootSwap assets. The interface integrates investment information across the ecosystem, offering a comprehensive overview categorized by Wallet, Lending, Farming, Staking Pools, and Trading (future). Users can easily assess their token utilization and make informed investment decisions. The Portfolio includes details for all active tokens within the RootSwap ecosystem and selected others.

Motivation

Launching an infrastructure project on a new EVM is always exciting and also rewarding where it gives you a first mover's advantage. Especially on a sidechain of a massive project like NEO, we're very motivated to become the leading DEX on the NEO X chain.

Goals

The main goal is to become the leading DEX of the NEO X chain. On individual EVM chains there are usually 2 leading DEXs that fight for market share, we're aiming to be the Uniswap, Pancakeswap, Trader Joe, etc. of the NEO X chain.

Currently what we're aiming to build on the NEO X chain for the community isn't being done by anyone else. We have a first mover's advantage especially when it comes to leveraged trading, lending, lottery, etc. We're also setting up teams to launch multiple individual memecoins on the chain to generate volume and engagement.

Deliverables & Roadmap

Swap- This will include the classic swap, staking, some farming pools and leveraged trading. (2000 tokens will be used to build out these features.) Lending- A non-custodial solution connecting lenders and borrowers. (1100 tokens will be used to build out our lending.) Portfolio Management- A consolidated portal for users to oversee and manage all their RootSwap assets. (500 tokens will be used for this.) Lottery- A lottery pot where each ticket sold will further boost the prize pool made up of $GROOTS rewards. The rewards will then be divided amongst the winners. (700 tokens will be used to build this.)

The remaining 700 tokens will be used for marketing and operational costs.

Total Estimated Duration: 3 months
Full-Time Equivalent (FTE): 5
Total Budget: 5000 NEO tokens

Swap- We're aiming to start testing our swap features by April. Lending- We'll launch this May, just in time when the NEO X chain goes live. Portfolio Management- We will release this feature in June. Lottery- This should be ready to launch by July.

Deliverables Verifiability

We will share sneak peeks and keep the community on our Telegram channel and Twitter updated with the progress of platform. The community will be able to verify the progress through these sources. We're aiming to release atleast one feature of the platform per month as mentioned in the roadmap for the next 3-4 months, the community will be able to start using these services and verify the milestones one by one every month.

Budget Plan

Atleast 5000 tokens will be required.
We could use more, but 5000 tokens is doable. We're working with one of the best blockchain companies in India called Antier, we will be utilizing their services for project development. This budget should give us enough firepower to deliver things in 2-3 months.
We will use the funds to hire atleast 3 more developers from Antier to speed up the process and deliver things on time. Part of these funds will also be used for marketing and operational costs.

About You / Your Organization

Individual/Entity Name: RootSwap
Website: https://www.rootswap.finance/
GitHub Organization (if applicable): https://github.com/RootSwapNeo

Short-Bio

Currently based in the US, I started investing in crypto back in 2017 and never looked back. Got into DeFi in 2021 and lead the teams of a couple of 8 figs DeFi projects. I have experience in bootstrapping projects from scratch and turning them into multi million dollar brands.

Portfolio of Projects / Past Experience

Founded and did couple of 8 figs DeFi projects from scratch.

Rowket- Was one of the first NFT marketplaces and the first NFT artist incubation platform on Binance Smart Chain with an all time high of $14 million market cap.

Blizzard- Was one of the top 3 yield aggregators on the Avalanche chain with an all time high of $20 million market cap.

Currently also working on a GameFi metaverse project called Apehattan. (https://www.apehattan.com/)

Proposal Info :clipboard:

Proposal Type: request-for-funding
Amount Requested: 5000
Token: 0xef4073a0f2b305a38ec4050e4d3d28bc40ea63f5 (NEO)
Receiver Address: NLujyXRneT2w29tgNuEHveX5WXU3ff7Kma (0x103160438c4e069048112142896d933b1019ed0a)
Created by: @grootish :rocket:
Raw Intents: :eyes:

[ {
  "target_contract" : "0x6276c1e3a68280bc6c9c00df755fb691be1162ef",
  "method" : "releaseTokens",
  "params" : [ {
    "type" : "Hash160",
    "value" : "ef4073a0f2b305a38ec4050e4d3d28bc40ea63f5"
  }, {
    "type" : "Hash160",
    "value" : "103160438c4e069048112142896d933b1019ed0a"
  }, {
    "type" : "Integer",
    "value" : "5000"
  } ],
  "call_flags" : 15
} ]

👇 React with 👍 if you liked it, or 👎 if you think this proposal can be enhanced!

csmuller commented 3 months ago

Hey @grootish, Thanks for your proposal. This looks like a comprehensive DeFi project and, in my opinion, should receive more attention during the execution phase than what we at GrantShares can provide. Also, the requested grant size is rather high for this grant program. I advise you to instead apply for a grant here.

roman-khimov commented 3 months ago

I don't think we're accepting NeoX projects here now and the scope is too big for GS (I'm also not sure it can be completed in 2-3 months with this budget).

grootish commented 3 months ago

sounds good guys. I'm in touch with the Neo Ecosystem team for the grant and looks like it will be getting approved by the end of this month, thanks for the feedback.