cankisagun
commented
3 years ago Hey guys, thank you for the proposal. I tired to play with the app on Kovan but couldn't get it to work. A couple of points:
We primarily fund development work and we need more detailed roadmap, where you need to have milestones that are better detailed (more specific - i.e. I don't know what migration of community means) and measurable.
We'd also like to see a breakdown of costs for the proposed budget. My initial reaction is that $60K is on the higher end to justify the value add of to the ecosystem. Value capture for Secret Network ecosystem would be:
- The main KPIs for Secret Network is TVL (privacy value add to other blockchain ecosystems),
- number of transactions
- number of user (for applications) you can feel free to create a forum post and try to engage whether Secret Network users would be interested in this product
The ecosystem fund is not aimed to fund community promotion and /or liquidity in the product.
I hope you engage directly with the community and revise this submission if you see interest :)
Good luck!
Team Name: DefiSafe Protocol Team
Project Description
This is an DefiSafe Protocol application for a grant programme: Secret Network Grant Program: Secret Apps
We intend to create an insurance product on Secret Network, which will enable Secret Network users to obtain a certain amount of compensation if the price drops when holding SNIP-20 tokens. Last year, our team has been paying attention to Ethereum Defi and has been building the Defisafe protocol. Version 1.0 has been launched on the Ethereum mainnet. The community has reported that the economic model is unreasonable, so version 1.0 has been discontinued, and version 2.0 has now been deployed on Ethereum. kovan testnet. At present, due to the high cost of Ethereum gas, we are always looking for other suitable ecosystems. Recently, we noticed Secret Network and frequently interacted with Secret Network on Twitter. Needless to say, we are very happy to see the development of this project and hope to participate in it and get support from Secret Network.
Problem / Solution
In terms of investment, profit & loss have become an unavoidable problem. Especially in the field of digital currency, the 24h x 365d transaction and unlimited transaction patterns not only bring huge returns to the purchasers, but also produce huge risks of loss.
Our priority is given to how to provide the investors with better guarantee when designing our products. At present, some decentralized insurance products are available on the market, but some shortcomings still exist. Most products are suitable for minor probability events such as hackers and vulnerabilities. The process of filing claims is more complicated, and voting and other processes are required, so it is likely that the insured users which have incurred losses cannot obtain timely compensation. Compared with minor probability events such as hackers and vulnerabilities, DefiSafe chose a situation that investors are more likely to encounter: losses. Through DefiSafe, users who hold encrypted assets can not only enjoy the appreciation in asset arising from price rise, but also take lower risks of price fall of the encrypted assets.
Detailed product description
Defisafe establishes a pool of venture capital based on smart contract, so that users can enjoy the appreciation brought by price rise and share the risk of asset shrinkage when the price falls. It can be understood as a dynamic economic game model, that is, the game between smart contract and market. The contract involves many possibilities. As long as there is a possibility, that is, the victory of the contract, If the user's assets decrease, compensation can be obtained. example: userA holds secret-ETH userB holds secret-KNC userC holds secret-BTC If one of the three users makes a profit, part of the profit will go into the venture capital pool, the loss users will get the secret-DSE compensation, and the funds in the venture capital pool will buy secret-DSE through secretswap.
Go-to-Market plan
The secret network is developing rapidly. We hope to participate in it and get the support of the secret network.
Team members
Team Website
Team's experience
Team Code Repos
https://github.com/defisafe
Development Roadmap
We will require 4 months to complete this project. The total cost we need is: $60000, which is mainly used for the following purposes: 1. Community promotion 2. Providing liquidity for secret-DSE in secretswap 3. Expenses of project personnel
Example milestones:
Additional Information
This is our demo video on Ethereum：https://youtu.be/qd6ULXGE5qc