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Challenge question :

How can we encourage DeFi teams to build/deploy open finance solutions on Cardano?

Why is it important?

It’s important b/c Defi dApps provide trustless on-demand access to financial services for global users w/ Total Value Locked ~$25billion

How does success look like?

A competitive environment for DeFi on Cardano with an emphasis on cross-collaboration & driving composability across protocols.

Key Metrics to measure

How many DeFi protocols were launched on Cardano mainnet within 6 months from this DeFi focused community challenge?

How many daily active users are the DeFi protocols funded in this cohort attracting?

How much Total Value Locked (TVL) are the funded DeFi protocols able to capture 1 month post launch on Cardano mainnet? (measure again at 3 months, 6 months and 1 year post-implementation to glean complete insights on proposal challenge effectiveness)

How many DeFi developers did this community focused challenge bring into the Cardano ecosystem?

How many FinTech/DeFi development firms did this community focused challenge bring into the Cardano ecosystem?

Challenge brief

There is a concept that the DeFi community is well aware of, which is the composability of protocols / dapps. This allows several smart contracts of different dapps/protocols to interact with each other, this concept of composability is often referred to “DeFi legos”, in analogy to the LEGO building toy. In this analogy, each dapp / protocol would be a lego and the combination of these can leverage DeFi, creating more options, services, liquidity, among other positive aspects, but it can also leverage risks from poorly programmed, unaudited contracts, excess leverage and risks in general.

https://defipulse.com/

Imagine that the primordial dapps were at the base of a pyramid and more complex dapps were built above these. These articles are a good source of information on the subject:

https://medium.com/pov-crypto/ethereum-the-digital-finance-stack-4ba988c6c14b

https://medium.com/@roypritam1234/decentralized-finance-defi-stack-built-on-ethereum-feea8f93a47d

If we want a rich and competitive environment for DeFi on Cardano we need to accelerate the development of these dapps and prioritize their development, the focus of fund 3 onward should be ensuring we are backing teams delivering DeFi dApp solutions across all of these.

Challenge budget in USD. Only use numbers! No symbols, letters, fractions. 250000

Which of these definitions apply to you? Developer, Entrepreneur

Want to register as a community advisor? Confirm all following statements are true: I want to serve as a community advisor. I did not submit a funding proposal for Fund3. I am not affiliated with any proposing team in Fund3. I commit to provide fair and thoughtful reviews. One or more of the above statements are false.

Scale-UP Cardano’s DeFi dApp Teams

Goal: $250,000.00
318 Campaigns | 0 Loved campaigns

Story

DeFi Pulse | The DeFi Leaderboard | Stats, Charts and GuidesThe analytics + rankings hub for DeFi. DeFi Pulse tracks key metrics for Decentralized Finance(DeFi) projects and so you can stay up to date on the latest trends.

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Ethereum: The Digital Finance StackEthereum is a platform, built to support a financial super-structure. User behavior in this super-structure creates forces that push and…

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Decentralized Finance (DeFi) stack built on EthereumA suite of permissionless, open applications and infrastructure that seeks to revolutionize and replace finance as we know it.

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