Short Story


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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.

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:

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

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Scale-UP Cardano’s DeFi dApp Teams

Goal: $250,000.00
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