[Grant Application] Optimus, Yield Optimizer Protocol on ICON Blockchain

Grants
#1

  1. Title

Optimus, Yield Optimizer protocol on ICON Blockchain.

  1. Category

Development: this project aims to expand the ICON DeFi ecosystem by providing lending aggregation and yield generation between ICON lending pools such as Balanced and Omm.

  1. Project Description

Objective

Optimus‘s vision is to enable everyone in the world to effortlessly invest in and profit from DeFi (Decentralized Finance) protocols built on the ICON Network. Our very first mission to develop a lending aggregator, which seeks to optimize investment opportunities in the existing ICON ecosystem provided by lending pools such as Balanced and Omm.

Optimus’s business model is to return more from invested assets for the users, by looking for the most profitable interest rate between lending pools and automatically switching to a more beneficial one.

Opportunities

  • Optimus’s long-term target is to onboard more users from Ethereum crypto space by implementing different cross-chain protocols for asset expansion like REN.
  • Optimus follows DAO philosophy and looks to reward only actual users as the protocol will launch with 0 FIN supply and we aim to decentralize Optimus as a self-developed community. This will help to prevent the project from being affected by the plutocracy often found in most DeFi projects.
  • We target to launch Optimus simultaneously with Balanced and Omm to boost the ICON DeFi ecosystem as a whole all at once.
  • As a DeFi project, we are aware that security concerns need to be addressed carefully. The protocol will be tested thoroughly and core contract accounts will be secured with cold wallets / HSM to mitigate possible risks that could leave negative feedback on the ICON community.
  • As a Main P-Rep, ICON DAO has been maintaining a positive branding as we believe it is our core value to build a positive and self-motivated community for ICON. Together with in-depth technical expertise from the Techiast team, we believe our collaboration will result in a high quality, community-driven DeFi project in the ICON ecosystem that is able to rival established projects from other blockchains.

Details

View full Project Description here.

  1. Project Duration

The project is going to take 5 months in total of development following this timeline:

  • Q4 - 2020:
    • Core contract protocol alpha release.
    • Technical specifications.
    • Product whitepaper.
  • Q1 - 2020:
    • Core contract protocol beta release.
    • Optimus alpha release
    • Testnet integration test with Balanced and Omm.
  • Early Q2 - 2020:
    • Optimus beta release
    • Mainnet launch.

  1. Project Milestones

Hierarchy Title
Epic Core contract protocol alpha release.
Feature As a user, I want to deposit ICX to Optimus protocol.
Feature As a user, I want to redeem finICX from Optimus protocol.
Feature As a strategist, I want Optimus to farm ICX from Balanced protocol.
Feature As a strategist, I want Optimus to farm ICX from Omm protocol.
Epic Technical specifications & Whitepaper
Document [Technical Specs] - List of contract functions.
Document [Technical Specs] - List of contract events.
Document [Technical Specs] - List of mining ratios.
Document [Technical Specs] - List of transaction fees.
Document [Whitepaper] - Optimus introduction & Protocol design.
Document [Whitepaper] - Investment strategies.
Document [Whitepaper] - Token economics & Fee models.
Document [Whitepaper] - Timeline.
Epic Core contract protocol beta release.
Feature As a strategist, I want to gather the best interest rate.
Feature As a protocol worker, I want to delegate rewards to the DAO fund.
Feature As a protocol worker, I want to receive fee rewards.
Feature As a protocol worker, I want to upgrade protocol contracts.
Feature As a protocol worker, I want to execute a protocol upgrade.
Feature As a bot keeper, I want to get contract data.
Feature As a bot keeper, I want to automate contract functions.
Epic Optimus alpha release.
Feature As a user, I want to connect to ICONex wallet.
Feature As a user, I want to view ICX balance.
Feature As a user, I want to view the Deposit screen of Optimus interface.
Feature As a user, I want to view the Redeem screen of Optimus interface.
Epic Testnet integration test with Balanced and Omm.
Test As a strategist, I want to gather the best interest rate.
Test As a strategist, I want Optimus to farm ICX from Balanced protocol.
Test As a strategist, I want Optimus to farm ICX from Omm protocol.
Test As a user, I want to deposit ICX to Optimus protocol.
Test As a user, I want to redeem finICX from Optimus protocol.
Epic Optimus beta release.
Feature As a governance contributor, I want to receive contribution rewards.
Feature As a protocol worker, I want to sign a multisig for protocol upgrades.
Feature As a user, I want to exchange FIN to ICX.
Epic Mainnet launch.
Feature Interactive demonstration on Optimus interface.
Document User guideline & announcement.

  1. Funding Amount Requested

The total grant request for this project is $75,980 (paid in 5 monthly installments) which is calculated as below:

Item Qty Months Unit Unit Cost Total Cost Note
Project Manager 1 5 Employee (*)$3,183 $15,915 Supported by ICONDAO
Solution Architect 1 5 Employee (*)$3,481 $17,405 ICONDAO Team
Blockchain Engineer
(Senior Level) 2 5 Employee (*)$2,840 $28,400 Techiast Team
Blockchain Engineer
(Middle Level) 1 5 Employee (*)$2,263 $11,315 Techiast Team
Web Engineer
(Senior Level) 1 4 Employee (*)$2,630 $10,520 Techiast Team
Web Engineer
(Middle Level) 1 4 Employee (*)$2,085 $8,340 Techiast Team
Cloud Engineer
(Senior Level) 1 3 Employee (*)$2,612 $7,836 Supported by Techiast Team
Total $99,731
ICONDAO Support $15,915
Techiast Support $7,836
Grant Total $75,980

  1. Official Team Name

ICON DAO & Techiast

  1. Team Contact Information

Telegram channel: https://t.me/icondao

Telegram channel: https://t.me/techiast

Email: icondao@canfoundation.io

  1. Public Address

hx11b951611cd26de8f1283a3842b2359cf3a7abef

Thank you for your time,
ICON DAO & Techiast

#2

This would be great. It’s going to be tough to onboard users from the Ethereum crypto space. An aggregator would definitely aid in enticing users across :+1:

1 Like
#3

Initial Review Result Comments

Review Result

Approval pending on revised conditions

Review Comments

  • We think this project is very interesting and valuable to the future of the ICON Defi Ecosystem
  • This project leverages other existing projects and is a good example of composability
  • Although we like this project very much we think the budget is too high and your team must take more risk since it is a for-profit project. We will approve 50k USD for this budget. You have the possibility to make large profits from this project so you should take on higher risk and invest in yourself. We are willing to help with initial costs to get the project started but you must take on more burden since you have lots of potential for future profits.

Next Procedure

ICON Foundation provided the Initial Review Result Comments on the proposal. Grants recipients will respond to the Foundation’s response. Depending on your comments, the foundation will provide the Final Review Result Comments.

Plus, all grant recipients should do KYC in order to receive grants from the Foundation. Once your proposal is fully accepted, we’ll guide the next procedure for the KYC.

#4

Thank you for your consideration, @ICON_ADMIN. We also believe Optimus holds a lot of potential for the ICON DeFi space. We understand and accept ICON Foundation’s funding terms of 50K USD. Our team also agrees to providing KYC in accordance with ICON Foundation’s new rules.

In order to launch simultaneously with Balanced and Omm, our team has already began some development on Optimus. Since we have already completed some of the milestones on the proposal, we would like to request 1st installment payment on December 17th. We would be able to provide a Progress Report before that date to demonstrate our progress.

We look forward to proceeding with the project. Please let us know your thoughts and the next steps to proceed with the KYC procedure.

#5

Final Review Result Comments

Review Result

Approved

Reporting Period

Grant recipients should produce Periodic Reports in order to continue to receive grant funding. If the Periodic Report is showing that the initiative is not meeting expectations, the ICON Foundation has the option to halt continued funding. Please check the link (ICON Community Grant Program (“ICON CGP”)) and leave reports on this page (https://forum.icon.community/c/g/pr )

The team must submit the Periodic Report by the timeframes below (UTC):

  • 2020/12/15 02:00 AM (UTC)
  • 2021/01/14 02:00 AM (UTC)
  • 2021/02/14 02:00 AM (UTC)
  • 2021/03/14 02:00 AM (UTC)
  • 2021/04/14 02:00 AM (UTC)

Funding Amount

The ICON Foundation is going to give out $50,000 in 5 monthly installments based on the Periodic Report. The amount of ICX will be determined and paid according to the price at 02:00 AM (UTC) on the day of payment.

  • 2020/12/16 02:00 AM (UTC) - $10,000
  • 2021/01/15 02:00 AM (UTC) - $10,000
  • 2021/02/15 02:00 AM (UTC) - $10,000
  • 2021/03/15 02:00 AM (UTC) - $10,000
  • 2021/04/15 02:00 AM (UTC) - $10,000
1 Like