CrossFi DEFI & Stable Coin on FVM

[Cryptoskywalker]

Open Grant Proposal: Project Title

CrossFi

Project Name:
CrossFi (https://github.com/crossfidao)

Proposal Category: Choose one of Developer and data tooling, Applications, Integrations, Research & protocols, Other. Learn what these categories are here: https://github.com/filecoin-project/devgrants/tree/master/open-grants#readme
https://github.com/crossfidao

Individual or Entity Name:
CrossFi

Proposer: replace with your GitHub username
https://github.com/filecoin-project/devgrants/tree/master/open-grants#readme

Do you agree to open source all work you do on behalf of this RFP under the MIT/Apache-2 dual-license?: Please respond with "Yes" or "No".
No

Project Summary

Executive Summary

Introduction to CrossFi DEX and the Filecoin Ecosystem
CrossFi DEX is an innovative platform at the forefront of the Decentralized Finance (DeFi) movement, designed to capitalize on the emerging opportunities within the Filecoin ecosystem through the Filecoin Virtual Machine (FVM). Filecoin's mission to store humanity's most valuable information has been significantly expanded with the introduction of the FVM, enabling smart contracts and decentralized applications directly on its network. This evolution has not only transformed Filecoin into a more versatile platform but also positioned it as a foundational element of the decentralized web, with the FVM acting as a catalyst for growth by enhancing programmability and interoperability across various blockchain environments.

CrossFi's Strategic Positioning in DeFi
With the rapid growth of DeFi disrupting traditional financial systems by offering unmatched access, transparency, and efficiency, CrossFi DEX aims to harness Filecoin's robust infrastructure to pioneer advanced DeFi applications. Our platform is uniquely positioned to offer cross-chain solutions that leverage Filecoin's strengths in decentralized storage, addressing the fragmented DeFi landscape by enhancing liquidity and security.

Mission, Vision, and Value Proposition
CrossFi's mission is to become the DEX with one of the largest trading volumes on the FVM and beyond, aiming to unite more FVM projects to improve the service efficiency of the Filecoin ecosystem significantly. By leveraging the locked potential of staked Filecoin, CrossFi introduces a paradigm shift in the DeFi landscape, making staked assets fluid and dynamic. Our vision is to support the development of Filecoin ecosystem-relevant projects, providing a secure, simple, and fast operating platform that catalyzes the growth of the decentralized web.

Products and Innovations
CrossFi DEX offers a diverse range of products designed to enhance the DeFi experience, including various cryptocurrencies, Filecoin-based tokens, and unique financial instruments that leverage Filecoin's storage capabilities. A key innovation is our platform's cross-chain functionality, which facilitates seamless asset transfers across blockchain ecosystems, thereby solving the problem of liquidity fragmentation. Moreover, we are excited to announce the launch of a new stablecoin exclusive to the FVM, designed to provide stability and facilitate smoother transactions within the Filecoin ecosystem.

Investment Opportunity
As an entrepreneur presenting to potential investors, the introduction of CrossFi DEX on the Filecoin Virtual Machine presents a compelling investment opportunity. This initiative not only taps into the burgeoning DeFi sector but also leverages the unique technological advancements and infrastructural strengths of the Filecoin network. Our strategic focus on interoperability, security, and user engagement positions CrossFi as a pioneer in the next wave of DeFi innovations, with the potential to significantly impact the decentralized finance landscape. We invite investors to join us in realizing this vision, contributing to a future where finance is democratized and accessible to all.

Impact

Pain Points Addressed
Fragmentation in DeFi: The DeFi landscape is fragmented across various blockchains, creating silos that hinder the fluid exchange of assets and information. CrossFi DEX aims to mitigate this by offering cross-chain solutions, thereby enhancing liquidity and interoperability within the DeFi space.
Data Accessibility and Usability: DeFi platforms can be complex and intimidating for users, requiring the management of assets across multiple platforms with different standards. Filecoin's integration into DeFi, facilitated by projects like CrossFi, aims to simplify these processes, making DeFi investing more accessible and data-driven decisions easier by expanding the amount of data apps can process.
Decentralized Storage Efficiency: Traditional cloud storage solutions are centralized, which poses risks of data monopolization, single points of failure, and higher costs. Filecoin, with its decentralized storage network, provides a solution to these issues. CrossFi leverages this by integrating staked Filecoin into the DeFi ecosystem, enhancing liquidity and offering new financial instruments​​​​.

Benefits and Risks

Benefits:

• Enhanced Security and Lower Costs: A decentralized storage approach not only enhances security by distributing data across a network, thus reducing the risk of data loss or tampering but also fosters a competitive market for file storage, leading to more cost-efficient solutions​​.

• Improved Data Processing: By facilitating the storage of large datasets on a decentralized network, CrossFi can improve DeFi investors' ability to analyze market data, making informed investing decisions easier​​.

Risks:

• Security Risks in DeFi: The nascent nature of DeFi means some projects may fail, leading to potential losses for investors. Ensuring robust security measures is critical.

• Usability Challenges: The complexity of DeFi platforms can deter users. Not addressing these usability challenges could limit the adoption and growth of DeFi applications.

• Impact and Success

Impact:

• In the DeFi Ecosystem: By addressing fragmentation and enhancing liquidity, CrossFi could significantly impact the DeFi space, making it more unified and efficient.

• On Decentralized Storage: Integrating DeFi with decentralized storage like Filecoin can lead to more innovative financial products and use cases, driving growth in both sectors.

Success Metrics:

• Adoption Rate: High adoption and engagement rates with the CrossFi platform would indicate success, showcasing its value in addressing existing pain points.

• Ecosystem Growth: Success can also be measured by the number of new applications and financial instruments developed on top of the CrossFi platform, contributing to the broader Filecoin and IPFS ecosystems.

In conclusion, CrossFi DEX represents a critical bridge between decentralized finance and storage, with the potential to revolutionize both sectors by addressing fundamental pain points. Success in this endeavor could significantly enhance the efficiency, security, and accessibility of DeFi applications, while fostering the growth of decentralized storage solutions​

The integration of a launchpad on the Filecoin Virtual Machine (FVM) within the Filecoin ecosystem represents a strategic move to foster innovation and growth across decentralized applications (dApps) and decentralized finance (DeFi). This addition can significantly amplify the benefits to the Filecoin system, addressing pain points and setting new standards for success in decentralized ecosystems.

Additional Benefits of an FVM Launchpad
Accelerated Innovation: A launchpad on the FVM facilitates the development and deployment of dApps by providing developers with tools, resources, and a supportive community. This can significantly reduce the barriers to entry for new projects, accelerating innovation within the Filecoin ecosystem.
Ecosystem Synergy: The launchpad acts as a catalyst for synergy between various stakeholders in the Filecoin ecosystem, including developers, investors, and users. By providing a platform for showcasing and incubating new projects, it fosters collaboration and resource sharing, enhancing the overall value and utility of the Filecoin network.
Market Expansion: By facilitating the launch of new projects, the FVM launchpad can attract a broader audience to the Filecoin ecosystem, including those interested in specific dApps or DeFi projects. This expansion not only increases the adoption of Filecoin but also contributes to the growth of the decentralized web as a whole.

Addressing Pain Points

• Complexity in Project Development: The launchpad addresses the complexity and technical challenges faced by developers in deploying dApps on decentralized networks. It offers streamlined processes and support, lowering the technical barriers to entry.

• Liquidity and Funding Challenges: For new projects, securing funding and ensuring liquidity are significant challenges. The launchpad can offer access to a community of investors and early adopters, mitigating these challenges and providing projects with a better chance of success.

Impact on the Filecoin Ecosystem
The launchpad is poised to have a profound impact on the Filecoin ecosystem, particularly in how it nurtures growth and innovation. Successful projects incubated on the launchpad will contribute to the diversification and resilience of the Filecoin network, driving forward the vision of a decentralized and open internet.

Success Metrics
Success for the launchpad initiative can be measured in several ways:

• Number and Quality of Projects Launched: A steady stream of high-quality projects emerging from the launchpad indicates a healthy and vibrant ecosystem.

• Community Engagement and Growth: Increased engagement from both developers and users within the Filecoin community, as well as an uptick in collaboration among ecosystem participants.

• Contribution to Filecoin’s Adoption: The ultimate success of the launchpad is reflected in its contribution to the broader adoption and utility of the Filecoin network, marked by increased storage and retrieval transactions, and the use of FIL token within and beyond the ecosystem.

In summary, the launchpad on the FVM is not just an addition to the Filecoin ecosystem; it's a transformative tool that addresses critical development challenges, fosters innovation, and amplifies the benefits of decentralized storage and finance. Its success will be a testament to Filecoin's commitment to advancing the decentralized web, creating a more accessible, efficient, and collaborative digital future.

Outcomes

Project Specification and Functionality
CrossFi Evolution DEX:

• Objective: To offer a cross-chain DEX utilizing Filecoin's FVM, enhancing liquidity and interoperability across various blockchain networks.

• Functionality: Users can exchange assets across different blockchains with minimal fees and enhanced security. The platform will support various cryptocurrencies, Filecoin-based tokens, and unique financial instruments leveraging Filecoin's storage capabilities. Additionally, it will include a stablecoin exclusive to the FVM for smoother transactions.

FVM Launchpad:

• Objective: To accelerate the development and deployment of dApps by providing a comprehensive suite of tools, resources, and community support on the Filecoin network.

• Functionality: The launchpad will facilitate project incubation, from ideation to launch, offering services like smart contract deployment, project funding mechanisms, and a marketplace for dApps. It aims to reduce the barriers to entry for developers and projects within the Filecoin ecosystem.

Final Outcomes & Deliverables
Upon completion, CrossFi Evolution will deliver:

A fully operational CrossFi DEX, integrating cross-chain functionality and a unique stablecoin, enhancing DeFi's liquidity and usability on Filecoin.
An innovative FVM Launchpad, fostering a vibrant ecosystem of dApps by streamlining development processes and facilitating access to resources and funding.

These deliverables will contribute to Filecoin's positioning as a foundational platform for the decentralized web, driving both ecosystem growth and technological innovation.

Success Metrics
The success of CrossFi Evolution will be measured through specific metrics, reflecting its impact on the Filecoin ecosystem and the broader DeFi landscape:

Adoption Rate: Measured by active users, volume of transactions, and the number of cross-chain interactions facilitated by the DEX.
Project Incubation: The number of projects successfully launched through the FVM Launchpad, highlighting the launchpad's effectiveness in fostering innovation.
Community Engagement: Growth in the developer community and user base within the Filecoin ecosystem, as evidenced by contributions to forums, participation in hackathons, and engagement on social media.
Ecosystem Growth: The expansion of the Filecoin ecosystem, tracked by the diversity and utility of dApps developed, the volume of data stored, and the use of FIL in DeFi applications.

Conclusion
CrossFi Evolution represents a strategic initiative to unify the capabilities of Filecoin's decentralized storage with the dynamism of DeFi. By offering advanced solutions like a cross-chain DEX and a developer-friendly launchpad, this project aims to address critical pain points in the blockchain space, such as fragmentation and accessibility. The success of CrossFi Evolution will not only demonstrate the potential of combining decentralized storage with finance but also pave the way for a more interconnected and efficient decentralized web.

Adoption, Reach, and Growth Strategies

Adoption, Reach, and Growth Strategies for CrossFi Evolution
Target Audience
The CrossFi Evolution project, encompassing a decentralized exchange (DEX) and a launchpad on the Filecoin Virtual Machine (FVM), is designed to cater to a broad audience within the blockchain and decentralized finance (DeFi) ecosystems. Our target audience includes:

Developers and Entrepreneurs: Individuals and teams looking to build and deploy decentralized applications (dApps) on the Filecoin network.
DeFi Enthusiasts and Traders: Users seeking innovative financial products, lower transaction fees, and enhanced security in their trading experiences.
Storage Providers and Data Consumers: Participants in the Filecoin network who contribute to or utilize decentralized storage solutions.
Blockchain and Tech Community: Innovators and thought leaders interested in the potential of decentralized technologies to disrupt traditional industries.

Given the broad appeal of our platform, we estimate our target audience to encompass millions globally, as the interest in blockchain, DeFi, and decentralized storage continues to grow.

Engaging with Our Audience
Our engagement strategy leverages multiple channels to ensure we effectively reach our diverse audience:

• Social Media and Forums: Regular updates, discussions, and AMAs on platforms like Twitter, Reddit, and Discord to foster community engagement.

• Educational Content and Workshops: Providing resources, tutorials, and webinars that demonstrate the value and functionalities of our platform to both developers and users.

• Partnerships and Collaborations: Working with other projects and platforms within the ecosystem to cross-promote and integrate functionalities.

Onboarding New Users
For the First 10 Users:

• Personalized Outreach: Engage directly with blockchain developers and DeFi traders through social media and professional networks, offering them a one-on-one walkthrough of our platform.

• Early Access Program: Provide exclusive access to our platform's features and solicit detailed feedback to refine our offerings.

For the First 100 Users:

• Referral Program: Implement a referral incentive for early users to bring in their networks, rewarding both the referrer and the referee.

• Community Building: Create a foundational group of users who can act as evangelists for our platform, facilitating workshops and producing user-generated content.

• Beta Testing Incentives: Offer rewards for active participation in beta testing, such as reduced fees, airdrops, or access to premium features.

Measuring Success
The success of our adoption and growth strategies will be measured through:

• User Acquisition Rates: Tracking the growth of our user base over time, aiming for exponential growth in the early stages.

• Engagement Metrics: Analyzing active users, session times, and interaction rates with our platform to gauge user interest and satisfaction.

• Feedback and Iteration: Collecting and acting on user feedback to continuously improve the user experience and address any barriers to adoption.

By focusing on a comprehensive strategy that combines direct engagement, educational initiatives, and community building, CrossFi Evolution aims to not only attract but also retain a vibrant and active user base. Our approach is tailored to the unique needs and interests of our target audience, ensuring that we provide value and foster a strong sense of community among our users.

Development Roadmap

Development Roadmap for CrossFi Evolution
The development of CrossFi Evolution, encompassing a decentralized exchange (DEX) on the Filecoin Virtual Machine (FVM) and an accompanying launchpad for dApps, is structured around four key milestones. This roadmap is designed to ensure a strategic approach to development, enabling clear tracking of progress, resource allocation, and functionality expansion.

Milestone 1: Platform Design and Initial Development

• Functionality: Establish core architecture for both the DEX and the launchpad. This includes basic smart contract functionality for the DEX and a user-friendly interface for the launchpad.

• Team Composition: 2 Blockchain Developers, 1 Front-end Developer, 1 UX/UI Designer, and 1 Project Manager.

• Funding Required: Estimated $150,000. This budget covers personnel costs, initial infrastructure setup, and design tools.

• Timeline: 3 months. Target start date is July 1, 2024, with completion by September 30, 2024.

Milestone 2: Alpha Release and Community Feedback

• Functionality: Launch an alpha version of the DEX with limited trading pairs and a beta version of the launchpad for initial project submissions. Implement feedback mechanisms for early users.

• Team Composition: 3 Blockchain Developers (including smart contract auditing), 2 Front-end Developers, 1 UX/UI Designer, 1 Community Manager, and 1 Project Manager.

• Funding Required: Estimated $250,000. This includes additional costs for security audits, community management tools, and marketing for alpha release.

• Timeline: 4 months. Completion aimed for January 31, 2025, starting October 1, 2024.

Milestone 3: Beta Launch with Enhanced Functionality

• Functionality: Introduce cross-chain trading capabilities on the DEX and open the launchpad for wider public access. Implement enhanced security features and a wider range of financial instruments.

• Team Composition: 4 Blockchain Developers, 2 Front-end Developers, 1 Security Expert, 1 UX/UI Designer, 2 Community Managers, and 1 Project Manager.

• Funding Required: Estimated $350,000. Funding will be allocated towards advanced security measures, additional development resources, and extensive user testing.

• Timeline: 5 months. Projected start date is February 1, 2025, with a completion goal of June 30, 2025.

Milestone 4: Official Launch and Scale-up

• Functionality: Full launch of the DEX with comprehensive cross-chain functionality and stablecoin integration. The launchpad will feature a full suite of tools for developers, including funding and marketing support.

• Team Composition: 5 Blockchain Developers, 3 Front-end Developers, 1 Security Expert, 1 UX/UI Designer, 3 Community Managers, 1 Marketing Specialist, and 1 Project Manager.

• Funding Required: Estimated $500,000. This budget covers the scaling of infrastructure, marketing for the official launch, and the first wave of grants for projects on the launchpad.

• Timeline: 6 months. Aiming for an official launch by December 31, 2025, starting July 1, 2025.

Funding Strategy
Funding for each milestone will be pursued through a combination of seed funding, strategic partnerships, and community fundraising efforts. The allocation of funds will prioritize security, user experience, and community building, ensuring that CrossFi Evolution not only meets but exceeds the expectations of its users.

Success Measurement
Success for each milestone will be measured by specific KPIs, including user engagement metrics, number of transactions on the DEX, projects successfully launched through the launchpad, and feedback from the community. Regular updates and transparent communication with our stakeholders will be paramount throughout the development process.
By adhering to this detailed roadmap, CrossFi Evolution aims to revolutionize the DeFi space, providing a seamless and secure platform for trading and dApp development within the Filecoin ecosystem.

Total Budget Requested

Total Budget Request for CrossFi Evolution

The following table outlines the financial requirements for successfully developing and launching CrossFi Evolution, a project that includes a decentralized exchange (DEX) and a launchpad on the Filecoin Virtual Machine (FVM). This budget encompasses four major milestones, from initial development to the official launch.

Milestone | Description | Deliverables | Completion Date | Funding Required -- | -- | -- | -- | --

1. Initial Development | Establish core architecture for the DEX and launchpad. | Core architecture designs, basic smart contract functionality. | Sept 30, 2024 | From foundation: 50,000    From Crossfi 100,000 both will be a initial fund

2. Alpha Release | Launch alpha version of the DEX and beta of the launchpad. | Alpha and beta versions, feedback mechanisms. | Dez 31, 2024 | From foundation: 20,000     From Crossfi 230,000 both$250,000

3. Beta Launch | Introduce cross-chain trading and wider access to launchpad. | Cross-chain trading functionality, enhanced security features. | Feb 30, 2025 | From foundation: 30,000    From Crossfi 320,000

4. Official Launch | Full launch with comprehensive functionality. | Fully functional DEX and launchpad, marketing and first wave of grants. | April 31, 2025 | From foundation: 30,000    From Crossfi 470,000

Total Budget Requested: $1,250,000, from Foundation 130,000 (different projects involved)

---

Justification and Further Details

• Initial Development: Resources are allocated for the setup of infrastructure, hiring of personnel, and initial design efforts. This foundational phase is critical for ensuring the project's long-term success.

• Alpha Release: This phase focuses on launching workable versions of our platforms to gather initial user feedback, which is crucial for refining and improving functionalities.

• Beta Launch: The budget increases to accommodate the complexities of implementing cross-chain functionalities and enhancing the platform's security infrastructure.

• Official Launch: The largest allocation supports a full-scale launch, including extensive marketing efforts, scaling infrastructure, and initial funding for projects on the launchpad to stimulate ecosystem growth.

This budget plan has been meticulously prepared to ensure the successful execution of the CrossFi Evolution project, aligning with our strategic goals and the projected timeline. Each phase has been designed to incrementally build upon the last, ensuring steady progress towards our ambitious vision for the decentralized finance ecosystem on the Filecoin network.

Maintenance and Upgrade Plans

Maintenance and Upgrade Plan for CrossFi Evolution

Overview

CrossFi Evolution, encompassing a decentralized exchange (DEX) and a launchpad on the Filecoin Virtual Machine (FVM), is poised to set new standards in the decentralized finance (DeFi) and decentralized application (dApp) development landscapes. To ensure the platform remains at the forefront of innovation, security, and user satisfaction, a comprehensive maintenance and upgrade plan is crucial. This plan outlines our long-term strategy for sustaining and enhancing CrossFi Evolution.

Continuous Monitoring and Maintenance

Routine Audits: Conduct semi-annual security audits with third-party security firms to identify and rectify vulnerabilities, ensuring the platform's integrity and user assets are safeguarded.

Performance Monitoring: Implement continuous monitoring tools to track system performance, user engagement, and transaction throughput, allowing for timely optimizations and capacity scaling.

User Support and Feedback Loops: Establish a dedicated support team to address user issues promptly and gather feedback. This feedback will be instrumental in identifying areas for improvement and innovation.

Upgrade Strategy

Feature Upgrades: Plan quarterly updates to introduce new features, improve user interfaces, and integrate emerging technologies. These updates will be informed by user feedback, market trends, and technological advancements.

Protocol and Smart Contract Upgrades: Ensure the platform's smart contracts remain efficient and secure through regular updates. This includes optimizing gas costs, enhancing contract functionality, and adopting the latest best practices in smart contract development.

Interoperability and Integration: Continuously explore opportunities to enhance cross-chain interoperability and integrations with other blockchains and DeFi protocols. This approach will expand the platform's reach and functionality, providing users with a more versatile and comprehensive DeFi ecosystem.

Funding for Maintenance and Upgrades

To support these initiatives, a portion of the platform's transaction fees will be allocated to a dedicated development fund. This fund will finance ongoing maintenance tasks, security measures, and the development of new features and upgrades. Additionally, we will explore grant opportunities and partnerships within the blockchain community to secure additional resources for significant innovation projects.

Team and Community Involvement

Core Development Team: Our core team will continue leading the project's development, focusing on strategic planning, feature development, and ensuring the platform's long-term sustainability.

Open Source and Community Contributions: Encourage community involvement in the platform's development through open-source contributions, bug bounty programs, and a transparent governance model. This collaborative approach will harness the collective expertise and creativity of the community to drive innovation and improvements.

Long-term Vision and Goals

Our vision extends beyond maintaining a functional and secure platform; we aim to continually push the boundaries of what's possible in DeFi and decentralized storage. By fostering a culture of innovation, prioritizing user experience, and leveraging the strengths of the Filecoin ecosystem, CrossFi Evolution will remain a leading force in the evolution of decentralized finance and application development.

Success Metrics: Long-term success will be measured by the platform's adoption rate, the volume and diversity of transactions on the DEX, the number and quality of projects launched through the launchpad, and feedback from our user community. Continuous improvement in these areas will signify our commitment to maintaining and enhancing CrossFi Evolution for the benefit of all stakeholders.

Team

Team Members

Paul Odermatt
CO-FOUNDER & CEO
—Initiator, inventor & co-founder of crowdlitoken.com (real estate & blockchain).
—Lecturing at University of Liechtenstein blockchain & finance, since 2012 in blockchain.
—MBA and Master of Science

Annie Kim
CO-FOUNDER & COO
—13 years of investment management experience
—25 years of business management and operation experience
—AK Capital
—5 years Fliecoin SP

Frank Young
CO-FOUNDER & CTO
—Expert in Distributed Computing and Storage Research.
—Senior Blockchain Technology Engineer.
—Senior Go language developer.
—Years of experience in alliance chain and public chain.

Jenks Guo
Tech Advisor
—Filecoin Foundation;· AI Geek
—API Fanatic,
—DevRel Au Meetup Organiser

Tahir Turan
MARKETING MANAGE
—Experienced Marketing Manger | Content
Creator | Social Media Manager

Wayne Tang
Advisor
—As a dedicated Community Growth Builder, I've contributed my expertise to renowned platforms such as OKX (formerly OKEx), Bybit, FTX-JP (formerly Liquid), Immutable and DSPA (GreaterHeat).
—Trader, Investor, Advisor, and Mentor.

Team Member LinkedIn Profiles

Paul Odermatt
https://www.linkedin.com/in/paul-odermatt-%E4%BF%9D%E7%BD%97-%E5%A5%A5%E5%BE%B7%E9%A9%AC%E7%89%B9-812532126/

Team Website

Relevant Experience

CrossFi, Real World Assets (www.crowdlitoken.com) listing on Swiss Bank, NextID Singapore, Cerchia Insurance DEFI https://www.cerchia.io/, https://www.climatecandy.app/, https://metfi.io/
Our team is well represented worldwide. With our experienced team members, we can excellently cover the expertise in all fields of a startup! We also have someone in the advisory team who is well versed in the filecoin protocols, etc. We already have a community with an affinity for filecoin, and now we want to grow with new services, etc.

Team code repositories

Additional Information

We were introduced to this Open Grants Program by the Filecoin Foundation Developer Advocate. Subsequently, we checked this out on GitHub about this Open Grants Program.

paul@crossfimain.com

We will also attend at the comming event in Hong Kong! was able to meet people from Foundation in FilVegas, WEF Davos and ETH Denver. Among others, I was able to meet Marta Belcher and with Porter. we are convinced that defi is important to expand the filecoin network. In addition, we are now working on a protocol that allows oracle free stabelcoin to be created securely, which we intend to implement.