Description
Project Name
DefiDruid
The Problems
Lack of Liquidity
In the GameFi, NFT, Crypto and DeFi spaces there is an absence of options for people who 1) want to get liquidity for their locked tokens and 2) there is a lack of education around long term planning. However, it’s vital for healthy and thriving digital economy to provide a trusted provider of liquidity for locked assets for the following reasons:
- Flexibility during market fluctuations
- Estate planning
- Project Treasury Management
- Business continuity
Market Fluctuations
As one of my favorite stock traders Helene Meisler says, “Nothing like price to change sentiment.” Over the years we’ve seen crypto and stock markets go up and down. And anyone who says that they know where crypto prices will be a year from now is probably lying or lying and trying to sell you something. No one knows where the price will be, whether we will be in a bull or bear market or even how long the current market trend will last. However, when people have the flexibility to get liquidity from a trusted source they can at least control what tokens they own or whether they own any tokens at all.
Estate Planning
The only constant in life is change and due to changes in our situations, people may need or be legally forced to liquidate assets. Various situations may cause this whether it be the birth of a child, the passing of a loved one or the loss of a job, having the flexibility to get liquidity when needed is one of the key benefits of the freedoms offered by DeFi.
Project Treasury Management
Over the years we’ve all seen lots of projects deal with the various situations that come from the lack of treasury measurement. By providing the opportunity for projects to get liquidity on locked tokens you ensure that they have control over their treasury management.
Business Continuity
There has been massive growth in the participation of enterprises and institutions in GameFi specifically and DeFi overall.
For all of the above mentioned reasons it’s good operation practice to give users options for achieving liquidity for their tokens.
Lack of Systemic Charity
While many for-profit projects donate to charity on occasion, giving is all too often seen as an afterthought. However, with the advancement of smart contracts, it is easy to have funds from on-chain revenue automatically be split between a team treasury and a charitable treasury without the team even having to think about which funds to allocate towards charitable causes.
Lack of Financial Planning Education
While there is lots of education around the technology and mechanics of GameFi, DeFi, NFTs and Smart contracts, there is little to no educational providers in the space providing education related to long term thinking about one’s personal finances, overall macro economic trends, defi portfolio construction, estate planning or several other related topics.
The main reason why DefiDruid wants to provide liquidity to users of DFK is so they can better manage their personal finances or the finances of their DAO or institution that may be playing the game. This helps ensure that people have the equivalent of “rainy day” funds even within the funds that they are using as risk capital. Helping to ensure that people in the space are able to survive ensures that DFK and the DeFi overall has people that are able to participate for the long term.
The Solution
A DFK backed OTC Locked Token Escrow Service that allows DFK game players to buy and sell Locked Jewel on Harmony and Locked Crystal on DFK Chain
Fee for Service
2.5% which is standard for manual escrow with 2% going to the team and 0.5% going to a charity fund supporting growing the DFK, NFT, Crypto and DeFi ecosystems and community.
Revenue Example
$10K OTC Swap = $250 in total fees ($200 to the team and $50 to the charity fund)
Product Market Fit
Currently there is a large amount of product market fit due to there not being any officially supported locked token escrow services for Harmony or DFK Chain. The DefiDruid service solves this problem and fits the market in the following ways:
- Make people money by giving them liquidity for their locked tokens.
- Saves people money by providing people with liquidity without the risk of being scammed.
- Saves people time from having to wait for full unlocking periods.
- Gives people money and resources through charitable giving.
Give to organizations who help grow the online and offline awareness of DFK and Harmony and how both are contributing to making the DeFi ecosystem better and the overall world better.
Potential Charity Partners
EtchedNFTs
The Giving Block
The Endaoment
Organizations like Esquina De Abuela which is a community center and shared artist space in Miami, Florida that needs repairs.
Charity Pillars
- Transparency
- Show Fees earned
- Blend of on-chain and off-chain donations
- Finance Education
- Food Security
- The Arts, Artists and Creators
- Technology Education
- Real World Impact, Community and Community Spaces
Potential Educational Content
Why Liquidity Is Important In DeFi
How to Construct A DeFi Rainy Day Portfolio
5 Tips on Surviving Bear Markets in DeFi
What DAOs Should Know about Treasury Management
Why Giving is Foundational To Community Building
Grant Rationale
This grant is needed because it will help speed up development, ensure the application is properly tested and reviewed.
Grant Amount
I’m looking for $50,000 to help support and grow this service project. The initial funding and startup costs will be provided by myself.
Team Information
Team
AoverK – Founder and Sole Builder
Co-Founder of The Minters Collective. An education and technology company that helps onboard artists, art collectors, investors and businesses into NFTs and DeFi. The company also helps them launch projects and grow their brands using marketing, technology and consulting. The founder of Xscape which is an ecommerce and publishing company. Contributor to Origins NFT, which is an NFT analytics platform, as a frontend developer and previously a contributor to Olympus DAO on their smart contract/governance team.
He’s a lifelong builder with a background in finance and technology. You can view his Github at AoverK there. He’s written 2 books and speaks at various business and tech events.
Accepted Advisors
Advisors are people in the DeFi, NFT and crypto community who I’ve learned from and built with previously. They serve in a strategic capacity due to their expertise and community involvement. However, they will not be compensated in any way and won’t be contributing anything other than advice.
JJangBang.eth
NFT Community Advisor. NFT Community Manager
Kfish.eth
Tech and Smart Contracts Advisor. NFT and DeFi Builder
Giorgi Khazaradze
DeFi Advisor. Founder/CEO of Aurox trading platform
Requests from DFK Team
- Feedback and consultations related to the service.
- Whitelist Access to DFK Chain for our smart contract deployer wallet address which will enable deploying smart contracts which support on-chain transactions.
- Review of smart contracts.
Connection to DFK Game and DFK Blockchain
The project won’t interact directly with the game. However, the project will interact directly with specific tokens in people’s wallets. As with any token swap transactions this will require both an approval of the transaction and then the transaction itself.
Deliverables
The project will be managed using agile framework with weekly sprints and deliverables.
Roadmap and Deliverables
Q2 2022 (04/01 - 6/30)
Placeholder Website
First Blog Post
Complete a total of 8 blog posts
Frontend Development
Harmony Development
Harmony Chain Dev Deploy
Harmony Chain Production Deploy
DFK Chain Development
Q3 2022 (07/01 - 9/30)
DFK Chain Dev Deploy
DFK Chain Production Deploy
Complete 12 Blog Posts
Harmony Chain Deploy
Give away first Charity Donation
Q4 2022 (10/01 - 12/31)
Plan free educational course related to long term planning in DeFi
Launch first free course
Seek educational content partners
Plan free educational course related to careers in DeFi
Q1 2023 (01/01 - 3/31)
Launch free course related to career growth in DeFi
Complete 12 Blog Posts
DFK Chain Production Deploy
Complete 12 Blog Posts
Harmony Chain Deploy
Give away first Charity Donation
Tech Stack
React/NextJS
AWS/Google Cloud/Firebase
Solidity/Hardhat/Foundry
Marketing Stack
Socials
Organic Content Marketing
Growth Stack
IRL Events and Appearances
Online Events and Appearances
Community Partnerships
Key Relationships
Payment Schedule
$0 - Grant Approval. Initial Tech, Marketing and Development (covered by myself)
$10,000 Proof of Concept. Initial dApp including smart contracts ready to review
$20,000 Harmony Production Deploy
$20,000 DFK Chain Production Deploy
Timeline with Milestones
Define Brand Name - Done
Define Technical Architecture - Done
Research Possible Branding (05/05/22 - 05/11/22)
Create initial UI/UX Design and Brand Assets (05/12/22 - 05/18/22)
Dev Frontend (05/19/22 - 06/01/22)
Dev Backend (06/02/22 - 06/08/22)
Dev/Test Smart Contracts Harmony (06/09/22 - 06/15/22)
Deploy Smart Contracts Harmony (06/16/22 - 06/22/22)
Dev Smart Contracts DFK Chain (06/23/22 - 06/29/22)
Deploy Smart Contracts DFK Chain (06/30/22 - 07/06/22)
Note: Charity donations and Blog Posts aren’t included here. Donations will go out at the end of the quarter. Blog posts are on a posting schedule of 1 post per week and 4 per month but the specific dates that they will be completed isn’t posted.
Long Term Plan
The long term plan is to keep supporting the DFK ecosystem with tools and education that help people have more control over their decentralized finances while also supporting charitable organizations and causes that provide online and real world impact.
External Links
None
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