Balancer veToken Launchpad
Project Overview:
The proposal is to develop a solution that will simplify the process of launching veTokens on the Balancer platform. Our aim is to streamline the process, making it as straightforward and accessible as possible, even for those without coding knowledge. This project is expected to facilitate more projects and liquidity into the Balancer ecosystem.
Project Description:
Currently, to launch veToken on Balancer, a project has to complete the following steps:
-
Launch a Balancer pool
-
Build and deploy their veToken
-
Integrate veToken in their website so users can lock their tokens for veToken
-
Integrate veToken in their governance and other products
We aim to simplify this process with the following tools:
-
veToken Deployment Platform - Our first objective is to develop a comprehensive platform that allows projects to deploy their Balancer pool and veTokens with minimal effort. This platform will be designed with a user-friendly interface, prioritizing a seamless, intuitive user experience that requires no prior coding knowledge.
-
SDK - In parallel to the deployment platform, we will be creating an SDK that offers simple integration of veToken functionality into any project’s website. This will further streamline the launch process and make it more accessible
-
Prebuilt Frontend- To cater to projects eager for quick launches with minimal customization, we will provide a pre-built frontend. This readily-deployable solution will enable users to interact easily, providing liquidity and converting their Pool tokens into veTokens.
-
Comprehensive Guide - This process can get confusing so we will build a proper easy-to-understand video and text guide that will help the project understand what it is, the benefits like ve8020, how it works, how they can deploy & integrate it in their projects.
-
Deployment Scripts and Smart Contracts - For projects requiring full customization, we will publish all necessary deployment scripts and smart contracts. This will allow these projects to examine the code in detail, implement any desired customizations, and deploy their veTokens confidently.
Our goal here is to make veToken launch so easy to understand that someone who hasn’t even heard of veToken before, or doesn’t have any programming knowledge, can do it in minutes.
Value for the Balancer Ecosystem:
Increase TVL:
The project is designed to directly contribute to an increase in Total Value Locked (TVL) on the Balancer Protocol. This will be achieved by attracting more investors to Balancer pools, which will ultimately result in more liquidity for the ecosystem.
Expand Balancer Ecosystem:
The project will encourage more projects to build on Balancer Protocol, creating a sustainable positive feedback loop that will grow the Balancer ecosystem.
Create Internal Growth/Value:
The project involves the creation of an interface, SDK, frontend, guide, etc. These resources will reduce barriers for developers to build on the Balancer protocol, allowing more projects to contribute to the ecosystem.
Requested Grant Amounts:
The total amount requested for the project is $40,000, with a breakdown as follows:
-
Interface Built: $10,000 (20 days)
-
SDK & Launch Frontend: $15,000 (25 days)
-
Guide: $5,000 (5 days)
-
Smart Contract Code and Launch Scripts: $0 (10 days)
-
After atleast one project onboarded: $10,000
Budget Breakdown
Senior Blockchain Developer - $400 Per Day
Blockchain Developer - $350 Per Day
Frontend/Javascript Developer - $250 Per Day
Designer - $150 Per Day
-
Interface (20 Days)
Involved : 1 Full time Frontend Dev + 1 Part Time Blockchain Dev + 1 Part Time Designer
Daily Cost : $250 + $175 + $75 = $500
Total Cost - 20 Days * $500 = $10,000 -
SDK & Launch Frontend (25 Days)
Involved : 1 Full time Blockchain Dev + 1 Part Time Frontend Dev + 1 Part Time Senior Blockchain Dev
Daily Cost - $350 + $125 + $200 = $675
Total Cost = 25 Days * $675 = $16875 -
Guide (5 Days)
Involved: 1 Full time Blockchain Dev + 1 Senior Blockchain Dev
Daily Cost - $350 + $400 = $750
Total Cost - 5 Days * $750 = $3750 -
Smart Contract Code and Launch Scripts
Involved: 2 Full time blockchain Dev + 1 Senior Blockchain Dev
Daily Cost - $700 + $400 = $1100
Total Cost - 10 Days * $1100 = $11000
Total Cost = $10000 + $16875 + $3750 + $11000 = $41625
So, this is how we concluded the price of $40000
Milestones and Timeline:
The proposed project duration is approximately 60 days. This time is segmented into four crucial milestones that will guide the development process.
Development of veToken Deployment Interface (20 days) : Our initial focus will be on creating an easy-to-use interface for the deployment of veTokens and Balancer pools. This milestone focuses on designing and building an intuitive platform that requires no coding experience, thereby allowing users to easily deploy their tokens.
Creation of SDK and Prebuilt Frontend (25 days): The second phase involves developing a user-friendly SDK for simple integration of veToken functionality into project websites. Additionally, a prebuilt frontend will be made available for rapid deployment by projects looking for a quick launch with minimal customization.
Compilation of Comprehensive Guide (5 days): Recognizing the potential complexities involved, we will take five days to create a detailed, user-friendly guide explaining the workings of veTokens, their benefits, and how to integrate and deploy them. This will enhance understanding and facilitate the deployment process.
Development and Publication of Deployment Scripts and Smart Contracts (10 days): Our final stage in development is aimed at projects seeking full customization and control. We will develop and publicly share all the necessary deployment scripts and smart contracts, allowing these projects to implement any customizations they need and confidently deploy their veTokens.
Project Onboarding: Lastly we have added this milestone to show our commitement towards making this project truly successful. After we have completed
This project timeline is designed to ensure that each milestone is achieved in a systematic manner, promoting efficient progression towards our goal of simplifying the veToken launch process on the Balancer platform.
Deliverables and Demo
Milestone 1 - Development of veToken Deployment Interface
Deliverable: The website interface for veToken and Balancer pool deployment.
Demo: We’ll share a demo video of veToken and Balancer pool deployment via the interface, along with the link to the deployed interface for your direct evaluation.
Milestone 2 - Creation of SDK and Prebuilt Frontend
Deliverable: An SDK for simple veToken functionality integration and a prebuilt frontend for immediate deployment.
Demo: We’ll provide a usage example of the SDK and prebuilt frontend, demonstrating their capabilities and ease of setup.
Milestone 3 - Compilation of Comprehensive Guide
Deliverable: A detailed guide explaining veTokens, their benefits, and their deployment and integration process.
Demo: We’ll share the link to the guide.
Milestone 4 - Development and Publication of Deployment Scripts and Smart Contracts
Deliverable: Deployment scripts and smart contracts for project customization and veToken deployment.
Demo: A demo showing how straightforward it is to deploy and customize the smart contracts.
Milestone 5 - Onboarding At Least One Project
Deliverable: One project to be onboarded using our system to launch their veToken using Balancer Pools
There will be no upfront payment requests
Maintenance
We will be providing free 6 months maintenance after the project is deliverd.
Post that, a nominal fee of $1000 per month will apply.
Balancer remains in control and can discontinue our maintenance services at any point.
This maintenance service also includes addressing any technical queries from the projects launching through this platform.
Expected Value Add:
It’s challenging to quantify the precise Total Value Locked (TVL) this project will bring to Balancer. However, we believe that by simplifying the veToken launch process, we can attract more projects similar to RDNTCapital. It’s noteworthy that RDNTCapital alone has contributed to more than $40 million in TVL. Therefore, if we can facilitate even a few more projects like RDNTCapital, we could be looking at billions in added TVL for Balancer.
Value for Money for the Balancer Ecosystem:
The proposed project is a response to an already existing Request For Proposal (RFP), which indicates the Balancer ecosystem’s need for this solution. By making the process of launching veTokens more straightforward and accessible, this project aims to provide immense value to the Balancer ecosystem and simplify the experience of Balancer Partners.
This project has the potential to attract billions of dollars of TVL for Balancer
We already have identified many projects that will deeply benefit from this like 1inch, Pendle Finance, etc. and adding more to this list and as the proposal passes we will be contacting all of them regarding the same trying to onboard them on balancer, hence the community might see immediate value of this proposal
The last milestone of the project is to onboard atleast one project to use this system, adding immediate value to the ecosystem
Customizations
The veToken Launchpad website will offer various customizations to the Project :
- Pool Weights - The default pool weights will be 80%-20% but they the project will have the option to customize it as they like
- Duration Max Lock - The project can easily change the Max Locktime of their veToken
- Basic Parameters - The Project can easily customize basic parameters like Name, Symbol, etc.
For any other specific customization like changing weight formula, the project need to edit the smart contract directly, we will make this process easy by making the deployment script open source so the projects can do any customization and deploy it easily
Smart Contract Security
Existing veToken and Liquidity Pools Contracts of Balancer will be utilized, you can check the contracts here
These contracts are already very well audited and used in Balancer and the whole DeFi Ecosystem, so using the standard project or deploying using the Website don’t require Smart Contract Audits
Note: A small change need to be added to the VotingEscrow.vy code to make it possible to customize the Max Lock time - you can see the exact lines changed here. This change does not open any new security risk but will still be throughly checked by our team and discussed with the balancer team
If projects do any customizations in the smart contract code, then it will require proper security audits
Team:
Our team at Blockdudes has a proven track record in the blockchain space. We have developed and contributed to a multitude of projects, enhancing the infrastructure and applications of various chains and platforms.
Amrit Kumar Jain - CEO and Founder, Project Lead
GitHub: amritkumarj
LinkedIn: Amrit Kumar Jain
Amrit Kumar Jain, the founder of Blockdudes and the lead for this project, brings a wealth of experience and a wide network to the project. His vision for aiding blockchains in building robust infrastructure has shaped Blockdudes trajectory and he has established strong connections within the industry, including notable figures such as Vitalik Buterin, the founder of Ethereum.
Team Members
Four other members of the Blockdudes team will contribute to this project, bringing their diverse skills and experience. Their roles include developers, designers, and blockchain developers who will collaboratively ensure the project’s success.
As a collective, the Blockdudes team has successfully executed a range of significant projects, a few of which are:
- Decentralized Bridge: Worked with Vitalik Buterin to develop a decentralized layer 2 bridge.
- Mask Network: Integrated new features into the Mask Network browser extension.
- Unstoppable Domains: Assisted in integrating their service into various DeFi projects like Balancer, Enkrypt,zksync wallets, etc.
- Messari: We have worked with Messari on multiple projects, including developing several DeFi subgraphs that can be viewed at subgraphs.messari.io 3, this website is also built by us. We are currently working with them on building a large data project like Dune tables for multiple chains from scratch, which includes all Cosmos Chains, Filecoin, etc.
- Reserve: Developed DeFi collateral plugins.
- Verge: Developed ISO 20022 Application for Verge. Helping them integrate Smart Contracts in their chain
- Vetoken Finance: Constructed the project’s website and data graphs.
- Osmosis: Collaborating to build DeFi Vaults and strategies.
These examples represent a fraction of our work. We’ve completed several other projects, and our collective experience and success will be instrumental in the development and success of our proposed project
Team Long-Term Vision
Our long-term vision goes beyond this single project.
We aim to establish ourselves as a strategic partner of Balancer, assisting in its growth and in developing similar products.
Our goal is to attract more TVL to Balancer, enhance its ecosystem, and, importantly, to improve the user experience for all Balancer’s users.
We understand the power of seamless user interfaces and efficient backend functionality, and we’re excited to apply our expertise in these areas to Balancer’s future growth and success.
Why Choose us?
There are many other promising teams that want to BUIDL this. So why choose us and not them?
I don’t want to influence you, nor undermine other projects. just want to ask few questions that may help you decide if you want to choose us:
- Do you believe this proposal covers everything that needs to be developed?
- Do you think the benefits this project brings to the Balancer ecosystem outweigh the costs?
- Do you consider our costs reasonable?
- Are the proposed timelines realistic, and do they match your expectations for project completion?
- Does our approach align with the direction you envision for this project?
- Do you feel our team is capable enough to successfully execute this project?
TL;DR:
This proposal outlines the development of the Balancer veToken Launchpad by Blockdudes to simplify the process of launching veTokens on the Balancer platform.
The project aims to create an intuitive veToken deployment platform, an SDK for easy integration, a prebuilt frontend, a comprehensive guide, and publication of deployment scripts and smart contracts.
The primary goal is to streamline this process, making it accessible to users without coding knowledge.
The project plans to stimulate more liquidity in the Balancer ecosystem, potentially adding billions in Total Value Locked (TVL).
The total budget request is $40,000, spread across various developmental phases over a timeline of 60 days.
Blockdudes, a seasoned team in the blockchain space, led by Amrit Kumar Jain, will carry out this project.
We will also be reaching out to Projects like 1inch, Pendle Finance, etc. that will deeply benefit from this and onboarding them will add immense value to the Balancer Ecosystem
The last milestone of the project is to onboard atleast one project to use this system, adding immediate value to the ecosystem
No upfront payment is requested for this project