CFP-2207-06: Cashflow Butler - cashflow for everyone without crypto assets (175 000 DFI) #174
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rogi-sh
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uzyn
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Votes of the DFX Community Individual votes can be viewed transparently here: https://docs.google.com/spreadsheets/d/1tvc1KhLuGGSCfUuZoDnTxqaLDurXcftd8MBA57YfhKQ/edit#gid=1201594454 Votes: |
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Woted yes. But I want to see delivery! |
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Hey did you accidentally delete your votes? We need every vote 🙏 would be great if you would add it again. |
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CFP payments have been processed. Please refer to #159 (comment) for detailed info and hashes. Thanks! |
and others
Overview:
1. Details
Requester(s): [Igor Shelkovenkov and Sebastian Lang]
Amount requested in DFI: [175.000 DFI]
Receiving address: [dQFqDrA37WvCqKZahSXkWPBZkz69WaBbkf]
Github discussion thread: [https://www.reddit.com/r/defiblockchain/comments/vhhk0n/cashflow_butler_cashflow_for_everyone_without/]
Proposal fee (10DFI) txid: [f1e2910468a85e7393cc30ed05d2bd9f50e9825bd383455ab3e334ed15488ea0]
Not a fan of reading? No problem, you can also watch our detailed explanation video on YouTube in German or English.
2. Purpose of the CFP and market potential
Many DeFiChain investors know the situation: you get asked by friends, family, co-workers or even in the bakery about your success in crypto and how you generate passive income aka cashflow. The answer is not easy because it requires a lot to understand and be able to participate in the crypto market. And it requires even more to be financially successful.
There are companies, service providers and tools on the market which make your DeFi life easier like DFX, Cake or for pros the light wallet or the desktop wallet. However, for the average Joe, who just wants to start his cashflow journey, these platforms and tools are way too complex or you already need cryptos .
So, back to the question ‘how you generate crypto cashflow’. A common answer is probably: ‘here are a couple of information, blogs, YouTube videos and a book to start.’ But, the average Joe doesn’t have time and motivation for that. He just wants to start directly.
This small example represents a large part of our society. While just 4% of the population own cryptocurrencies, over 30% could imagine investing if it isn't so complex and volatile. So, with this CFP we want to target a new huge audience for DeFiChain, which has the motivation to generate cashflow, but not the motivation to start a long learning journey.
Let’s look at the current market situation and focus on 3 main DeFi providers and tools:
DFX: currently, the easiest way to start participating in the DeFiChain ecosystem (good for crypto beginners to intermediates).
Cake: you need more knowledge about lending, liquidity mining, staking and synthetic stocks (good for intermediates).
Light wallet: if you are really into DeFi and the DeFiChain you can directly interact with the blockchain while owning the seed. However, you need a strong knowledge about crypto, DeFi and there is no one to help you if you make a mistake or loose your seed (good for professionals).
In all 3 examples you need crypto knowledge and crypto assets to start generating cashflow. Back to our average Joe: all 3 are not a good solution for him.
With ‘Cashflow Butler’ we offer the easiest way to start the DeFiChain journey without the need of crypto knowledge and crypto assets. Users can just deposit fiat money and generate automated cashflows baked by DeFiChain in the background without dealing with all the details. While enjoying the first cashflows, users become more and more interested in the mechanisms behind DeFiChain and will get the motivation to learn. If someone wants to take the next step, Cashflow Butler works as a funnel for new customers for DFX, Cake or the Light Wallet. Down below you can read about our roadmap. This CFP will be the only one for Cashflow Butler to boost the development of the product. Marketing and scaling will be part of a startup which will be VC funded on a later stage.
Besides bringing a new huge audience to DeFiChain we are also increasing the demand for dUSD and increasing utility, which is helping the current issue around the dUSD depeg. You will read down below more about the mechanisms behind. In short: Cashflow Butler makes use of managed vaults which will need dUSD as collateral to provide liquidity mining rewards to users.
And the third part of our CFP is the development of an observation bot which helps to always have enough collateral to avoid liquidation of Cashflow Butler users vaults. Regarding functionalities it is in between Dobby and the VaultMaxi. Compared to the VaultMaxi it is only an half-automated tool, which is giving you advice on the most reasonable next transactions, but you don’t need to store your seed somewhere externally.
3. Product
Users only need to deposit fiat money to benefit from the power of DeFiChain. The biggest advantage of Cashflow Butler is that it is a one click approach. Users don’t need crypto assets or knowledge. In other words Cashflow Butler is a kind of crypto asset manager which is powered by the products of DeFiChain. Especially, vaults with dUSD are a major part of the setup.
In the background there is an automated risk management running which is always selecting the best risk profile based on the current market situation and an indicator basket to handle bear, neutral and bull markets. In the current bear market the users investments will go only into dUSD and managed vaults which will mint the least volatile dTokens like S&P 500. dUSD and dTokens will go into liquidity mining to provide even in current market situation >20% APY for users. All generated rewards can be cashed out by users or will be automatically reinvested into stable coins (during bear market).
When the market sentiment turns sustainably neutral and then bullish, investments are reallocated partially as risk-averse as possible into liquidity mining with stocks, crypto pairs and DFI staking. In a bull market, rewards will be automatically reinvested partially into crypto assets and mainly into stable coins.
Because any indicator system, like ours, can never be 100% accurate, the goal is to take as little risk as possible in any market situation. Accordingly, even in a neutral or bullish market, the entire capital will never flow completely into liquidity mining with crypto pairs, but always only to a lesser extent.
Through the development of defichain-income.com we already have in-depth knowledge in the areas of infrastructure, backend, analytics and communication with the DeFiChain. This knowledge and experience can be applied directly.
A main driver of the product is transparency. It is always transparent for the user what is done with the funds and how the cashflow is generated and reinvested. Transparency will be also key for this CFP (read more down below).
Let’s have a closer look at Cashflow Butler’s architecture and the workflow behind. The Cashflow Butler web app consists of the balance, user settings, referral, transactions, rewards, KYC, current APR/APY and statistics. The user deposits fiat (1.) and this fiat is transferred to DFX (2.) to exchange fiat into dUSD/dUSDC. We work together with DFX to have a quicker and stable crypto to fiat and fiat to crypto exchange. DFX is transferring the crypto assets to the payments wallet (3.) where 50% are dUSD and 50% dUSDC. The investments from the payments wallet are transferred into a vault (4.) with dUSD and dUSDC as collateral. Creating a loan (5.) and minting dTokens are the base for the liquidity mining workflow.
Learn more about the workflow on YouTube in German or English.
Rewards are split into reinvest to the user funds (6.2) which is going into the vault and Cashflow Butler profit (6.1) which is going into the Cashflow Butler wallet. If a user requests a fiat withdraw the requested amount is transferred from the vault to the payments wallet (7.) and afterwards to DFX to exchange crypto into fiat (8.). The fiat transaction from DFX (9.) to the user (10.) is final step to have a successful withdraw.
To get a better impression on the Cashflow Butler web app please click on the image below to learn about the different workflows and processes within the app (starting page, sign up, main user dashboard/my cashflow, my settings and my knowledge):
4. Added value for DeFiChain and the community
The main benefit of this CFP for DeFiChain and the community is that a complete new target audience will go into DFI. We are not aiming for the 18 year old ‘i want to make 100x’ guy, but for people who have already a couple of years of work experience, have cash on the bank account and want to diversify into crypto as well as generate cashflow. Let’s call this persona Rob. Rob is 30 years old, working in the IT industry, has a wife and a 1 year old daughter. Rob's day is completely filled with work, family and sports. He is not motivated enough to invest hours upon hours after work in learning about cashflow opportunities and crypto markets. But he is dreaming of cashflow and heard that decentralized finance offers cashflow opportunities. And there are millions of other people who have a similar situation. So, Cashflow Butler is offering a service for this target audience and with that we are increasing the demand of dUSD as well as DFI and bring new capital in the DeFiChain ecosystem. As soon as a user deposits fiat money into the Cashflow Butler ecosystem, it will be directly exchanged into dUSD.
All DFI investors and community members have the #RoadTo50 in mind. Besides just more new users, it is also import to have more companies based on DFI in the ecosystem to increase the value of DFI/dUSD. As a reference for that and more details please watch the YouTube video from Balthasar (https://youtu.be/wkRPImrSQhs).
A big part of Cashflow Butler is the learning and knowledge area. Motivated by the first cashflows users will learn about the crypto markets, the idea of decentralization and of course the DeFiChain with all mechanisms around liquidity mining, staking and synthetic stocks. A part of the users will realize that with their new gained knowledge they can gain even more cashflow or best case are not depend of companies and manage private keys on their own. So, Cashflow Butler works as a marketing funnel for the existing DeFiChain ecosystem.
With the increasing demand for dUSD we can also help to solve the dUSD depeg problem. In bear markets, our product is focusing dUSD and vaults which requires minting and buying dUSD.
Last but not least, we tackle with this CFP the topic around the VaultMaxi bot. For the Cashflow Butler vault and liquidity mining processes we will develop an observation bot which is a variation/modification to the existing VaultMaxi bot. We will develop this in a cooperation with Kügi and Krysh. In parallel this observation bot will be open sourced to offer a benefit to the community. Background: the current VaultMaxi bot needs permanent access to the seed to increase or decrease exposure as needed. However, for our Cashflow Butler platform we cannot use that because of the many risks involved (cloud hack or a hacked update of the bot version). Therefore, the bot will be extended, so that it only prepares the transactions. The transactions are then signed with Multisig and only then sent to the DeFiChain. This extension will be made open source, so that others in the community who also do not want to store their seed in AWS or on their own servers can use it.
5. Business model
This CFP is the starting point of the product development. At a later step, there will be the founding of a company. The costs for this company, the marketing and scaling will not be covered by this CFP, but the requesters and external investors will cover that which also provide more external trustworthiness into the project. However, the business model of the company will consist of a management fee on the rewards oriented on Cake. The management fee per reward will be probably 15% +/- 5% depending on the future development of the company.
In parallel to the CFP and the development of the product we will focus on the company structure and regulation. Company structure and regulation will not be covered by the CFP. Especially, regulation will be crucial for the success of Cashflow Butler. At the moment, we are researching on countries like Switzerland, Portugal, Dubai or Hong Kong. A major part for the decision will be how trustworthy is the country especially from the customer’s point of view.
The current regulation status has the following framework: we have do to KYC on our platform. Due to the fact the we receive fiat, transfer it directly into crypto via a partner and don’t manage fiat money, the regulation setup probably similar to DFX. The most important aspect is, that we are not holding customer assets in fiat, only in crypto.
Assuming that we take a 15% +/- 5% management fee, we have an average investment amount of 5 k $ as well as a weekly user growth from 7%, we are aiming for 8.7 mio $ assets under management in 2023 and 170 mio % in 2024.
Learn more about our business model on YouTube in German or English.
6. Team
The requestors are also the founders of the later startup. Igor Shelkovenkov is well know in the community from DeFiChain-Income.com. Igor has +10 years development experience in his own startups as well as self-employments. He is in DFI since day 1 of the project. Igor has already provided DeFiChain infrastructure and data to the community. This knowledge gives him a very good base to build the Cashflow Butler platform. His intention is to build a company in the DeFiChain space that drives and pushes DeFiChain forward as a chain. Because only together we will reach the #RoadTo50$ and not #RoadTo50Cent. More information to Igor und DeFiChain-Income in ‘We build DeFI’ with Lord Mark: https://youtu.be/q9Wtlj_2ypg
Sebastian Lang was one of the founders of ViVENTS.io, a business metaverse platform and has +10 years experience in business development and B2B sales in corporates and startups. In his last startup he was focusing the company scaling, finance and investor relations. He is in DFI since the first days, too, and moved to Portugal in 2021. Sebastian strongly believes that the DeFiChain has the power and added value to be the #1 decentralized finance project. More information to Sebastian in the Fireside Chat with Lord Mark: https://youtu.be/Q9k6kagGnPM
Igor and Sebastian are focusing the Cashflow Butler project as their main work.
With the external investment via investors the startup will be founded and over the next 12 months the team will grow to 13 people in the area of development (prio 1), marketing (prio 2) and support (prio 3).
7. Partners
We are already reaching out to VCs and family offices to get the funding and institutional baking. In the first step, we were able to secure the support of the family office of FinTec entrepreneur Mirko Hüllemann, whose team has already made several investments in the crypto space in recent years.
8. Roadmap
With the help of this CFP we plan to have the first version of the product ready by September 2022. To spread the product and gain more users, it is crucial to develop a sophisticated referral system, which will be ready by October 2022. For the start of the product, many actions and transactions like the vault handling or picking the synthetic stocks for liquidity mining will be done manually by us until end of 2022. In 2023, we will have more automation especially in risk profiles and risk assessment to identify the current market situation based on an indicator basket and adjust the investment portfolio according to the detected situation. Additionally, the selected DeFiChain mechanisms will be switched automatically.
Besides the core product, there will be the development of the observation bot until end of 2022. This observation bot will be used by Cashflow Butler, but is developed separately from the rest of the product to offer the community the power of this bot directly without the need to use Cashflow Butler.
9. CFP Handling
For the development of the Cashflow Butler product, we need 175.000 $ = 175.000 DFI. The requested DFIs are divided into the following parts:
2x Full Stack Developer Freelancer for 6 months, each 12.000 $ per month = 144.000 $ (144.000 DFI*)
Infrastructure of the product for 6 month, per month 1.000 $ = 6.000 $ (6.000 DFI*)
External design of the product and platform = 25.000 $ (25.000 DFI*)
We calculated the DFI/USD exchange rate on June 20th 2022
Igor will lead the development, but won’t receive any CFP funds for that. Sebastian will focus on the startup, legal, investment and regulation in parallel.
The startup including the founding costs, legal costs, regulation setup cost, marketing and scaling of the company won’t be covered by this CFP. All of these costs will be covered by the requestors and external investors.
We see the CFP as boost to offer our solution quicker and address the new target group faster. If the CFP won’t be approved, we will still proceed. The development will then only take significantly longer as well as the market entry and the added value for the DeFiChain.
For the CFP and the startup transparency is key. So, we will provide a transparency report every quarter to show the progress and the use of the funds.
Learn more about how we handle and distribute this CPF on YouTube in German or English.
Thank you for reading - we appreciate your time and vote! Let’s make #RoadTo50$ reality!
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