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period title author company_name category focus_area open_source amount_requested status
35
Staking
Nikita Gorokhov (@wackloner)
Cometa
dApps
Defi
true
55000
Final

Abstract

Cometa has become one of the main staking platforms in Algorand ecosystem. Currently, we have 56 pools from 33 different projects.

We would like to improve the UX and introduce a few new features, but we don't have funds to develop it. We think even a small amount could make a big impact for the whole ecosystem.

We don't want to raise the fees, because it would restrain small project from creating the pools.

Team

Nikita Gorokhov: CEO, Backend Lead.

https://www.linkedin.com/in/nikitacometa/

5 years SWE @ Google, Yandex, VK.com, B2B custodial wallet for institutions.

Implemented a high-load service with state-of-art algorithm for k-NN search for embeddings similarity used to provide suggestions of posts, groups, friends, etc. C implementation of HNSW algorithm that even Facebook faiss library was lacking for the moment. It is still in production. VK has 67 mil MAU.

In crypto since 2017: trading, DeFi, NFTs, etc.

Daria Yakovleva: CTO, Frontend Lead.

https://www.linkedin.com/in/daria-yakovleva/

4 years @ VK.com, Team Lead & Machine Learning engineer SWE Intern @ Google Munich, Mountain View

Ninth place in the world at the International programming competition Google Code Jam for Women.

Bachelor, Master, phD student of Mathematics and Computer Science @ ITMO University

2 scopus publications: Adaptive Look-alike Targeting in Social Networks Advertising, Real-Time Bidding with Soft Actor-Critic Reinforcement Learning in Display Advertising

Richard Sterling: Community Manager

https://twitter.com/Richflairstv

Has a rich experience in community management.

Maintains Algorand ecosystem review streams: https://www.twitch.tv/bartherapymag

Experience with Algorand

  • We were the first project to implement NFT random shuffle application. With that we won Innovative Hackaton in 2021 in Digital Art/Collectibles Challenge. We had used Reach and Algorand RPC servers.
  • We were the first project to implement true staking algorithm, which gives you rewards each block instead of epochs. Cometa was born.
  • We used Reach language to build staking smart-contracts and open-sourced it. It's available on our Github (no links here).
  • We were the first project to implement compound feature for staking. It's a backend work, but still it works.
  • We used PyTeal to create LaaS MVP and have released MPV on the testnet, please check it out.
  • During the development process we developed our own AlgoBuilder fork to make it more usable and supporting the latest version of AlgoSDK. But it's not production-ready.
  • We have partnered with all the major projects in the ecosystem to provide them staking services.
  • We were Runner Up winners of the pitch competition on Decipher in 2022 with our LaaS concept.
  • We had been running our own Algorand Node and Indexer for a while, until we understood it's much easier to use other services like AlgoExplorer and Algonode.

Roadmap

  • 2 weeks to fix current platform issues and bugs to make the platform robust and to have at least 99.9% uptime.
  • 1 week to optimize backend API for Pools State, User Pools State.
  • 1 week to allow projects the creation of NFT rewards for their pools. (it's already working, but has to be set up manually by us)
  • 1 week to allow projects to pay fees fully in ALGO instead of percent of the tokens.
  • 2-3 weeks to fix Cometa Telegram Bot and provide a few new features:
    • Show all the current user pools with stake and rewards amounts and cost.
    • Notify all bot users about new pools. Also automatically make an announcement in our Telegram Channel.
    • Notify users when it's the best time to compound. With a few settings and projected APYs.
    • Allow to track not only a single address, but a list of addresses.
    • Put gpt-4 inside for customer support and advising on the current pools.
  • Or 3-5 weeks to implement a Discord Bot with the same functionality instead of Telegram Bot.
  • Hire a part-time SMM guy to handle out Twitter, partnerships and customer support. At least 2 months paycheck.

We'd love to hear more suggestions from the community on how to make Cometa more convenient and useful for the ecosystem!

Some features could be replaced with community suggestions, since our goal is not to implement something, but to bring the community the best value.

But please keep in mind, that some features could be harder to implement thus could not fit in the budget.

Benefits for the community

Benefits to the ecosystem

  • Reliable staking/farming platform with convenient and fast UI/UX.
  • Increasing profits for stakers, providing the info about optimal APY.
  • NFT rewards, which connects DeFi and NFTs.
  • Adding more features for the community providing a go-to hub for everyone.

Benefits to other projects

  • Ability to create a robust staking for their tokens at any moment.
  • Ability to add NFT rewards for their pools at any moment to attract more holders.
  • Being sure that all our users will always know about the creation of their pools immediately and not asking us to announce manually.
  • Cross-marketing to help smaller projects gain attention, so the ecosystem could grow faster as a whole.

Summary

The sum would be enough for 3 months work, after which platform will be fully autonomous and will work like clockwork. We will have the ability to capitalize on profits which will allow us to continue building more efficiently after the upgrades.

Contact information.