Secret Multiswap Proposal #108
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Hi @jpine3528, and thank you for taking the time to apply this grant request. I'd like to learn more about the project. please reach out to me - @Yonatan_SCRTLabs and (tg) |
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We've messaged you on Telegram @YonatanE22 - please check message from @cryptodio |
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1. PROJECT DESCRIPTION
Title and brief description of the project:
MultiSwap powered by Ferrum Network is a smart routing multichain aggregator that enables multichain swaps between EVM and non-EVM compatible networks alike. MultiSwap allows users to securely swap ANY ASSET for ANY ASSET on ANY NETWORK to ANY WALLET at transaction speed.
We are looking to integrate our entire suite of products with the Secret network, but for the purposes of this proposal, the product that we will be focusing on is MultiSwap.
The Ferrum team has developed Multiswap cosmwasm contracts and frontend multiswap service that supports Keplr wallet. This provides us with an excellent starting point to integrate Secret.
Motivation behind the project (objective / anticipated impact)
The motivation for creating MultiSwap was to resolve the current pitfalls that plague many of the interoperability protocols on the market today. By removing the 'lock/burn and mint' mechanism involved in cross-chain protocols and reinventing the architecture behind the way assets are transferred across networks, our objective is to improve the security, efficiency, efficacy, and experience for end users.
Why did we choose to build on Secret?
We're choosing to build our product on Secret for a few reasons:
Cosmos is one of the largest ecosystems in Web3 and with the Secret ecosystem being one of the leading networks in the Cosmos ecosystem, a Secret integration is an obvious choice.
Being a non EVM compatible L1, we feel like Secret will need as many avenues as possible to help port liquidity between EVM and Non EVM compatible networks and Secret to make assets on the network more composable.
Ferrum wants to familiarize itself with Secret in order to bring other Ferrum products and incubated projects, present and future, to the Secret network. A bi-product of this will allow Ferrum to introduce early stage projects that we are incubating through Ferrum Advisory Services, to Secret.
Benefits for the Secret Ecosystem
We are presenting a few advantages of using MultiSwap over existing bridge solutions between Cosmos and other networks.
No slippage on single asset for single asset swaps: One of the key issues detected on Axelar USDC bridge is axlUSDC requires liquidity on each EVM network. Therefore, there is slippage when converting USDC to axlUSDC. When moving from Arbitrum to Secret, USDC on Arbitrum needs to be converted to axlUSDC on Arbitrum. Only after that takes place can the token finally be bridged to axlUSDC on Secret. Furthermore, to bridge $9K worth of USDC it would cost roughly $60 in slippage(0.66%).
Oracle driven swap: Multiswap can provide oracle driven swap for bluechip assets that have high liquidity on other networks. This will help users easily swap assets like USDC, ATOM, BTC to be used on the Secret apps without going to third party chains like Osmosis. This is very useful for the pool bootstrapping periods, when the liquidity on pools is not sufficient.
One-click UX: Users can bridge from one chain to another using a wide range of assets using a single interface.
Low fees: Since the entire operation is done using a single interface, users experience reduced bridging and swapping fees as they do not pay fees accrued from various 3rd party apps.
Fee share to liquidity providers: Liquidity providers can stake a wide range of assets supported on MultiSwap, providing real-yield on the assets. The Cosmos ecosystem mostly relies on inflationary tokens derived from its Proof of Stake consensus mechanism. Therefore, there are not enough real-yield income opportunities.
Onboarding non-Cosmos ecosystem users directly into the Secret ecosystem: Ferrum already supports several EVM/non-EVM chains and continuously adding new chains, thus providing direct connection between those chains and Secret. Direct connection would help a lot for users to come in than using all the technical routes that Cosmos users are using.
SCRT token expansion: If Secret desires, we can support the deployment of SCRT to other EVM chains that we support and add SCRT liquidity to MultiSwap to be used as a Foundry Asset.
2. TEAM BACKGROUND
Team Members
Naiem Yeganeh, PHD - Founder, CEO and Lead Developer
Having worked as a software engineer at the likes of Microsoft and Amazon to leading a core machine learning team at Bloomberg, Naiem is the mastermind behind the products at Ferrum. His technical prowess has laid the foundation for Ferrum's success.
Naiem is the one who established the node infrastructure for MultiSwap and will be responsible for maintaining and managing the node infrastructure for the Secret integration. Naiem will also be handling code reviews throughout the integration.
Email: Naiem.Yeganeh@Ferrum.Network
Ian Friend, ESQ - Co-Founder and COO
Ian worked for many years as a lawyer before meeting Naeim in 2018 and deciding to embark on the Ferrum journey. Ian is one of the most beloved founders in the space and is the face of the company. The confidence that he has been able to instill not just in the community but also the multitude of projects that Ferrum has advised is invaluable to the success of Ferrum.
Ian is not only the co-founder but the face of Ferrum. He will be handling much of the day to day educational materials alongside members of our marketing team. Podcasts, YouTube interviews, and community engagement are all areas in which Ian will provide his expertise.
Email: Ian.Friend@Ferrum.Network
Taha Abbasi - Chief Strategy Officer
Taha has co-founded a multitude of companies including a wildly successful software development house called Web N App. Taha has worked as the CTO of multiple companies including National Geographic - Singapore and has led teams responsible for the Mars 2020 and Europa missions at NASA.
Taha serves as the CSO at Ferrum and oversees the development of Ferrum's wide array of products. He is also the senior architect and will be designing and creating the architecture for the Secret integration.
Email: Taha.Abbasi@Ferrum.Network
Nick Odio - Chief Growth Officer
Nick is a serial networker. From being heavily involved in the music industry, working with Grammy award winning artists, to leading field operations divisions for companies, Nick has extensive experience in areas related to strategic partnerships and relationship management, as well as strategic initiatives.
Nick Odio is our Chief Growth Officer at Ferrum. He is responsible for drafting the proposal. He is also one of the main spokespersons for Ferrum Network alongside Ian Friend and will be doing a lot of the PR related items as it pertains to MultiSwap alongside members of the marketing team. He will also play a vital role in the adoption of MultiSwap from a business development perspective as he will find and encourage partner projects to leverage MultiSwap within the Secret
ecosystem and beyond. He and Nichell Logue will oversee any logistical elements to the process as it pertains to the relationship between Ferrum and Secret .
Nick.Odio@Ferrum.Network
Nichell Logue - EVP Operations
Nichell served as both a Project Manager and ultimately a Team Leader at CSC for over a decade before joining Ferrum. CSC is the world's leading provider of business, legal, tax, and digital brand services to companies around the globe. At Ferrum, Nichell plays an integral role in ensuring the internal operations of the company are running smoothly. She's a genius in terms of creating SoPs for the otherwise overwhelming amount of moving pieces at the company and also heads up our HR department.
Nichell is the EVP of Operations at Ferrum. She handles all of our HR related items as well. There's a good chance that we will seek to source additional engineers in an attempt to speed up the timeline we provided. Nichell will play a vital role in sourcing that talent. Her and Nick Odio will oversee any logistical elements to the process as it pertains to the relationship between Ferrum and Secret.
Email: Nichell.Logue@Ferrum.Network
Hasnat Malik - Director of Projects
Hasnat is the director of projects at Ferrum. Hasnat is responsible for making sure that the plan which is approved is also compatible with the other products at Ferrum. Any updates or upgrades happening for the products during the integration period are also implemented for Secret integration to make sure all products are updated constantly.
hasnat.malik@ferrum.network
Maiwand Sultan - Senior Project Manager
Maiwand will be the project manager for the integration and will be your primary POC. Maiwand will be making sure the milestones are delivered on time and everything is followed as per the initial approved plan.
maiwand.sultan@ferrum.network
Salman Haider - Lead Blockchain Architect
Salman has a rich-experience of 7 years working in corporate companies from being a Software Engineer to CTO. He had worked with Etisalat (Largest Telecom Network in Asia) & Avanza Innovations as a Senior Blockchain Engineer & Project Head of UAE Trade Connect (UTC - National Trade Finance Platform) and implemented the Blockchain Solutions in 13+
National Banks of UAE. (https://www.etisalatdigital.ae/en/uae-trade-connect.jsp).
He has been working in Blockchain Space for the past 2 years with an in-depth and diverse experience in developing & Architecting Complex Blockchain Systems. He also teaches Blockchain Architecture at Althash University as an Associate Professor & Faculty Chair.
Salman Haider is our Senior Blockchain Architect at Ferrum Network with 7 years of hands-on experience of Architecting & Developing the secure Web 2.0 and Web 3.0 Complex Software Systems. Salman has expertise with Casper, Pocket & Algorand to name a few and has skillset in Solidity, RUST, COSMOS, PyTeal, and more. Salman will be our Senior Engineer
working on this integration and will be leading our engineering team. Salman will also be the lead engineer in developing the smart contracts. His expertise will be very handy to get the delivery over the line
within the delivery time period.
Email: Salman.haider@ferrum.network
Jun Kai - Cosmos Engineer
Jun has 8 years of experience in programming. In the early days, he worked as a web developer. Since 2017, he has been working as a blockchain engineer. Jun's core expertise are blockchain core development including chain level DeFi and NFT development, bridges & security management. Jun is responsible for implementing MultiSwap core
components on Cudos with COSMWASM. This includes FIBER Engine, FIBER Router, Fee Manager and Node Infrastructure
Zikriya Mushtaq - Sr. Backend Engineer
Zikriya is an experienced backend engineer with 9 years of development experience. Zikriya started his career as an Android developer before he moved to backend development in 2017. He is responsible for backend integration required to support data structures, token lists, and other supporting APIs required to provide a smooth and secure interface for
frontend to backend interactions.
Abdul Ahad - Software Engineer
Abdul Ahad is a full stack resource with a lot of Web3 and React experience. He will be the lead frontend engineer for Secret integration. Ahad will also be responsible for building the UI and integrating it with smart contracts.
Muhammad Haris - Software Engineer
Haris is also our full stack front end engineer who will be assisting Ahad with UI throughout the integration period.
Amir Hassan - Senior Quality Assurance Engineer
Amir will be the designated QA engineer for Secret integration. He will be testing everything from end-to-end during the sprint cycles to make sure the quality is maintained.
Sheraz Riaz - Senior DevOps Engineer
Sheraz is the Dev-Ops engineer at Ferrum. He will be responsible for creating CI/CD pipelines for deployment.
The rest of the incredible team can be found here:
https://ferrum.network/about-ferrum/
3. DEVELOPMENT ROADMAP (This one requires review to have appropriate
value)
Overview
[Number]
[Days]
[SCRT Amount]
Total: 100,000 SCRT
Milestones
Each milestone provides the following: Milestone title, Milestone
summary / objective, Deliverables Summary Table per example
[Milestone #1:]
Milestone Title:
Scoping and Defining Resources for Secret MultiSwap Integration
Milestone summary / objective:
*Deadline will be 2 weeks post execution of the proposal*
- Scope out the integration of Secret with MultiSwap, including details
about MultiSwap setup on Secret.
- Determine if Secret integration can also support multi-chain DEX
based liquidity options for bridge liquidity or if a 2 way liquidity
pool bridge with on-bridge liquidity is the only feasible option.
- Define resources and work required to integrate and start
integration.
Deliverables:
- Scope document for token bridge
Both documents need to enlist the risks and potential mitigatory and
contingency measures against those defined risks. This will help us with
early identification of blockers and possible solutions.
[Milestone #2:]
Milestone Title:
Build, Deploy, and Internally QA MultiSwap Shell App
Milestone summary / objective:
- Build and deploy a shell app that will allow swaps among:
1. Secret <> Ethereum
2. Secret <> BSC
3. Secret <> Polygon
4. Secret <> Avalanche
5. Secret <> Cudos
6. Secret <> Other networks if integrated prior to milestone
commencement
- Able to add/remove liquidity on all networks
- Secret signs off on mainnet testing
- Integrate MultiSwap with one of the Secret' compatible wallets
- Share shell app with internal QA and incorporate QA feedback
Deliverables:
- UI deployment for bridge interaction
- Smart Contract Deployment of bridge
- Secret compatible wallet integration
- Ability to run swaps among:
1. Secret <> Ethereum
2. Secret <> BSC
3. Secret <> Polygon
4. Secret <> Avalanche
5. Secret <> Cudos
6. Secret <> Other networks if integrated prior to milestone
commencement
- Able to add/remove liquidity on all networks
- Secret signs off on mainnet testing
- Internal QA feedback incorporation
[Milestone #3:]
Milestone Title:
Testing by Secret and Audit Submission
Milestone summary / objective:
- Share MultiSwap tech with Secret for testing and incorporate their
feedback.
- Share MultiSwap smart contract with auditing firm in parallel to
above step
Secret team will test MultiSwap and provide their feedback / report bugs
(if any). The feedback provided by Secret will be reviewed by Ferrum
team. Ferrum team will implement the mutually agreed upon feedback and
share with Secret to approve and sign off the milestone.
Deliverables:
- Secret provides feedback
- Ferrum incorporates the mutually agreed upon feedback provided by
Secret
- Secret signs off on shell app post their feedback incorporation
- Submission of smart contracts to a third party auditing firm
[Milestone #4:]
Milestone Title:
MultiSwap Mainnet deployment, testing and incorporation of final
feedback
Milestone summary / objective:
- Deploy Secret integration with MultiSwap on mainnet
- Incorporate audit feedback if audit is completed
- Conduct internal testing
- Share with Secret and incorporate the final feedback
Deliverables:
-Ability to conduct swaps across below networks with Secret:
1. Secret <> Ethereum
2. Secret <> BSC
3. Secret <> Polygon
4. Secret <> Avalanche
5. Secret <> Cudos
6. Secret <> Other networks if integrated prior to milestone
commencement
- Able to add/remove liquidity on all networks
- Secret signs off on mainnet testing
- Able to add/remove liquidity on all networks
- Secret signs off on mainnet testing
[Milestone #5:]
Milestone Title:
Incorporate audit feedback and launch - Secret Integration with
MultiSwap
Milestone summary / objective:
- Incorporate final audit feedback provided by a third party
- Launching the bridge on production mainnet
Deliverables:
- Sign-off on audit completion by the third party auditor
- Launch on production mainnet
- Bridge is live and available to users to bridge tokens
4. ADDITIONAL INFORMATION
Relevant Links:
MultiSwap Architecture Doc
Multiswap cosmwasm contracts
Ferrum Github
MultiSwap Demo: EVM to Cosmos Appchain (Cudos)
Market fit:
MultiSwap does not utilize a "lock/burn and mint" protocol. These are the most commonly used mechanisms in the space currently to bridge or swap assets across networks. These types of protocols are also the same ones that have been the targets for many of the cross-chain exploits that have plagued the industry in recent months. By removing the 'lock/burn and mint' mechanism involved in standard bridges and reinventing the architecture behind the way assets are bridged, our
objective is to improve the security, efficiency, efficacy, and experience for end users. These architectural advantages that MultiSwap provides are extremely important to understand when determining the problem that we are addressing and how it is different from existing solutions.
1. Given the fact that Ferrum uses a 2 way bridge LP system as opposed to the aforementioned "lock/burn and mint", MultiSwap lends itself very well to interoperability with non EVM compatible networks. Hence why projects like Algorand, Cudos, and Casper have given grants to Ferrum to bridge their non EVM compatible networks with the world of
solidity.
2. As a result of the aforementioned architectural advantages, projects building on Secret would not need to worry about losing nuances embedded in their token contracts such as reflection (RFI), dividend, or burn mechanisms. Due to the nature of "lock and mint" bridges, standard generic open zeppelin contracts are being minted on the destination chain. This strips the bridged asset of its inherent functionalities.
3. These architectural advantages also play a major role in the security of the bridge. This article references the security measures taken along with a copy of the audit that passed with flying colors and high praises from the founder of Zokyo. In short, the fact that the bridging contract never has control over the token contract of any asset using the protocol, means that exploits involving upgradeable mint functions or large amounts of liquidity being held on the bridge cannot be carried out.
4. Our 2 way bridge LP system also allows for not only multi chain bridging of Token A on Network A for Token A on Network B but also allows for the multi chain swapping of Token A on Network A for Token B on Network B. Most interoperability protocols are simply bridges, however MultiSwap is a multi-chain aggregator and swapping protocol that
uses the APIs from DEXs on various networks, tapping into DEX liquidity to support the bridge liquidity. This will not only make assets on Secret more composable but it will also encourage an immense amount of TVL and liquidity.
5. Finally, no other bridge on the market adds utility to the token that is being bridged. With our unique "bridge swap fee" mechanism, projects who list on our bridge can set customizable fees that are charged in their native token. Some projects choose to burn those fees thus making their asset deflationary, others choose to use it for rewards to incentivize staking or adding liquidity, others simply use it as a revenue source. These fees can be distributed via our Tax
Distributor to as many wallets as desired.
Engagement:
So far, we are compatible with Ethereum, Polygon, BSC, Cudos, Fantom, Arbitrum and Avalanche, Harmony, Moonriver. At the time of writing testing is being conducted on bot Neon and Kava. We have received grants from EVM compatible networks such as Polygon, Harmony,
Moonriver, and Shiden, as well as non EVM compatible chains like Algorand,
Casper,
and Cudos to integrate their networks with MultiSwap. Currently, we are in talks with many other EVM and non EVM compatible networks as we aim to be the most interoperable project and bridge on the market.
5. Budget and Costs
Grant Proposal
In order to expedite the process of integrating Secret with MultiSwap and to encourage the growth of the Secret Ecosystem, Ferrum Network is requesting a grant in the amount of 100,000 SCRT.
Use of Proceeds
The funds from the grant will be used to fund the allocation of engineering, project management, support and executive resources to integrate Multiswap with Secret over the next quarter and to support the adoption and acceleration of the evolution of this product on Secret in the following quarters.
We feel that this is the best path forward for Ferrum to be able to justify prioritizing this integration. With a small but quickly growing team, we need to be cognizant of our backlog of items and how this affects our overall roadmap. However, a relationship that entails the aforementioned items, we believe, is crucial to the execution of our
overall mission to break down barriers to mass adoption and to the overall success of Ferrum Network. On the same token, through this relationship we intend to add an immense amount of value to and aid in the expansion of Secret!
6. Reporting Commitments
Ferrum Network vows to provide Progress Updates to the Foundation every month to any of the information provided above:
• Progress reports: detailing how our project is advancing, including any deviation from the initial plan or if you expect such deviations in the future. See an example of our public Monthly Development Reports here.
• Financial reports: expenses and other items related to the use of our budget, including any deviation from the initial plan or any expected deviations.
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