xGov-122: Fast Cometa & New features

[nikitacometa]

Aloha fellow Algorandians! Please share your feedback on our proposal. We really want to know your opinion and discuss the points.
(can’t insert more than 2 links here, please find more references in our github proposal)

xGov-122: Fast Cometa & New features

Abstract

Cometa is a staking/farming platform on Algorand launched in August 2022.
Our current goal is to empower liquidity, popularity and growth of all the projects in the ecosystem.
But we want to do much more.

As we go into Q1 2024 more bullish than ever, we would like to start with several minor features that will help the growth of our website as well as the whole Algorand ecosystem.
These features include really important platform optimizations & bug fixes and new features: Vault/Airdrop pools and Portfolio Tracker.

Team

• Nikita Gorokhov, CEO, Backend Lead.
  Before Cometa had 5 years of Software Development at Google, Yandex, VK.com, a company with B2B custodial crypto wallet, AI startup and some others.
  [linkedin link]
• Daria Yakovleva: CTO, Frontend Lead. Before had 5 years of AI at VK.com and Google.
  [linkedin link]

Experience with Algorand

Cometa started on Algorand in 2021 with 3D AR NFT collection Metapunks and since then we are here. We’ve done:

• First NFT random shuffle app on Algorand. With that we won Innovative Hackaton 2021 in Digital Art/Collectibles Challenge [algorand website hackaton link].
• First true web3 staking algorithm on Algorand, which gives you rewards each block instead of epochs like before. We’ve open-sourced those Reach smart-contracts: [github repo with smart-contracts code]
• Minor features:
  • Locked pools, Compound & ZAP
  • DEX aggregator powered by Deflex
  • NFT rewards for farming/staking and for swaps
  • Instant new pools notifications to Telegram and Discord
  • Pool holders snapshot (just a reminder)
• Liquidity-as-a-Service concept MVP on the testnet with PyTeal smart-contracts.
• Runner-up winner of Decipher 2022 main pitch competition in Dubai.
• Had Algorand Node and Indexer before (will start new soon), using JS & Python SDKs, building own tools.

Present Proposal

We’ll make our platform fast and reliable to be ready for the bull market.
The new features are not big, but will allow fresh projects to launch much easier and faster and allow users to manage DeFi more efficient and convenient.

We’ll get 2 developers and 1 part-time designer to accomplish in 3 months:

1. Website Optimizations & Bug Fixes, 20k

We’ve got lots of new users, pools and gathered lots of different data for the last 1.5 years.
The website load is much higher than ever before and now is only the beginning of the epic bull market.
We will perform several optimizations on backend and frontend sides to get the smoothness back and fix a few bugs to make it 99.9%+ uptime. We want to be ready for the Algorand success.

2. Vault/Airdrop Pools, 50k

DeFi needs not only investment mechanisms, but other useful tools as well. For this proposal we’ll implement:

• Vault Pools: create a pool with tokens that you cannot access for the whole pool length (1 day, 2 years, etc). No APR, just lock. Useful for DeFi users to protect money from themselves.
• Airdrop Pools: create a pool so that only limited amount of people could claim a part of it OR users could subscribe to it and receive airdrops every X days. Tool for projects to get new holders fast.

3. Portfolio Tracker, 30k

Why do DeFi on one website and then go to another just to check the portfolio of your wallet(-s)? We think it should be in one place. We’ll start with a minimal version and upgrade it continuously.

In total 100k ALGO for everything.

Benefits for the community

The overall goal of Cometa is to help projects to launch and/or grow ASAP: attract more liquidity, get new holders and gain more media attention.
With listed features we’ll help with those tasks much more efficient thus empowering the whole Algorand DeFi.

Additional information

Also with those funds we’ll finally be able to breathe and to plan bigger ideas to implement afterward. Crypto grows, and we have to do the same.

[leaf]

“Airdrop Pools: create a pool so that only limited amount of people could claim a part of it OR users could subscribe to it and receive airdrops every X days. Tool for projects to get new holders fast.”

could be multi-wallet gaming here. users subscribe with wallet address right? needs more limitation flexibility imo.

For portfolio tracker, use asastats widgets lol

Working too hard, but not on that laas thing though. Competing with products already in algo ecosystem that no one is complaining about without providing any significant upgrade to the experience.

[nikitacometa]

1. You are right about multi-wallet. We’ll have a few basic limitations like IP right from the start. After the initial release, we’ll be improving the feature to make it more useful and increase security as well.

2. Do you think that there should be only one instance for every idea in the world? In my opinion, competition is what drives crypto forward, as well as the whole world — it is capitalism. Sure thing we plan to make the tracker better than Asastats and the vaults better than Vestige, otherwise what would be the point?
   After that, they will have to improve their products if they want to compete. No matter what they choose, users we’ll have better UX and more features. Isn’t it what we want with xGovs program?

3. What does the LaaS have to do with this proposal?
   We need a solid amount of money to finish the LaaS. We have MVP on testnet, but we need a lot of testing, analysis and the most expensive — audit. Nobody will give us that amount of money in xGovs. We’ve been looking for investors and we’ll release it sometimes soon.

[leaf]

1/2. If the objective of the proposal is to make an improved version of these features, then it should be included in the proposal. Right now proposal stands unclear as to how an alternative option using grant money will “get new holders and gain more media attention.”

3. thought it was a good idea. hope it works out.

[lobo]

Regarding 2: How would the pools be monetized? Would you write the vault SCs yourself or use the OS and audited vestige contracts? If you don’t plan to use the existing vestige contracts why not? GitHub - vestigefi/SmartContracts: Smart contracts launched on the Algorand Blockchain by Vestige.fi

Regarding 3: after seeing how others have problems with tracking protfolios algogator/wallets except asastats why do you expect to be successful? why not just use asastats?

[nikitacometa]

2. There will be a flat fee for the lock pools and a mixed fee for the airdrop pools. And sure thing for locked pools it will be cheaper than Vestige right now, which is also one of the outcomes we’re targeting — competition makes prices less for everybody.
   For locked pools, we will use their contract for sure. For airdrop pools, we’ll have our own code written.

3. Those platforms offer an in-depth approach. This is their business model. For Cometa, we are offering just the minimal stats needed to keep track of what your net worth is and where. Full DeFi kit for convenient investments, the fewer clicks you need — the better.
   And we’ll incrementally make it better, asking the community what new features are the most needed. When we start like this, we’re able to ship it fast, to check the hypothesised quickly, and most importantly — not to ask for too much money.
   And yes, the mentioned platforms would be great partners to work on that feature together, collaborate and/or use their features on Cometa. We’ve started the discussions, let’s see how it goes. Decent partnerships are gold and sure we’re aiming for that. The least we’ll do — use ASAstats API, which seems to be good.

[lobo]

hmm i dont see how you can offer a minimal version and not just miss a lot of things? does minimal mean you would only track whats on cometa directly for example but not on other dapps?

in general for me part 3 atm would make me kinda reluctant to vote on the whole proposal since 1-3 are tied together sadly…

[nikitacometa]

• “Improved” also means cheaper, and I think that is one of the most important points. We don’t have plans to make everything the best quality right from the start. We want to make DeFi more convenient and affordable for everybody overall, and we’re expanding the platform to be truly the Community DeFi platform.
  Still, you’re completely right that I should add at least a few specific details to the proposal. As I mentioned, just tried to keep it short.

• I’m still in love with the idea lol. We never abandon it and always keep mind, but need many resources to release it properly. Now with even small features we’re increasing interest, attention and trust. With that, it’s easier and easier to find investors to finish our financial masterpiece.

[nikitacometa]

We’ll show the whole balance of your wallet at the very least. We want to show as few details as possible, the current platform interfaces are overloaded in my opinion and not everything is actually as useful as it seems. What are the most important criteria for a good tracker for you?

Anyway, thank you a lot for your opinion. I love that the community have discussions. We truly don’t want to do something that the community does not need. We’ll gather more comments and we may edit this point or change it completely.

The thing is, the first point of the proposal is the most important. We just must upgrade the platform’s efficiency and robustness. But in 3 months we can do much more than that and we want to leverage that. That’s why we want to implement a few minor features but choose the ones that’ll bring the most value for the allocated money amounts.

What minor improvements would you personally like to see on Cometa? We now gather opinions from different places, but you’re one of the first active Cometa supporters and users, and I’m actually curious, to know how do you see our situation and what should we do next (:

[leaf]

Yup, using asastats API would be very cool A good criteria for a tracker IMO would be to display the correct balance so we can accurately know our total allocation and keep a good asset balance (a balancing contract would be nice). Also, if there’s a way to include what defly wallet has, buy volume/sell volume so it can show profit/loss on each assets.

For the vault though, I was wondering if it’s possible to add to the vault for free. Like ya shouldnt need to a create a new vault to lock the same thing again - just add more of the same asa/lp token to the same vault for free.

You also don’t gotta reinvent the wheel, just do what pancake swap does but on algorand

The lottery but using META would be very fun

Lottery | PancakeSwap

[silvio_rules]

100k is nothing… some are asking 20k to makw swap… these are google ppl making all this stuff for 100k algo? im in

[D4O]

I support this proposal! Cometa could use the support and the platform is very important to community coins.

[nikitacometa]

Thank you! Yes, small and new projects are one of our main priorities. We have a few ideas on how to leverage that in the future and bring much more value. Now we’re starting with incremental improvements and testing of the small hypothesised. It’s fascinating, that now a lot of that testing could be easily eliminated with simple forum discussion

[nikitacometa]

Yes, that’s the point! Our primary target for the feature is literally just showing all of your balance correctly. PnL is good, but not a priority. If we go with the feature and people like and use it, then sure thing we’ll implement it with future upgrades.

I love your idea about taking the fee only the first time for every token! That’s something I was feeling when locking tokens on Vestige. We’ll definitely implement some variation of that!

In the early days of Cometa we were actually developing the game like that, with just a bit more complicated mechanics. We’d spent 1-1.5 months on that, spent much money, got an MVP, and realized we were doing bullshit.

I’ll tell you a secret — we are already building something really fun currently and will show it in a few weeks. Hasn’t hyped it yet because we want to be sure that we are actually not doing bullshit this time xD

[filthyground]

Love the proposal, approach and how open cometa in comments. Happy to see recent small updates and tweets that describe those. Would love to see some more experience to use meta and have some more usability for it, but rest is fine and really started working much better lately. And finally happy to see filters ^^

[GhostOfMcAfee]

Would you consider splitting these up into three separate asks?

[Xxiled]

As someone that does and has done portfolio tracking for the past 2 years I’d welcome you guys getting into the game - wether competitive or in partnership.

[expertgovernor]

Great proposal! Will use the product.

[nikitacometa]

Hey, thank you so much for the good feedback! Nice to know that we’ve been moving in the right direction.

We’re now building a small project, which will facilitate META tokens as well as Metapunk NFTs! Announcement in a week!

[nikitacometa]

Probably, that makes sense. But we want either to grow fast or not do that at all. We have much to offer to the community and we want to see that they are interested.