Hello precious Algo People. Check out our revolutionary proposal for finally shaking up Algorand DeFi. Please share any thoughts and suggestions.
Abstract
We think that Algorand lacks a proper service for launching new tokens. People have to make airdrops by hand, can’t get proper liquidity, etc. There is no proper sales at all.
Recent explosion of Base and Solana ecosystems was triggered mostly because they had a proper convenient mechanisms to launch tokens fast. More projects will come to Algorand, when they see how easy it is to have a launch. They will launch much more efficiently.
Cometa has already helped a lot of new projects to get liquidity as well as media attention. Dozens of IFO (Initial Farm Offering) launches. The Launchpad with full-weight launch mechanisms is the most logical continuation, providing proper funding platform needed by many projects.
Team
Nikita Gorokhov, CEO, Backend Lead.
Before Cometa 5 years of Backend at Google, Yandex, VK.com and B2B custodial crypto wallet.
Daria Yakovleva: COO. 5 years of AI Ads at VK.com and Google.
Runner-up winner of Decipher 2022 main pitch competition in Dubai with Liquidity-as-a-Service concept (it is working on testnet).
Running own Algorand Node, indexing it. Using JS & Python SDKs, building own tools. PyTeal, Reach.
Present Proposal
The Launchpad will provide easy UI to create, sell and distribute tokens, getting liquidity from the start.
Nebula Pool
Projects set up the pool: token amount, duration, [soft cap ALGOs], [hard cap ALGOs], liquidity DEX, percent of ALGO to put into liquidity (0…100%), [liquidity lock duration], [whitelisted addresses].
Project allocate more tokens on the start to handle different cases.
If soft cap is not reached, users just claim their ALGOs back.
After duration or when hard cap is hit, the specified percent is put into liquidity and maybe locked. The rest ALGOs are claimable by the project.
Users claim their tokens.
The price may be fixed as well as dynamic (this behaviour may vary on initial release).
Tools
Create token ASA.
Airdrop to token holders/NFT holders/NFD holders.
[optional] Provide liquidity with to several DEXes and several ASA pairs in a few clicks.
Deliverable
Open-sourced Nebula Pool smart-contract.
UI for pool creation, pool running state, pool claim state for seller & buyers.
Future Blueprint
Cometa is focused on helping small and middle sized projects to get liqudity and attention.
With the Launchpad we’re leveraging that, attracting new users and gathering much more funds.
Full Token Flow: Create token → Raise funds & Get initial liquidity → Attract more liquidity and stabilise it via farming and locking.
We have community trust, earned by almost 2 years of stable platform service and team collaborations, which will ensure the adoption of the feature.
Benefits for the community
Crucial but currently missing functionality to easily create, sell, distribute and get liquidity for your token, with just a few clicks.
Attracting new projects and devs to Algorand by exposing decent infrastructure.
Increasing quality of projects and tokens, allowing teams to focus on token utility and tokenomics, not how to launch and where to find liquidity.
Transparency for buyers. Price, allocation, distribution, etc. are public and ensured by smart-contracts. Allowing users to clearly see what is legit and what is not.
The Next Level Memecoin Launch could attract degens from other chains (sad reality concept which is important to consider).
We see it as a brilliant plan, hehe. And what do you think? Please share any of your thoughts!
Nice one. I hope this proposal gets support. Cometa has done a great job innovating on Algorand. I think this is one of the most underrated technologies in the space generally.
I think generally the proposal is great. The one point of critique is tools for airdropping. I think airdropping is a toxic mechanism for distributing tokens. It is a lot better to have tools to reward users for active engagement, or even staking. That said, I think the smart contract for auto liquidity provision and locking and the UX sound great.
Overall, great team. I think one thing that has always set Cometa apart is the team has always been available and friendly with the ecosystem and partners. Just smart people who are good to work with.
Thank you for all your hard work and for continuing to build here.
I really like the idea, but why is it listed as not open source? The failure to have any open sourcing plan is a huge hang up for me on these proactive grant requests.
I think they are trying to do is model pump(dot)fun on Solana, with liquidity locking being an option. Vestige’s platform does a straight IDO (eg pay money, get tokens). But, Vestige doesn’t ensure any LP from which to trade from (either during or after launch).
Would be good to get assurance of this though from Cometa.
I support this idea as it adds new features to launchpad functionality on let’s say what vestige offers. It’s also a great addition to Cometa platform bringing it one step closer to “the” defi hub yieldly promissed to be. What’s better than staking platform + launchpad all in one if you are new to the ecosystem and want to get in on the action.
Hey, thanks for the opinion! It is really useful, the point about airdrops is great. I’m not a fan of those as well, and with this proposal I actually want to promote better ways of token distribution. So liquidity/selling pools are the main priority. Airdrops are the secondary thing, which is still really useful if used for proper purposes.
And thank you for the good words! We’re happy that our work brings value and we’re aiming to bring much more!
Good question. It is harder to make revenue with open-sourced code, the project must have good cash flow to be able to open-source stuff. Also this just requires additional funds for the proper release of the code. We’re playing it safe, the proposal main goal is to bring the new needed product to the Algorand ecosystem. In my opinion, polishing and properly releasing ONE GOOD launchpad is better, than focusing on allowing everybody to use our code even thought a few would use it?
We’re happy to open-source stuff if we see that it works and could be used. Like we did with farm smart-contracts. If community would want open-source from the start, we’re also ready, but that would change reduce proposal value. Why do you think the open-source is needed?
For the last few months dozens of new projects used Cometa to attract liquidity and we had started focusing on helping them more. We believe that new proper mechanism for launch is much better service, so we will have the number of projects that is not less than now and most likely more. Also it will become our main feature for while and we will focus on that, promoting a lot, even outside of Algorand.
Also, as was already mentioned, feature for automatic liquidity provision is fully game-changing, we believe something like that is just MUST HAVE on Algorand, and it should come ASAP, while we’re still in the bull market and able to attract new projects.
Fair point about “Hub” Actually, we have the LaaS almost ready to release, but it is a big thing to release, and we believe that the launchpad is much more beneficial for Algorand at the moment. And the LaaS to be released by the end of the year.
It ensures we have an ever expanding code base rather than a stagnant one and ensures that if for some reason a project goes dark its code remains for someone else to pick up. We have seen projects do this in the past with closed sourced projects. They get a grant, then go dark some time later, and that means we must pay a new project to make something similar (which of course, they want to keep closed source).
I suppose there is also a matter of review of deliverables. How are we to know the app operates as it says and isn’t bug prone if nobody can review the code?
I’m cognizant of the reasons why devs do not want to open source. Doing so means someone could just copy the work that you put in. But at the same time, in the context of proactive grants, that code was funded (at least in part) by the community.
For some projects the need for close sourcing may be more important than others. (Eg projects where first mover advantage is not sticky or where the proactive grant barely makes a dent in the overall startup cost). It’s difficult to know though if these questions are never asked and we just accept the habit of making everything closed source by default.
So, I push back on all closed source projects to see why they think it is critical to them. And, if it’s not, whether open sourcing in some fashion can be done.
Good point: the community allocate funds, and it deserves to get viable results no matter how the project behaves afterwards.
The code review is usually solved best with audit companies, e.g. we have CertiK audit for our staking pool contracts. (Still, we’ve open-sourced the code because we are actually open-source proponents)
But when you don’t have funds for the audit, open-source is just the only fair play, I agree.
So yes, why not? We’ll open-source the smart contracts code after the launch, at the very least. We’ll also consider other components.
Again, you are right. In order to grow Algorand DeFi, we need as much open-source as possible, it’s nothing right now. By sharing the code, we’re actually investing in the growth, so it is even more profitable.
So I’m just going to be straight to the point and say PLEASE just create a port of “PartyDAO” app on Algorand, it’s open-source and is literally the best crowd-funded token launch app I’ve EVER used! I used it on Base network in a Memecoin presale/launch, and it was so easy to use and the features are awesome!
Here are some things users can do with the PartyDAO app:
-Mint a derivative project
-Vote in a DAO
-Claim an airdrop
-Interact with other smart contracts
-Launch a token
-Raise ETH through smart contracts
Create, LP, and distribute an ERC-20 token to members
There’s also a chat function to talk/coordinate with other DAO members!
I’m not a Dev, but could this be ported over to Algorand if it were coded in a compatible language?
Indeed, thanks for considering open sourcing @nikitacometa.
Please change the flag on the PR accordingly. You can also specify what will be open sourced in the deliverables section.
