Request for a grant to build a "go long on tez" product

Hey Kolibri Community,

I’ve been looking into building a simple solution to go long on $XTZ by using Kolibri as the underlying protocol.

The solution I’m looking to build will ideally, in one click, do the following -

  1. Deposit XTZ collateral.
  2. Mint kUSD against the collateral.
  3. Swap the minted kUSD to XTZ.

The product would allow you to proverbially “go long” on XTZ as an asset by taking leverage to increase your exposure.

It’s my request to the Kolibri Community to provide a grant of whatever amount the community sees fit to help build the product.

As for my proof of work to ensure that I’m more than capable of building this out -

I’ve been a core contributor to Cryptoverse Wars, which is a gamified course to learn how to build on Tezos.

Apart from that, I’ve also put together a couple of side projects in Tezos like the “Plenty Harvester”, which was an alternate UI to harvest all your Plenty farms at once, this was built during the early days of Plenty when they didn’t have the “harvest all” functionality.

Also, I’ve contributed to Instaraise for a bit by reviewing their smart contracts and advising on the architecture.

If any of this still leaves doubt in your mind, my Twitter should convince you.

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Hi @manangouhari
Thanks for your awesome request!
as I already told you on discord I love your idea and I’d be happy to see it start with a grant from the kolibri community and grow to a multiple strategy multiple protocol zapper
What do you think would be a reasonable amount for this grant?

I agree as well that this would be a great thing to have!

I think I’d happily vote for any reasonable grant request to build this, @manangouhari have you given thought to what you’re looking for?

Hey @Basil & @fitblip, thanks for being supportive of the project.

We’ve made quite a bit of progress on the project -

  • Finalised the design for the platform.
  • Implemented a PoC script to implement the core logic of the strategy, which can be seen in effect here.

It’s still a long road to production tho.

I’m requesting a grant of $6k to ship the platform.

Awesome, I think that if you’re going to be asking for a grant you should share a lot more details about the project, your vision, and rough timelines for what it is you want to do. Right now your proposal is essentially “give me 6,000 kUSD because I have a script that does a thing”, and I don’t really understand what you’re concretely proposing (which likely means others don’t either).

If you’re planning on turning this into a platform, definitely share a lot more details about what it is you’re actually planning on building (recursive yield as a service? An open source github project? Something else?), and what your rough timelines are (“this is going to take me 6mo of work” or “I’ll have an MVP done in a month” etc etc).

Another important topic is the idea of phases - is this phase 1 to build an MVP that you plan to keep building on (with future grants)? Is this something you’re planning to build to a place you can call it “done” and there will be no future support for things like protocol upgrades?

Same thing with accountability - giving the DAO the ability to claw back the grant if you’re not hitting specific milestones is generally more palatable than a lump sum up front that you could just disappear with (not saying you will, just that the ability exists to emit your grant to you in a way where both sides are held accountable).

From there I’d say figure out how you’re going to have the Kolibri DAO help you with the project (“I will open the platform up for testing only to wallets that hold at least 100 kDAO initially”, etc) and then when you have a concrete plan with milestones that you’re planning to fulfill lay that out and then gauge sentiment on if the DAO will vote for the grant.

This is all basically just communicating about your vision for the thing you’re building. If you demonstrate a compelling vision and an ability to execute on it I’d be willing to personally vote for a grant, but I can’t really vote to give a grant if I don’t have a good understanding of what it is you’re planning on building or how!

Thanks, @fitblip – absolutely love the feedback.

From reflecting on your reply and a few changes in my personal life currently, I’ve decided to rescind the request for a grant.

I’m still going to build out an MVP of the product that lets you -

  • Add collateral, mint kUSD, and receive the minted kUSD in the form of XTZ in one transaction.
  • And, you can choose to leverage, where the swapped XTZ will be added to your Oven as collateral rather than you receiving them.

It’s ultimately going to be an open-source project with a (hopefully) easy-to-use interface.


I’m back with an update on the product I promised to build :handshake:

:sparkles: LevTez is finally live & you can use it, here

LevTez essentially lets you go long on $XTZ/gain leverage on $XTZ by utilizing Kolibri protocol.

The platform lets you -

  1. Add $XTZ collateral to your oven.
  2. Borrow $kUSD against your collateral.
  3. Convert the borrowed $kUSD to $XTZ
  4. Add the swapped $XTZ back to collateral.

All of the above, in one transaction :wink:

The code for the platform is open-source, which also contributes to the Kolibri Dev Experience by being a solid example of how a dev can integrate with the Kolibri Protocol in their own apps.

I’ve spent close to 35 hours building out the platform, split across ideation, research, and the actual development process.

I’d love it if the KolibriDAO could compensate me for my time building the platform.

At my $75/hour rate, I’m requesting the DAO compensate me with $2,625(35 * 75).

Inviting thoughts and feedback from the whole Kolibri community for LevTez!

I think it’s ok. I like this. You can submit a proposal to move 2625 kusd from development fund to your own wallet.

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I’m really excited to see derivative tools built around Kolibri and I think that this is a great opportunity for the DAO to incentivize developers and builders. I fully support this proposal.

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Hi, as I don’t have enough kDAO to submit this proposal; if anyone is so inclined, I could receive funds at tz1L8hBVpams2fWFC9kS1sPVxfGY6Hmg5TQ8.