Scale-UP Cardano's DeFi Ecosystem
How can we encourage DeFi teams to build/deploy open finance solutions on Cardano in the next 6 months?
Fund Size: $200,000 USD paid in Ada
Currently the vast majority of DeFi dapps and currency flows occur on the Ethereum blockchain, however due to congestion and increased transaction fees, the use of DeFi is increasingly elitized, leaving out the people who could most benefit from it. benefit from this, the unbanked.
Why is it important?
It’s important b/c Defi dApps provide trustless on-demand access to financial services for global users w/ Total Value Locked ~$25billion
How does success look like?
A competitive environment for DeFi on Cardano with an emphasis on cross-collaboration & driving composability across protocols.
Key Metrics to measure
- How many DeFi protocols were launched on Cardano mainnet within 6 months from this DeFi focused community challenge?
- How many daily active users are the DeFi protocols funded in this cohort attracting?
- How much Total Value Locked (TVL) are the funded DeFi protocols able to capture 1 month post launch on Cardano mainnet? (measure again at 3 months, 6 months and 1 year post-implementation to glean complete insights on proposal challenge effectiveness)
- How many DeFi developers did this community focused challenge bring into the Cardano ecosystem?
- How many FinTech/DeFi development firms did this community focused challenge bring into the Cardano ecosystem?