xGov-122: Fast Cometa & New features

post by nikitacometa on Jan 26, 2024

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)

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.
• Daria Yakovleva: CTO, Frontend Lead. Before had 5 years of AI at VK.com and Google.

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.
• 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.
• 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.
• 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.