xGov-201: Cometa Launchpad

post by nikitacometa on Apr 24, 2024

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.
• Nikita Voronin: CMO, Front-end. @nickvrnn
• Richard Flairs: CCO. @Richflairstv
• 1 part-time designer and 1 part-time front-end developer.

Experience with Algorand

Cometa started on Algorand in 2021 with 3D AR NFT collection Metapunks. We:

• First NFT random shuffle app on Algorand. It brought us 1 place at Innovative Hackaton 2021 in Digital Art/Collectibles Challenge Algorand INNOVATE Hackathon Winners.
• First true web3 staking algorithm on Algorand with open-sourcing of those Reach smart-contracts: GitHub - MetaLabsOG/cometa-lm-contract: Implementation of Synthetix staking contract in Reach with some additional features.
• DeFi-tools: locked pools, Compound & ZAP features, DEX aggregator powered by Deflex, platform stats API.
• 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 liquidity 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!

post by bhaney44 on Apr 24, 2024

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.

post by GhostOfMcAfee on Apr 25, 2024

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.

post by lobo on Apr 25, 2024

Why do you think that your Launchpad would be used a lot compared to the ones that failed and for example the one that's usable today from vestige?

post by nikitacometa on Apr 29, 2024

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!

post by nikitacometa on Apr 30, 2024

Good point: the community allocates 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. 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.