[DAO: QmYCfDL] First Decentraland native crypto debit card top up

Governance
1

by 0xf4b03870807059042b98c7abe889d5e9ed787371

Should the following Tier 4: up to $60,000 USD, 6 months vesting (1 month cliff) grant in the Platform Contributor category be approved?

Abstract

Mover is the easiest way for web3 natives to spend their assets offline and online. We have built a crypto debit card that can be topped up from a non-custodial wallet of your choice with a token of your choice.

We are already working with amazing DAOs and projects to let their users easily access their tokens offline. To name a few: Sushi, OlympusDAO, Redacted Cartel, Alchemix, Concave, Moralis, EPNS, and many more. Many other projects are already waiting for the integration!

Integrating Decentraland would mean that every MANA user will be able to natively (as connect - a wallet, sign a transaction, and magic happens) top up their Mover debit card using the Decentraland metaverse and MANA.

Grant size

25,000 USD

Beneficiary address

0xf6A0307cb6aA05D7C19d080A0DA9B14eAB1050b7

Description

Our goal
Our goal is straightforward. We want to make sure that every Decentraland user can easily access their funds without the need to go to other networks or exchanges at any point in time.

We are self-funded and have been bootstrapping for over 1,5 years. We have received OlympusDAO and Gitcoin grants for gasless transactions. To offer new features to new users we need your support.

Benefits
• Our integration requires us to integrate a swap aggregator mesh: to be able to use MANA . It means that all DEXs will directly benefit from this option.
• Our integration also requires access to bridges: to be able to bridge funds for settlement. It means that Decentraland bridge will also directly benefit from the activity on the bridges.
• Finally, all DAOs, social projects, and new protocols will also benefit as their tokens (locked, vested, and other liquid assets) will also become available for the top-up.
• This integration benefits the MANA ecosystem by introducing a new level of utility for all MANA-based assets.

Flexible and Extendable
• We have a very modular platform, that will allow other projects on Decentraland to access our infrastructure and build their on card solutions on top of ours.

Specification

The most important single aspect to mention is that our solution is already live.

Some additional information
Our website: here

A demo of card top up with an ERC20 token: here

First ever on-chain card top up with alUSD (self-repaying card top up): here

Our vision: here

Personnel

We are a small team of builders. We are self-funded team of 7: two co-founders, and five team members. We are working full-time on making web3 more accessible and simple to everyone. Our team members consist of 2 Ukrainians and 1 Female.

Our experience
The founders, we: Anton M & Anton Z, have been working together in fintech since 2017. Now we are working together again on the new web3 savings experience.
• Anton Z has 15+ years of experience in IT
• Anton Z won Microsoft programming contest
• Anton Z holds PhD in Computer Engineering

• Anton M is a serial fintech & web3 founder
• co-Founder & CTO at Humaniq selected as a top use case by the UK Parliament in APPG with over 500,000+ users.
• Built Jthereum — a first Java to Solidity transpiler
• Anton M was nominated as a tech leader of the year by TechXLR8
• Anton M was a Blockchain Advisor at WeWork Fintech Labs
• Anton M won top pick in Blockchain by TechCrunch

Why us?
Because we can execute. We have successfully built and executed this use case on numerous networks. We have a track record with amazing partners. We are open-source and open to all new crazy ideas that can make web3 more accessible and friendly.
Finally, we are builders just like the community here.

We have 4 rockstar developers:

Roadmap and milestones

Development Roadmap
To make MANA available as card top-up options, we are asking for a $25,000 grant. The grant will include building and open-license/open-source the following elements:
• Mover Central Transfer Proxy - a generalised proxy contract that manages the logic of a swap, bridge and transaction settlement (Update of the contract)
• Mover Swap mesh exchange contract - a contract that manages token swap (Update of the contract)
• Mover bridge mesh contract - a contract that initiates a non-custodial bridge from a contract to contract (Update of the contract)
• Mover card top-up logic/contract - settlement flow (Update of the contract)

Metrics for success
We believe that the success of our integration can be measured with the following metrics:

  1. Total volume (of cash-in and cash-out options). This metric speaks for itself: the higher the volume, the more the network assets are used.
  2. Total transactions (every top-up requires at least one swap and a bridge transaction). It affects network usage.
  3. Number of new projects on the network with Mover integration. This metric affects ecosystem growth.

Vote on this proposal on the Decentraland DAO

View this proposal on Snapshot

2

Question: If you have the system ready and have already integrated some other coins, adding Mana should be as simple as copy pasting the token address and making a few changes?

Why are you looking for a grant for that when you have the infrastructure and will surely earn more $$ by integrating as many cryptos as you can [heck, you can just use a dex in the backend to allow it for any currency?]

3

Hey champ! Thanks for jumping into the discussion so fast and so passionately!

You’ve raised a very interesting point! Answering with a question on a question, but please bear with me. Why do exchanges require an extensive onboarding process for every token? Isn’t it a copy-paste address change? And this is where the root-case of the problem is. Every time crypto touches fiat or vice versa is a regulated activity. As it turns out, it’s not about copy pasting the token address.

Also, thanks for bringing the question about the grant request. I understand that you have a certain level of expectation from any “exchanges” when they say it’s free, yet, there is always a hidden cost. Well, if I can ask you to take a look at our fee structure (here), I’m sure you wouldn’t be so critical, and understand that, no, we will not “surely earn more $$ by integrating as many cryptos as you can”.

To add to that, as I stated in our proposal, we are focused on the community goods. We are a self-funded team, and we haven’t raised private or public money.

Finally, though we are the first to say that we can use DEXs to make token swaps easy and simple from the compliance perspective, it doesn’t come as easy for us, as it is for our users, but I’d loop back into the reality of regulated activities.

Thanks again for checking this proposal within minutes of us submitting it!

4

Also, thanks for bringing the question about the grant request. I understand that you have a certain level of expectation from any “exchanges” when they say it’s free, yet, there is always a hidden cost. Well, if I can ask you to take a look at our fee structure here, I’m sure you wouldn’t be so critical, and understand that, no, we will not “surely earn more $$ by integrating as many cryptos as you can”.

Without diving too deep into your financial model, what I understand is you charge certain fees from users (I don’t mind what that amount is). Adding Mana and other Popular currencies increases your user-base and hence the net revenue [if increasing users doesn’t increase your revenue, you have some other problems to deal with].

I can understand you saying that you aren’t making a profit out of this yet which is natural for any startup trying to compete in such a huge market.

To add to that, as I stated in our proposal, we are focused on the community goods. We are a self-funded team, and we haven’t raised private or public money.

^^ this part is good while it lasts, but it would be naive of us to think that you won’t need to raise money in the future to compete with the giants out there.

You’ve raised a very interesting point! Answering with a question on a question, but please bear with me. Why do exchanges require an extensive onboarding process for every token? Isn’t it a copy-paste address change? And this is where the root-case of the problem is. Every time crypto touches fiat or vice versa is a regulated activity. As it turns out, it’s not about copy pasting the token address.

I agree that it isn’t a copy paste process exactly and you will have to put in the effort. But being a startup, that is something you will just have to do (for free as long as possible). Mana is one of the top 20 (?) cryptos in the world right now and I see a lot for you to gain from this vs the Decentraland ecosystem since they can do this same listing on other more established companies providing the same services to users.
That being said, it seems that this compliance/listing part is your major expense. Would you like to lay down more details for this? Would it need you to hire new personnel or pay some third party legal agency?

1 Like
5

First Decentraland native crypto debit card top up

This proposal is now in status: REJECTED.

Voting Results:

  • Yes 1% 32 VP (10 votes)
  • No 99% 2,145,876 VP (23 votes)