Grant request to create Beefy Bridge V1

Grant Request:

Beefy has been pushing its core products (vaults) over the year, and now looking to improve the platform. The idea is to add a bridge to beefy ecosystem to increase the multichain user experience, but we don’t really need to build it from scratch.

For the V1 of the bridge, we can work on a Beefy UI that would use anyswap.exchange in the back to bridge BIFI across all chains. This initiative requires a 5.5K$ grant detailed below. We hope to get the bridge V1 ready by the time Beefy V2 goes live to implement it directly.

Personel:

|-|Coordination & proposal: Dydymoon: (Milestone 1)
|-|Dev Implementation : ReflectiveChimp (Milestone 2-3-4)|
|-|UI design: Agiziga: (Milestone 5)|

Timeline and deliverables:

As ReflectiveChimp is only available on the weekends for this task, it should take a few weeks. We’re aiming for mid-October to get this ready.

- Milestone 1: Grant proposal: 1 day, planned for October 2nd 
- Milestone 2: Research on Anyswap contracts: 1-2 days, planned for October 2-3rd 
- Milestone 3: Building the app (react): 2-3 days, planned for October 9-10th
- Milestone 4: Design the bridge UI: 2-3 days, planned for October 9-10th 
- Milestone 5: Implementing the contracts into Beefy UI: 2-4 days, planned for October 16-17th 

Cost & gains:

- Costs: The requested grant is 5.5K$ which is 0.38% of the total treasury (I propose to use POTS or FTM as it’s both biggest part of the treasury: POTS represent 22% of the treasury and 30.4% for FTM) that will be used as follow:

  • 55% to pay the dev work (3000$)
  • 18% to pay for the UI design (1000$)
  • 18% to pay the coordination (1000$)
  • 9% to pay for all the tests between all chains + fees from Anyswap (500$)

Gains: There is no direct ROI on this proposal as the bridge won’t have any fees or tokens, at least for now. However, by implementing this bridge to Beefy:

  • We will improve the user experience by allowing users to stay on the same platform to bridge and stake their assets.
  • It opens some possibilities for the future, with a v2 that will include all tokens.
  • We might be able to negotiate to lower or even remove the fees for BIFI transfers, as the integration could bring a lot more fees and volume to Anyswap.
  • This integration could allow Beefy to launch cross chains strategies.

Risks:

  • Regular smart contract risks
  • V2 risk (V1 not concerned) Low or lack of liquidity on Anyswap: If there is enough liquidity on Anyswap for USDC for example, they will send some anyUSDC which means that the user needs to wait until there some liquidity back.
  • Let’s vote and grant 5.5K in POTS
  • Let’s vote and grant 5.5K in FTM
  • Let’s discuss it

0 voters