We propose to design an ERC-4626 compliant vault that takes an existing ERC-4626 compliant vault (e.g. Yearn) and purchases Nexus Mutual coverage on behalf of all users, with coverage effectively being paid from the yield. A bundled yield-bearing plus covered vault.
- Purchasing and managing coverage on an ongoing basis can be cumbersome due to the need to roll over and/or change coverage amounts.
- Gas for cover purchases effectively means it’s not economically viable for smaller users.
- Bundled products have much higher take-up rates due to the reduced user friction.
To minimize technical implementation risks for this project, we propose a step-by-step delivery approach including the following stages.
The current proposal will focus only on Phase 1 (Discovery & Planning). Development and testing of the complete solution will be a separate proposal, and its budget and duration will be determined at the end of phase 1.
- Business, functional, and technical requirements analysis
- Technical feasibility assessment
- High-level specs
- Project planning (efforts, ideal team, timelines, and engagement terms)
- Prototype (if needed)
- Solution architecture design
- UX/UI design (if needed)
- Infrastructure preparation (if needed)
- Sprint-based development according to the project plan.
- Pre-production core team acceptance testing
- Help with smart contracts deployment
- Deployment success assessment
- Further development planning, if any
- Define use cases.
- Collect and analyze business, functional and technical requirements.
- Analyze technical feasibility & viability.
- Identify risks and propose a mitigation plan.
- Create a high-level design and specs.
- Create the project plan (delivery timelines, combined resources, efforts, milestones, and future engagement terms).
- Product Definition Document covering business, functional and technical requirements.
- Action plan: technology validation, recommendations on roadmap, milestones, scope, and effort estimates.
- BootNode engagement proposal to create a synergetic incentive alignment mechanism (stables and tokens considerations. Goals and KPIs).
- If required and time allows, we can also create a prototype.
This project should take around 5 weeks of analysis, design, and prototyping. If this discovery phase is successful, it should be followed by a second phase for development (not included in this proposal).
Description: Gather all required information, analyze the problem and alternative solutions, discuss with the team (both BN and Nexus Engineers) and choose the best option.
Duration: 1-2 weeks
Description: Complete the solution design. This includes smart contracts architecture and integration design.
Deliverables: Documentation with all required specs, diagrams, and other types of designs required to build the desired solution.
Duration: 3 weeks
Description: If time allows, the proposed design will be implemented in a simplified way that could prove its feasibility and be used as a baseline for further development.
Deliverables: Working smart contracts in testnet.
Duration: 3 weeks
This is a time-boxed proposal. If deliverables are shipped earlier, the team will continue working on other tasks. However, if the time is not enough to finish all deliverables, there will be a clear plan for the next steps.
To be paid in stablecoins:
- 32,000 USDC (or other stablecoin).
- 50% (16,000 USDC) as soon as the proposal is approved, 50% (16,000 USDC) once the deliverables are presented for review.
- 1 Solidity Engineer: 5 weeks
- 1 Part-time PM and Business Analyst: 5 weeks
- Leo Lower: Co-founder and CTO of BootNode
- Gerardo Nardelli: Solidity Engineer at BootNode
BootNode is a software engineering studio that specializes in decentralized infrastructure, protocols, applications, and ecosystems.
Founded by a team of engineers with an average of 10+ years of experience building and shipping highly available, highly-scalable software for many industries and 3+ years for the blockchain ecosystem in particular.
Our mission is to provide unique and scarce resources to organizations changing the future of humanity through decentralized technologies.
Our vision is to become an essential and critical partner that enables these organizations to fulfill their mission.
We have contributed to countless organizations developing their blockchain applications, from ideation to massive adoption, applying proven UI design to React dapps, from protocol and architecture design to Solidity smart contracts, relayers, backends, subgraphs, and integrations. We work the full-stack and pay special attention to product development, not just application programming.
Our engineers have participated in some of the most popular DeFi platforms and this has exposed us to all the different money legos. We can help you build on top or integrate down to any of these protocols.
We have also successfully delivered this proposal to Nexus Mutual: Proposal: MEV protected swaps