Abstract
Koryntia seeks a grant of 3,000,000 ARB tokens from the Arbitrum DAO Treasury to develop and launch a revolutionary DeFi lending platform. With a focus on accessibility, scalability, and user engagement, Koryntia aims to significantly enhance the Arbitrum ecosystem’s DeFi capabilities and drive widespread adoption.
Motivation
The Arbitrum community should implement the AIP to address critical gaps in the DeFi landscape. Koryntia’s innovative approach makes DeFi accessible to all, aligning with Arbitrum’s mission of fostering innovation and inclusivity. By supporting Koryntia, the community can solidify Arbitrum’s position as the leading blockchain for DeFi solutions.
Rationale
Koryntia’s integration with the Arbitrum network leverages its superior scalability and low transaction costs, ensuring a seamless user experience. The platform’s advanced features, including BTC integration, attract significant liquidity to the Arbitrum ecosystem. By promoting user-centric solutions, Koryntia epitomizes the core values of the Arbitrum community.
Key Terms
- DeFi (Decentralized Finance): Financial systems built on blockchain technology without intermediaries.
- Lending Platform: A service facilitating lending and borrowing assets with interest.
- Liquidity Providers: Users supplying assets to facilitate lending and borrowing.
Specifications
Koryntia will utilize the following technologies and platforms:
- Arbitrum Network: For high throughput, low fees, and robust security.
- Smart Contracts: Ensuring secure and transparent lending and borrowing processes.
- User-Friendly Interface: Accessible to novice and experienced users alike, fostering widespread adoption.
- Yield Optimization: Utilizing advanced algorithms to maximize user returns and enhance platform efficiency.
- BTC Integration: Incorporating unique solutions based on Bitcoin to attract a broader user base.
Considered Alternatives
Koryntia extensively evaluated various Layer 2 solutions and sidechains, ultimately selecting Arbitrum for its superior performance, security, and community support.
Steps to Implement
- Development Phase (3 months):
- Finalize smart contract development.
- Develop and test the user interface for optimal user experience.
- Conduct rigorous security audits to ensure platform integrity.
- Cost: 1,000,000 ARB tokens
- Beta Launch (2 months):
- Deploy on Arbitrum mainnet and conduct beta testing with early adopters.
- Gather user feedback to refine platform features and functionalities.
- Cost: 1,000,000 ARB tokens
- Full Launch and Marketing (1 month):
- Execute a comprehensive marketing campaign to drive user adoption and liquidity.
- Forge strategic partnerships to expand platform reach.
- Cost: 1,000,000 ARB tokens
Timeline
- Start Date: July 1, 2024
- Development Phase: July - September 2024
- Beta Launch: October - November 2024
- Full Launch: December 2024
Overall Cost
Total cost for AIP implementation is 3,000,000 ARB tokens:
- Development: 1,000,000 ARB tokens
- Beta Launch: 1,000,000 ARB tokens
- Full Launch and Marketing: 1,000,000 ARB tokens
Success Metrics
Success will be measured by:
- User Growth: Targeting 1 million active users within 6 months post full launch.
- Total Value Locked (TVL): Achieving $500 million TVL within 6 months.
- Transaction Volume: Reaching $1 billion in transaction volume within the first year.
- User Retention: Maintaining a 70% monthly user retention rate.
Reporting
Comprehensive progress, metrics, and budget utilization reports will be submitted at the end of each phase via the Arbitrum forum and email on the following dates:
- Development Phase Report: October 1, 2024
- Beta Launch Report: December 1, 2024
- Full Launch Report: January 15, 2025
Contact Information
- Responsible Person: Gregorio Punzano
- Email: gp@koryntia.finance
- Telegram: @gregoriopunzano
Applicant Information
- Name community/group/organization: Koryntia
- Website: https://koryntia.finance
- X - Twitter: x.com
- Telegram: Telegram: Contact @koryntia
- Discord: Koryntia Community
- Instagram: Koryntia (@koryntia) • Instagram photos and videos
- LinkedIn: Koryntia 🟪 📈 (V2 Soon ⏳) | LinkedIn
- YouTube: https://www.youtube.com/@koryntia
- Facebook: Koryntia
- GitHub: Koryntia · GitHub
- Docs: https://koryntia.gitbook.io
- Others: koryntia | Twitter, Instagram, Facebook, TikTok | Linktree
Team and Project Information
- Project Description: Koryntia is a decentralized lending platform that leverages blockchain technology to offer secure, transparent, and efficient financial services for cryptocurrency holders. Our mission is to democratize access to financial services, eliminate intermediaries, reduce costs, and make DeFi accessible to everyone.
- Team Experience and Completeness: Our team consists of 8 members: 5 developers and 3 operational experts.
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Founders:
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Key Team Members:
- Anonymous Bitcoin Expert: Our team also includes a Bitcoin DeFi expert who prefers to remain anonymous but has achieved significant milestones, such as developing a tool that created millions of transactions on the Bitcoin testnet, demonstrating advanced technical skills and deep knowledge of Bitcoin protocols.
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Talent Section
Our commitment to excellence is driven by our philosophy of freedom and motivation to advance the most ambitious project. We have secured the best legal advisors for the project, ensuring compliance with favorable jurisdictions. Our team is composed of highly motivated and talented individuals who have worked on critical aspects of the Bitcoin protocol, contributing to significant developments in the DeFi space.
Community Engagement Plan
We will actively engage the community during the beta phase through various strategies:
- Utilizing tools to efficiently analyze feedback and implement real-time adjustments.
- Conducting specific campaigns to gather user insights and improve user experience.
- Hosting AMA (Ask Me Anything) sessions and community calls to maintain open communication channels.
Risk Mitigation
Potential risks and mitigation strategies include:
- Smart Contract Vulnerabilities: Conducting multiple security audits and implementing a bug bounty program.
- Market Volatility: Establishing risk management protocols and maintaining a liquidity reserve.
- Regulatory Changes: Working closely with legal advisors to ensure compliance and adaptability.