Author:

Aaron: Telegram , Discord: Aaron #3578

See the past updates and active discussion on the forum here.

Project team member:

Patrick: STEPN's senior full-stack developer. Rich experience in Dapp development for EVM-based Chain and Solana Chain. please learn more stepn information on link above from binance.

Linrz: Wiredcraft, Lead Software Engineer.

Richard: Amazon, Full Stack Engineer.

Shin: Meta, Software Engineer.

Aaron: View Exchange business & product. joined crypto space since 2019, been ambassidor for few layer 1 project. An EVMOS community member since launch, EVMOS Telegram unofficial Chinese channel Mod + EVMOS Wechat Group Creator.

Summary:

Introducing View Exchange - A decentralized derivatives exchange on EVMOS.

We believe EVMOS is the most powerful and efficient Layer 1 to provide users with a seamless trading experience. EVMOS's scalability, robustness, and compatibility with the EVM, make it an approprate soil for our Derivatives Exchange, ensuring fast and secure transactions. By leveraging EVMOS's advanced features, we aim to offer users a reliable and innovative trading platform that meets their needs while maximizing liquidity and minimizing costs.

By launching FIRST Derivatives exchange on EVMOS, View Exchange aims to attract more users and traders to the EVMOS ecosystem, which can result in greater liquidity and TVL. This can ultimately help create a more vibrant and robust DeFi ecosystem on EVMOS.

The exchange will have below features:

• Decentralized Derivatives Exchange: traders can long/short an asset with Low Leverage initially to avoid high slippage, leverage will be set higher in the future when liquidity has met a certain threshold.
• Simple experience: trade directly from your wallet.
• Low fees: built on EVMOS with low gas fee.

Benefits to the Ecosystem:

1. Breaking Ecosystem barriers: Remove the barriers that hinder derivative trading within the ecosystem, enabling more derivative traders to discover the Evmos and attract a greater number of traders.
2. Crypto on-ramp: with on-ramp solution integration, we simplify the process of acquiring and onboarding new users by providing them with a seamless method to convert fiat currency into EVMOS ecosystem assets. This will enhance accessibility and attract a larger user base.
3. Greater Liquidity: By launching a Derivatives exchange, we can attract a larger number of users and traders, which can result in greater liquidity. This will allow traders to execute larger orders without affecting the market price, resulting in a more efficient and reliable trading experience.
4. Token Buybacks: the revenue generated from the protocol will be used to buy back the tokens from the market & burn, in order to maintain the market confidence.

If this proposal passed, the project development will be kick start immediately.

Project Follow up:

• A Project Progress Report will be released bi-weekly to the community.
• Communication channels will be always open to answer all the questions.

Tokenomics:

• Token Name: View Exchange Tokens (VE)
• Max Supply: to be determined
• Initial Supply: 10% ( 5% airdrop + 5% incentives = 10% inital circulating supply)

Details of the tokenomics will be introduced close to the mainnet launch.

Allocation:

Airdrop and Incentives:

To express gratitude for the community's efforts, we have allocated 10% of View Exchange Tokens (VE) as follows:

• Airdrop 5% of the tokens to EVMOS holders who have voted for this proposal.(yes, no, abstain)
• Allocate 5% of the tokens as incentives for protocol users and social task engagement platforms such as Galxe, Zealy, Rabbithole, Layer 3, etc., aiming to attract more users to experience the EVMOS ecosystem.
• We airdrop to those who voted for this proposal rather than the whole EVMOS addresses because we want to incentivize active participation in the EVMOS governance model. By limiting airdrop rewards to voters, we establish a mechanism where one's voice and opinion directly translate to clear benefits and rewards. This real incentive alignment optimizes for a governance system where the broadest range of EVMOS participants feel financially motivated to understand proposals, engage in debates, and ultimately vote to shape the protocol. Over multiple voting cycles, such an approach should yield increasingly representative outcomes as the community establishes a pattern of enthusiastic and knowledge-driven participation.
• Any unclaimed airdrop tokens will be recycled back to the community treasury for future expenditure.

View Exchange Token (VE)

• 50% to the community (via liquidity mining, trading rewards, trading competition, staking and more).
• 20% to community treasury.
• 20% to the Core Contributors vested linearly over 3 years.

Note: Above figures might be changed during implementation with community feedback.

Token Utility:

Governance Voting

The Protocol is governed and upgraded by VE holders and delegaters.

Protocol Earning

• 50% for Liquidity Providers in LP tokens
• 30% dedicated to VE buyback and burn
• 20% to the Core Contributors funds

The earnings to the Core Contributors funds will be exclusively used to cover the operation expenses. Every month, the unused amount will be reallocated towards Buyback and Burn.

Derivatives Fee Discount

VE holders get discount from 5% - 50% fees. (other fees still apply without discount to the opening positions).

Milestone-Based Fund Release:

The allocated fund are held in a multisig wallet, ONLY the initial 10% funding to kickstart the project is paid immediately after this proposal is passed; all other payments are made upon the completion of each milestone. If there are any unexpected event happend from Developement i.e: (unable to deliver proposed function, not meet the expectation.) Multisig will have the FULL RIGHT to send the remaining funds back to the community pool.

Kick Start - Immediately after this proposal has passed - 10%

• Release upon passing the proposal to kick start the development

Milestone 1 - Local MVP - 10% - Time Frame: 1 - 1.5 month

• A Local MVP will be developed and released to the community for feedback collection.
• Move to the next stage after improved based on community feedback.

Milestone 2- Deploy Derivative exchange on Testnet - 40% - Time Frame: 3 - 4 Month

• Deploy Derivatives on Testnet: during testnet phase, perpetual swaps function will roll out along with the development, for the community to test, give feedback, make improvements, until ready being on mainnet.
• Seeking Audit: after ready to move from testnet to the mainnet, we will send all the source to get auditted. - invoice for Audit will be present to the community.
• Marketing: started to build community, reach out all the social engagement platform, design a series tasks to attrack more users outside evmos ecosystem experiencing the exchange and evmos ecosystem dapps.

Milestone 3- Deploy Derivative exchange on Mainnet - 40% - Time Frame: 1 - 2 Month

• Deploy Derivatives on Mainnet: including all mentioned above.
• Marketing: including all mentioned above.
• Further Roadmap: will be decided by the community through on-chain governance.

Bonos Milestones: - Keplr integration + on ramp + 3rd party bridge - 0%

• Keplr integration: when keplr supports EVM we will integrate the wallet to the platform.
• Add on-ramp solution (currently aim c14.money) to the platform.
• Integrate one of the 3rd party bridge(celer/axlear/cypher) to the platform.

Funding Amount:

This funding proposal will kick off the development for View Exchange. The amount requested will be $150,000 (*1,250,000 EVMOS) to fund the project development.

• Should the value of EVMOS price decline, we commit to not seeking further funding in EVMOS to match the fiat value.

Fund Usage Breakdown:

We expect this funding will give us 6 months to finish the development, be audited and deploy on the mainnet.

which can be break down as below:

• 60% - Exchange development (adding more people to the team, develop Perpetual, UI, Frontend, backend, smart contract, testing, infrustructure costs)
• 13% - Marketing(campaines, community enagement, competition, ads, press release. etc.)
• 20% - Audit - before launching on mainnet, we will get exchange audited by a reputatable audit company. Getting audited will be critical to gain trust from users, especially users outside of the Evmos Ecosystem.
• 7% - Inital Liquidity to the exchange.
• The Audit invoice will be presented to the Multisig members before they release funds. If actual Audit costs are less than the estimated amount, the multisig can return unused funds to the Community Pool.

Signatories (3/4 Threshold):

• Silent | Silent Validator
• DEV_D | Community Mod
• Luisqa | Interbloc Validator
• Aaron | View Exchange

Safe Multisig Address:

EVM format: evmos:0xfa60eAFb6d087cf8EDEa3142249E6E5876527582

EVMOS format: evmos1lfsw47mdpp703m02x9pzf8nwtpm9yavzl58kfe

Risk / Risk Mitigation Risk: The funds are held in a multisig and are paid out on completion of each milestone, except for the first 10% being paid initially to kick start the project.