Crypto Gilts

[cryptotwilight]

Crypto Gilts

Project Description

The Crypto Gilts Protocol will create a new way to move funds cross chain and engage in cross chain DeFi. To succeed the project will deploy on mainnet for Secret Network and at least 4 major EVM L2s including Arbitrum, Optimism, Base and Linea. The project will also develop a community of users and liquidity providers, growing the Secret Network ecosystem user base. This will be done through a series of community events where users will be educated and onboarded in how to profit from Crypto Gilts and cross chain DeFi.

Problem / Solution

Trading & bridging raw crypto, is like trying to move a billion dollars crosstown in an armored vehicle. It's easy to steal, prone to expensive errors and the remedies ones a risk has become reality are few. With bridging there are issues of liquidity fragmentation, non-availability of currencies and long time delays when seeking to access funds cross chain.

Crypto Gilts provide a simple solution to the above by creating an on chain promissory note that can be valued and exchanged on any chain. E.g. a USDC Crypto Gilt from Optimism can be exchanged for a UST loan on Tron.

Detailed product description

Gilts are decentralized promissory tokens backed by user committed funds residing in a unique Gilt Linked Vault.
The holder of the Gilt controls the funds resident in the Gilt Linked Vault.
The promise of a Gilt is that the holder will receive the funds described in the Gilt in exchange for liquidation of the Gilt.
Secret network will be used to provide confidential gilts which reveal the value of the Gilt but not the actual asset that has been vaulted.
https://docs.google.com/presentation/d/1jguTmwZahwjHMZfmQTF1eFwBIXTbLvQJHYcIpqAxztk/edit?usp=sharing

Go-to-Market plan

Our GTM will be to develop a Proto Community of users focused on leveraging Secret Network DeFi from foreign chains. Our goal will be to drive for greater cross chain TVL represented by Gilt Vault lock ups and Gilt based loans acquired on the Secret Network.

Value capture for Secret Network ecosystem

The main KPIs for the Crypto Gilts Protocol on Secret Network will be:

• No of Gilts issued
• TVL
• No of cross chain Gilt transfers

This Grant will help attract additional users to the ecosystem through through Proto Community Outreach.

Team members

• Tony Ushe

Team Website

• https://www.blockstarlogic.xyz

Team's experience

• Tony Ushe is an Alumni of Oxford University’s Blockchain Strategy programme and an an alumni of the London Clearing House, Lloyds Bank and Royal Bank of Scotland. A multiple hackathon winner, Tony is also a recipient of Grants from the Filecoin Foundation and the NEAR Foundation

Team Code Repos

• https://github.com/cryptotwilight

Team LinkedIn Profiles

• https://www.linkedin.com/in/tony-kunz-358a78166/

Development Roadmap

We will require 3 months to complete this project. We intend to have 2 developers full-time and 1 part-time, at a total cost of $30,000.

Milestone 1

• Implement Crypto Gilts on Testnet (weeks 0 - 4).
  • Reach 10k amount of users

Milestone 2

• Implement Crypto Gilts community testing (weeks 4 - 8).
  • Reach 1k amount of on-chain TXs

Milestone 3

• Implement Crypto Gilts soft launch on Mainnet (weeks 8 - 12).
  • Reach $1k amount of Fees/Revenue

Ideally, we can receive payments in 3 disbursements, one at the beginning of the grant, one after reaching Milestone 2 and last payment when we reach the agreed upon KPI milestones with Milestone 3 complete.

Additional Information

N/A.