FortyTwo is a DeFi super-app built across the Cosmos ecosystem. We are strong believers in the use cases for sovereign appchains, and have a goal to make these appchains easy to use and understand. FortyTwo’s mission is drive usage to the most promising Cosmos appchains with a simple UI for both advanced and beginner DeFi users. We plan to start off by targeting the Cosmos community, but the final goal is stimulate Cosmos growth by targeting users from other larger ecosystems (e.g. Ethereum)
We are requesting a $50,000 USD grant from the Dora GrantDAO to further the early-stage development and subsequent deployment of FortyTwo. Below is the project overview, milestones, team background, goals, and other information for your consideration.
Overview
FortyTwo is a CosmWasm based interchain app that is built across some of the largest Cosmos chains. With the rapid increase in number of Cosmos chains (60+) there is increased complexity in decision-making and portfolio management for users. FortyTwo’s mission is to built the go-to Cosmos superapp that makes interacting with Cosmos as simple as possible for users. Users will utilize FortyTwo to abstract away any complexity in the Cosmos ecosystem, and fully understand DeFi opportunities, use cases, and efficiently manage their Cosmos portfolios.
After speaking with dozens of users, we have determined some of the major pain points faced by Cosmos and Ethereum DeFi users. We have taken some of the best features available on Ethereum superapps, and begun building this out in Cosmos. Now DeFi users can manage their portfolios and taxes, stake (with auto-compounding), swap, purchase NFTs or ETFs, and learn about the Cosmos ecosystem in one simple interface.
Here is our DoraHacks build submission complete with a demo: https://dorahacks.io/buidl/5406 (please note the demo reflects the old branding/UI which is currently being updated)
Features
Portfolio View
Our portfolio view allows users to connect multiple wallets, and simply view their portfolio holdings, eligible Cosmos airdrops, NFTs held, upcoming governance proposals, transaction history and tax information. We are working tirelessly to make this the go-to landing page to fully understand what is happening in your Cosmos portfolio.
Earn
Our earn product is a first of kind in Cosmos that allows for easy staking with auto-compounding across a four different strategies across the Cosmos ecosystem.
These four strategies include:
- Liquidity pool staking
- Validator staking
- Interchain strategy staking
- Liquid staking strategies
Users are able to compare metrics across strategies such as TVL, APY and associated risk scores.
Swap
Here users are able to select tokens from any Cosmos chain, and decide which token to swap into. Our proprietary routing algorithm will calculate which DEXs offer the most optimal routes and allow the user to select which chain their tokens should land.
ETFs
Users are able to purchase bundles of Cosmos tokens with one simple click. Users may selected “auto-rebalancing” if they desire tokens in the bundle to automatically rebalance according to market/price fluctuations.
NFTs
FortyTwo will pull metadata from any NFT marketplace across the Cosmos. Here users can purchase NFTs on any marketplace they desire through one interface.
Learn Cosmos
Having difficulty understanding what Cosmos is about? Don’t know what CosmWasm is or the full capabilities of the IBC? Our AI chatbots and videos will walk you through the interchain in an easy step by step manner.
Team
Daniel Machlup - CEO
- Studied Finance and Accounting University of Cape Town
- 3 years investment banking where he gained full exposure to 6 different divisions of a dual listed bank
- 1.5 years running the Digital Services division and growth marketing of a fintech startup
- UC Berkeley MBA
- Spent time at Menlo Ventures in their Entrepreneur in Residence program where he assisted various startups
- Spent time at Binance Labs where he invested in some of the best in world crypto entrepreneurs
Eliseo Imach - CTO/PM
- Product manager with 5+ years with Globant and Cloudcare in digital products working as a software engineer, project manager and product owner across different tech sectors.
- Founder of own Dev Shop
- Graduated top 1% of Computer Science class at Universidad Tecnológica Nacional
Ehsan Saradar- IBC Engineer
- PhD Candidate, Blockchain and Distributed Computing.
- MSc,Computer Networks and Distributed Systems.
- BSc, Information Technology.
- 1 year blockchain developer at Quasar.fi
- 2 years lead blockchain developer at Thorchain
- 2 years lead blockchain developer at IEMS
Maurits Bos - Lead Smart Contract Engineer
- MSc Computational Science at University of Amsterdam
- Cosmoverse 2022 Hackathon Winner
- Founder of Pegasus
- Smart contract developments on Osmosis and Stargaze
Vinod - Frontend Engineer
- Over 12+ years of IT experience from frontend to infrastructure deployment.
- Extensive experience in web development using HTML5, CSS3, JS, Typescript, ReactJS,Nodejs, Python, NextJS, ReactJS and NextJS building full stack and SPA.
- Experience in implementing component base application.
- Tech lead for frontend for White Whale
Funding Milestones
Previous Milestones
- In a short period of time, we have deployed and audited liquidity pool staking contracts on two different chains (Juno and Terra).
- We have deployed liquidity pool staking contracts on Osmosis.
- We have developed an interchain swap router that allows for single chain hop transactions.
- Developed auto-compounding contracts for staking to Cosmos validators across Juno, Terra and Osmosis.
- We have developed a prototype frontend.
We were accepted to take part in the Berkeley Blockchain Xcelerator - one of the world’s leading blockchain accelerators, which is offered by a top US University (specifically known for its contributions to the Cosmos ecosystem).
We have managed to achieve all of this with very little funding and a very dedicated team.
Q2 2023 Milestones:
- Launch an MVP with full staking functionality across 4 chains - Juno, Terra, Osmosis and Kujira.
- Allow for staking to validators across chains
- Deploy interchain DEX aggregator
- Deploy portfolio tracker that tracks multiple wallets
- Deploy functional frontend across all the above product on mainnet
- Launch marketing campaign
- Launch video tutorials
Use of Grant - $50,000
- Audit of Osmosis and Kujira smart contracts - $16,500
- Build out portfolio tracker - $9,500
- Build and deploy interchain swap aggregator - $8,000
- Deploy fully functional frontend - $8,500
- Content marketing and technical writing - $4,000
- Technical writing, improved documentation, and video tutorials - $3,500
We are on a mission to make Cosmos and appchains as simple as possible. We look forward to a positive response and continued support from the incredible DoraHacks community.
Thanks,
Daniel - CEO of FortyTwo