SCGP APPLICATION: Seamswap

Seamless Community Grants Program (SCGP)
1

Applicant Info

General Project Info

  • Project Name: Seamswap
  • Project Sector/Type (select one): Liquidators | DEX Liquidity | ILMs | Governance Tools | Content | Ecosystem Support | Farcaster Frames | Other
  • If “Other,” please specify: DEX

Project Summary:

Seamswap is the first swapping tool in Seamless Protocol.

Seamswap is a swapping system for ILMs/Lend Markets. Our first release is designed to help users within Seamless protocol easily manage their positions. This allows users swap all or a fraction of their position in a market to another without paying much in form of fees for withdrawal and deposit. Seamswap seeks to make it possible for users to have the best possible experience across these areas:

ILM/Lending Market Swaps

Simply, with Seamswap, you can now move from sDAI → sBRETT without moving from one defi protocol to another withdrawing, swapping, depositing tokens. It’s as simple as selecting the asset you want to move to and that will be it.

Reduced Fee

With this reduced navigation between defi platform, you definitely reduce the fee/rate differences in swapping across those protocols. In Seamswap all action happens once and you get the best rate for swapping these assets.

Fractionalising Positions

Users within the protocol can decide to move a fraction of their position to another asset, they don’t need to withdraw, and deposit again before they can be able to do that. We simplify this process for them, thereby reducing the fragmentation currently in the ux for that action.

Explore Markets

We are bringing a Seamless-native data dashboard that visualises all transactions and markets to enable users to have the right data for decision making. The first version of this is currently very basic, we intend to keep this simple while adding more useful features.

Currently, users should be able to see their transaction history and protocol wide transaction history. Including market data and their personal watchlist. These are just the beginning of what is ahead.

About the Team (+location):

We are a team of experienced builders who have worked across Productivity, Logistics, Community tooling, Reputation management tooling etc. We bring these years of experience with the goal of delivering a world class experience to the Seamless ecosystem.

Relevant Links (website, github, discord, twitter, gitbook, explainer decks, etc):

Website
Twitter

Market Research (target users, competitors, market potential, pain points):

Proper position/asset management is what investors and DeFi traders need to always do in order to maximize the returns from their trading activity. As the first tool in the Seamless ecosystem that provides lenders and borrowers a platform to swap tokens within the strategies available within the protocol.
Seamswap is built for lenders, borrowers and investors within the Seamless ecosystem.

Detailed Project Info

Goals/Objectives + Relevance to Seamless Protocol/Community:

Seamswap aims to simplify asset management within Seamless Protocol by enabling users to swap positions within ILMs and Lending Markets easily. The objectives include reducing transaction fees, enhancing user experience through fractionalization of positions, and providing actionable insights via a Seamless-native data dashboard.

Relevance to Seamless Protocol/Community:
Seamswap is integral to Seamless Protocol, as it enhances liquidity management, reduces friction in asset swaps, and supports informed decision-making. This aligns with Seamless’s mission to optimize DeFi strategies and improve user experience.

Roadmap:

Q3 2024:

August/September:

  • Release a stable version of Seamswap.
  • Design the Telegram bot for Seamswap.
  • Launch an intensive marketing initiative to create awareness for the value propositions of Seamswap.

Q4 2024:

October:

  • Plan for the development of a Seamless-native leaderboard and NFT (ERC-1155) that can be used as an alternative avenue for rewarding lenders, borrowers and ILM participants.
  • Continue marketing to create awareness about Seamswap.
  • November/December:
  • Build the Leaderboard, participatory NFT and Telegram bot for Seamswap.

Q1 2025:

January/February:

  • Community suggested improvements to Seamswap
  • Targeting first $250k in transacted volume
  • Launch the Telegram bot, Leaderboard, NFT, Improved Seamswap, etc.

March:

  • Intensive Marketing and Distribution of the Improved Seamswap
  • Targeting first 5,000 unique users/wallets
  • Targeting first $500k in transacted volume
  • Share plan for road ahead for Seamswap

Funding Request + Budget Breakdown:

Total grant requested: $25,000 in esSEAM.

80% for:

  • Services platform(RPC, Database, Server)
  • Development cost (tools, product/art designers & developers)

20% for Operations & Marketing

Considering the plans we have in our board, the costs for building Seamswap will definitely exceed the requested amount over the next 6 months, but we hope to continue building, scaling Seamless and growing Seamswap too and may consider re-applying to future grant programs if we have the chance to.

Other Info

Please link to any previous work that showcases your expertise:

The team building this has had experience building across crypto b2c and web2 b2b and b2c with companies like Meetwithwallet, Laasify, The Connected Awards, Wireways, Turing, Repute etc. We have partnered before in projects and have a track record of delivering features fast and testing with the market.

Anything else we should know (e.g. existing partnerships, early adopters/community)?

Product marketing has already begun and we have setup multiple channels of distribution and execution of our marketing plans.
We also got an offer of a co-marketing partnership with LI.FI which we will also be exploring.

Where did you hear about the Seamless grants program? Seamless Protocol Discourse and Seamless Official Twitter

Have you received any other funding (vc/institutional, angel and/or other DAO/grant funding)?

No

Wallet Address that can accept ERC-20 Tokens on Base (this will be directly verified again prior to funding):

base: 0x6e401D8bF5832b2d127A3d7652b86F6E906Ee4e2

1 Like
2

Thanks for applying @Patrick! At first glance, the projects looks very promising and, what is very important, indeed would contribute to the Seamless ecosystem.
Before we make the final decision, we would like to clarify some things:

  1. Do you have a githhub or has it been audited?
  2. How does the swap of ILM tokens work ? In theory people should be able to LP their ILM LP token into a DEX, which doesn’t seem possible on the website
  3. If one wanted to swap his/her Leveraged ETH 3x for wstETH loop, then you should have a pool of both of those tokens (like Uniswap dex style) otherwise there’s no wstETH loop to give a user for his/her Leveraged ETH 3x. Are we missing something?
1 Like
3

Thank you for the kind words on what we’ve been built so far.
Here are the answers to your questions:

  1. Do you have a github or has it been audited?
    For this, we have a github that is managed by us privately and we are open to granting access for reviews by any technical person in the SCGP team that wishes to review.

We are currently utilizing seamless protocol’s smart contracts so we do not have any in-house smart contracts that need auditing. We are basically inheriting their security for the current implementation.

  1. How does the swap of ILM tokens work ? In theory people should be able to LP their ILM LP token into a DEX, which doesn’t seem possible on the website.

We make this work the same as the Lend markets swap, where ILM positions in one flow/transaction gets withdrawn, swapped to the base LP token of the other strategy and redeposited. This fails at some point due to some RPC issues. We hope to move to a paid provision soon to ensure top reliability.

  1. If one wanted to swap his/her Leveraged ETH 3x for wstETH loop, then you should have a pool of both of those tokens (like Uniswap dex style) otherwise there’s no wstETH loop to give a user for his/her Leveraged ETH 3x. Are we missing something?

We are currently using a liquidity pool from a third party to perform each swap, so our implementation works as that of a primary dex where tokens are swapped between pools.

4

Hey @Smailov @daryl I’ve been waiting for the decision on this and i don’t know whether this is still being reviewed or forgotten.
Please can we check in here and let us know of any decision or more questions.

5

Hey @Patrick!
First of all sorry for taking so long to reply. The Grants Council is absolutely excited about what you have prototyped and is looking forward to seeing Seamswap gain traction. Unfortunately, for now, it’s too early for a grant. However, given what I have said above, we are looking forward to reexamine your applications at a later stage.

6

Thank you @Ras for your response and for the positive feedback on our prototype. While it’s disappointing to hear that the grant isn’t possible at this stage, we understand the decision.

In light of this, would it be possible to consider a reduced grant amount? This would allow us to extend our runway and focus on stabilizing the product, while also initiating community outreach efforts. So far, I’ve been able to keep the team together with limited resources, but we have pending and urgent needs such as RPC and server bills, and a community outreaches campaign which could help us build visibility.

If adjusting the grant request makes it more feasible for approval, we would be eager to move forward and continue building on Seamless Protocol.

Looking forward to your thoughts. I’m also available to jump on a call to discuss anything in the line of this, as I strongly believe we have a lot planned out towards scaling Seamless Protocol to other verticals and channels.

Cc: @Smailov @daryl