Development - Community Fund Spend
Poll is now live: Anchor
The Harpoon Protocol team would like to highlight that we are applying for this grant retrospectively. Our platform is designed, built and ready to deploy at a moment’s notice. This project has thus far been completely self-funded by the people involved.
Harpoon is an elegant and efficient solution allowing the every-day Terra user to bid on under-collateralized loans on Anchor and execute liquidations on their collateral.
A common and popular topic in the community is the absence of a tool allowing users to easily participate in Anchor’s liquidations market. Harpoon Protocol was built with the “non-technical” person in mind - we embrace TFL’s motto: “Look outwards”.
Liquidations are currently limited to people familiar with coding who manually input liquidation bids and interact with Anchor’s Liquidation Contract directly. The obvious downside is that this encourages centralization; a small minority interact with the contract.
Harpoon offers a user-friendly, smart contract-backed (more on this below) UI platform that allows for seamless bidding on bLUNA collateral at risk of liquidation on Anchor.
Anyone with a Terra wallet can use Harpoon’s interface. It is extremely intuitive and easy to use. This is something the community has repeatedly asked for and we are proud to provide them with this platform, opening up Anchor’s liquidation market to all.
Using Harpoon’s friendly UI, users participate in Anchor’s Liquidation Contract. It works as follows:
- The user connects their terra wallet via the Terra Station Chrome Extension.
- The user submits a UST bid to Anchor’s Liquidation Contract and chooses a bid’s premium/discount rate (up to 30%). This bid is essentially a deposit into the liquidation contract. It is not tied to any specific loan/borrower address and, due to Anchor’s contract architecture, the user can only have one bid in place at any given time (the bid can be retracted at will).
- Once a loan is up for liquidation (it has exceeded Anchor’s safe ratio of 50% LTV), the user can attempt to “Liquidate” that loan, using their bid amount to pay off that borrower’s debt and win a portion of their collateral (or all of it!) with a premium/discount.
Both the front-end and the back-end for V1 are developed and are currently awaiting release!
*Captured Directly From Site
Our team is a small group deeply invested in the Terra ecosystem. We have infrastructure, development, BA, and technical & marketing skills and resources in abundance.
As a further commitment to the Terra Ecosystem, we are currently building a potential Validator Node and aim to have it up and running in April/May.
We are fully prepared to immediately roll out our project, including marketing and community engagement.
We are currently not aware of any competing product and believe we are the first to market. The platform will be open to a global audience and will be accessible 24/7/365.
With longevity in mind, we are looking to build a smart contract which will benefit the Terra ecosystem as we progress, and provide reward incentives for the LUNA stakers on the network.
• Company formation costs.
• Enterprise grade AWS hosting…
• Ongoing development/support costs, including:
- Development and deployment of a state-of-the-art indexer to match Anchor’s Money Market and Overseer contracts.
- Development of a slick, easy-to-use UI that interacts with Anchor’s contracts, built on modern technologies ReactJS
- Dark mode
- IP restrictions & better security
- V2 - updated indexer potentially looking at web sockets + new infrastructure
- V2 - updated UI with detailed analytics screens
- V2 - tracking of bids
• Domain name registration and hosting.
• Trademark registration.
• Research and development time invested by the team - see itemized budgeting for the project below.
Detailed R&D Cost Breakdown
- (1 ANC = 5 USD at time of writing)
|UI Prototyping||60||1200 ANC|
|Brand Design||24||480 ANC|
|V1 Backend & Indexer Dev||250||5000 ANC|
|V1 User Interface||180||3600 ANC|
|V2 Indexer||214||4280 ANC|
|V2 UI with Analytics Etc||160||3200 ANC|
|Various Deployments||24||480 ANC|
|QA / Bug fixing||24||480 ANC|
|Buffers / Misc||24||480 ANC|
We have summarized all of the costs punctuated above to the fair estimate of 1040 hours, at a standard rate of $100/h + maintenance / infrastructure costs of 1200 ANC
Total ANC requested = 22,000 ANC * capped at value of 110000 USD
Milestones / Vesting
Given that V1 is fully operation and ready to go, we propose the following basic vesting structure:
|Grant Release + V1 Launch||55% (12100 ANC)|
|V2 Release||45% (9900 ANC)|
As highlighted above, Harpoon aims to bring a platform to the Terra Ecosystem that compliments Anchor in several ways whilst adding value to the community. There are many members of the community looking for a solution providing direct interaction with Anchor’s Liquidation Contract.
Far beyond an MVP and concept, we have a fully functioning protocol ready to deploy and a fully stacked team waiting to implement.
Harpoon Protocol is a platform in its own right and has no dependencies on anything other than Anchor’s Liquidation Contract. We are unaware of any interference with any projects.
Slack - We are well positioned with the size of our team to handle an immediate increase of use on the platform. Should we need to onboard more people in the future to stave off any potential scope creep, we will do so.
Our Twitter account has gained over 1000 followers with purely organic reach. We anticipate this number to rapidly increase with paid promotion.
We have been featured on Terra Bites and various other vlogs & podcasts.
Several Telegram channels have expressed keen interest in what we are doing, and our own Telegram has amassed over 250 members through word of mouth alone.
As users interact with the platform we expect requests for more advanced features. Our platform design is extremely agile. Discussions for a Smart Contract within our team are ongoing. We would not be without the input and support of the Terra community and will include them through rewards and incentives as we build our brand and platform.
We are currently engaged with the Anchor/Terraform Labs team and will continue to do so.
We are in the fortunate position of counting team members with many years of relevant experience in supporting all aspects of Harpoon, from infrastructure and logistics to marketing and design.
We have a very varied skill set amongst us and are very lucky to have the team at Lab19 to help development both Front-End and Back-End code.
Harpoon V1 + V2 are the first of our endeavours. We will continue to deliver valuable services to the Terra community. Items on our roadmap are:
- Harpoon Protocol V3: Liquidation pools; On-chain liquidations.
- Validator Node.
We are immensely grateful in advance for your support and votes, and are very much looking forward to reading your comments and interacting with the Terra/Anchor community.
We’re committed, prepared and fully ready to give users a fair chance at harpooning some whales.
Stay Tuned to our Twitter and Telegram for updates and tutorials!
In regards to our code: Each iteration of Harpoon Protocol will be released under the MIT open source license within 30 days of version release.