Project Name: CYX - A Synthetic Basket Index
Description: CYX is a synthetic basket index token that tracks the top 50 native cryptocurrencies (non-stablecoins) by market capitalization drawing similarity to the S&P 500. It provides general users with a transparent, diversified, and scalable financial instrument, simplifying exposure to the broader crypto market. This project uses Zenon’s Network of Momentum (NoM) to deploy CYX as a native ZTS token, utilizing oracles for price feeds, on-chain logic for index management, and decentralized governance for decision-making. The building of CYX exploits Zenon’s capabilities by introducing a robust financial asset that aligns with its ethos of decentralization and scalability creating new opportunities for adoption and utility within the community.
Team: Yo! Here a solo dev been researching Bitcoin and Distributed Ledgers since late 2018. A Zenonite friend mentioned this Accelerator-Z program, so I’m giving a try. I’m currently evaluating chains such as Rootstock, Stacks, and Zenon to determine the safest and most efficient ENV for this project, with Zenon being a strong bet due to its, for sure, advanced pioneer arch. that I’m highly interested into learn more.
Phases
Phase 1: Research and Design
Main Tasks:
- Define CYX token properties and governance framework.
- Research and integrate oracles for price feed data (e.g., Chainlink).
- Develop the CYX calculation engine and testing framework.
Completion of Phase 1 will be measured by:
- Delivery of a detailed CYX technical blueprint.
- Demonstrating a functional prototype of price aggregation and index calculation.
- Community feedback on proposed governance and implementation.
Duration: 2 months
Phase 2: Development and Integration
Main Tasks:
- Deploy CYX as a ZTS token on Zenon’s Network of Momentum.
- Develop smart contracts for index management and governance.
- Build integration with the Syrius wallet for user interaction with CYX.
Completion of Phase 2 will be measured by:
- Successful deployment of CYX token and governance contracts on Zenon.
- Functional Syrius wallet interface for interacting with CYX.
- Initial security audit and community testing.
Duration: 3 months
Phase 3: Deployment and Scaling
Main Tasks:
- Conduct a thorough audit of the CYX system.
- Launch CYX to the Zenon community with educational materials.
- Optimize for scalability and expand governance participation.
Completion of Phase 3 will be measured by:
- Full audit report addressing identified vulnerabilities.
- Public launch of CYX with accompanying documentation.
- Community adoption metrics (e.g., number of wallets holding CYX).
Duration: 2 months
Funding
Total Requested Funding = 14444 ZNN
Project Duration = 7 months
Budget Calculation:
- Development Hours: 500 hours @ 0.1 ZNN/hour (market price at proposal time: 1 ZNN = $0.69).
- Research and Tools: Allocated 30 ZNN for oracles, testing infrastructure, and risk mitigation.
- Breakdown by Phases:
- Phase 1: 2000 ZNN, 200 QSR (research, design, and prototyping).
- Phase 2: 8000 ZNN, 200 QSR (development, testing, and integration).
- Phase 3: 4444 ZNN, 100 QSR (audit, deployment, and scaling).
Project and Payment Milestones
Phase 1
- Funding Request: 40%
- Duration: 2 months
Phase 2
- Funding Request: 40%
- Duration: 3 months
Phase 3
- Funding Request: 20%
- Duration: 2 months
Risks, Assumptions, Known Issues, Dependencies:
- Oracle Dependence: Ensuring reliable data feeds and high sync.
- Governance Management: Safe tools for governance participation.
- Technical Risks: Addressing listing, compatibility and scalability during high usage.
- Dependencies: Timely integration with the Syrius wallet and availability of auditors.
Contingency Plans:
- Diversified redundant oracle systems to mitigate data feed issues.
- Progressive decentralization to strength governance structure.
- Reserve budget for unforeseen security fixes. Bounties.
Additional Information
Graphs, performance metrics, and testing results will be included in periodic updates to the Zenon forum. Visuals and demo videos will accompany community testing phases.
Other Information
Risks, Assumptions, Known Issues, Dependencies: What are the variables and dependencies? Do you have contingency plans for significant assumptions, variables, and dependencies?
-There’s evident learning curve I must pass on for syncing with the Zenon Network. That can last some but the use of Solidity and Chainlink’s oracles are something thats achievable in a short run.
Have you previously submitted a proposal (either in Acclerator-Z or Incubator)? If yes, how did they turn out? Link to all previous proposals or finished products-
-Nop - didn’t submitted before.
Raw Graph:
