Prop 11: Shark Protocol: Prediction Market Proposal
Contextual Setting
This proposal is to request funding from the Migaloo community pool in order to build Shark Protocol; a DeFi-influenced price prediction market protocol. All the details and discussion about the proposal can be accessed via the below links:
White Whale Discord: migaloo-governance: Shark Protocol
Proposer
Racoon Supply is a team of builders supported by a great community within the Cosmos Ecosystem. Racoon Supply is the team behind Racoon.Bet, Empawrium.Wtf and Racoon.Supply applications. We have built fully on-chain custom game of chances, Play To Earn NFT games, an NFT marketplace and several other smart-contracts used on Migaloo, Chihuahua, Juno, Secret and Stargaze.
Migaloo is the home of Racoon Supply and we want to grow its ecosystem and users by building a DeFi-influenced price prediction market protocol. We are convinced that the unique design of Shark Protocol has the ability to draw the attention of a lot of users. Additionally, our current on-chain applications have shown to increase on-chain activity.
Simple example and some Shark Protocol features
Every 5 minutes, 30 minutes, 1 hour, or 24 hours, you will have the opportunity to open long [bulls] or short [bears] positions based on whether the price of Bitcoin, Ethereum, Whale, etc. will be higher or lower than its current value.
Opening a long [price will go up] position entails wagering a sum of money against those who open a short [price will go down] position.
All the amounts wagered will go into a pool, and once the time period comes to an end, those who made correct predictions will receive 97.5% of the total value in the pool. A 2.5% fee is retained to be distributed among the following stakeholders:
- 70% to $SHARK stakers
- 10% added as incentives to the $SHARK-$WHALE pool
- 9% added as liquidity to the $SHARK-$WHALE pool
- 6% to $WHALE stakers
- 5% to Racoon NFTs & $RAC stakers
Below are some unique features that will make Shark Protocol very unique:
- Interactive live chat
- One of a kind UI and charts
- Mobile friendly
- Weekly missions
- Leaderboard and protocol statistics
- Custom user profiles
- $SHARK stakers is the house
- Ability to open leveraged positions
- Integrated with White Whale DEX
- $SHARK stakers and $SHARK-$WHALE LP providers get a part of the fees
For more details about how Shark Protocol will be designed, refer to the two links presented above. There is much more information.
Grant request
Shark Protocol will be exclusively developed for the White Whale and Migaloo ecosystems and their community. Moreover, it has been meticulously designed to reward the users and players of the protocol.
To fund the development of Shark Protocol, we are requesting 5 million $WHALE from the Migaloo community fund. A 10% allocation will be provided upfront to the team to initiate the project, while the remaining amount will be vested over 18 months, with releases scheduled at every block.
It is important to note that the grant can be clawbackable through governance if any unforeseen circumstances arise.
The $WHALE will be initially deposited in the $WHALE foundation wallet and a vesting contract will then be used to make the distribution.
Roadmap (short version)
A preliminary roadmap was presented in White Whale Discord. Please refer to it for more details. Below is a shortened version:
- Planning and finalize core designs: airdrop, tokenomics, visuals, collaborations and partnersips.[4-6 weeks]
- Alpha release - [10-12 weeks]: A first version of the application with some features and the smart-contracts will be released to the public.
- Beta release - [8-10 weeks]: Beta version of the application and smart-contracts. Additional features will be added to the protocol along with a first mobile version, user profile, live chart and documentation.
- Official release - [6-8 weeks]: All the features will be added to the protocol and its final version will be released.
Again, for more details refer to the aforementioned links.
There are 1 to 3 weeks periods after each milestone to adjust the protocol with respect to received comments and feedback.
Conclusion
We are highly confident that such a protocol and unique design will attract new users to Migaloo as well as within the White Whale Ecosystem. Additionally, we believe that creating a protocol that rewards its users as well as its stakeholders will draw a lot of eyes on the project. It is also worth mentioning that the majority of the $SHARK airdrop (10% of the tokenomics) will be given to the $WHALE stakers.
For more details: