Executable EGP 18 - BootNode - no-code xERC20 Launchpad

Abstract

We propose developing a no-code xERC20 Launchpad, a platform designed to empower teams building protocols, networks, coins, and dApps to launch or upgrade their tokens across multiple blockchains effortlessly.

The main components are:

1. Frontend: xERC20 admin for creating, upgrading, managing, and monitoring tokens.
2. Smart contracts: xERC20-related contracts already exist. However, we need to apply some modifications and extensions, aiming for a much better developer and user experience (listed further in the proposal).
3. Backend: Subgraphs to track all required data for token management. eg: Control panel and stats.

Motivation

Many teams struggle with making their tokens available across multiple networks and bridges while retaining control and managing risks without requiring extensive internal expertise in building such complex solutions.

Many projects (Wormhole, Chainlink, etc.) are trying to solve the token omnipresence problem, such as cross-chain bridging pricing (liquidity fragmentation, slippage), Crosschain Sovereignty (users always receive the same "official" token when bridging), Canonical Fungibility, Granular Security Control, Scalability, etc. They all claim to be the ones creating the future-proof, open, flexible, and composable framework and standard.

Nevertheless, we believe that only xERC20 (EIP-7281) is a true non-proprietary non-vendor lock-in standard that will drive standardization (you can learn more at https://www.xerc20.com 1).

Rationale

1. Our platform will simplify the token creation, setup, and launch process, reducing the time, technical expertise, and financial resources typically required. By providing an intuitive, user-friendly interface, teams can create and manage tokens without prior coding knowledge, making the process accessible to a broader audience.
2. Once the xERC20 is created, the owner can permissionlessly enable minting and setting thresholds in different networks.
3. Additionally, the Launchpad will feature built-in standards and security measures, ensuring that all tokens adhere to the latest standards and best practices.

In summary, our no-code xERC20 Launchpad will democratize token creation, offering a cost-effective, efficient, and secure solution for projects seeking to innovate and expand in the digital asset space.

While it may not help high volume tokens with representations existing on multiple chains to become xERC20 - those will need to go through a custom upgrade route that we also provide - it would be helpful to those just starting or thinking how to go cross-chain.

It would also be valuable for the xERC20 and Everclear ecosystems to have such a launchpad to lower the barrier for entry and help more projects upgrade or have an easy way to start cross-chain from day one!

Specifications

1. ERC20 to xERC20 Evolution: users can upgrade tokens that already exist on a single chain to the xERC20 standard. This feature allows the customization of essential attributes to meet the xERC20 specifications, enhancing token interoperability and functionality.
   1. Deploy xERC20 on one or more given networks
   2. List supported chains
   3. Obtain information about the entered token
2. Create xERC20 from scratch: the token is new and is not deployed anywhere.
3. Token management: allows adding and removing bridges, setting limits, adding a token to a new network, etc.
   1. Get xERC20 from ERC20 (system action)
   2. List the bridges used by network (system action)
   3. Add a new bridge (user action)
   4. Remove an existing bridge (user action)
   5. Add the token to a new network (user action)
   6. Edit an existing bridge, including limits (user action)
4. Dashboard: monitor total supply, network distribution, bridge configuration, and their current status, etc. It can be used even if the xECR20 was not created with this tool.

Out of MVP Scope

1. Upgrade ERC20 tokens that exist on multiple chains.
2. Token deployments or updates using Safe or Smart Accounts.

High-level Architecture

The main components are:

• Frontend: xERC20 administration for creating, upgrading, managing, and monitoring tokens.
• Smart contracts: xERC20-related contracts already exist. However, we need to apply some modifications and extensions, aiming for a much better developer and user experience:
  • Adding Owner as a parameter during the deployment.
  • Adding Initial Supply as a parameter during deployment.
  • Modifying Mint/Burn limit handling to prevent potential DoS attacks.
  • Adding a function for editing the configuration of multiple bridges simultaneously. It lowers the amount of transactions a user must execute.
• Backend: creation of subgraphs to track all required data for token management. Eg: Control panel and stats.

A few sample Mockups

• Landing

  

• Use Case: upgrading an existing ERC20 token to xERC20 cross-chain token (including ERC20 contract implementation pre-conditions evaluations).

  

• Quickly and easily setting up bridges and allowances.

  

• xERC20 dashboard (early version).

  

Key deliverables

• Launchpad landing page and dApp
• Smart contracts
• Technical content writing (Twitter/X posts, articles)
• Community call demo
• Video demo and How-to documentation

KPIs

1. Total xERC20 tokens created from scratch
2. Total ERC20 tokens upgraded to xERC20
3. Total xERC20 that added Everclear as a bridge

Implementation Roadmap

Milestone #1

1. Scope definition, project planning, complete UX/UI design, and solution architecture design.
2. Feedback iteration (share Figma and retrieve feedback from some potential users and Everclear DAO/Foundation team members)
3. Refinement of scope, UI, etc.
4. Progress report to share with the DAO

Milestone #2

1. Iterative development according to the project plan.
2. SC Audit.
3. Testnet Deployment.
4. Progress report to share with the DAO

Milestone #3

1. Mainnet Deployment.
2. Documentation, explainers, how-tos, etc.
3. User Testing.
4. Progress report to share with the DAO

Milestone #4

1. Adoption and awareness.
   We look forward to working with the community leaders, marketing collaborators, educators, and content distributors around the Everclear ecosystem, which the DAO already funds.
2. Progress report to share with the DAO

Timeline

• MVP delivery:
  • Development, QA, and deployment: 5 to 7 weeks.
  • User testing, feedback, and promotion: 3 weeks.
• Hosting, subgraph signaling in The Graph decentralized network, and user support (eg, Telegram): 12 weeks. We can share a more precise plan after this initial launch and feedback-gathering period.
  • Should this period not be sufficient to draw conclusions, Bootnode will extend it by 8 more weeks. The necessary budget for hosting and support may need to be requested from the DAO. First, we need to complete the process in order to better understand the required effort and costs.)

Overall Cost

Total: 90,000 USDC (636,160 NEXT) and 16,000 USDC (113,095 NEXT) for the audit (as per the quote provided by auditor Creed after reviewing the Scope of Work and initial Pull Requests). Also, a 20% buffer (149,851 NEXT)

• Upfront: 0%
• Upon milestones completion:
  • Milestone 1: 25,000 USDC (25%). 176,711 NEXT
  • Milestone 2: 0
  • External Audit: 16,000 USDC (15%). 113,095 NEXT
  • Milestone 3: 65,000 USDC (60%). 459,449 NEXT with a 6m linear vesting.
  • Buffer 20%: 149,851 NEXT

TOTAL = 899,106 NEXT

Notes:

1. The amount in NEXT was calculated using a 30-day TWAP. We propose following the same approach as the Governance Task Force adding a buffer of 20% to cover contingencies such as abrupt changes in the NEXT price. Any modification that leads to the use of this buffer must be properly pre-notified to the DAO. Unused NEXT from the buffer will be returned to the treasury or may be used for building further features, subject to DAO approval.
2. The Audit will be conducted by Creed as they audited the xERC20 reference implementation. We expect great results as they are already familiar with the xERC20 context and the code, to which our team will be adding features.

Disbursements

The budget will be sent to the following multi-sig:

0x187d2167a2b756a66935bFd719B523d9456814f7

Signers:

SEEDGov: 0x1723cA992E66ef02a541ee09503F21Ef4029271A L2BEAT: 0xB345ff12f92F247349751BbE2E8585607A09F1A3 DAOplomats: 0x7C2A118717Acf3C821C584506FA5a080cfa6105C Bootnode: 0x2036CAfe136F1Ba6201ca6Da6fcf461bD4c5e635

What's happens beyond the initial launch?

The objective is to establish self-sustainability, long-term growth, and alignment with the DAO's objectives. Once the market fit has been tested and validated, the team will have a clearer understanding of future funding requirements, if any (which may or may not come from the DAO), monetization, revenue-sharing mechanisms, contributions to the DAO, etc. As of today, it's too early to make definitive statements. To summarize, after 3 months, we will share a general report with the results, findings, and insights. We will create a new RFC or proposal to the DAO to evaluate the best next steps (the product will of course be available while the discussion is in progress).