Mobile and desktop interfaces of the Mantra DAO platform

SOMA DEX

Technology consulting for a DEX platform

About the client

Mantra DAO is a community-governed multi-blockchain DeFi platform that focuses on staking, lending, and governance and has a daily trading volume of $4 million. The project advocates for financial transparency and strives to give financial control back to the people.

Details

  • Location:Hong Kong
  • Date:2020

PixelPlex consulting team has crafted a development strategy for the first globally compliant decentralized multi-asset marketplace that will accommodate traders and investors all over the globe — from highly experienced DeFi players to newbies in the industry.

Business opportunity

  • Having examined the DeFi market, the client realized that it lacks a globally compliant P2P marketplace that would accommodate various crypto assets such as security tokens, utility tokens, and non-fungible tokens.
  • That’s how Mantra DAO landed on the idea to build SOMA — a platform that will allow people form different financial backgrounds to earn revenue avoiding market manipulations and restrictive authorities. All SOMA users will have the opportunity to participate in liquidity pools, airdrops, burns and buybacks, and yield farming.
  • To bring their ground-breaking idea to life the client reached out to us. PixelPlex and Mantra DAO share a successful partnership experience, so the client entrusted us to assist them with the new project’s viability evaluation and preparation of a vision and scope document.

Project goals

The client prioritized the following goals:

  • 1

    Establish a blockchain-based multi-asset platform that will allow users to work with standard LP tokens and participate in STO trading

  • 2

    Maintain KYC & AML/KYT system to ensure greater transparency and prevent malicious users from entering the site

  • 3

    Enable whitelisting of wallets and securities so that no third party can withdraw funds

  • 4

    Create a native utility token compliant under Reg D, Reg A+, and Reg S offerings

  • 5

    Introduce community voting to better identify the most popular assets

Work done

Our consulting team conducted an in-depth industry analysis, evaluated the feasibility of the client’s idea, and determined technical stack and product architecture. All these aspects were presented to the client as a thorough vision and scope document so that it can later be used as a precise roadmap and a solid demo for investors.

Project features

A blue and green icon of a chain

Multi-asset trading

A blue and green icon of a three layers

Native $SOMA utility token

A blue and green icon of a gear

International regulations compliance

A blue and green icon of a segmented circle

High-level security measures such as KYC, AML and KYT

A blue and green icon of a bullet list

Permissionless regulated AMM

A blue and green icon of a light bolt

24/7 trading

Why wait to put your game-changing blockchain
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Details

The UI of the dashboard page of SOMA
The UI of the governance page of SOMA
The examples of mobile interfaces of SOMA

* The design of layouts was provided by the client.

Solution components

Our consultants performed a discovery session which helped them identify the necessary platform’s functionality. Together with the client, we determined the core solution components:

  • Personal account page featuring the account statistics

  • Wallet page with the information about the wallet address and balance
  • Governance page featuring a list of all active pools and their statistics
  • NFT marketplace allowing users to add, create, sell, buy, hold and edit NFTs

User roles

Having evaluated the platform’s functionality and the client’s requirements, we specified 6 user roles:

Admin

Manages the pools, monitors their statistics and transaction history, and is in charge of verifying new users

LP trader

Participates in swapping and farming in different liquidity pools to earn revenue

ST trader

Participates in swapping and farming in different security token liquidity pools to earn revenue

LP broker

Creates new liquidity pools, utility and stablecoin tokens and removes LP pools if they are not active. LP brokers receive tokens as a fee for each swap in their LP pool

ST broker

Creates new security token liquidity pools and removes them if no there is no activity. ST brokers farm liquidity from STLP and receive fee percentage for each swap

Guest

Can access the platform in read mode only and is able to connect the wallet and go through the KYC procedures

User flow and processes

Our team highlighted the core points of user flow on the platform:

  • 1

    To register on the platform each users goes through KYC and AML checks

  • 2

    To engage in the platform's activities users need to connect their crypto wallets

  • 3

    Users can create liquidity and farming pools for stablecoins, utility and security tokens, and add/remove liquidity

  • 4

    Each user can participate in voting to influence the platform’s activities and community

Technologies and tools

Smart contracts

We identified smart contacts that SOMA will leverage for many of its operations, with the core contracts being:

Governance / Polling

Sets polling logic and methods to manage and interact with community voting

DEX

A Uniswap’s fork, modified to meet the requirements of the SOMA system

Controller

Is responsible role-based access control mechanism and tokens whitelisting

Treasury Storage

Accumulates and stores parts of DEX commissions and sets logic of their interaction

Mixed Bag

Sets logic of synthetic token for multiple tokens

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Native $SOMA token

While managing a wide variety of crypto assets, the platform will possess its native token — $SOMA. It will grant users the right to participate in the platform’s governance and will be Reg D, Reg A+, and Reg S compliant.

The interface of the homepage of the Savage platform

Third-party integrations

To ensure that all processes are perfectly smooth and reliable, PixelPlex suggested the client to integrate the following third-party tools and solutions:

  • We recommended the client leverage Hex Trust as it is one of the leading digital asset custodians, safeguarding $5 billion assets from 200 institutional clients. Besides, Hex Trust already successfully ensures tamper-proof functioning of the Mantra DAO platform.
  • For greater user convenience we suggested integration of several crypto wallets: Metamask, Walletconnect, WalletLink, and Coinbase Wallet as they have proved themselves to be the most reliable and efficient.
  • To protect the users’ wallets from any fraudulent activity, we highlighted the need to maintain wallet whitelisting. Our team suggested CipherTrace or Chain Analysis as they are the top-notch cryptocurrency intelligence companies.

Results

With the development and implementation strategy provided by PixelPlex, the client has completed a $6.5 million seed round managing to attract interest of the global DeFi community. The project has successfully entered the development phase, following the specifications given in the vision and scope document.

* The design of layouts was provided by the client.

The interface of the homepage of the Savage platform