SOMA DEX
Technology consulting for a DEX platform
- Blockchain
- FinTech
- Trading
- Marketplace
- Smart contracts
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
- Website:app.mantradao.com
- Location:Hong Kong
- Date:2020
Team
- Project manager
- Business analyst
- Full-stack developer
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
Multi-asset trading
Native $SOMA utility token
International regulations compliance
High-level security measures such as KYC, AML and KYT
Permissionless regulated AMM
24/7 trading
Why wait to put your game-changing blockchainproject into action ?
Details
* 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
Got an idea? Let’s work together
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.
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.
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