Organization: Avantgarde Finance
Detailed Description of Grant Request
Avantgarde is proposing to integrate Aura with Enzyme at the protocol level and to build the corresponding front-end. This will enable Enzyme vault managers that interact with Balancer pools to maximise their yield via Aura.
Enzyme (app.enzyme.finance) is a protocol built on Ethereum that allows users to create, manage and invest in custom crypto asset management vaults. Our goal is to decentralize traditional asset management and lower barriers to entry, thereby opening access to more global consumers. As of 28 October 2022, Enzyme’s AUM sits around $73m.
Enzyme integrates with the wider world of DeFi through adapter contracts that are reviewed and deployed by a technical council DAO. Currently, there are 17 such integrations that allow a vault’s manager to interact with third-party protocols on the vault’s behalf (with more on the way!).
The world of DeFi is still relatively new, with estimates that only ~4M people have ever used DeFi protocols. However, there are somewhere between 200M to 300M potential users worldwide by most estimates, which would put DeFi penetration below 2% at the moment.
This means that the space has plenty of exciting room for growth! Enzyme intends to fill this gap by functioning as a DeFi operating system, enabling anyone to build and scale an investment strategy that suits their needs. Integrating Aura is one step we would like to take to achieve this goal.
Enzyme has been live on Mainnet since winter 2019. The protocol has been extensively audited(audit.enzyme.finance) by top tier firms and has an active $400k bug bounty in immunefi. Avantgarde has developed and maintained good working relationships with security professionals throughout the industry.
[Avantgarde Finance] (https://avantgarde.bio.link/) is and will continue to be a primary contributor to the Enzyme ecosystem. We are a team of technologists and financial professionals with a history of shipping high quality code.
Over the past 3 years, the team has:
- deployed two new versions of the protocol
- increased the protocol’s integrations from ~5 to ~20
- built and managed extensive monitoring and data collection infrastructure including seven separate subgraphs
- maintained a user-friendly dApp
- performed ad hoc contract work for large protocol users
How will your project benefit the Aura Ecosystem?
Today, $76m TVL is managed in the Enzyme ecosystem (Ethereum and Polygon).
By granting this proposal we will be expanding the reach of the Aura protocol to a new set of users, by enabling access to DAO treasuries & fund managers to maximize yield potential and governance power through BPTs.
How much are you requesting for the grant?
We are requesting $25,000 denominated in AURA (calculated using a 7-day historical moving average at the time of the proposal’s execution) from the Aura Ecosystem Fund to our governance participation address (gov.avantgardefi.eth). The AURA will be locked and used for voting.
The work will be divided in 3 phases:
|Phase 1||Protocol Research||3||1 Developer|
|Protocol Development||7||1 Developer|
|Phase 2||Audit Time (ChainSecurity)||5||1 Auditor|
|Phase 3||Frontend Research||3||1 Developer|
|UX Research & Designs||3||1 Designer|
|Frontend Development||7||1 Developer|
|Total Development Days||28||4|
Not in Scope
The Balancer adapter has been developed and audited separately, it is currently in phase 3, and it is not in the scope of this proposal.
|Total Development Days||28|
|ETA||December / Jan 2023|