Compound Pocket Companion: Your DeFi World in Hand (Ideation)
Project Purpose
Our goal is to create a user-friendly mobile app for Compound users. This app will let users easily handle and monitor their investments using their mobile devices.
Project Description
We’re planning to create a mobile app designed to help Compound users effectively interact with Compound services even on their mobiles!
Here’s how it do that:
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Alerts on Liquidation Risk: The app will warn users if their investments are in danger. Users can fix this problem in one click.
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Tracking Multiple Accounts: Users can keep an eye on several accounts at once and get warnings about any problems.
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Quick Look at Portfolio: Users can see all their investments in one place quickly.
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Easy Market Activities: Users can lend, borrow, and stake directly from their phone.
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Connection with Compound: The app lets Compound keep in touch with its users. Compound can quickly notify its users about any big news.
Our goal here is to build an easy to use mobile app that really help an average Compound user and that even an non-techie user can use
What Problems it Solves and Why it’s Important
Some people argue that DeFi apps like Compound don’t need a mobile app because their websites are already mobile-friendly, and not many people use DeFi apps on mobile.
However, this idea overlooks a few key points.
First, there are hardly any mobile apps for DeFi. Even major players like Compound don’t have one yet.
So, it’s no surprise that mobile usage is low - there aren’t many options to use.
Meanwhile, Binance has over 50 million downloads on Android alone! This shows that there’s a demand for mobile apps in the crypto space.
So, here’s how our app will make a difference:
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Liquidation Risk Alerts: Crypto markets are unpredictable and can change quickly. Users can’t always be on their desktops to monitor their positions. But everyone always has their phone with them. Our app will alert users about any liquidation risks and give them a chance to prevent it with just a click.
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Multiple Account Tracking: We know that users often don’t have their main account on their phone. That’s why our app lets users keep an eye on several accounts at once. It will alert them about risks on any of their accounts. Now users can secure their portfolios anytime, anywhere!
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Quick Portfolio Views: Our app gives users a fast and simple way to look at their entire portfolio.
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Manage Portfolio on the Go: Users can easily manage their portfolio and do market operations like lend and borrow directly using their phone.
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Connecting Community and Project: Having a connection between a community and a project is crucial. Our app lets Compound connect with its users and help Compound instantly notify them about any major announcements.
Benefits for Compound :
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More Usage: By having a dedicated mobile application, Compound can expect to see a surge in usage. The convenience and accessibility of a mobile app lead to more frequent interactions. Users will have the ability to monitor their investments, lend and borrow directly from their mobile device at any time and place. This increased accessibility and ease-of-use often results in a more engaged user base.
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Better User Experience: A well-designed mobile application can significantly enhance the user experience. Unlike the conventional web-based platforms, the app will be designed keeping in mind the preferences of mobile users, which could mean easier navigation, more intuitive controls, and generally a more user-friendly interface. The ability to receive push notifications about liquidation risks or new opportunities directly to their mobile devices can also greatly enhance user experience.
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First Choice of Mobile Users: With the increasing number of mobile users in the DeFi space, having a dedicated app could position Compound as the first choice for those who prefer using their mobile devices for managing their DeFi investments. Given the right marketing and user experience, the Compound mobile app can become a preferred choice for mobile users in the DeFi space.
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New Untapped Opportunity: As it stands, the mobile DeFi application market is relatively untapped. By developing a dedicated mobile application, Compound will be capitalizing on a new, largely untapped market segment. This opens the door to attracting a whole new demographic of users who might prefer a mobile-first approach to DeFi investments. With the continuous growth of smartphone usage globally, the Compound app has the potential to substantially increase Compound’s overall user base and total value locked (TVL).
Any technical or other risk?
While we’re confident in our ability to deliver the proposed mobile application, we understand that any project of this nature could encounter unexpected challenges. We’ve outlined potential risks and our mitigation strategies below:
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Technical Challenges: While developing a mobile app for a complex DeFi platform like Compound, we might encounter technical issues related to integration, security, or performance. Our experienced team is equipped to handle these challenges, and we’ll also set up regular code reviews and testing to catch issues early.
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Security Risk: Given the financial nature of the app even it is only frontend, proper security is needed. We plan to conduct regular internal security audits and integrate best security practices to mitigate this risk. Moreover, we’ll ensure all data handling complies with applicable data protection and privacy regulations.
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Regulatory Risk: The regulatory environment for DeFi is rapidly evolving, and future changes could impact our project. We’ll keep a close eye on these developments and adjust our plans as necessary to maintain compliance.
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Project Timeline Risk: Unforeseen circumstances could potentially delay the project. To mitigate this risk, we’ll employ agile project management methodologies, allowing us to adapt and re-prioritize tasks as needed.
To ensure transparency and build trust, we won’t request any upfront payment and will only be paid any money after the first milestones. This underscores our commitment to delivering a high-quality, effective product for Compound and its users.
Maintenance
Maintenance is an essential part of the lifecycle of any application, especially when it involves financial services like Compound. Ensuring the app is always up to date, secure, and free from bugs is key to providing a seamless user experience and instilling trust in the user base.
As markets and technology evolve, the application will need to adapt to new requirements and changes. Maintenance also ensuring compatibility with new devices and operating systems versions.
As part of our commitment to the success of this project, we are offering a 6 months free maintenance after the app’s launch.
This includes regular updates, bug fixes, security patches, and user support.
After the first year, if requested we can provide ongoing maintenance services at a rate of $1,500 per month.
This cost ensures that the Compound app continues to deliver a top-tier experience for its users, with the latest features and a high level of security, usability, and stability.
App Launch
The major concern for the app is that it may not be accepted by the Apple App Store, and all the work may be wasted.
There are already a few DeFi apps available on the App Store -
All of them are DeFi apps, similar to Compound, and have been accepted by the App Store.
So, I don’t think there will be many issues when launching in the App Store.
However, it might require a significant amount of time and discussion with the App Store Team.
To ensure we devote the necessary attention to this and to show the community that it is our first priority we have a allocated a large chunk of the Project to the Milestone of the App Store Launch
With that in mind, we’ve already started contacting the Uniswap and other DeFi mobile teams to understand their experiences and learn how they launched their apps on the Apple App Store.
We are confident that we will be able to launch ours on the App Store.
But if, for any reason, the launch is delayed or even canceled, we will persist in reaching out to them, discuss the issues, and modify our app to meet their requirements until they approve it.
Cost & Milestones
To make this proposal as riskless as possible we will only ask for any payment after the first milestones is completed, so no upfront payment!
Milestones:
| No. | Scope | Deliverables | Time | Payment Released |
|---|---|---|---|---|
| 1 | Building the App Wireframes and Figma Designs for all the screens of the App | App Wireframes and Design | 10 Days | $5000 |
| 2 | Build the Base App with Dashboard Functionality Added | iOS and Android app with Dashboard Functionality | 15 Days | $10000 |
| 3 | Build Markets Page and add Functionality of Market Operations like Lending/Borrowing in the App | iOS and Android app with Market Operations Functionality | 15 Days | $10000 |
| 4 | Development of Market Position Monitoring and Notification Service | Completed Market Position and Notification Service with Full Source Code | 15 Days | $10000 |
| 5 | Build and Integrate Position Monitoring and Liquidation Notification in the App | iOS and Android app with | 15 Days | $10000 |
| 6 | Complete the App with any remaining functionality, with app optimization and testing | Completed iOS and Android app with full source code | 20 Days | $10000 |
| 7. | Android Playstore Launch | Playstore Launch | ~ | $10000 |
| 8. | App store Launch | Apple Appstore Launch | ~ | $10000 |
Total Cost : $75k
Expected ETA : ~3 Months
Budget Breakdown
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Senior Blockchain Developer ($300 per day): A senior developer is essential to handle the intricate blockchain elements of the app. They will be primarily responsible for the base app and dashboard functionality, implementing the market operations, developing the market position monitoring, integrating this service into the app, and any remaining functions. Given the high level of expertise required, their daily rate is the highest.
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Designer ($200 per day): The designer’s role will be fundamental in the initial phase, to create the wireframes and designs for the app. A well-designed, user-friendly interface is critical to the success of any app
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Blockchain and App Developers ($250 per day each): These developers will work alongside the senior developer and are instrumental in translating the designs into functional app elements and integrating the blockchain functionality.
Breakdown :
1. Building the App Wireframes and Figma Designs:
- Timeframe: 10 Days
- Involved: 1 Designer, 1 Senior Blockchain Developer
- Daily Cost: $500 ($200 for Designer, $300 for Senior Developer)
- Total Cost: $500 * 10 days = $5,000
2. Building the Base App with Dashboard Functionality Added:
- Timeframe: 15 Days
- Involved: 1 Senior Blockchain Developer, 2 Blockchain/App Developers
- Daily Cost: $800 ($300 for Senior Developer, 2 * $250 for Developers)
- Total Cost: $800 * 15 days = $12,000
3. Building Markets Page and Market Operations Functionality:
- Timeframe: 15 Days
- Involved: 1 Senior Blockchain Developer, 2 Blockchain/App Developers
- Daily Cost: $800 ($300 for Senior Developer, 2 * $250 for Developers)
- Total Cost: $800 * 15 days = $12,000
4. Development of Market Position Monitoring and Notification Service:
- Timeframe: 15 Days
- Involved: 1 Senior Blockchain Developer, 2 Blockchain/App Developers
- Daily Cost: $800 ($300 for Senior Developer, 2 * $250 for Developers)
- Total Cost: $800 * 15 days = $12,000
5. Integration of Position Monitoring and Liquidation Notification in the App:
- Timeframe: 15 Days
- Involved: 1 Senior Blockchain Developer, 2 Blockchain/App Developers
- Daily Cost: $800 ($300 for Senior Developer, 2 * $250 for Developers)
- Total Cost: $800 * 15 days = $12,000
6. Completing the App with Remaining Functionality and Testing:
- Timeframe: 20 Days
- Involved: 1 Senior Blockchain Developer, 2 Blockchain/App Developers
- Daily Cost: $800 ($300 for Senior Developer, 2 * $250 for Developers)
- Total Cost: $800 * 20 days = $16,000
By adding all these costs, the Total Estimated Budget for this project aligns with the total cost in your table: $5,000 (Design) + $12,000 (Base App) + $12,000 (Market Page) + $12,000 (Position Monitoring) + $12,000 (Notification Integration) + $16,000 (Final Touches) = $69,000
To reach the total project cost of $75,000 as initially proposed, the remaining $6,000 is assigned for App Launch, Small Unaccounted Task, Maintenance, BD, etc. and also for any potential contingencies, unexpected issues, additional small tasks that may emerge during the project execution.
Team
Our team at Blockdudes has a proven track record in the blockchain space. We have developed and contributed to a multitude of projects, enhancing the infrastructure and applications of various chains and platforms.
Amrit Kumar Jain - CEO and Founder, Project Lead
GitHub: amritkumarj, amritkumarj (Amrit Jain) · GitHub
LinkedIn: Amrit Kumar Jain, https://www.linkedin.com/in/amritj/
Amrit Kumar Jain, the founder of Blockdudes and the lead for this project, brings a wealth of experience and a wide network to the project. His vision for aiding blockchains in building robust infrastructure has shaped Blockdudes trajectory and he has established strong connections within the industry, including notable figures such as Vitalik Buterin, the founder of Ethereum.
Team Members
Three other members of the Blockdudes team will contribute to this project, bringing their diverse skills and experience. Their roles include app developers, designers, and blockchain developers who will collaboratively ensure the project’s success.
As a collective, the Blockdudes team has successfully executed a range of significant projects, a few of which are:
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Decentralized Bridge: Worked with Vitalik Buterin to develop a decentralized layer 2 bridge.
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Mask Network: Integrated new features into the Mask Network browser extension.
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Unstoppable Domains: Assisted in integrating their service into various DeFi projects like Balancer, Enkrypt,zksync wallets, etc.
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Messari: We have worked with Messari on multiple projects, including developing several DeFi subgraphs that can be viewed at subgraphs.messari.io, this website is also built by us. We are currently working with them on building a large data project like Dune tables for multiple chains from scratch, which includes all Cosmos Chains, Filecoin, etc.
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Reserve: Developed DeFi collateral plugins.
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Verge: Developed ISO 20022 Application for Verge and helping them integrate Smart Contracts in their chain
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Vetoken Finance: Constructed the project’s website and data graphs.
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Osmosis: Collaborating to build DeFi Vaults and strategies.
These examples represent a fraction of our work. We’ve completed several other projects, and our collective experience and success will be instrumental in the development and success of our proposed project
Team Long-Term Vision
Our long-term vision goes beyond this single project.
We aim to establish ourselves as a strategic partner of Compound, assisting in its growth and in developing similar products.
Our goal is to attract more TVL to Compound, enhance its ecosystem, and, importantly, to improve the user experience for all Compound’s users.
We understand the power of seamless user interfaces and efficient backend functionality, and we’re excited to apply our expertise in these areas to Compound’s future growth and success.
TL;DR
We propose “Compound Pocket Companion: Your DeFi World in Hand”, a mobile app for Compound users offering convenient access to Compound services, including liquidation alerts, multi-account tracking, and quick portfolio views.
The $75k project, led by experienced blockchain team Blockdudes, no payment upfront requested.
All the code will be open-source and Compound will have the full control of the app
This is an ideation proposal to check how the community reacts - there might be some changes to this proposal as per the suggestions and how the community reacts