Simple Summary
Coinstore to fork and host Lyra Protocol frontend on Coinstore’s webview that is modelled closely around LEAP-43 with additional infrastructure/education support to boost the adoption of Lyra and TVL.
Hosting duration will be for 6 months with a review at 3rd and 5th month to assess performance and determine transition to revenue sharing model (LEAP-49) at month 7 onwards or stop hosting.
We’re seeking a one-time upfront fee in 70,000 USDC (Negotiable for portion in $LYRA).
Abstract
In this unique proposition, Coinstore will be the first CEX interface deployer of the Lyra Protocol. Coinstore will fork and host on its own interface that provide users access to Lyra protocol suite of products with continuous visibility campaign throughout the hosting period.
Coinstore and Lyra DAO Core Contributors will work together to support the interface connecting to Lyra protocol during the hosting period.
Motivation
The potential synergies lies at Lyra Protocol seeking for continuous decentralisation of its frontend to minimise the risk of single point of failure, together with Coinstore user retention strategy to offer more products to our users and remain competitive in the fast-moving Web 3 industry.
The prospect of derivative product like Options is an intriguing one which is part of our long term roadmap and with the emergence of Lyra, we’re happy to front leap existing priorities and push boundaries to undertake the risks to host the front end as a new widget similar to LEAP-43 (Kwenta).
We’re expecting this paves the way for other CEX to witness the boundaries pushed here with a Defi and Cefi crossover frontend. Additionally, we expect the daily traders count to go up overtime as we continuously educate and introduce Options to our users as they’re mostly novices as compared to native Defi users. The giant opportunity will be there for Lyra Protocol to onboard a different group of audience which we believe compliments with their existing arrangements in the world of Defi currently.
Some background about Coinstore, we’re established in Singapore since 2021 serving 175 countries, with a very strong strategic focus in the APAC region, with countries like Indonesia, Philippines, Vietnam, India etc. We’re leveraging on these untapped region’s rapid crypto adoption and cement ourselves as the King of Asia.
Major milestone includes the signing of the MOU with Indonesia digital asset regulator (BAPPETI) allowing Coinstore to be the only foreign exchange authorised to assist in AHP grading for promising projects looking to penetrate into Indonesia’s population of over 270 million people.
We were born and bred in the bear market basically and till date have onboarded close to 3.2 million registered users despite challenging market conditions. Currently, we’re on an aggressive user acquisition campaign as evidenced by our Linkedin posts, you can see us on multiple crypto expo world tours and offline events to put ourselves in the limelight to garner more market share.
Metrics:
Daily trading volume volume → 300 - 400 million
Daily active users → 100,000 - 130,000
Top 30 in Coingecko, Top 40 in CMC
Socials:
https://www.linkedin.com/company/coinstore/mycompany/
https://twitter.com/CoinstoreExc
Specification
To justify the one-time upfront fee, we have studied the existing integrations between Lyra and other dApps and noted the lack of continuous visibility/promotion of the integration.
We must and will be allocating resources and efforts continuously to ensure the successful integration through education and additional infrastructure supports with the following:
-
Hosting of Lyra Protocol frontend on Coinstore’s webview
-
Regardless of 3rd party audits, onus is on Coinstore to conduct contract audits as part of user protection (Lyra Protocol to be notifed if major bug/exploits were to be discovered)
-
Free spot listing of $LYRA (OP and ARB network to be supported so we can act like a bridge, Lyra to provide liquidity. We’re happy to support market making meanwhile if needed.)
-
$LYRA to be featured as a Trending Token throughout entirety of hosting period.
-
$LYRA to appear as a recommended token whenever users search for Alt coins throughout entirety of hosting period.
-
$LYRA to be featured in first page placement as a Hot Coin throughout entirety of hosting period.
-
Educational content published throughout entirety of hosting period, inclusive of protocol updates and upgrades if requested as part of visibility and narrative push.
-
Content publications can be between every 2 weeks to a month per content (open to suggestions on your end)
-
Contents to be featured Coinstore blog, Twitter and Medium site
-
Mulitple gleam campaigns to incentivise protocol participation (Like, RT, share txn hash of protocol usage for example)
-
Keynotes for core contributors in our Cryptalk/CSConnect offline events to promote about Lyra. They can do it physically or virtually, we will support regardless. Attendees are usually VCs, projects, web 2 based business and media partners.
Rationale
In lieu of our resources allocated and integrations to be made, we have assessed LEAP-49 and deemed it not suitable currently due to the current traction and fees collected.
We assessed the recent $ARB incentives trading campaign and acknowledged the jump in fees collected.
We’re aware of the fact that it is generated by mostly Defi native users and thus we’re open about this and do not expect much traction early into the hosting period due to most of CEX users being novice.
To solve that, we have a strategic approach as outlined in Specifications to allocate as much resources and efforts to continuously promote and educate throughout the hosting period and we’re incorporating 2 reviews to assess and identify gaps to be covered before transiting to LEAP-49 model if we continue to host at month 7 onwards.
We’re doing it in a way whereby Lyra Protocol will be featured in both of our online/offline interface/activities just to build familiarity and positive sentiments. Wherever our users go, they will see Lyra.
Test Cases
N/A
