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By Coindisco
Galaxy Ramp offers an onramp for any token on the Stellar network to help users simplify the purchase of Stellar tokens with fiat using Soroban. Existing solutions do not allow direct purchase with a card or bank account on Stellar any tokens except XLM or USDC.
Existing on-ramp providers currently only support XLM and USDC as the only Stellar tokens users can purchase through their services. Galaxy Ramp is a new on-ramp solution that allows users to purchase any Stellar token by combining familiar fiat on-ramp experience with the power of Soroban smart contacts. This solution will leverage an on-ramp API integration of one of Coindisco's trusted partners. We will build a website, back-end infrastructure and Soroban smart contacts logic for this solution. The website will allow users to connect their Stellar wallet and initiate purchases of popular Stellar tokens. In order to purchase a Stellar token, a user will first need to purchase Stellar USDC through our on-ramp partner. Stellar USDC will be used as a “value transfer asset” in this flow. When a user initiates a transaction, we will determine the best USDC rate for the asset and display that on the interface along with any fees. When a user commits to the transaction, a new proxy Stellar wallet will be created by a Soroban smart contract. That wallet will be associated to user-owned Stellar wallet via our back-end. That proxy wallet will be controlled by our back-end and Soroban smart contacts. An asset trustline will be automatically established on the proxy wallet. The purchased USDC in the transaction will first arrive to the proxy wallet. From there, we will leverage custom back-end service and multiple Soroban smart contracts to find the best asset-to-USDC rate, convert USDC to the asset a user request in the flow, and send the obtained asset balance to user's wallet address. We will also create a widget that will allow other products on the network to integrate this product directly and securely.
Yes
$96.0K
Based on our market research, we expect Galaxy Ramp to be a popular solution among both Stellar users and product creators. We also expect demand from asset issuers on the network who will look for user-friendly solutions for selling their tokens. Our prospected targets for the first launch year: - 20,000+ unique customers - $500,000+ worth turnover - 30+ unique Stellar assets purchased by users.
After the initial launch, we will be offering Galaxy Ramp integration to popular wallets and products on the network. The target is to have the Galaxy Ramp widget solution integrated into 5 unique products on the Stellar network.
We will launch and promote the Galaxy Ramp web application on social networks and at various fintech conferences. As we integrate with more onramp providers, we'll carry out cross-promotion activities to attract more users. The functionality will also be embedded into the existing Coindisco web and mobile apps. We will also do our best to integrate the Galaxy Widget or SDK into the most popular Stellar products.
Since its launch in Q1 2024, Coindisco has demonstrated stable growth in userbase and revenue, achieving over $100,000 in turnover within the first couple of months since launch. With Coindisco, we have established live integrations with leading on- and off-ramp providers such as Moonpay, Revolut, and Stripe, enabling thousands of users worldwide to seamlessly buy crypto. Working with multiple on ramp providers, researching customer behavior and the state of the crypto landscape allowed us to develop unique features like 'True fee' and 'Insights' that make Coindisco a stand-out product among other solutions on the market according to user surveys. We will leverage that experience when creating the Galaxy Ramp, which will further enhance our offerings and provide a new unique service for the Stellar network that meets the needs of the growing ecosystem.
Deliverable 1: Develop Galaxy Ramp Soroban smart contract; Develop backend services (Route builder, Wallet manager, Wallet listener, Swap listener); Develop Galaxy Ramp user interface; Deliverable 2: Testing as-is without the integrations with 3rd party services. **How to measure completion:**The code will be available on our GitHub. The interface will be available on the "beta" website. Completion date: 01.10.2024 Budget:$68,000.00
Deliverable 1: Deployment of the Soroban contracts to Stellar Testnet; Deliverable 2: Integration with the Swap Router on Testnet; Integration with the onramp provider’s sandbox. **How to measure completion:**Galaxy Ramp will be available on Testnet. Completion date: 01.11.2024 Budget: $18,000.00
Deliverable 1: Deployment of the Soroban contracts to Mainnet; Integration with the swap router on Mainnet; Deliverable 2: Testing with real money and release. **How to measure completion:**Galaxy Ramp will be live on Pubnet and available globally. Completion date: 01.12.2024 Budget: $10,000.00
The Coindisco team consists of 10 members, including experienced developers specializing in web, Android, and iOS. We also have two in-house developers specializing in Rust, who are working on new services based on Soroban smart contracts. Our team's expertise spans financial systems, product development, and regulatory compliance, ensuring a robust and compliant platform. Two key members of our team are Clarence and Vitaly. Clarence specializes in financial systems, strategic partnerships, and regulatory compliance, while Vitaly, our Technical Project Manager, oversees all aspects of product development and mobile app management. Our portfolio's main product is the Coindisco app, which combines the best tools to help users explore, discover, and buy crypto on mobile and web. With Coindisco, we have successfully partnered with over 12 ramp providers, including industry leaders like Revolut and Moonpay, to provide the best rates and experience for our users.
Vitaly
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