Stellar Community Fund

By Spydra-Low code RWA Tokenization engine

Spydra-RWA Tokenization on Stellar

SCF #31

$132.0K

Build

Awarded

Spydra is a low code Real world asset tokenization platform for Enterprises

Products & Services

Open-Source release of OnChainId, a blockchain based standardized identity system on Stellar Blockchain: This will allow users to create decentralized identities for themselves on chain and third-party trusted providers to issue claims related to users. These identities can then be used by asset owners to perform onchain identity verification checks like KYC/AML compliance while token issuance.
Open-Source release of ERC 3643 compatible Soroban Smart Contract on Stellar Blockchain: This will allow real world asset owners to easily create tokens on chain that adheres to various regulatory compliances in a standardized manner.
Integration of the OnChainId and ERC 3643 Stellar contracts with Spydra platform to tokenize RWAs: This will provide a no-code platform for RWA owners to easily tokenize their assets with configurable compliance rules built in.

Soroban

Yes

Requested Budget

$132.0K

Success Criteria

Ease of Tokenization Process:

Simplified Token Launch: Spydra’s low-code environment allows asset owners, regardless of technical expertise, to issue tokens for assets like real estate, private debt, and collectibles.

Seamless Identity and Compliance Integration:Configurable Identity Verification and Compliance Checks: Leveraging Stellar’s OnchainId and ERC 3643 capabilities, Spydra incorporates a straightforward way for asset owners to verify investors and ensure regulatory compliance. Asset owners can apply identity checks, investor qualification standards, and transfer restrictions in a no-code manner, providing confidence that their assets are compliant with local and international regulations.

Automated Compliance Validation During Transactions: With built-in, modular compliance settings, the platform ensures that all token transactions automatically adhere to the configured compliance rules, reducing the burden on asset owners to manually enforce these rules.
Rapid Deployment on Stellar:

Stellar Testnet Availability: To ease onboarding, Spydra will first launch its platform on the Stellar Testnet, allowing asset owners to experiment, test, and refine their tokenization strategies before going live. This reduces risk and ensures readiness for a smooth mainnet launch.

Single-Click Migration to Mainnet: Once tested, asset owners can migrate tokens from Testnet to Mainnet with a single click. Spydra handles the technical back-end, allowing owners to focus on asset management without worrying about technical hurdles.

Open-Source Smart Contracts for Transparent and Secure Usage:

By sharing smart contracts openly, Spydra encourages community collaboration, enabling developers and asset owners to adapt and expand functionalities based on emerging compliance or sector needs.
Measurable Success in Simplification:

A successful outcome includes at least 10 distinct asset owners on Stellar utilizing Spydra’s platform for tokenization within the first year with a combined value of $100 million assets held by 10k investors. Each of these tokens will use Spydra’s pre-configured compliance and identity solutions, demonstrating the ease and accessibility of RWA tokenization on Stellar.

Go-To-Market Plan

Leverage the benefits of Stellar's fast transaction speeds, low fees, and global reach and promote to end customers.
Highlight specific applications & product capabilities for tokenizing Real Estate, Private Credit and Carbon Credit market
Partner with fintech companies, Asset Management Firms, Banks to expand reach.
Position Spydra as an innovative leader in RWA Tokenization combining its expertise with Stellar's blockchain to deliver cutting-edge solutions.
Employ a dedicated sales team to approach high-value clients.
Utilize SEO, content marketing, and social media campaigns to generate leads.

Traction Evidence

Spydra's Current Engagements and Achievements

Client Partnerships:

Raymonds - As one of the largest textile manufacturers, Raymonds leverages Spydra’s asset tokenization to combat counterfeit products within their supply chain. We’ve successfully tokenized over 16 million assets, processing 1.3 million transactions. See network stats
Myntra - India’s largest fashion e-commerce platform, Myntra, uses Spydra’s technology to ensure transparency for its entire organic fashion line, building consumer trust. Over 44 million assets have been tokenized with more than 150 million transactions. See network stats
Maahi and GS1 - Partnering with Maahi, a leading dairy brand in Gujarat, and GS1, Spydra supports product provenance for premium milk products. This project has tokenized over 800,000 assets and processed 600,000 transactions. See network stats
Autoverse - In collaboration with Autoverse, a B2B automotive parts startup, Spydra enables full supply chain transparency. Within two months, we’ve tokenized 23,000 assets. See network stats
Bajaj Finserv - Working with India’s largest lending company, Spydra is helping Bajaj Finserv tokenize their insurance products on-chain. MSA Document
National Payments Corporation of India (NPCI) - Spydra is engaged with NPCI to advance India’s CBDC initiatives, focusing on products like offline money, programmable money, and decentralized fixed deposits.
Dygnify - In collaboration with Dygnify, a fintech startup, Spydra has facilitated the tokenization of green bonds on a private blockchain.

Open Source Contributions:

Our Hyperledger Fabric tool for Visual Studio has gained significant traction globally, with over 50,000 downloads across more than 150 countries. Visual Studio Marketplace | Download Stats | Country Stats

Awards & Recognition:

APIARY Blockchain COE - Among over 1,000 participants, Spydra was shortlisted for the Idea Challenge Program (ICP) 3.0 in 2023. Read More
Karnataka Elevate Program 2024 - Recognized as a top startup by the Karnataka state government, Spydra received a grant of $28,000 for innovation.

Tranche 1 (Deliverable Roadmap) - MVP

Tranche 1:

Development of the OnchainId related smart contracts on the Stellar blockchain and additional resources to enable rapid adoption of it.
Development of ERC 734 equivalent contracts on Soroban to facilitate key management of identities and trusted issuers in the Stellar ecosystem.
Development of ERC 735 equivalent contracts on Soroban for managing claims on decentralized identities issued by a variety of trusted third parties.
Development of Claims issuer and verification contracts that can be used by any identity issuer or verifier to do onchain issuance and verification of identity attributes.
Completion of this activity can be measured by:
1. Availability of the OnchainId contracts on the Spydra opensource github repository.
2. Samples demonstrating the usage of the contracts to issue and verify decentralized identity claims.
Estimated date of completion: 31 Dec 2024
Budget: 42K USD

Tranche 2 (Deliverable Roadmap) - Testnet

Tranche 2:

Development of Smart contracts required for supporting the various ERC 3643 rules in Soroban. Also, an implementation of compliant token will be created based on the SEP-41 token interface with additional functionality added to support the KYC/AML checks and other compliance validations. The following smart contracts will be created:
1. Trusted Issuers Registry: This smart contract serves as a storage system for contract addresses (OnChainIDs) of all trusted claim issuers specific to a given security token.
2. Claim Topics Registry: This smart contract houses all the claim topics necessary for holding the security token.
3. Identity Registry: This contract establishes connections with the Trusted Issuers Registry and Claim Topics Registry to stipulate identity requirements and executes the “isVerified” function.
4. Permissioned Token: An implementation conforming to the SEP-41 token interface, but enriched with additional functions to ensure full regulatory compliance in security token transactions.
5. Modular Compliance: The Compliance smart contract is a dynamic tool used to establish the rules of the token offering. Multiple compliance related settings can be developed in a modular fashion and integrated with the token.
Completion of this activity can be measured by:
1. Availability of the Trusted Issuers Registry, Claim Topics Registry, Identity Registry, Permissioned Token and Modular Compliance contract in the Spydra opensource github repository.
2. One sample of a compliance module which validates that an investor is from a white-listed list of countries will also be created.
3. Samples demonstrating creation of a SEP-41 token with end to end issuance and verification of compliance rules during token issuance and transfers.
Estimated date of completion: 28 Feb 2025
Budget: 50K USD

Tranche 3 (Deliverable Roadmap) - Mainnet

Tranche 3:

Deliverable 1:

Incorporating the Stellar OnchainId and ERC 3643 related tokens with the Spydra platform for issuing and managing RWAs. Release of the platform in Stellar Testnet.
1. Modify the Spydra platform to enable asset owners to easily create SEP-41 tokens on Stellar and incorporate identity verification and compliance checks into it via configuration.
2. Incorporate the ability to configure the following compliance checks in a no-code manner:
  1. Investor Country Whitelist
  2. Investor Country Blacklist
  3. Asset owner Approval based issuance and transfer
  4. Enforce maximum token holding by an investor
  5. Enforce minimum time limit of holding by an investor before allowing transfer
  6. Wallet Address Whitelist
  7. Wallet Address Whitelist
3. Availability of the Spydra platform in Stellar Testnet.
Completion of this activity can be measured by verifying the availability of the Spydra platform on Stellar Testnet. Asset owners can issue RWAs with configurable compliance rules on the Testnet.
Estimated date of completion: 15 April 2025

Deliverable 2:

Promoting the Spydra platform to Stellar mainnet and making it production ready.
1. Comprehensive testing and validation of the smart contracts and the platform in the Testnet.
2. Adding Stellar Mainnet as an option in the Spydra platform.
Completion of this activity can be measured by verifying the availability of the Spydra platform on Stellar Mainnet. Asset owners can issue RWAs with configurable compliance rules on the Mainnet.
Estimated date of completion: 30 April 2025
Budget: 40K USD

Team

Manish Tewari CEO, Co Founder

Manish Tewari is a 2005 graduate of IIT Varanasi, Top 10 College in India
He started his first startup Koovs.com, an ecommerce fashion platform in 2009. Koovs raised 20M USD in 2011 and it was the first Indian Ecommerce company to be listed in UK stock exchange in 2013 at a valuation of 100M USD.
He exited Koovs in 2014 and started a company called Pokkt.com, mobile adtech company. The company raised 7M USD of funding from marquee investors like Jafco Asia, Singtel. Pokkt was acquired by Any Mind Inc in 2019
Founded PiggyRide, an Edtech platform in 2019, raised 3 Million USD and scaled the business to 15+ countries.
17+ years of experience in Technology including BigData, Machine learning, Blockchain

Ashwath Govindan, CTO, Co Founder

Ashwath Govindan is a 2005 graduate of IIT Varanasi, Top 10 College in India
He has over 17+ years of experience in Security, Identity and Blockchain
He worked with Microsoft for over 15 years. He built large scale security and identity management solutions for various prominent organizations around the globe.
Since the advent of blockchain technologies, he has been focused on expanding its usage to the enterprise space and has worked with various government and private organizations in setting up decentralized network and solutions.

We have 15 members in our team. Here are the details below Expertise

Private Blockchain Developers: Skilled in writing Chaincode for Hyperledger Fabric
Smart Contract Developers: Proficient in writing smart contracts in solidity and rust
Product Manager: Oversee product development from conception to launch, ensuring that solutions are user-centric, market-ready, and deliver maximum value to clients.
Full Stack Developers: Experienced in Golang, Java, React for both Backend and Front End Development
Business Development Managers: Focused on strategic partnerships and market expansion.
Devops: Expert in tools like Kubernetes, Kafka & experience in handling,scaling & monitoring Devops for Blockchain Infrastructure systems. Projects
Worked on India's CBDC stack with NPCI
Created an Blockchain system to track counterfeit for Raymonds, India's largest textile manufacturer
Integrated Blockchain into Myntra.com, India's bigger fashion Ecommerce platform, for providing traceability for their Sustainable Fashion range
Working with Dygnify, a Fintech Startup, to issue Green Bonds
Tokenized Milk as an asset on chain to provide traceability for Maahi brand based out of India
Worked with Bajaj finserv, India's largest lending company to tokenize insurance products on chain