Standard Grant: Athena - Revolutionizing On-Chain Insurance with Dynamic Pricing and Defragmentation

Grants Rejected
1

Introduction

Project Name: Athena - Revolutionizing On-Chain Insurance with Dynamic Pricing and Defragmentation

Name of the Organization or Individual Submitting the Proposal:

Athena Team / Axel Moulin / Victor Blackwell / François Renedo

Project Description

Athena is an innovative platform designed to redefine on-chain insurance by addressing affordability, limited coverage capacity, and capital efficiency issues in DeFi insurance. By combining liquidity defragmentation with a dynamic pricing system, Athena optimizes returns for liquidity providers and reduces costs for policyholders.

The platform empowers anyone to become a DeFi insurer, earning sustainable income, or to purchase insurance cover at competitive prices. With Athena, safety and trust in the DeFi ecosystem are enhanced, benefiting all participants.

Key Features

  • Liquidity Defragmentation: Optimizes capital efficiency, increasing reserve utilization.
  • Dynamic Pricing: Solves the issue of high costs by aligning supply and demand.
  • Comprehensive User Experience: From seamless coverage purchasing to efficient claim reimbursements.
  • Revenue Sharing: 50% of platform revenue is distributed to token holders.

Who Benefits from This Project?

  • DeFi Users: Access affordable and accessible insurance, mitigating risk while maintaining trust in the ecosystem.
  • Liquidity Providers: Enjoy superior capital efficiency with higher and sustainable returns.
  • Protocols: Gain an added layer of security and stability, fostering ecosystem growth.

Alignment with the Foundation’s Mission

  1. Utilizing Sia Decentralized Storage: Athena leverages Sia’s network to securely store policy data, claims information, and user records, ensuring privacy, accessibility, and data sovereignty.
  2. Promoting User-Owned Data: Aligns with the Foundation’s mission by enhancing trust, transparency, and control for users within the DeFi insurance ecosystem.
  3. Expanding Decentralized Storage Use Cases: Supports the adoption and practical application of Sia’s infrastructure in the growing DeFi market.
  4. Enhancing Security and Trust: Strengthens the ecosystem’s security while advancing the Foundation’s vision of a decentralized, user-empowered digital future.

We cannot provide grants to residents of jurisdictions under increased FATF monitoring, those that have active OFAC sanctions, or those that fail our bank compliance tests. We also cannot provide grants if your payment bank account is located in those same locations. Please review the following list.

We cannot provide grants to residents of jurisdictions under increased FATF monitoring, those that have active OFAC sanctions, or those that fail our bank compliance tests. We also cannot provide grants if your payment bank account is located in those same locations. Please review the following list.

Are you a resident of any jurisdiction on that list?

No

Will your payment bank account be located in any jurisdiction on that list?

No

Grant Specifics

Amount Requested: $50,000

Budget Breakdown:

  1. Sia Integration Development: $25,000
  • Full integration of Sia’s decentralized storage network to securely store policy data, claims records, and user information.
  • Developing APIs to connect Athena’s platform with Sia’s infrastructure for seamless data management and accessibility.
  1. Smart Contract and Backend Development: $15,000
  • Enhancements to the strategy manager and integration of Sia-based data storage mechanisms into smart contract workflows.
  • Optimizing data flows between Sia’s decentralized storage and Athena’s core system for real-time performance.
  1. Security Audits: $5,000
  • Comprehensive review of Sia integration components to ensure data integrity and protection.
  • Testing encryption protocols to guarantee user privacy within the Athena platform.
  1. Testing and Quality Assurance: $5,000
  • Extensive testing of the Sia integration and overall system performance to meet user needs.
  • Usability testing to ensure smooth interaction with the decentralized storage functionality.

Technical Specifications

  1. Frontend Development:
  • Framework: React + Usedapp (transition to Wagmi), TypeScript.
  • Features: Dashboard for managing policies, claims, and dynamic pricing.
  1. Backend Development:
  • Language: Node.js, Express.js, Firebase, TypeScript.
  • APIs: Smart contract interactions, liquidity tracking, and pricing updates.
  1. Smart Contracts:
  • Solidity-based, including strategy manager and LP token integrations.
  • Audit-tested for security and efficiency.

Timeline with Measurable Objectives
Months 1-2: Sia Integration Development

  • Implement Sia’s decentralized storage into Athena’s backend for secure data storage.
  • Develop APIs to enable seamless interactions between Athena’s platform and the Sia network.
  1. Months 3-4: Backend and Smart Contract Enhancements
  • Finalize the integration of Sia’s infrastructure with Athena’s strategy manager and LP token workflows.
  • Conduct initial tests of smart contract performance, ensuring compatibility with Sia-based data storage.
  1. Month 5: Frontend Development and UI Optimization
  • Develop a dashboard for users to manage policies, claims, and pricing, integrating Sia-stored data.
  • Refine user interface to ensure ease of use and accessibility.
  1. Month 6: Testing and Quality Assurance
  • Conduct comprehensive system testing, focusing on Sia integration and smart contract workflows.
  • Address any identified bugs or usability issues to ensure a smooth user experience.
  1. Month 7: Security Audits and Final Optimizations
  • Perform external audits to validate the security of Sia integration and overall platform.
  • Finalize optimizations based on audit feedback.
  1. Month 8: Platform Launch and Initial User Onboarding
  • Launch the platform with Sia-powered storage fully operational.
  • Begin onboarding initial coverage buyers and liquidity providers, targeting 1,000 users and $10M TVL.

Potential Risks

  1. Technical Challenges: Secure experienced developers and conduct thorough audits.
  2. Adoption Challenges: Incentivize adoption through partnerships and effective marketing.
  3. Security Risks: Employ AES-256 encryption and rigorous authentication protocols.

Development Information

Will all of your project’s code be open-source?

Yes

Leave a link where code will be accessible for review.

Do you agree to submit monthly progress reports?

Agreed to submit progress reports.

Contact Information

Email: [email protected]

Any other preferred contact methods:

2

Proposer asked to delete these in another thread. I’ll move these to rejected so we have a record of them.