CARDANO MARKETPLACE
LISTING CONTRACT
The Roadmap
Awaiting the start of the roadmap.
Assemble Genesis Team
Outreach to marketplace development teams, acquiring commitment from them to participate in the initial development of CMLC.
Development Framework
Structure the project's GitHub repository and set up standards for development proposals.
DAO Framework
Develop the multi-sig tools for the DAO, allowing for token-weighed approval processes and multi-sig transactions from the developer wallet.
Genesis Development
Develop the first version of the smart contract and reward DAO governance tokens to participating dev teams based on the weight of their contributions.
Marketplace Implementation
Connect all participating marketplaces to the CMLC and allow users to relist their previously listed assets to the new smart contract in a single transaction.
Continued Autonomous Development
The DAO continues the development of CMLC. New developments are proposed and approved/declined. Approved and completed developments are rewarded with ADA. New development teams can join the DAO by acquiring governance tokens.
All asset listings are synchronized between all participating marketplaces.
The Goal
The CMLC project seeks to solve a major issue in browsing any marketplace on Cardano:
"I've found the asset I'd like to purchase, but which marketplace is it listed on?"
Currently, all Cardano marketplaces have their own listing smart contracts, and we can't expect marketplaces to detect which smart contract wallet every asset is held in and create a front-end "Buy" button that directly benefits their competitor.
A solution to this is a single, open-sourced listing contract that is developed in cooperation with all marketplace developer teams. Each marketplace will be able to add their own fee structure onto each transaction that was initiated from their front-end, so they can maintain their current fee structures. Each front-end would also be able to stake user funds (ADA) that were contributed from their front-end, such as "Offer" holdings, to maintain this common marketplace practice.
And of course, royalties will always be enforced.
"What is the incentive for developer teams?"
Newer marketplaces who are experiencing a volume shortage are incentivized to participate in the development of this smart contract to help level the playing field for them. Once listings are synchronized between all marketplaces, developers can focus their efforts on improving their unique front-end user interface and user experience to increase their userbase.
Longer standing marketplaces with a larger market share are incentivized to participate in the development of this smart contract to remain "in the race". If a marketplace decides to not participate, they will soon become a minority and their user experience will suffer.
The smart contract will be accessible to anyone who wants to connect their front-end to it, but will be managed and developed by a DAO formed of any currently active marketplace development teams who agree to participate in the early development of the smart contract. Each team will receive a governance token allocation based on their level of contribution to the genesis smart contract, agreed upon by the participants. Teams will be able to trade any amount of their governance tokens to another party, which allows for new teams to enter the project in the future, and for teams to acquire more governance at any time. Development teams will likely hold their governance tokens in a multi-sig wallet, managed within their own organizations.
The smart contract would collect a small fee of its own - paid by users on each sale transaction - which would go to the DAO's multi-sig developer wallet. The developer wallet will be used to pay development rewards to teams who continue developing new features for the smart contract. When the development of a new feature is completed, DAO stakeholders will multi-sign a payout transaction to reward the developer(s) behind the new feature. The approval of new features and the payout transaction will require a determined amount of governance-token-weighed votes to be approved. Governance token requirements for approving new developments and development payouts will be determined by the genesis participants in an effort to prevent 51% attacks in the future. When the fees collected by the smart contract reach a decided-upon limit, deemed the maximum amount of ADA that should reasonably be held in the developer wallet (far more than needed to pay for new developments), a decided-upon percentage of the fees will automatically be distributed among governance token holders, creating a periodic payment to all DAO members.