The Indigo labs team wants to develop an open-source SDK for developers working on decentralized exchanges on Cardano. The Software Development Kit will be public and open to developers looking to build on Cardano to boost growth of the ecosystem.
Through a single interface, developers will be able to access, interact and build on decentralized exchanges conveniently and seamlessly. This will allow developers to create web and mobile applications for Decentralized Exchanges and dApps on Cardano.
The Cardano Multi-DEX SDK
Decentralized Exchanges are one of the major influences on the growth of Decentralized Finance. For this reason, the Indigo Labs team believes that this multi-DEX software development kit will automatically boost the growth of Defi protocols on Cardano. This is mainly because it solves one of the fundamental challenges that developers face which is integrating DEX functionality into a single interface.
The Cardano Multi DEX SDK will also play a huge role in the improvement of the already successful project, Indigo Protocol by Indigo Labs.
The Indigo protocol is a decentralized synthetic asset issuance built on Cardano. It allows users to create fungible assets (synthetics) and use them for tracking the prices of real-world assets. Through this typescript SDK, the team looks to develop a token swapping interface and a trading interface for liquidity pools, hence achieving the maturity of the Indigo protocol.
The use cases for this SDK do not stop there, as it can also be used to build Decentralized Exchange arbitration bots and aggregators. These arbitration bots are used to trade assets across different marketplaces while taking advantage and making a profit from the different asset prices across the various marketplaces.
Decentralized exchange aggregators, on the other hand, are useful for enhancing the slippage, swap fees, and token prices, hence offering a better price rate for traders. All the above SDK use cases will encourage and promote the growth of the Cardano Ecosystem.
Indigo Labs: The minds behind the project
Eric Coley – Founder and CEO of Indigo Labs. Has over 12 years’ worth of experience in consulting for the telecom/technology industry. His experience will come in handy especially in ensuring that other Cardano developers can use the SDK with ease.
Cody Butz – Chief Technology Officer (CTO) at Indigo Labs. He has over 7 years’ worth of experience in web development. His skills in scaling applications will play a huge role in getting the SDK mainstream on the Cardano Ecosystem.
Daniel Short – Community Manager and Marketing specialist at Indigo Labs. Having been an entrepreneur and marketing coordinator, he brings with him vast experience in marketing.
Indigo labs are an all-around team containing seasoned Haskell developers, web developers, marketing specialists, tech consultants, and over a dozen Plutus repository contributors. Notably, the team is among the top community contributors to the Plutus GitHub repository.
Being active as contributors in the GitHub repository and the dApp development community gives them a unique edge in that they are up to date with current trends and practices in the space.
Project Funding and Timeline
With a clear road map, vision, and support from Project catalyst, the team looks to complete the project within 9 weeks and with the help of two developers.
Indigo Labs have requested for $21,900 to fund the development of this proposal. To make sure that they scoop up the best talent for the job the developers will be working at a rate of $90 per hour. This hourly rate allows Indigo Labs to only work with experienced developers who will ideally work for less hours compared to a larger team of less experienced developers.
This proposed Multi DEX software development kit will be a huge addition to the Cardano Ecosystem as it allows for developers to interact with applications on Cardano seamlessly. It comes a convenient time when the Cardano Blockchain is looking to promote Decentralized Exchanges and Applications.
The Indigo Labs team has been at the forefront of developing some useful applications and tools that extend the Cardano network functionality. This latest proposal, if accepted, will definitely help multiple developers by enabling them to easily build Decentralized Exchanges and Applications on the blockchain thus making it more useful. Most importantly, the Multi DEX SDK will pave the way for increased adoption as more users gain access to solutions built on Cardano.