Partnership Proposal: PoolTogether and Milkomeda C1 to Enhance DeFi on Cardano

Ecosystem 🤝 Partnerships
1

We are excited to introduce Milkomeda C1 - the premier EVM-based sidechain in the Cardano ecosystem, and explore potential strategic partnership opportunities with PoolTogether.

Milkomeda C1 is a Cardano sidechain that utilizes mADA as its base asset for fees and gas also improving the value of ADA as it becomes the coordinating base asset on multiple chains.
Milkomeda C1 offers numerous advantages for developers and users alike. It reduces the barrier to entry for developers from other ecosystems, offers a broader selection of Dapps, and allows DeFi projects deployed on other blockchains to benefit from the novel pluses of the L1 ecosystem without having to start from scratch.
Furthermore, Milkomeda C1 eliminates almost all of the user experience issues that come about with sidechains, allowing users to interact with the mainnet easily (very soon that will be improved with wrapped smart contracts that will allow L1 users to interact with EVM contracts without leaving their first-choice mainchain wallet).

Additionally, Milkomeda C1 is planning to introduce very soon the support for Liquid Staking, enabling users to compound their staking rewards from L1 on L2 DApps including also smart contract developers, and is also soon releasing its novel Canonical Contracts that will enhance the DeFi experience by converting multiple fragmented assets into one Canonical representation.

We are proud to have the support of both the Cardano and Milkomeda communities, as well as a roster of impressive investors including Circle Ventures, Coinbase, Arrington Capital, Hypersphere, Archetype, and many others.

We believe that partnering with PoolTogether would be a great opportunity for both of our communities to enhance DeFi on Cardano. As one of the most vibrant communities in the space, we are confident that Cardano users would greatly benefit from direct access to PoolTogether.

To learn more about Milkomeda C1, please visit our website at https://www.milkomeda.com/ and check out our DApp store at DApp Store • Milkomeda.
You can also learn there about our Incubators and Hackathons programs.

We would appreciate it if you could provide us with the right point of contact to discuss this opportunity further. We strongly believe that both PoolTogether and Cardano community can strongly benefit from this cooperation.

Thank you for considering this proposal. We look forward to hearing back from you soon.

Best regards,

Iwo, on behalf of Milkomeda Foundation

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Do you have any plans or ideas on what a partnership would actually entail?

Forgive me if this is rude but this just feels like a copy paste template with the words “PoolTogether” filled in.

If you are serious about it then let us know HOW a partnership could be beneficial. Are there any particular use cases for users?

Why choose PoolTogether?

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Hi Andy,
Thanks for quick response. Forgive me if the message seemed too generic, but I wanted to provide as much information as possible so that you can determine whether opening up to Cardano is of interest to you.

We reached PoolTogether as we strongly believe that soon to be released Liquid Staking on Milkomeda will be a big boost for DeFi in the ecosystem.
Currently L1 users are staking ADA as it gives the opportunity to get stable APY.
The rewards on sidechain will be auto compounded as it inherits mainchain staking logic.
Furthermore, users staking on Milkomeda will be able to access other DeFi protocols and yield strategies, increasing the potential rewards even further (in this case we expect the appearance of new yield protocols too).
By adding Liquid Staking to Milkomeda we will believe to see significant increase in TVL and number of yield farming protocols.

As I mentioned before we are also running Hackathons and Incubator programs. In coming months we expect to see more Lending&Borrowing, yield aggregators, new primitives on Milkomeda thus giving more yield sources opportunities for PoolTogether users.

I briefly described about wrapped-smart-contracts. With this new technologu Cardano users will have the access to PoolTogether directly from mainchain so we expect it will be much easier to reach new community for PoolTogether (we know that developer expenses are a very large part when choosing to go onto new ecosystem, however, we also understand the need of adoption expenses - which will be a lot of easier with wrapped smart contracts).

A good illustration of the community’s apparent interest in upcoming Milkomeda tech can be showcased by this tweet: https://twitter.com/iohk_charles/status/1641437816709341187?s=61&t=GGzhyTkKzKRzdbjV9IWBDQ

We think that if PoolTogether deploys on the EVM sidechain, it could become a major player in this new ecosystem. There isn’t a lot of competition right now, which means PoolTogether has a great opportunity to stand out and attract a whole new group of users. With its no-loss lottery model and Milkomeda’s soon to be released features, we think PoolTogether could see a huge increase in user base and yield strategies.