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+# 👁‍🗨U!D
+
+- **Team Name:** Quid Labs (quid.eth)
+- **[Level](https://github.com/w3f/Grants-Program/tree/master#level_slider-levels):** 3
+
+### Project Overview :page_facing_up:
+
+- Core [Diagram](https://imgur.com/a/pH2WKgm): stablecoin (QD) that starts out under-backed. No secondary token.
+
+  - Because (БО) initial distribution ([!BO](https://github.com/QuidMint/iBO)) distributes future stablecoins at a discount.
+
+- !BO deposits are in tether, staying staked for a year (after year ends, mint at 90 LTV).
+  - Half of the tether is swapped for a PoS basket (starting with ETH and DOT).
+
+- QD holders can deposit their ERC20 into one or several implementations of the core protocol...
+  - ...or take on leveraged exposure therein (paying APR by bringing external liquidity, thus making QD backed over time).
+  - In the initial phase (until QD is backed) exposure comes from the depositors (no roundtrips against external venues). 
+
+- Depositors can choose not to earn APY (simply staying insured).
+  - This way, they provide liquidity to the protocol, but APR and APY cancels out. 
+
+- As per Kings 3:16-28, liquidations take [half](https://twitter.com/QuidMint/status/1735926977683406950) the borrower's initial collateral.
+  - If borrowers pay double APR they are still able to claim back the half.
+  - All the collateral accumulated on leverage (not owned by borrower to begin with) is claimed. 
+- There is no recovery mode (unlike Liquity), and absorption of losses is deferred.
+  - Until user decides to redeem their QD for underlying (only possible after 1yr).
+  - Until then, all P&L is in QD (and compounding is improved by taking in liquidations 1:1 debt against collat).
+    - Governance (weighted median voting for [SCR](https://www.risk.net/definition/solvency-capital-requirement-scr#:~:text=The%20solvency%20capital%20requirement%20is,the%20course%20of%20a%20year.)) is required to take profits.
+- Positions close to liquidations are automatically shrunk (but only up 1.1 CR).
+
+### Ecosystem Fit
+
+- Who is your target audience (parachain/dapp/wallet/UI developers, designers, your own user base, some dapp's userbase, yourself)?
+  - All of the above.
+- What need(s) does your project meet?
+  - Knowledge society with real community and educational memes.
+    - Fight Club meets DeFi, but no misogyny and way less bloody.
+- How did you identify these needs?
+  - I liquidated my life savings...because it's really not about the money (it's about sending a message).
+- Are there any other projects similar to yours in the Substrate / Polkadot / Kusama ecosystem?  
+  - QU!D began as VIG on EOS, 4 years ago (C++)...before it reached >1M TVL,
+    - a team called Equilibrium was heavily "inspired" by our code.
+- Are there any projects similar to yours in related ecosystems?
+  - THORchain, BUMP 
+
+### Team :busts_in_silhouette:
+
+- **Contact Name:** John Quid (pseudonym)
+- **Contact Email:** [email protected]
+- **Website:** quid.io
+
+### Legal Structure
+
+- **Registered Address:**  PO Box 144, 3119 9 Forum Lane, Camana Bay,
+  - George Town, Grand Cayman, KY1-9006, Cayman Islands
+- **Registered Legal Entity:** Quid Labs
+
+### Team's experience
+
+Made contributions to Bancor Protocol and...Liquity.
+
+### Team Code Repos
+
+- https://github.com/quidmint
+
+- Research diary (aka Cossak's Codex): http://quips.wtf
+
+### Development Roadmap :nut_and_bolt:
+
+- **Total Estimated Duration:** 9 months 🐣
+- **Full-Time Equivalent (FTE):**  2-3 FTE
+- **Total Costs:** 80,000 USD
+
+### Milestone 1 - Frontend
+
+- **Estimated duration:** 2-3 months
+- **FTE:**  2
+- **Costs:** 15,000 USD
+
+Finalize frontend (with DOT intgration in addition to existing ETH). UX with 3 main faders:  
+- cross-fader between long and short: 
+  - and one volume fader for each (one for long, one for short); 
+- Two P&L buttons:  
+  - take profits and withdraw is activated on a certain date
+- Two voting sliders for each collateral type
+- Analytics dashboard showing  aggregate stats and individual
+  - risk-adjusted returns;
+  - most recently liquidated;
+  - top borrowers in terms of P&L, etc.
+
+### Milestone 2 - Core development
+
+- **Estimated Duration:** 4-6 months
+- **FTE:**  2
+- **Costs:** 35,000 USD
+
+| Number | Deliverable | Specification |
+| -----: | ----------- | ------------- |
+| 0. | Testing | Our existing rust code (ported to ink!) must have unit-test coverage (min. 50%) to ensure functionality and robustness. In the guide we will describe how to run these tests |
+| 1. | ink! sub-module | We will use OpenBrush to create a way for QD from Ethereum to land inside the core protocol contract (ink! so that it can run in multiple pallettes).
+| 2. | Oracle module | Feeds price data into the contract along with annualized vol from taapi.com |
+| 3. | Watcher Bot | Similar to Solana's Serum crankshaft script...monitors positions across chains for liquidation. |
+| 4. | External Venues | QU!D protocol runs as a closed loop ecosystem temporarily, but integration at the contract level with orderbooks or AMMs is an eventual necessity. |
+
+### Milestone 3 - Onboard users (cross-chain) and expand scope
+
+- **Estimated Duration:** 3-4 months
+- **FTE:**  2
+- **Costs:** 30,000 USD
+
+- Update UX to include push notifications based on more TA Oracle feeds (allows semi-automated trading decisions)
+  - Signal over-bought / over-sold based on a handful of technical analysis indicators
+    - RSI (+ stochastic), MACD, SMA, and Bollinger Bands
+- Cross-pallet communication for ink! if this is possible.
+- Allowing multiple implementations to enhance each other for portfolio diversity (credit supply chain optimisation via broader execution),
+  - instead of passing staking derivatives back and forth (with redundant token instances on each chain)
+    - experiment communicating, instead, by changing the beneficiaries of options.
+  - experiment with a more advanced stress testing model for options pricing than the existing implementation
+