Wormhole NTT Contracts [3546124436]

Governance Discussions xGov Proposals
1

Hi all, this is the forum post to discuss the proposal Wormhole NTT Contracts.

Description

Wormhole’s Native Token Transfers (NTT) is an open framework that enables the seamless creation and transfer of multichain tokens between Algorand and other chains.

The proposal requests 300,000 ALGO in funding to partially cover:

About the team

The Folks Finance team is one of the earliest builders on Algorand, active since 2021. The team launched the first version of the Folks Finance lending protocol on mainnet in April 2022 and has since delivered multiple upgrades across lending, staking, and interoperability.

Key contributions include:

  • Folks Finance Lending Market https://app.folks.finance/, introducing multi-collateral and multi-borrow positions, efficiency loans, stable rates, loans management composability, Algorand Ecosystem market.

  • Folks Router https://folksrouter.io/, a DEX aggregator that allows users to trade tokens across multiple decentralised exchanges on Algorand, giving the best possible price for the trade. Folks Router is also integrated into loans management operations.

  • gALGO, Algorand’s leading liquid governance. gALGO leveraged governance, a one-click looping to increase the committed ALGO amount, using a combination of Flash Loan and Lending market

  • xALGO https://app.folks.finance/liquid-staking, Algorand’s primary liquid staking token. Ultrastake, a one-click looping to increase the staked ALGO amount, using a combination of Flash Loan and Lending market

  • Ultraswap https://app.folks.finance/ultraswap, a leveraged trading primitive built on top of the Folks Finance lending protocol. It uses a combination of lending, Flash Loan and Folks Router.

  • Folks Feed Oracle https://www.folksfeed.io/, is an oracle developed on the Algorand blockchain that provides real-world data to Web3 applications.

  • The Folks Smart Contract Library https://github.com/Folks-Finance/algorand-smart-contract-library is a curated, modular collection of audited, reusable smart contracts designed to accelerate development on the Algorand blockchain. The library allows you to focus on your business logic by abstracting away common patterns and security mechanisms.

Additional info

Folks Finance held an audit competition on Immunefi for the smart contracts with a prize pool of $30,000 https://immunefi.com/audit-competition/audit-comp–folks-finance-wormhole-ntt-on-algorand/information/. The smart contracts were internally audited as well.

2

@gid would you mind clarifying in the proposal if the work on the NTT contracts received any funding already from Algorand Foundation?

Related to that, could you clarify what is meant by “partially cover”? Are you planning to submit another request later for the rest of the uncovered work or is this just to state that you are subsidizing the delivered work?

3

Sorry for the delay in responding to your question @uhudo.

We received external support in a 3 party agreement but we can’t disclose the details as we are under NDA. The funding we did receive didn’t cover our costs and this proposal aims to help cover some of that gap.

What is meant by “partially cover” is that we subsidised the delivered work. However we may submit an additional proposal in the future for related projects such as Wormhole NTT tooling (scripts, SDKs, executor for message delivery, XPortal etc).

4

Thanks for the reply.

Could you at least elaborate explicitly if the 3rd party agreement you are referring to was with the Algorand Foundation (or any of its related entities)?

Regarding the “partially cover”, do I understand correctly that even with the combination of the 3rd party agreement and if this proposal passes, that would still not cover the smart contract scope of the work?

5

Could you at least elaborate explicitly if the 3rd party agreement you are referring to was with the Algorand Foundation (or any of its related entities)?

Sorry we aren’t able to elaborate as we are bound by the NDA. I suggest you engage with Algorand Foundation directly if you have any questions relating to them.

Regarding the “partially cover”, do I understand correctly that even with the combination of the 3rd party agreement and if this proposal passes, that would still not cover the smart contract scope of the work?

That is correct