RFC: Customizable on-chain growth analytics tool for Centrifuge Chain

Proposal type: CP1
Author(s): @Kamil_Tokenguard
Member(s): @Matt_Tokenguard
Date proposed: 2023-05-25

Short Summary

We propose delivering a fully customizable on-chain growth analytics tool for Centrifuge Chain community with no-code and no-SQL knowledge requirements

High level objective

Web3 creators and protocol owners often struggle to access crucial growth insights, limiting their ability to understand user acquisition and conversion paths. Just like a mountaineer without a compass, navigating the complex world of web3 without the right analytics tool can leave web3 executives feeling lost and frustrated.

Centrifuge is a fast-growing infrastructure for decentralized finance of real world assets and its community deserves to have the best analytics tool designed for the Substrate framework. That’s why we built Tokenguard.

Our platform provides user data insights that make you better understand user acquisition, conversion paths, and on-chain behavior of borrowers and lenders. No more aimlessly jumping from one tool to another, hoping to stumble upon valuable insights.


For many years, the financial system was centralized, with large institutions and intermediaries controlling the flow of capital. This system was often opaque, exclusionary, and prone to corruption and abuse. Many individuals and small businesses were excluded from accessing financial services, and those who did often faced high fees and interest rates.

The emergence of blockchain technology has disrupted the traditional financial system by enabling decentralized, peer-to-peer transactions that bypass intermediaries and provide greater transparency and security. This has opened up new opportunities for individuals and businesses to access financial services and participate in the global economy.

The Centrifuge Protocol was created with this mission in mind, aiming to build a decentralized, transparent, and inclusive financial supply chain that empowers individuals and businesses. The Protocol leverages blockchain technology to enable peer-to-peer financing, allowing individuals and businesses to access capital without relying on traditional financial institutions.

Tokenguard’s on-chain data analytics solution is aligned with this mission by providing valuable insights into the Centrifuge blockchain. These insights can help users make more informed decisions about their finances, increase transparency and decentralization in the financial supply chain, and promote inclusivity in the financial system.

By leveraging blockchain technology and providing on-chain data analytics, Tokenguard’s solution supports the Centrifuge Protocol’s vision of a more accessible and decentralized financial system. It empowers users with the information they need to make informed decisions about their finances, minimizing risk and maximizing returns.

Description of Activity

We’re happy to deliver comprehensive on-chain data analytics tool for Centrifuge community, which would consist of (but not limited to) the following features:

  • No-code and no-SQL dashboard with user data analytics delivering actionable insights to Centrifuge team, its community and all stakeholders.
  • User segments analysis allowing to better understand which user groups have the most positive influence on the ecosystem and increase its value.
  • Users on-chain behavior (lenders/borrowers analysis, trends) to incentivize and engage existing & new users .
  • User sources tracking (exchanges) to better understand ROI from off-chain marketing activities.
  • Active alerting & monitoring through an e-mail or Telegram channel that allows anyone from the Centrifuge team & community to react in-time to on-chain events.
  • RAW data access
  • Data Analyst consultations
  • Sharing and embedding dashboards on the website

Here are the key features of the proposed on-chain data analytics tool:

Real-time monitoring: The tool will provide users with real-time data on the Centrifuge onchain’s activities, allowing them to stay up-to-date on the latest trends and development by setting up alerts on specific metrics

Fully customizable dashboards: Users will be able to create custom dashboards based on their specific needs, such as tracking a particular DApp insights or tracking a specific token’s performance.

Advanced analytics: The tool will feature advanced analytics capabilities, including trend analysis, correlation analysis, and other statistical methods to help users identify patterns and insights.

User-friendly interface: The tool will feature a user-friendly interface that is easy to navigate, making it accessible to users with varying levels of technical expertise.

The proposed on-chain data analytics tool will be developed using the latest technologies and best practices in blockchain analytics. The development team will work closely with the Centrifuge team to ensure that the tool meets the needs of the Centrifuge ecosystem and aligns with the DAO’s strategic objectives.

Change or improvement

At Tokenguard, we understand that the financial supply chain can be complex and difficult to navigate. That’s why we’ve developed an on-chain data analytics solution that can provide valuable insights into the Centrifuge Chain(Substrate). Our solution can help users identify trends, potential risks, and other valuable information that can be used to improve the financial supply chain.

By using Tokenguard’s solution, Centrifuge Protocol users can gain access to a range of user on-chain insights, including:

-Asset Tokenization Metrics: The on-chain data allows for tracking the number of tokenized assets on the Centrifuge protocol. This metric provides an overview of the total assets that have been tokenized, providing insights into the growth and adoption of the platform

  • Cumulative Assets Tokenized Grouped by Pool
  • Total Assets Over Time
  • Pool percentage
  • Asset NFT Minted Monthly Totals
  • Asset NFT Minted Grouped by Pool

-Ownership and Transfer Metrics: By analyzing the ownership records stored on-chain, you can determine the number of unique issuers for specific tokenized assets. This metric helps in understanding the distribution of ownership and the level of decentralization within the Centrifuge ecosystem. Additionally, tracking the transfer history of assets can provide insights into the liquidity and trading activity on the protocol

  • Total number of unique issuers
  • Number of new unique issuers over time
  • Number of transfers (daily/monthly)
  • Volume of transfers (daily/monthly)
  • Average value of transfers (weekly/monthly)

-Financing Metrics: The on-chain data enables monitoring and analysis of financing arrangements tied to the tokenized assets. Metrics such as the total value of outstanding loans, interest rates, and repayment terms can be derived from the data. These metrics provide an understanding of the level of lending activity and the financial health of the Centrifuge ecosystem.

  • Outstanding loans grouped by pool
  • Total outstanding loans over time
  • Interest rates by asset pools
  • Repayment analysis grouped by borrowers

-Collateralization Metrics: By analyzing the collateralization data stored on-chain, metrics such as the total value of collateral locked in the system, collateral types, and their distribution can be derived. These metrics are crucial for assessing the risk profile and stability of the Centrifuge protocol.

  • TVL over time
  • Collateral types
  • Collateral distribution

-Transaction Metrics: The on-chain transaction history provides insights into the transaction volume, frequency, and patterns within the Centrifuge ecosystem. Analyzing these metrics can help identify trends, user behavior, and the overall activity levels on the protocol.

  • Total transaction volume over time
  • Number of transactions over time

-Sources of lenders/borrowers: which allows to identify which exchanges lenders/borrowers are coming to Centrifuge from

-User behavior analysis: By analyzing users activity and their on-chain behavior metrics, such as daily and monthly active users, number of developers, total number of users, users segmentation (lenders/borrowers) can be derived. It’s crucial for understanding user flow and better ads targeting to grow the Centrifuge user base

  • Daily and monthly active users
  • Total number of users
  • Number of developers over time
  • User segmentation (lenders/borrowers)

-Off-chain metrics: Off-chain activities contribute to the growth of the Centrifuge protocol. The correlation between the growth of the social media community and the increase in on-chain activity allows you to streamline the creation of more effective marketing campaigns. At the same time, tracking activity on github and stack exchange provides more transparency to the community about Centrifuge’s development work and its growth.

  • Social Media (Twitter, Discord, Telegram)
  • Github
  • StackExchange

Tokenguard has the capability to offer any additional metrics or analytics that the community or core team deems valuable. We’d love to hear suggestions on what additional metrics would be valuable to Centrifuge.

Alignment to the mission of Centrifuge DAO

The Centrifuge Protocol’s mission is to create a decentralized, transparent, and inclusive financial supply chain that empowers individuals and businesses. Tokenguard’s on-chain data analytics tool aligns with this mission by providing valuable insights into the Centrifuge blockchain, allowing users to make more informed decisions about their finances.

With our on-chain data analytics tool, Centrifuge Protocol users can access a wide range of user insights, including financing trends, lending trends, repayment trends, interest rate trends, and risk assessments by industry. This information can help users identify opportunities for growth, minimize risk, and make more informed decisions about their finances.

By using our on-chain data analytics tool, Centrifuge Protocol users can increase transparency and decentralization in the financial supply chain. They can identify trends and risks in real-time, without relying on centralized institutions or intermediaries. This aligns with the Centrifuge Protocol’s mission of creating a more inclusive financial system that empowers individuals and businesses.

Description of Group

Tokenguard’s mission is to empower the Centrifuge community and other web3 projects by providing a user-friendly analytics platform that unveils the hidden potential within their ecosystems. We aim to transform data into actionable insights that will help the Substrate ecosystem to drive sustainable growth and value.

Kamil Gorski - CEO
Jakub Rojek - Product Owner and CTO
Damian Rolek - Senior Data Analyst
Zaur Tarunov - Growth Manager
Matt Saczewski - Business Development Manager

Tokenguard - Web3 Analytics
Tokenguard (@Tokenguard_io) / Twitter
Tokenguard · GitHub


We estimate that the development of the on-chain data analytics tool will take approx. 2 months and will require a team of experienced blockchain developers, data analysts, and UX/UI designers. Total cost of the project implementation is estimated at $27,700, which includes:

1st Month Development Costs ($6,000):

  • Centrifuge chain data indexation - $2,300
  • data model design and implementation - $2,200
  • dashboard implementation - $1,500

2nd Month Development Costs ($10,000):

  • dedicated Centrifuge features implementation:
  • Asset Tokenization Metrics - $1,300
  • Ownership and Transfer Metrics - $1,300
  • Financing Metrics - $1,300
  • Collateralization Metrics - $1,300
  • Transaction Metrics - $1,300
  • Sources of lenders/borrowers - $1,300
  • User behaviour analytics - $1,300
  • Off-chain analytics - $900

Monthly Service Costs (6 x $1,950= $11,700):

  • data storage & data maintenance - (6 x $1450 = $8,700)
  • alerting & monitoring service - (6 x $300 = $1,800)
  • indexer and data model updating - (6 x $200 = $1,200)
  • product maintenance - free of charge

Monthly payment plan:

  • 1st month - $7,950 = $6,000 + $1,950
  • 2nd month - $11,950 = $10,000 + $1,950
  • 3rd month - $1,950
  • 4th month - $1,950
  • 5th month - $1,950
  • 6th month - $1,950

Wallet address: 4eo62is6TVwYtL7y9DKFZjGE29pvvBxgGQJRFsmsExAPerNs

Delivery and Reporting

Implementation roadmap

Month 1

Week 1-2:

  • Gather metrics for Centrifuge dashboard: Collect all on-chain and off-chain metrics required from Centrifuge.
  • Kickoff meeting: Gathering all requirements. Understanding what data sources are available and Centrifuge’s team desired outcomes.
  • Design data model: Based on the requirements gathered, design a data model that can support the types of analysis that Centrifuge needs. Discussion about planned protocol changes.
  • Index data: Data indexing from Centrifuge chain mainnet


  • Centrifuge data model designed
  • Centrifuge mainnet data indexed

Week 3-4:

  • Data model implementation: Once the data model is designed, implementation can be started. This will involve setting up data pipelines to bring in data from various sources, defining data transformations and cleaning rules, and building a data warehouse.
  • Connecting to Tokenguard app: With the data model in place, we set up the Tokenguard platform.


  • Centrifuge data model implemented
  • Basic Centrifuge dashboard available for testing

Month 2

Week 5-6:

  • Developing custom dashboard: With the analytics platform set up, we can start developing a custom dashboard that can be used to provide insights to the Centrifuge team. This dashboard should focus on the most critical business questions and KPIs
  • Test and refine initial Centrifuge dashboard: Once the initial dashboard is developed, test it with the team to ensure it is providing the expected insights. Refine the dashboard as necessary to ensure they are meeting stakeholder needs.


  • Custom Centrifuge dashboard available for testing
  • On-chain metrics & KPIs delivered

Week 7-8:

  • Develop Centrifuge final dashboard: With the custom dashboard in place, begin developing the final version of Centrifuge dashboard that can provide deeper insights into Centrifuge network and off-chain activities. These would include advanced analytics, segmentation analysis, financing/lending trends, repayment trends, sources of lenders/borrowers etc
  • Test with the Centrifuge team: With the data analytics tool in place and final dashboard developed, test the solution with the Centrifuge team on how to use the tool and interpret the data insights. This will ensure that they are able to get the most value out of the tool.


  • Centrifuge final dashboard developed

Hi Kamil! Welcome to Centrifuge and thanks for the detailed description of your proposal!

Can you give a short TL;DR of the biggest benefits the Centrifuge community gains from your analytics tool?

As well, what are the advantages of your proposed tool over existing ones such as RWA.xyz, Centrifuge insights or Dune analytics?


Hi Tjure07
Thanks for the warm welcome and your questions!

After upgrading from Tinlake app(Ethereum) to Centrifuge App(Centrifuge Chain - Substrate based) there is no easy-to-use tool to track on-chain data. Tokenguard focuses on building analytic tool dedicated for Substrate ecosystem.

From the perspective of the community, our tool increases transparency, democratizes access to data and allows them to make better decisions thanks to:

  • Centrifuge Chain data access - currently there are lack of analytics tools for Substrate framework
  • No-code & no-SQL dashboards - easy to use drag & drop approach that allow everyone to track what is happening on-chain
  • Alerting&Monitoring - community member are able to set their own notification for desired metrics
  • Customization - our team is able to provide any on-chain metrics that community deemes valuable


From the standpoint of the core team, having access to data such as on-chain behavior, user segmentation, and the correlation between off-chain and on-chain activities might provides a deeper understanding of the marketing and PR efforts that contribute to the network’s growth. Moreover, access to DeFi and financial metrics enhances operational control. Additionally, alerts and monitoring enable the team to respond more effectively in the face of potential threats.


Advantages over existing tools:

Dune Analytics:

  • access to Centrifuge Chain data
  • easy-to-use no-code & no-SQL tool
  • off-chain to on-chain data correlation
  • alerting & monitoring


  • access to Centrifuge Chain data
  • dedicated solution for Centrifuge chain (not comparison engine)
  • off-chain to on-chain data correlation
  • alerting & monitoring
  • customizable tool that allows Centrifuge team to test different data correlation and improve go-to-market approach

Centrifuge Insights:
I would love to provide you with more information on the differences between our tools, but I would not like to do so based on the product description on the forum alone. Unfortunately, I was unable to fetch the on-chain data to the interface in the publicly available version and test it, so I would be grateful for the link for the latest version if you have access :slight_smile:


Additionally, if you would like to test our solution, the beta version of Tokenguard is already live and updated regularly for few other parachains that we cooperate with.

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Looks great — and very well written proposal! However we’ve already had EMRBIO.tech build what seems to be the same thing (or at least the foundation / initial structure for the same thing) — see here: Centrifuge Insights – An analytics dashboard for the Centrifuge ecosystem — thus I think it’d make the most sense that we continue to work with them.

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I agree with @devin, we should put the focus on developing one analytics tool and keeping it up to date with the latest metrics instead of investing time and effort in several tools although I personally don’t have a strong opinion which tool is the best

Good day
Thank you for your proposal.

Proposal type: CP1

I personally think that described proposal is not required to obtain a mandate from Centrifuge DAO in order to deliver this analytics tool, because other services tools EMRBIO.tech, RWA.xyz Dune analytics provides more similar stuff without any mandate.

I would say that this proposal is CP2 in case Centrifuge Treasury have enough funds ( there aren`t right now) or CP4 (General Improvements) with minting the requested amount.

* The entity doesn’t have a mandate but wants to apply for funding for a one time service

As i can see @Rhano already pointed out and suggested the correct CP that should be used ( once the Treasury will be funded).

Feel free to contact me or @Rhano if you need help with the correct proposal type or in case you have any questions.

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Hi @devin

Thank you for your comment!

Yes, we are aware of Centrifuge Insights and we believe that EMBRIO.tech is doing great job cooperating with Centrifuge!

Our idea to propose the analytics tool by Tokenguard for Centrifuge was based on the observation that Centrifuge Insights – An analytics dashboard for the Centrifuge ecosystem seems to be no longer supported and developed:

Due to the release of the new version of the Centrifuge app, we came to the conclusion that it is worth proposing the community and the team with an analytical tool for Centrifuge Chain, which currently does not seem to be supported

Additionally, looking at the product description in this thread Centrifuge Insights – An analytics dashboard for the Centrifuge ecosystem , it seems that in the original version, Centrifuge Insights is designed to display basic metrics.

Although we recognizes the importance of offering basic metrics and also provides them, Tokenguard also focuses on offering advanced metrics that helps with tracking effectiveness of off-chain marketing campaigns, tracking user-behavior and on-chain activities, as well as enhancing the operational process for the core team by offering relevant metrics.


I fully understand your point of view.

Through Tokenguard, we wanted to help track data that currently seems to be not tracked by Centrifuge, but if the community and team decide that currently available analytical tracking solutions are working and are sufficient, we fully understand it.

Hi @ImdioR

Thank you for your comment!

If you believe that our proposal should be listed under a different CP, we will be happy to adjust it.

Thank you for the offer of assistance, in case I will have additional questions I will contact you for suggestion on this matter.

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Hey @Kamil_Tokenguard !!

Thank you for taking the time to draft up and post this proposal!!

As a rule of thumb, for any DAO in general, it would have saved you a ton of time to engage with the community first - before doing all this work.

We could have given you all this feedback upfront. But regardless, thank you for doing all this work and it will be noted!!


Hi @Kamil_Tokenguard ,

Thank you for your feedback and observation regarding Centrifuge Insights. We appreciate your engagement and would like to clarify a few points:

  1. The development of Centrifuge Insights is indeed still in progress. Our team is actively working on enhancing and expanding the capabilities of the analytics tool.

  2. The reason the Insights UI is not currently functioning as expected is because there are no live pools available on the Centrifuge Chain at the moment. The link you mentioned refers to an early staging deployment, and therefore, the data fetching functionality is not yet operational. Once live pools are active on the chain, the Insights UI will be fully functional.

  3. It’s important to note that the Insights UI is just one component of a larger set of open-source microservices designed for analytics purposes. These services leverage the aggregation of both on- and off-chain data at the asset level, enabling users to gain comprehensive insights and make informed decisions based on the data provided.

We acknowledge that it has been a while since the last progress update and we are eager to take this opportunity to share the latest updates on the recent progress and our efforts in the near future. We will soon follow-up on the insights thread with the current status and outlooks of our development efforts.

We appreciate your feedback. If you have any further questions or concerns, please don’t hesitate to reach out.


Hi Everybody!

@ItsJake thanks for the feedback - we’re happy to discuss community ideas. Which channel do you suggest?

@lfo87 we understand the burden behind building a blockchain analytical tool - tracking, indexing, aggregating the data. That’s all complex and it’s barely a part of the job - you still need to display the data in a useful way. We’re sure that Centrifuge’s team is the most suitable for building an in-depth analytics to understand all the nuances of a complex DeFi protocol such as Centrifuge.

Tokenguard is above all else built for protocol growth :rocket: The purpose of our tool is for Centrifuge team to understand what drives new users into Centrifuge and how marketing & PR activities, listing on exchanges and new protocol features influence the protocol revenue & value. Some real-life use-cases tested with other protocols that we believe might help your team:

  • Listing on a CeX - this usually costs $25k - $200k, depending on exchange’s reputation. Listing makes sense only when users acquired through the CeX increase the value of your protocol and become your active users - and that’s often not the case for many CeXes. They often obfuscate and overestimate their data - we track this on every-day basis and can help with making the right choice.

  • Understanding power users - other than increasing your overall number of users, you want to understand your power users. Usually a small group responsible for > 80% of the activity. Your marketing & social media specialists want to know what makes these users engage more and what makes them disengage - to bring the protocol value up.

  • Monitoring in case of hacks / failures - Centrifuge’s team needs to be notified about this before anyone else. Firstly, to react quickly and design technical solutions. Secondly, to be able to prepare PR & marketing statements for the community on how the issue will be solved. Such reaction can inhibit token price-drop.

I would like to emphasize that our RFC is not intended to duplicate existing analytical tools, especially those that are already supported and developed. Instead, it is meant to serve as an open invitation to discussion. If the core team and the community find that expanding the analytical efforts with tools for analyzing marketing and PR activities (both on-chain and off-chain) will contribute to the growth of the project, we will be very pleased to support Centrifuge and provide valuable insights.

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