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.
Background
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
Budget
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
Deliverables:
- 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.
Deliverables:
- 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.
Deliverables:
- 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.
Deliverables:
- Centrifuge final dashboard developed
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: