Author: @shogun
Project Name: Hop Dune Dashboard and Spellbook
Project Description:
This project entails developing a Hop Protocol Dashboard encompassing the protocol’s utilisation, performance, transition from V1 and V2, and exploration of liquidity movement across chains. As well as incorporating a high-level metrics into the volume, fees, users into the Spellbook. The Spellbook will serve as a query of bridge activities. Decomposing this dashboard further:
Utilisation relates to the active users (retained users and new users), volume (per pool, asset type, and chain), fees (per pool, asset type, chain). These metrics help highlight and realise Hop’s effectiveness within the bridge category.
Double clicking on this, it might be useful to indicate the power users by time period (weekly, monthly, and all-time) both on the liquidity side and bridging side. To make improved decision-making from both the community and the DAO to explore ways of supporting these users in the interaction with Hop (either through internal incentive structures, or other initiatives enabling growth for Hop).
As many liquidity providers have noticed, it’s often difficult to assess how the performance of all pools are, such that they can deploy capital for the most efficient use. What I propose is a solution that tracks APRs for pools based on the underlying fees, enabling visibility into performance.
The transition for V1 to V2 interactions will take some time and gradual improvements, as noted in the V2 documentation. It would be great to highlight this move, indicating V2 success as it gains momentum, specifically I will work to cover tracking volume, fees, and users from these versions.
At Hop’s core it helps build a foundation to resolving fragmentation of liquidity across chains. I’d like to work on metrics that help showcase the flow of liquidity from the source and destination. As a user this can indicate where tokens are flowing and where activity is. And with the initiation of V2 the possibility of Hop’s core messenger will speed up the way applications utilise Hop.
I’d be happy to incorporate community feedback, that was not yet focused on within this scope, as it will be helpful in the development process.
The Spellbook, will contain the metrics for bridge transactions for all supported chains. This would include volume, source, and destination chains and users, the timestamp of the transaction, the token bridged. This way users can develop metrics very clearly and comprehensively for Hop on Dune.
Project Links:
Team Member Roles & Background:
Shogun - Data Analyst
Hi I am Shogun, I have been working on Dune Dashboards for quite some time now, worked with protocols like Railgun, Dolomite, and GMX for their official dashboards. You can visit my profile at https://dune.com/shogun for more info!
I would like to take the initiative of working on the design and development of the Hop V2 dashboard.
My collaborations with Hop, have been closely tied with designing the LTIPP dashboard for Hop, as apart of the requirements outlined for the LTIPP by the Arbitrum DAO. This meant tracking the users, volume, liquidity held by users, incentive distribution, bridge transactions, and fees generated. Which underwent several iterations across months, incorporating V1 pools for Arbitrum:
- List of all bridge txs
- List of all Hop Liquidity Providers
- Pool Breakdown for volume, fees, and TVL
- List of all pools on Arbitrum
Contact Information:
@shogunfx1 on TG
RFP Category: Dashboard and Analytical Tooling for Protocol Insights
Requested Grant Size & Justification:
The request Grant Size is ($5700 @ current prices 300,000 HOP)
This grant will fund the development for research committed, design & development for both the Dashboard and Spell Book, and the maintenance for six months.
I anticipate the implementations for the project, varying based on pool design. I will ensure to work closely with the development team and review the core logic in the contracts in undertaking the development.
Grant Objectives & Purpose:
The grant’s objective is to highlight Hop protocol’s metrics to a wider audience that can help derive protocol-specific insights, create actionable decisions, and improve the usage of data for Hop amongst the DAO and the community! Thereby, increasing awareness for Hop and invite new users to gravitate, utilise, or build on Hop.
Project Benefit to Protocol or DAO:
Both the dashboard and spellbook, will evidence metrics that validate the measure of success in V2’s introduction, fine-tuning when necessary, and having realised the protocol’s transition taken into effect. This can make transformational insights that can be best utilised for vault changes, adoption of new assets, and increase usage over the platform.
Proof of Concept/MVP: As of my past experienced outlined in background, my contributions will be aligned with maintaining high quality, in the development of the project.
Grant Execution Strategy:
• Methodology:
The project execution follows a flow starting with a two-week research period examining Hop V1 and V2 contract architecture, data structures, and event logs. This includes identifying analytics gaps and gathering community feedback on desired metrics (preserving high quality, accuracy, and remediation when necessary).
Development spans 6-8 weeks, beginning with foundational query creation for transaction tracking and chain-specific adapters. This extends into advanced analytics implementation for liquidity provider tracking, APR calculations, and power user identification. The final development stage focuses on interactive Dune dashboard with a comprehensive overview over the platform.
• Milestone Plans:
Weeks (1-3)
Research and layout the architecture of the contracts, data schema, and identify if auxiliary any endpoints are needed. The focus on these weeks, are to make an understanding of the transactions, identify users, and work on chain integrations.
Weeks 4-6
Deliver complete APR calculations, tracking liquidity providers, covering core metrics, utilisation, performance, transition for V1 to V2, and unfettered access to liquidity movements across chains using Hop. Additionally work on the development of the Spellbook, which would require
Week 7-8
This final phase will undertake assessing all integrations, support community feedback changes, and send it into full production.
• Risk Assessment: (Identify challenges and mitigation strategies)
Technical Risks
Fortunately for Dune, there’s been a wide expansion of networks being supported, therefore cross-chain data consistency, however there still may be some technical challenges with the data, similarly for contract updates for V2, necessitates modular query designs and regular monitoring. Any performance issues with large datasets will be addressed through data optimisation and materialised views.
Operational Risks
Timeline delays from unexpected complexities will be manages through buffer time allocation and regular progress updates. Any constraints, regarding data availability, will be addressed through alternative data sourcing, and comphrensive implementations.
• Metrics for Success: (Define measurable KPIs)
- Development of the dashboard, completed, and deployed into production within the time frame.
- Track growth through traction using Dune’s star mechanism.
- Regularly communicate with the DAO, community, and team to validate success.