Author: @takeabreath
Project Name: Hop V2 Analytics Dashboard
Project Description:
On the topic of “Dashboard Creation,” I propose to offer my experience building data dashboards to create a dashboard that tracks Hop V2 metrics.
This dashboard would be built on the Dune Analytics platform and shared with the community for their needs.
Critical metrics pertaining to Hop V2 will be tracked and illustrated on this dashboard, including fees generated, protocol usage metrics, and performance.
The goal is to provide metrics that allow the community to gauge the performance of Hop V2 and how this performance may be affected by exogenous factors.
Project Links:
The following is a selected portfolio of previous, relevant work:
- A study on Uniswap V2 LVR Study (see also the writeup of findings)
- Hop Liquidity Dashboard (updates every week on Tuesday)
- Lynex Protocol Metrics Dashboard
Team Member Roles & Background:
If additional assistance is used to build this dashboard from other contributors, their contribution will be disclosed by @takeabreath.
The $HOP allocated to this grant proposal will be distributed among all contributors based on an internal agreement.
Contact Information:
- Telegram: @takea_breath
- Twitter: @respired
RFP Category:
Community Tools::Dashboard Creation
Requested Grant Size & Justification:
$5000 USD (or ~252,491 $HOP at $0.019802, the 7-day TWAP for $HOP as of writing this proposal).
Assuming this dashboard takes 200 hours for completion (over a 37-day period), this comes down to ~$25/hour.
Justifications:
- This figure reflects the time required for the contract audit and engineering of the dashboard, as well as for surveying and assessing feedback from the community (and conducting additional changes, and “credit costs” for periodic dashboard updates).
- Without offering any concrete examples, $25/hour for completing a Dune Dashboard for protocol analytics seems like a competitive rate in this space.
- Quality of work is important, and as illustrated in my previous work, my dashboards are created using easily readable, modular queries, which are publicly available and tend to run rather quickly.
- This level of quality will be reflected in this dashboard as well.
Grant Objectives & Purpose:
The objective of this grant is to provide the Hop DAO community (which includes protocol engineers, delegates, bonders, Liquidity Providers/LPs, and bridgers) with an overview of the protocol’s performance based on the following metrics:
- Fees generated
- TVL
- Reward/yield distribution
- Potentially more, based on unique Hop V2 features observed on launch of V2 smart contracts
All metrics will be aggregated by blockchain and bridged asset symbol. This allows users of this dashboard to make better business decisions when operating the protocol:
- Protocol engineers could use this dashboard as a monitoring tool for the protocol’s various components.
- Delegates could use this data to plan liquidity incentivization campaigns, onboard liquidity for new assets belonging to an underrepresented asset class, and check how the protocol behaves under moments of exogenous market stress.
- Bonders can use this tool to track chain and asset/token performance to choose which assets would be best to front liquidity for.
- LPs can track the performance of their positions and track which tokens offer the best opportunity for generating income.
- Bridgers can use this dashboard to check how much liquidity exists on the destination chain they would like to bridge to.
The aim of this proposal is to ensure that all of the above parties can meet their needs with the proposed Dune Dashboard.
Project Benefit to Protocol or DAO:
To expand on the points made in the previous section, this dashboard benefits the protocol by leveraging Dune to offload the task of calculating and continually serving analytics data on paid-for server space hosted by Hop Labs.
The DAO benefits from having a single reference for numerous metrics which help the community to meet their business needs on Hop. This point is discussed at length in the previous section.
Proof of Concept/MVP:
For an idea on how I intend to organise the metrics and charts for this dashboard, please view my previous work, especially on Hop Liquidity.
The content of the dashboard will obviously differ, but I intend to partition the dashboard in sections (fees, TVL, reward distribution, etc), provide a short explanation of each section, and then present the data to users.
Ideally, one section where LPs can monitor the liquidity of a single pool would also be provided for on the proposed dashboard.
Grant Execution Strategy:
- Methodology:
- Initial audit of Hop V2 smart contracts; document critical functions and events which affect or describe the performance of Hop V2
- Assessment of what metrics can be drawn from this raw data; how can protocol performance be illustrated with raw data from contract event and calldata
- Survey Hop community for what metrics would be most critical to display on the dashboard based on list of possible metrics generated from previous step
- Build queries to extract and transform raw event and calldata into selected metrics
- Chart relevant metrics onto Dashboard
- Seek Feedback from the community, and iterate on the first version of the dashboard to ensure their needs are met
- if there are changes that need to be made, I will edit and/or add more metrics to chart.
- Milestone Plans:
- Weeks 1-3 The initial audit of the contracts will be done in this time. Assistance from protocol engineers will be sought in this time where required.
- Weeks 4-5 Will be spent on assessing how the metrics can be built, forming a plan of action, and surveying the community on what additional metrics they would like to see charted
- protocol engineers may also be consulted during this time based on this feedback
- Weeks 5-8 Will be used to build the dashboard’s queries, and then chart them on the dashboard.
- On Week 9, the dashboard will be presented to the community. A feedback loop may be started here, where I ask the community for feedback on the dashboard, and they may propose changes
- if these proposed changes are feasible, I may go back to working on the dashboard for some time
- time of completion will be extended in this scenario
- Risk Assessment:
- Complexity of Hop V2 Smart contracts (this will become known on V2 delivery)
- affects time to build dashboard as well as time to run queries
- to deal with this roadblock, assistance from Hop V2 smart contract developers will be sought
- Low participation for survey step
- If there are no or little feedback on the survey to gauge what metrics the community would like to chart, I will just pick the ones I deem most suitable
- Complexity of Hop V2 Smart contracts (this will become known on V2 delivery)
- Metrics for Success:
- All proposed metrics are adequately charted and explained on the proposed dashboard
- Dashboard is completed after 9 weeks of development
- if an extension is required based on V2 contract complexities or feedback, this will be communicated before the deadline (or after, if this is due to feedback after the 9-week period)
- General, positive feedback from community on dashboard delivery