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Title: Proposal for Hop Protocol Development (Analytics)

Authors: @hopanalytics

Date Created: 14/06/23

Date Posted: 14/06/23

SUMMARY:

This proposal aims to develop Hop Protocol Analytics, a comprehensive system that provides real-time analytics, reporting, and insights for the Hop community. The project will empower Hop users by delivering key metrics, market trends, governance updates, and other important information. It seeks to improve analytics strategies and foster deeper engagement within the Hop Protocol community.

BACKGROUND:

This proposal addresses the growing need for reliable and accessible analytics and reporting tools in the expanding Hop Protocol ecosystem. By providing valuable data and insights, the project aims to attract new users and increase community engagement.

While the current statistics provide valuable information for Hop users within the platform, our system offers a unique approach to engage and market to users outside of the Hop Protocol community. By providing the statistics directly on various platforms, we can reach a wider audience and potentially attract new users who may not be familiar with Hop Protocol. This differentiates our solution from the data displayed on dashboards, as it focuses on expanding the user base and increasing engagement beyond the existing community.

MISSION & VALUES ALIGNMENT:

The Hop Protocol Analytics project aligns with the mission of Hop Protocol to create a decentralized and transparent ecosystem. By promoting transparency, empowering users, and fostering active participation, it strengthens the Hop community and supports its core values.

You can see what a simplified version of the system looks like on this link (https://twitter.com/VelodromeAlerts ).

SCOPE OF WORK:

  • Develop a real-time analytics system that covers key metrics, market trends, and governance updates.
  • Implement data collection and processing components, integrating with Hop scs.
  • Build an intuitive interface with visualizations to present the analytics and insights effectively.
  • Conduct rigorous testing to ensure accuracy and reliability of the analytics system.
  • Deploy the Hop Protocol Analytics system and gather user feedback for continuous improvements.

SPECIFICATION:

The Hop Protocol Analytics system will be developed using Python for backend development and Vue JS/Typescript for frontend implementation. It will leverage smart contract data, governance information, transaction history, and other relevant metrics to generate meaningful reports and visualizations.

The team will consist of experienced developers skilled in Python and Vue JS/Typescript. The positions filled include backend developers, frontend developers, and QA testers.

FINANCIAL IMPLICATIONS:

We request a grant of 6000 USDT (equivalent in $HOP) to cover the following expenses:

  • Developer compensation for the squad members involved in the project.
  • Server and hosting costs for deploying and maintaining the analytics system.
  • Ongoing maintenance and support to ensure the system’s continuous operation and improvements.

SUCCESS METRICS OR KPIS:

The success of the project will be measured by:

  • User engagement metrics, such as the number of active users and interactions with the analytics system.
  • Adoption rate of the Hop Protocol Analytics system among community members.
  • Positive user feedback and satisfaction with the system’s functionality and insights.

NEXT STEPS:

If this proposal is accepted, immediate action items include:

  • Official proposal submission on the snapshot program.
  • Finalizing technical specifications (such as data selected) and project plan.
  • Starting the development process, including data collection, processing, and UI/UX design.

MY BACKGROUND:

Our team, @hopanalytics, is a group of experienced developers who have a strong background in deploying protocols and participating in hackathons. We have a deep understanding of the DeFi space and are committed to providing valuable analytics to the Hop community through the Hop Protocol Analytics. We have been granted by Velas Blockchain and Redlight Chain in the last six months and won the latest hackathon in Paris.

Have a nice day! I am available if you have any question regarding the proposal.

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Thank you for this proposal @hopanalytics and congratulations on winning the Paris hackathon

  • Based on the example you have shared about velodrome, am I correct in understanding that you’ll make a twitter account which shares these analytics for the HOP ecosystem?
  • Can you share some stats for success metrics you have seen for the Velodrome implementation?
  • Do you have any initial thoughts on what metrics you’d like to develop for the HOP ecosystem?
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Thank you for the reply @jengajojo !

  • Yes, we will create a dedicated Twitter account to share analytics and updates for the ecosystem, similar to the approach taken with Velodrome. However, the Velodrome example focused on minor information such as TVL updates as we were instructed to, whereas for Hop Protocol, we intend to take the data analysis further.

  • In terms of success metrics observed for Velodrome, we saw positive user engagement indicators such as increased interactions with the analytics system and positive user feedback on the functionality provided. Again, we believe this could have been better exploited with more data (governance is important to us for example - as we can play a positive role in governance participation). We were also instructed to only deliever the product whereas with Hop Protocol we would like the opportunity to have our own engagement and marketing strategy. Our main goal is to bring new users to the protocol and having our own strategy will enable us to effectively attract new users

  • The analytics and metrics we would track include the TVL, analyzing the volume of token swaps facilitated to assess transactional activity and liquidity, tracking the number of liquidity providers participating to gauge user interest and yield opportunities, the token price and market capitalization, cross-chain activity, tracking user growth (more users in a specific time, more volume) and governance participation (proposal with significant likes/replies on the forum, new snapshot proposal) to support the level of community engagement in shaping the protocol’s future. We are very open to ask the community for which type of data to be sourced to make sure the bot fits everyone’s expectation and is as efficient as possible.

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