Grant Proposal - Idle Protocol Analytics

🏛 Governance 🛠 Grants & Bounties
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Hi everyone!

Title: Grant Proposal - Idle Protocol Analytics

Abstract:
This grant proposal aims to develop a dynamic Twitter bot called “Idle Protocol Analytics” that provides real-time analytics and notifications for the Idle protocol. The bot will deliver updates on reward opportunities, yield updates, key transactions, governance updates, and other important events within the Idle ecosystem. The goal is to keep users informed and engaged while attracting new users to the Idle community.

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

By also expanding the data provided by the bot, we can offer more insights to both Idle users and those interested in DeFi. This continuous expansion of data further sets our solution apart and positions it as a comprehensive resource for users seeking information and updates.

Scope of the Work:
The proposed project involves developing a Twitter bot using Python as the backend and Vue JS/Typescript as the frontend. The bot will gather data from the Idle protocol and deliver it in real-time on Twitter. The technical specifications include implementing data collection and processing, building an alert system, integrating with Twitter’s API for posting notifications, and developing a user-friendly frontend interface for managing settings and displaying analytics. The bot will also require server and hosting infrastructure to ensure its continuous operation.

Links:
https://twitter.com/VelodromeAlerts

Bio & Background:
Our team, @idleanalytics, 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 Idle community through the Idle Protocol Analytics. We have been granted by Velas Blockchain and Redlight Chain in the last six months and won the latest hackathon in Paris.

Budget:
We are requesting a grant of 6000 USDT (equivalent in $IDLE tokens) to support the development and maintenance of the Idle Protocol Analytics. This budget will cover developer compensation during the project timeline and cover the costs of server and hosting infrastructure to keep the bot active for an extended period.

Timeline:

  • Week 1: Set up development environment, gather requirements, and finalize technical specifications.
  • Week 2: Implement data collection and processing components, develop the alert system, and integrate with Twitter’s API.
  • Week 3: Build the frontend interface for managing settings and displaying analytics, conduct extensive testing, and address any bugs or issues.
  • Week 4: Deploy the bot, monitor its performance, and make necessary optimizations. Finalize the documentation and provide ongoing support for the bot’s maintenance.

We are happy to provide a beta version on a twitter account for the community and contributors to test before deploying the finalized version with the requested changes.
Have a nice day!

1 Like
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Hi @idleanalytics and welcome to the forum!

I personally find the proposal interesting as this type of bot is something that we wanted to develop since long time ago but never had the bandwidth to make it real!

Ideally we would like to show TVL and Apy changes alongside rebalances/harvests at least, but there are for sure other data that can make sense to broadcast. What other metrics do you have in mind?

I’m not completely getting why the need of a frontend, can you share some screenshots regarding its functionalities?

Although the proposed budget request seems a bit high, I’m happy to hear more feedbacks from Treasury League guys cc @Biaf @Teo

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Thanks @william for starting the conversation.

A warm welcome to you guys @idleanalytics. Always happy to see brains working to improve the Idle ecosystem :rocket:

As William said, I see as well a benefit in setting up an alert bot for Idle. Regarding your proposal:

  1. Can you please share additional background information on the work done for Velodrome? Did you follow the same approach suggested for Idle? I.e. Python and Typescript codebase, frontend etc?
    I’ve visited the Twitter link and it seems that the alerts are shared once a day in multiple batches. For our needs, it would be better to have continuous monitoring and multiple tweets throughout the day, when some conditions are met (TVL, APYs, rebalances, harvests etc). Is it possible?

  2. Regarding the budget requested, can you please share a more detailed breakdown of the costs you should incur to set up this bot?

Last but not least, being a grant paid by the Idle DAO, I would like to see your work available on the DAO GitHub page. This is to ensure that future contributors will be able to freely improve and update your work. Hosting should be also paid and accessible to the DAO as well.

Happy to further brainstorm on this. If you prefer, reach us on Discord

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Hello @william, thank you for your warm welcome and interest in the proposal!

In addition to displaying TVL and APY changes, we wanted to include strategy performance (tracking returns of wallets using Idle Protocol to show the effectiveness), asset allocation, governance participation (which is very important to us - ultimately we want to increase governance participation with notifications such as a proposal with a lot of activity or new snapshot), fee alert (less important, but still informative). 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.

Regarding the frontend, we thought it would be bring a more user-friendly and intuitive experience. For example with Velodrome, the bot is fast and relevant but the data might be a little raw? We wanted to take what we got from this experience and explore it further with Idle Protocol. We believe it would play a crucial role in our engagement and marketing strategy to bring news users. I’ll start working on a beta with APY change and will send a screenshot this weekend to show a customized Idle Protocol version. It would not concern all types of data if that is your question.

We understand your concerns about the budget request and are open to further discussion and feedback from the Treasury League. We have carefully considered the scope of work, expertise required, ongoing maintenance, and future updates to ensure the longevity and relevance of the bot.

Sorry if that was a little too long! We appreciate your consideration and look forward to further discussions with the Idle Finance community. Feel free to reach out if you have any additional questions or require further details.

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Hello @Biaf , nice to meet you and thank you for the warm welcome in the Idle ecosystem! :slightly_smiling_face: We truly appreciate your support and value your input.

Regarding the work done for Velodrome, we followed a similar approach using Python for backend development. However, we were instructed to deliever the product only and to work with minor data whereas with Idle Protocol we would like the opportunity to have our own engagement and marketing strategy. We aim to bring more functionalities and tailor them specifically to the needs of the Idle ecosystem, our priority will be to bring new users to the protocol.

In terms of the alerts, we understand your preference for multiple tweets throughout the day when certain conditions are met. Our bot will be designed to provide real-time alerts and notifications and we can certainly customize the frequency and timing of tweets based on specific events such as TVL changes, APY updates, rebalances, and harvests. We think it’s a great idea that will allow us to provide timely and relevant information to the Idle community.

The proposed budget covers compensation for the team (we are a team of five developers for full transparency), support for our testing bot (we will provide a beta first, available to the community), server hosting, infrastructure and data storage to handle the real-time monitoring and alerting capabilities. Funds are also allocated for potential future updates, feature additions, as per the evolving needs of the Idle ecosystem.

We fully understand and appreciate the importance of open-source contributions. We will make our work available on the Idle DAO GitHub page, so future contributors can freely improve and update the code. Hosting will be paid for and accessible to the Idle DAO.

Thank you for your very valuable feedback, it helps us delievering a bot that will fit the needs of the community. I will reach out on Discord to discuss this further!