ALGA DeFi Wallet - the Data Token Market in your pocket
Proposal Application Details
Country of Residence - United Arab Emirates
Our Round 12 Pledge: 12’500 US$ (in treasury: 2’093 US$)
- Build a Data Token mobile application integrated with Ocean Protocol Market.
Data Whale’s primary objective is to build tools that support the adoption of Ocean Protocol’s Marketplace and the asset class of “Data Tokens”. Our mobile app ALGA, our successful dataset “Directory” and continued outreach efforts aim to drive a positive ROI towards the Web3 data economy.
Round 12 Deliverables
[ ] To establish an analysis of how to pair React Native with ocean.js.
[ ] To finalize following development to the ALGA user experience and app functionality.
- Watchlist functionality
- Sign-Up Backend Finalization
- Session Management
- Edit Profile
- Change Password Backend Finalization
Round 11 Achievements
In Round 11, we spent 14’250 US$ to achieve a major milestone: to integrate WalletConnect to our ALGA application. In addition to this, we have been able to finalize the below.
- Added Daily Pricing and DataToken/US$/$OCEAN pricing through Rug Pull Index.
- Optimized generic flows, designed sign-up and profile creation functions with a test-account.
- Hard-coded Data Token Wallet, Add Liquidity Function and Pool Liquidity Wallet.
Our generic outreach activities have continued to prove extraordinary results. Go check-out our channels to watch Bruce’s interview!
We also celebrated our FIRST ANNIVERSARY !
Upon completion, by end of Q4/21, ALGA intends to generate the following value for the Ocean Market.
- Provide a simple user interface to add/remove liquidity from Data Token liquidity pools launched on Ocean Market.
- Provide a Data Token first wallet, where users can track the value of their Data Token and DT Liquidity Pool Portfolio.
- Provide a Data Token swap interface, where $OCEAN can be used to swap DT.
- Generate positive network value through fees, as well as onboarding data curators.
Provided that Ocean Market traction increases by the time the app is completed, we assume that we will generate an incremental transaction volume of 500’000 $OCEAN through ALGA within a 1-year timeframe.
ALGA Development Lead
Name: Omar Saadoun
- 1 Project Manager
- 1 React Native Frontend Developer
- 1 Web3 Backend Developer
- 1 Graphic / UI Expert
Name: Moritz F.
Role: Team Lead
Criterion 1: Ocean Value-Add
- Usage: The ALGA dApp aims to make the engagement with the Ocean Market more seamless via a dedicated mobile app for iOS and Android.
- Viability: Given the progress we have made and the WalletConnect integration, we estimate the chance of success for completing the project at 90%. In addition we have continuously build a potential user-base across our Outreach channels and are experiencing daily sign-ups on our beta app.
- Community Active-ness: We are an integral part of the Ocean community and active across several channels.
- Adding Value: Our primary objective is to add value to the general Ocean eco-system. Our content appeals to a variety of audiences with different level of understanding about the Web3 data economy.
Criterion 2: Ocean Protocol’s Mission & Values
- Evidently, we are aligned with Ocean Protocol’s Mission & Vision to unlock the value of data across all levels of society. Kindly visit our Blog for a deeper understanding of our views.
Criterion 3: Ocean Protocol’s Mission & Values
- We meet the minimum requirements of $OCEAN funds in our wallet linked above.
Updated ROI Calculation & Finances
Our project can prove a net positive network effect of over 100’000 $OCEAN. Read below to find out more!
Actualized BANG in $OCEAN (Success = 100%, as of 25.11.21):
- TVL in Data Whale Liquidity Pools (excl. Publisher): ~37’411 $OCEAN
- Swap Fees Generated: ~60’000 $OCEAN
- Data Consume Volume: ~24’895 $OCEAN
Estimated BANG Metrics in $OCEAN (Estimation = 50%):
a. Twitter Lifetime-Impressions (~1’000’000) * Avg. Engagement (3.8%) = 38’000
b. YouTube Lifetime-Impressions (~245’000) * Avg. Engagement (7.4%) = 12’807
c. Website Sessions (~5’000)
c. [[Total Interactions * Estimated Ocean Market Engagement (5%)] * Estimated Network Value ($OCEAN 150)] - Actualized Network Value = 2160 * 150 = 418’552 $OCEAN - 122’306 $OCEAN = 296’246 $OCEAN
1-Year Data Whale Telegram IDO (TVL+Swap Fees+Consume): 30’000 $OCEAN
1-Year Future Network Effect (ALGA + Web-App): 500’000 $OCEAN
122’306 $OCEAN BANG [ACTUAL] * 100% + 948’552 BANG [ESTIMATED] * 50% / (13’000+10’000+10’000+15’000+32’000+22’764+17’497+~12’500) = 596’582 $OCEAN / 132’761 $OCEAN GRANT = 4.49
Detailed Data Whale Financial Statement
Based on our “Reflections on the Round 10 of OceanDAO”, we have re-adjusted our focus and put all our efforts on finalizing ALGA - our biggest project. OpenSea had 1 Billion US$ in sales when they launched their Mobile Application - Ocean Market will have one ready when the focus shifts to the Web3 Data Economy.
Our future roadmap includes the following initiatives.
- Continue expanding ALGA functionalities to other data markets and networks.
- Build a Web3 website that mirrors ALGAs functionalities.
- Have a greater focus on Ocean Market PR, Outreach and Marketing. We will present our plans along with Ocean Market v4, but it includes community driven initiatives like the Ocean Market Impression Mining Program.
- Continue launching Data Tokens that represent useful datasets, in order to encourage more data token consume volume on the Ocean Market.
- Work on PoCs with Ocean community members and potential industry partners to encourage adoption of Ocean Market.
THANK YOU FOR YOUR SUPPORT!
We remain at your disposal for any questions. Contact us on one of our many channels. Please review our proposal and comment below should you have any concerns.