DataX : Build Unstake + Manage Stakes features + StakeX Docs

Name of project : DataX : Build Unstake + Manage Stakes features + StakeX Docs

Website : https://www.datax.fi/

Proposal Wallet Address :

0xeFB850EA4963Eb6d1A914D4Eb0b114026da51623

Fund Requested

13000$

Progress Update

Check out our progress updates from last proposal here

Staging version of Dapp is live here

Note - this is not the production version of the app and most likely has some bugs. You are most welcome to check it out and provide your valuable feedback. Please use test network (rinkeby) when testing it out. DataX team is not responsible for any loss of funds you experience while using test app)

We also have demos of what we have built -

  1. TradeX : Datatoken to Datatoken Swap Video

TradeX : Datatoken to Datatoken Swap Video

  1. StakeX : Staking OCEAN into DataPool

TradeX : Datatoken to Datatoken Swap Video

The proposal in one sentence :

This proposal covers 2 products :
TradeX - UI bug fixes to support corner cases.

StakeX - Build Unstake Feature + My Staked Pools Feature + StakeX Docs

Which category best describes your project? Pick one or more.

Build / improve applications or integrations to Ocean.

Project Description :

StakeX :
As seen in above video, Staking feature in StakeX is well implemented, tested and ready to go. We are still missing on two important features on StakeX -

  1. Unstaking OCEAN (if you have stake in pool).
  2. My Staked Pools (or Manage My Staked Pools)

Major part of the funds from this grant will go towards building these features. Also, we will add documentation for StakeX using funds from this round.

TradeX
TradeX is trading solution that provides intuitive platform to buy, sell and trade datatokens using OCEAN + datatokens.
Using funds from last grant, we built the product backend + frontend + docs. Once part missing before launching it is UI related bug fixes. We have encountered some bugs on UI that covers corner cases (non-happy paths). We don’t feel comfortable (to avoid loss of user funds) launching the TradeX dapp until those bugs are fixed and dapp is well tested. Note that, happy paths are functional (as seen from video above)

Some funds will also be used to provide support for upcoming Moonriver network launch in both TradeX and StakeX.

What problem is your project solving?

DataX 's vision is a one-stop shop for all Data DeFi needs. We are helping to make data a liquid asset.

With TradeX, we are creating platform for buying, selling and trading datasets using any token (roadmap). With TradeX nearing launch, we want to create a detailed documentation on usage of this platform especially around how one can swap datatokens <> datatokens. And how one can switch between networks and use datapools published in other networks. We are also looking to provide multinetwork support (including Ethereum, Polygon and BSC).

With StakeX, we will create a unified staking, unstaking solution with added signals that allows users to stake/unstake ocean tokens in data pools. This product will play a significant role when data farming initiative is launched. Currently, Ocean Market and ocean.js puts restriction on % that you can stake and unstake on data pools. We dont have any such restrictions on StakeX, so users can freely stake/unstake tokens.

What is the final product?

Web based Dapp + Documentation

How does this project drive value to the Ocean ecosystem?

Explained in detail above in Problem being Solved section. But tl;dr this project will help with -

  1. Increase no. of daily active users on Ocean Protocol (via clear docs for TradeX)
  2. Increase TVL (via intuitive staking using StakeX)
  3. Vastly improve user experience for buying, selling, stacking and trading datasets (TradeX)
  4. Increase daily trading volume (TradeX)
  5. Generate revenue for Ocean community (by % cut that Ocean Protocol charges for consumes)

Calculations for ROI

One of the value add that StakeX brings is increase in TVL. With each OCEAN/DT staked, TVL of Ocean Protocol increases thereby attracting more users/investors to the OCEAN tokens and protocol itself. With Data Farming, users will be able to stake/unstake any no. of tokens without restrictions (that is put up by Ocean Market currently).

On TradeX side, UI bug fixes and proper testing will make TradeX more robust and help avoid loss of user funds due to trivial bugs.

If we consider, if realistically 1000 users (might be more once Data Farming is launched) are staking an average of 200 OCEAN tokens. That gives the bang as

bang 1 = 1000 * 200 = 200,000 OCEAN

If we consider that bug fixes helps avoid loss of funds of even 50 OCEAN from average 100 users

bang 2 = 50 * 100 = 5000 OCEAN

Total bang = 205,000 OCEAN (at current price of 0.95$, its 427,000$)
Bucks (fund requested) = 13,000$

So ROI = bang / buck = 205,000 / 13,000 = 15.76
Proposer’s estimate of % chance of success = 70%

Actual ROI = 0.7 * 15.76 = 11

Project Deliverable - Build / Integrate

Using this grant, we will build following features and artifacts -

  • TradeX - bug fixes + testing
  • TradeX - support for Moonriver network
  • StakeX - Unstake + Manage Stakes feature development
  • StakeX - testing all features + docs

Team members

DataX team

2 Likes

Great progress. You’ve got our vote. What’s the best way for our devs to reach your team for a discussion / exchange on proposed solutions to some of the functionalities. I believe ALGA. and DataX share some use-cases, albeit different platforms :slight_smile:

1 Like

Sure. Lets discuss in Discord. You know where to find us - https://discord.gg/2Y8AcwtB :slight_smile:

1 Like

Hey there, great proposal you got here. I really like the way you highlighted how this project drives value to the ocean ecosystem. Love the website too, you have my vote. :clap:t3:

1 Like

Hey DataX Team,

We just submitted our vote for this proposal and good luck.

If you have time, go ahead and review our Proposal on the Port. Let us know whether you have any comments.

Cheers,
Data Whale

1 Like

Hey DataX,

will the router smart contract that you’re developing using the funds from OceanDAO be made open source?

I’m excited to see this proposal and am looking forward to the direction this project may take, and the type of impact it could have in the ecosystem WRT $ value transactions, stakes, and the types of outcomes that can have in an ecosystem (i.e. bots running strategies on top of DT swap / AMM).

The amount requested relative to grant deliverable seems appropriate. The amount also suggest a certain amount of consideration WRT initial engagement, and stage of project WRT to unknown Traction/PMF. Looking forward to this being delivered, and the opportunities it may generate.

I have voted to support this project.

Questions/Comments:

  1. With regards to StakeX, I’m wondering if considerations were paid to the work done early in the DAO in the Liquidity Pool Handling proposal, which looked to improve various mechanisms WRT LP management? I have not gone in depth to review your approach/solution, and compare both projects, but I thought I would point this out and ask you to perhaps reconcile any overlap, or leverage any learnings.

  2. I believe there are a couple of small issues with your calculations.

Total bang = 205,000 OCEAN (at current price of 0.95$, its 427,000$)
Bucks (fund requested) = 13,000$

I believe the bang calculation is wrong, the bucks (funds requested) is in $USD.
If you are swapping that to USD then ~195k.

So ROI = bang / buck = 205,000 / 13,000 = 15.76

This should therefore be in USD:
ROI (in USD) = bang / buck = 195,000 / 13,000 = ~15

Nothing too major, as the numbers reported remained mostly the same.

Thank you for your proposal!