Name of project : DataX : Launch TradeX + Buidl StakeX
Website : https://www.datax.fi/
Proposal Wallet Address :
The proposal in one sentence :
This proposal covers 2 products :
TradeX - Prepare User docs on how to use TradeX and support multiple networks.
StakeX - Buidl a brand new Staking product for staking/unstaking on Ocean datapools without any staking restrictions/limits.
Which category best describes your project? Pick one or more.
Build / improve applications or integrations to Ocean.
Project Description :
As part of our unified DataDeFi suite offering for DataX, we have identified another product that can improve user experience and gives more freedom to users to efficiently stake/unstake OCEAN on data pools. Currently, Ocean Market and ocean.js puts restriction on % that you can stake and unstake on data pools. Later on we will also integrate signals like APY, Farming rewards, Gini coefficient etc to give more information to the users staking on those pools.
TradeX is trading solution that provides intuitive platform to buy, sell and trade datatokens using OCEAN + datatokens. We received a grant in Round 7 to build it and built we have (check out our project standing report for TradeX. Most of the developments are completed and we have delivered some extra artifacts. We want to create a user friendly documentation for TradeX so that users can understand and use it effectively. Since most of the data users/investors are non-crypto friendly users, they will need a holding hand in walking through the process and thats where this detailed documentation will be helpful.
Funds from this round will also go towards adding support for Polygon and Binance Smart Chain for in TradeX so that users to take advantage of all Ocean Protocol supported networks.
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 -
- Increase no. of daily active users on Ocean Protocol (via clear docs for TradeX)
- Increase TVL (via intuitive staking using StakeX)
- Vastly improve user experience for buying, selling, stacking and trading datasets (TradeX)
- Increase daily trading volume (TradeX)
- 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, with documentation more users will be able to participate in buy/sell/trading datatokens specially using datatokens without leaving TradeX platform. Thereby they will save efforts and their usage experience will be improved. And likely some gas fees is saved. Thereby inviting more smaller investors/users to invest/trade in datasets.
If we consider, if realistically 2000 users (might be more once Data Farming is launched) are staking an average of 200 OCEAN tokens. That gives the bang as
bang 1 = 2000 * 200 = 400,000 OCEAN
If we consider that documentation and multinetwork support helps onboard 500 new users, who generates an average trading volume of only 100 OCEAN, then
bang 2 = 500 * 100 = 50,000 OCEAN
Total bang = 450,000 OCEAN (at current price of 0.95$, its 427,000$)
Bucks (fund requested) = 17,000$
So ROI = bang / buck = 427,000 / 17,000 = 25.2
Proposer’s estimate of % chance of success = 70%
Actual ROI = 0.7 * 25.2 = 17.6
Project Deliverable - Build / Integrate
Using this grant, we will build following features and artifacts -
- TradeX - documentation detailing usage
- TradeX - support for Polygon and BSC
- StakeX - Web App
- StakeX - library support for unrestricted staking/unstaking