Name of project: Ocean Pool Alerts
Proposal Wallet Address: 0x5281aD053cC8906d08E9520318A76db767CEeB4b
The proposal in one sentence: I want to build a solution to notify the Ocean community of important alerts Ocean data pools while creating equal staking opportunity for all Ocean community members and help reduce rugpulls.
Which category best describes your project? Pick one or more.
[x] Build / improve applications or integrations to Ocean
[ ] Outreach / community (grants don’t need to be technical in nature)
[ ] Unleash data
[ ] Build / improve core Ocean software
Description of the project:
Since the inception of Ocean v3 and Ocean Market, we have seen lots of data being published and data pools created. Such phenomenon has created lucrative staking opportunities for Ocean community members. But not everyone has benefited from these opportunities. Only those who were first and early stakers have been served well at the cost of late joiners in any particular pool. Most people who made consistent profits were either technical or degens. Not all community members have the same technical competency. They benefited at the cost of non-technical community members. My purpose is to create equal opportunities for all community members by giving equal information opportunities to everyone via pool notifications.
Imagine if everyone were notified as soon as new data pools are added to the Ocean Protocol (not only on Ocean Market but any marketplace that is using Ocean Protocol). This would level the opportunities for everyone to participate and hence create diversity of LPs in the pool.
Also, what if you get alerted that the new pool was created by an account in the purgatory list. In that case you would refrain from staking into that pool and hence avoid being rug-pulled. This will significantly take away power from rugpullers and bad actors and will make it expensive for them to even create pools since no one will stake in those pools. Thereby, helping to reduce proliferation of bad actors and rug pullers and saving community funds.
What problem is your project solving?
Ocean Pool Alerts helps to solve following problems -
- Create equal opportunities for everyone to stake in the new pools. Thereby promoting diversity of LPs in the pools and reduce proliferation of degens whose main goal is quick profit from the pools.
- Help reduce rugpulling by making it expensive for bad actors to create pools when no one adds liquidity to those pools (because they get notified of bad pools in advance)
And there may be more indirect problems that are solved as an after effect.
What is the final product (e.g. App, URL, Medium, etc)?
The best way to notify someone of something today with fastest feedback is via Twitter.
So, the final user interface will be a twitter bot. But the platform itself can be extended to allow notifications via emails etc (maybe that’s for future iterations). So to clarify, current scope is a twitter bot.
How does this project drive value to the Ocean ecosystem?
As explained above in Problem solving section and project description
Calculations for ROI
Most realistic and quantifiable way to calculate ROI in this case is to consider no. of rugpulls avoided/reduced.
Current TVL in Ocean Market is 1,137,230.052 OCEAN for 164 data pools.
Currently there are 262 assets listed under purgatory. That means more pools are in purgatory than are active.
So for 262 assets TVL would have been 1,137,230.052 OCEAN * (262/164) = 1,816,794.35 OCEAN
On conservative side even if we consider that 10% of the assets in purgatory list were rugpulled, then it brings the calculation of rugpulled OCEAN value to 1,816,794.35 * 0.1 = 181,679.35 OCEAN
So, Bang = ~181,679 OCEAN
Grant size = buck = 10,000 OCEAN
So ROI = bang / buck = 181,679 OCEAN / 10,000 OCEAN = 18.16
Proposer’s estimate of % chance of success = 80%
Final: expected ROI = 0.8 * 18.16 = 14.53
It should be noted that this project also delivers non-quantifiable qualitative ROI like improving diversity of LPs in a pool. And creating equal opportunities for all LPs and hence improve pool participation rates.
Project Deliverable - Build / Integrate
There will be 3 deliverables at the end of this phase.
- Twitter bot - This will be the user interface. Ocean community can just follow bot and subscribe to tweets and new pool alerts will be delivered right into their twitter feeds. (bot id will be communicate via Ocean Protocol Discord channel upon completion of the project)
- Github repo (https://github.com/cryptaldev/ocean-pool-alerts). If proposal is funded, then please follow these repo to stay updated on current development. I will create a project board and add tasks there so you can stay updated. All development lifecycle will be public.
- Hosted platform that handles most of the logic (This is basically a hosted version of github repo)
Project Deliverables - Roadmap
This first phase (since there are plans to continue further developments and create a full-featured notification bot in later phases of OceanDAO) if funded will be completed and active by 31 January 2021.
Tech stack is mostly node.js, solidity, twitter stack and digital ocean for hosting the platform.
Divya Singh (cryptaldev)
I am well-versed with Ocean Tech stake and have been silently active and following up on Ocean Tech since v1. Here are some of the side projects I built while tinkering previously with Ocean Protocol -
LegalWork - A legal job market built using Ocean Protocol
Ocean Stats - A responsive web app that tracks and displays off-chain stats for Apps built on Ocean Protocol’s Pacific network.
Price Your Pools - This Dapp allows you to reset lower prices for datatokens that have inflated prices due to LPs staking OCEAN in the pool