Name of Project: TokenSPICE core development (previous OceanSPICE)
Proposal in one sentence:
We develop simulation tool to enable Data Publishers, Data Stakers and Data Consumers to verify assumptions on Ocean Data Marketplace and optimize their strategies.
Description of the project and what problem is it solving:
Ocean marketplace allows publishing and selling data as decentralized datatokens. But not only that, the marketplace also enables people and organizations to earn by staking / curating on data.
In selling data, one is earning the sale value of the data asset itself. While in staking, you earn a cut of the transaction fees as a liquidity provider (LP). Staking is a curation signal tending towards higher quality datasets. Stakers will earn additional rewards from Ocean Data Farming program.
Ocean Protocol datatokens leverage these DeFi tools to also manipulate data infrastructure and unlocking “data legos”.
As pricing on Ocean market (and potentially many data marketplaces that fork Ocean market build up their own using Ocean tools) is dynamic and it uses an Automated Market Maker (AMM) powered by Balancer, it is hard for market participants to make decision on so many parameters
- For data publishers, it’s hard to make predictions about revenues, best strategies to sell datatokens. How to best define parameters like number of datatokens, number of OCEAN to invest in liquidity when launching a pool? How to compare various setups and parameter choices.
- As staker or curator, how to optimize investment strategy. What’s the risk in Impermanent Loss (IL)?
- For data consumer, you’d like to optimize your return on investment. What is a good price for a particular data set? How to optimize ROI?
TokenSPICE simulation can help answer those questions
TokenSPICE, initially built by Trent McConaghy, is a tool that simulates tokenized ecosystems via an agent-based approach. It use Ethereum Virtual Machine in-the-loop.
- It simulates by simply running a loop. At each iteration, each agent in the netlist takes a step.
- A netlist wires up a collection of agents to interact in a given way. Each agent has an Ethereum wallet, and does work to earn money.
- One models a system by writing a netlist and tracking metrics (KPIs). One can write their own netlists and agents to simulate whatever they like.
For Ocean ecosystem, TokenSPICE now can interacts with Ocean V3 Solidity contracts and soon will interacts with Ocean V4 which the whole community are excited about as it will
- Solve rug pulls, malicious agents can’t make money anymore
- Reduce IL, because staking has no effect on DT liquidity and price
Grant Deliverables:
- Development of TokenSPICE repository to improve the Ocean Protocol software
- Open source code to run simulation with various scenarios/strategies
- Web application that enables the TokenSPICE simulations
Which category best describes your project?
- [x] Build / improve core Ocean software
Which Fundamental Metric best describes your project?
- [x] Datatoken Contracts
What is the final product?:
Simulations of Ocean Data Marketplace in that can be used by many purposes: data token launch, staking strategy, datatokens investment strategy
Expected ROI
- Bang: With simulation of Ocean V4 showing rug pulls are eliminated and impermanent loss is reduced, TVL in Ocean marketplace increases 20000$
- Buck: 10000$
- Likelihood of success: 80%
- ROI: 20000/10000 * 0.8 = 1.6
Funding Requested:
10000$
Proposal Wallet Address:
0x95044Ce3bA6fbc3d40d368351b993fb35253DE4D
Have you previously received an OceanDAO Grant?
Yes
Team Website:
Twitter Handle:
https://twitter.com/tokenspice
Project lead Contact Email:
Country of Residence:
Vietnam
Team
Core team
Trang Nguyen
- Role: Token engineer
- Relevant Credentials:
- Background:
- Materials scientist
- Simulation engineer
Advisers
- Trent McConaghy: Founder of OceanProtocol, inventor of TokenSPICE
- Angela Kreitenweis/TE Academy: Community partner for outreach and weekly hacks
Proposal Details
Completed Deliverables
-
- [x] Over 100 commits since grant received
- [x] 7 contributors
- [x] Implement Ocean V3, run simulations, tune as needed
This allow everyone to simulate Ocean V3 market dynamics with their own scenarios/strategies
-
Community growing
- [x] The heart of the TokenSPICE community is the weekly Monday hack session. We host it to answer questions about TokenSPICE, how to run simulations, what are Ocean V3 and V4,… everyone is welcomed.
- [x] 11 hack sessions so far with over 20 hours recording
-
Front-end interface
- [x] Webapp Github repository: This webapp allows users to simulate token economics scenarios and visualize the results. Currently it simulates an Automated Market Maker graph based on user input.
Project Deliverables roadmap
-
Build / improve Ocean core software
- Simulations of Ocean V4 marketplace, tune as needed
- Point at Ocean V4 contracts and run
- Iterate on Ocean V4 sim and on design until satisfied
- Showing how V4 solve rug pull and impermanent loss compare to V3
- Keep iterating TokenSPICE for more advanced simulation features
- Be able simulate arbitrary solidity code
- Add digital verification in the loop
- More details can be found in TokenSPICE Kanban board
- Simulations of Ocean V4 marketplace, tune as needed
-
Outreach / community
- Documentations / blog posts publishing at Token Engineering Medium and TokenSPICE Medium
- How TokenSPICE can be used to model Web3 Sustainability Loop, like Ocean Protocol did
- How anyone can simulate Ocean V3 and V4 market dynamics with their own scenarios/strategies
- TokenSPICE as modeling tool for solving rug pulls & reduce impermanent loss
- Hacking session continuation
- Documentations / blog posts publishing at Token Engineering Medium and TokenSPICE Medium
-
Improve and publish tokenSPICE web application
- Allow more complex simulations of token economics on the Ocean Marketplace - directly on web interface
- Allow users to log in with Metamask and save their simulations by their wallet account.
- Add field verification to better guide users with input. (i.e. Box turns red and “simulate” button doesn’t work if they enter a swap fee outside the 0-100 range)
- Improve site presentation.
- Improve graph presentation.
- Publish tokenSPICE web application to an official URL.
