[rugpullindex.com] Improving Data Trading Safety

TimDaub · October 5, 2021, 4:30pm

[rugpullindex.com] Improving Data Trading Safety

Fact Sheet

Website: https://rugpullindex.com
Address: 0x005241438cAF3eaCb05bB6543151f7AF894C5B58
Email: tim (at) daubenschuetz (dot) de
Residence: Germany, Bahrain and other countires
Category: build/outreach
Metric: Network revenue

Our Product

Chat:: Discord Invite
Stats: https://plausible.io/rugpullindex.com
Pitch: "Rug Pull Index helps Ocean Protocol users to invest in data safely."

Executive Summary

rugpullindex.com is crypto’s native regulator. We strive to improve the safety and information asymmetry for data consumers and investors when buying data tokens.

Our thesis is that markets are proxies for assets’ qualities and that those markets can be regulated through deliberate incentive design.

We believe that web3 can become a safe environment for everyone. In a world of financialization and rationality, everyone can prosper through the continuously created efficiencies of open financial markets and transparent algorithmic insights.

Our current mission is to improve the overall safety of all Ocean data token users such that anyone can trade data without running the risk of getting the rug pulled.

Progress Since Round 8

Outreach

Between R8 and today, we had a total of 6400 unique visitors and a total of 8900 impressions. One highlight was that on September 27, 2021, we had a blog post titled “Is Competition For Losers?” reach Hacker News #4.

Here’s raw data from our web analytics:

	May 2021	June 2021	July 2021	Aug 1 - Oct 5
Unique visitors	841	720	3900	6400
Pageviews	1300	1100	5000	8900
Outbound clicks (abs & percentage)	274 (17.7%)	365 (25.1%)	375 (7%)	908 (9.4%)
Discord members	0	0	0	38

Additionally, we’ve written four blog posts as part of our content marketing strategy:

Deliverables/Achievements

Since our last application to the OceanDAO in Round 8, these are our achievements:

[x] We’ve scaled our Ethereum full node to handle 1k requests/s
[x] We’ve moved all reliance on Aquarius to our Ethereum node
[x] We’ve separated most crawler logic from the main source code and created a private NPM package
[x] We’ve added a new currency pair to our website: OCEAN/USD
[x] We’ve added two new pages on staking to improve our SEO
[x] We’ve mitigated the Ethereum Network split on August 27, 2021
[x] We’re now showing 40 data sets instead of 25
[x] We’ve on-boarded and paid more than 520 USDC to technical contributors
[x] We’re in the process of scaling RPI’s workforce through GitHub/Discord and by establishing scalable processes
[x] Internally:
- [x] We’ve been busy refining RPI’s vision and mission
- [x] We’ve been trying to diversify our incomes streams by participating in GR11 and by reaching out to clients
- [x] We’ve been in touch with German lawyers regarding the incorporation

Funding Amount

Rugpullindex’ funding requests are calculated based on a public methodology. Exchange rates on 2021-10-05 from coingecko:

Ticker	Value
OCEAN/EUR	0.65
OCEAN/USD	0.75
EUR/USD	1.16

We’ve publicly stated that we prefer retroactive funding. Hence, please consider this proposal an invoice and the above-enumerated deliverables as work that has been done and now needs to be paid.

As a foundation to calculate the funding amount, we’ve published our cash basis accounting statement including liabilities. Through operation and scaling in September, according to our latest accounting statement, we’ve indebted the project by:

Position	OCEAN	USD
OCEAN	15416.70	11562.53*
USDC		5859.84
Average funding error†		-885.72
TOTAL Debt		16536.65

† We’re trying to statistically reduce the difference between EUR amount requested and EUR amount received (caused by the volatility of OCEAN/EUR). Check our methodology to learn more.
* We get 11562.53 USD by calculating against the above-mentioned exchange rate of OCEAN/USD.

With this proposal to the oceanDAO, we’d now like to request a total of 16536.65 USD to settle our debt with all project collaborators and to continue our operation in October 2021.

ROI

Methodology

We’ve called for further rationalization of ROI calculations. For round 10, we’ve hence done an additional analysis on the amount of EUR rugpullindex has contributed to the OCEAN data token market.

Though it’s arguably not the only type of interaction, we wanted to test a hypothesis, which is if data sets listed on our website do better than those that are not listed there.

Between April 26, 2021, and October 4, 2021, we collected market data on the top 10 assets on Rug Pull Index and compared them with each other. Additionally, since we wanted to evaluate RPI’s direct impact on the Ocean data token market, we had to develop an additional but independent way of listing, ordering, and tallying a separate set of 10 data tokens.

When looking for alternative approaches to listing data tokens, we excluded listing data sets based on their market capitalization, mainly as it’s already used on the front page of the Ocean Marketplace (“Highest Liquidity”).

Instead, we understood that we had to compare our results to a non-existent but yet sensical approach to investing. That would allow us to measure our impact starting “from zero.”

For that, we’ve created a fictional and independent index product called the “SalesIndex” that lists 10 data sets based on the total amount of Ocean data token consuming volume. You can find its exact data here.

To evaluate the impact that clicks and views had on the rugpullindex.com website, by comparing the market caps over a period, we can measure the value of rugpullindex.com’s impressions and clicks to the respective data set.

Results

SalesIndex’s top ten data set’s market capitalization grew by 716.98 EUR from April 26, 2021, to October 4, 2021. In contrast, Rug Pull Index’s data sets grew by 403,621.70 EUR, setting its total impact in “Network Revenue” since April 26, 2021, to 402,904.72 EUR (bang).

Calculation

buck (assuming to win R10): 65569.46 EUR
bang: 402,904.72 EUR
chance of success: 100%
Formula: ROI = bang / buck * (% chance of success) or 402,904.72 EUR / 65569.46 = 6.14
Statement: RPI is achieving a positive a positive return on investment (6.14 > 1).

Team

Tim Daubenschuetz (dev) Github Blog
Scott Milat (biz dev) Blog
Vaibhav Chanana (dev) Github
Parth Dode (dev) Github

Please Vote For Us Because…

rugpullindex.com delivers reliable market insights 24/7.
We give you transparent insights into our proceedings by writing blog posts, by shipping regularly, and opening up our accounting.
Our work informs the Ocean Core team’s product development cycle.
You’re helping us to make a living and bootstrap a real crypto startup <3

Appendix

We’re trying to statistically reduce the difference between EUR amount requested and EUR amount received (caused by the volatility of OCEAN/EUR). Check our methodology to learn more

Round	EUR value	OCEAN value requested	USD value swapped	swap date	EUR/USD at swap date	EUR value swapped	difference in EUR	error in EUR
R6	7000	13000	7546.43	2021-06-09	1.22	6185.59	814.41	814.41
R7	8512	22400	8390.49	2021-07-22	1.18	7110.58	587,01	1401.42
R8	8635.81	20561.44	15740.78	2021-08-17	1.17	13453.65	-2287.13	-885.72

mPowered · October 5, 2021, 4:45pm

You guys really move the needle here, you definitely have our votes. Good luck this round.

mPowered Team

TimDaub · October 5, 2021, 6:39pm

Thanks @mPowered, we appreciate your continued support!

realdatawhale · October 6, 2021, 4:14am

Hello Team RugPull-Index.

It’s great to see that the team is growing and tasks are delegated to more members.

From my point of view, you’ve got one of the strongest technical foundations to add value to the Ocean eco-system.

Also, the fact that you’re striving to providing a fair, reasonable ROI calculation sets you apart positively.

As usual, we will vote YES.

TimDaub · October 6, 2021, 6:53am

Thanks, @realdatawhale. Your continued support means a lot to us and we’re excited about the potential of reaching mobile users via ALGA!

Gareth · October 6, 2021, 3:10pm

Great proposal and you have the support of ResilientML

realdatawhale · October 8, 2021, 4:29am

Hey Tim & Team,

We just submitted our vote for this proposal. We are happy to have you here in the eco-system and look forward to collaborating more!

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

Cheers,
Data Whale

TimDaub · October 8, 2021, 12:35pm

Same here! Wishing you a good outcome of the vote!

TimDaub · October 8, 2021, 12:36pm

Thanks Gareth et al. We’re big fans our your project too and we’re supporting with votes!

kaimeinke · October 8, 2021, 5:45pm

Absolutely must support for me. Thanks for building Tim!

Vantagecrypto · October 10, 2021, 8:07pm

This is such a great tool for the community and Tim just keeps making it better and better. Definitely has our support.

TimDaub · October 12, 2021, 1:14pm

Thanks for everyone’s support in R10’s vote. I’m amazed to see such strong support for the proposal. I’m genuinely surprised to see so many “YES” particularly from all of your smaller hodlers. I thought nobody cared and arguably I was wrong.

Thank you!

And to everyone that has voted “No”: I invite you to come forward and get in touch with me. I’m curious to hear where we can improve.

TimDaub · October 12, 2021, 1:16pm

@AlexN @idiom-bytes

We’d like to set our project’s standing to “completed”. We had framed the proposal as an invoice. I guess I’ll just suggest adding the following to the “Deliverables Checklist”:

We’ve [publicly stated](https://rugpullindex.com/blog#WereNOTAStartup) that we prefer retroactive funding. Hence, please consider this proposal an  **invoice**  and the above-enumerated deliverables as work that has been done and now needs to be paid.

* [x] [We’ve scaled our Ethereum full node to handle 1k requests/s](https://rugpullindex.com/blog#August172021)
* [x] [We’ve moved all reliance on Aquarius to our Ethereum node](https://rugpullindex.com/blog#September052021)
* [x] We’ve separated most crawler logic from the main source code and created a private NPM package
* [x] [We’ve added a new currency pair to our website: OCEAN/USD](https://rugpullindex.com/blog#September172021)
* [x] [We’ve added two new pages on staking to improve our SEO](https://rugpullindex.com/blog#August262021)
* [x] [We’ve mitigated the Ethereum Network split on August 27, 2021](https://rugpullindex.com/blog#August272021)
* [x] [We’re now showing 40 data sets instead of 25](https://rugpullindex.com/blog#September072021)
* [x] [We’ve on-boarded and paid more than 520 USDC to technical contributors](https://github.com/rugpullindex/documents/blob/master/statements/accounting/cash-basis-accounting-2021-10-01.pdf)
* [x] We’re in the process of scaling RPI’s workforce through GitHub/Discord and by establishing scalable processes
* [x] Internally:
* [x] We’ve been busy refining RPI’s vision and mission
* [x] We’ve been trying to diversify our incomes streams by participating in GR11 and by reaching out to clients
* [x] We’ve been in touch with German lawyers regarding the incorporation