Proposal for Stablecoin & dApp Public Goods Dashboard

Governance Governance Proposals
1

[DRAFT VERSION]

Overview

Dear Celo Community,

Artemis is thrilled to propose a revised proposal for the development of a comprehensive suite of stablecoin-focused dashboards and the Application Activity Monitor. We heard the community feedback loud and clear and are focusing this new proposal on 2 major changes:

  1. Reducing the cost to US$175k total (~$100k reduction). We are asking for cUSD instead of Celo to reduce sell pressure on CELO and most of our expenses are in USD.

  2. Focusing on a suite of new public good dashboards for ecosystem projects and stablecoins that benefits the whole Celo ecosystem rather than for Stabila. Specifically:

In addition, Artemis will:

  1. Keep all dashboards free and open: Artemis champions free, open, and transparent crypto data and commits to keeping our dashboards free forever.
  2. Work closely with the community, Celo Foundation, and Mento to continuously maintain the dashboard.

Link to first proposal here.

Status

  • DRAFT

Abstract

Artemis, a data provider trusted by top investors like Pantera, Dragonfly, Grayscale, VanEck, Coinfund, and Franklin Templeton, proposes to build dashboards for the Celo ecosystem. These dashboards will highlight stablecoin and dapp activity, and showcase Celo’s recent growth. Our institutional-grade data aids major investors in key decisions, and these public goods will improve Celo’s transparency and visibility with institutional investors–allowing for potential future investments in the ecosystem.

We are seeking funding in cUSD to support the development and operation of two key tools:

  • [Public good] Stablecoin Dashboard Suite:
    – 1. Provide comprehensive tracking and analysis of stablecoin activities on the Celo platform.
    – 2. Stablecoin project pages to showcase the different stablecoins on Celo so viewers can understand Celo’s unique offerings.
    – 3. On-going high-touch support for the community on changes/updates to the dashboards

  • [Public good] Application Activity Monitor: The Application Activity Monitor tracks dapp usage on Celo, highlighting trending applications in its ecosystem. This tool enables investors, ecosystem builders, and blockchain foundations to assess the health of their chain’s dapp ecosystem. Consequently, they can make informed decisions about where to focus resources and attention to foster further growth. Institutional investors prioritize understanding on-chain activity within an ecosystem before making investments.

Explore more of the Application Activity Monitor here.

About Artemis

  • Artemis is an institutional-grade data provider, specializing in serving respected investors in the crypto space, including Pantera, Dragonfly, Grayscale, VanEck, Coinfund, and Franklin Templeton.

  • We collaborate closely with top blockchains and developers such as Solana, Consensys, Near, and Avalanche to offer reliable data for wallet analysis, application usage analysis, grant efficacy analysis, and stablecoin tracking.

  • Our data is open source and all dashboards are built as public goods, freely accessible to everyone. You can explore our open-source data here (Artemis Dashboard).

  • Artemis builds closely with every ecosystem to ensure that the data we represent is fair, accurate, and transparent.

Timeline

Stablecoin Dashboards (timeline: 1.5 months after proposal passes)

  • 1-2 weeks: Design new dashboards

  • 2-3 weeks: [Backend engineering] Build data pipelines and materialize tables

  • 1 week: [Frontend engineering] Build and add dashboard to frontend

  • 1 week: QA data and beta test

Application Activity Monitor (timeline: 1.5 months after proposal passes)

  • 2 weeks: Work with the Celo ecosystem on tagging all relevant contracts

  • 2-3 weeks: [Backend engineering] Build data pipelines and materialize tables

  • 1 week: [Frontend engineering] Build and add dashboard to frontend

  • 1 week: QA data and beta test

Ongoing Maintenance and Enterprise Support

  • Continuous updates to the dashboards to add new stablecoins and improve user experience.

  • Dedicated support to address any issues and ensure the tools meet the evolving needs of the Celo community.

Motivation

Stablecoin Dashboard Suite

Stablecoins are a primary growth driver for Celo and so is a critical focus for the ecosystem. Being a stablecoin chain enables Celo to differentiate itself from other L1s and L2s and drives towards Celo’s mission of enabling financial access and prosperity for all.

As a result, it is essential for the Celo ecosystem to track and analyze stablecoin activity so data driven decisions can be made on how to further grow Celo. Furthermore, it is essential for Celo to show off all the traction it has made in the recent months so that institutional investors can get excited about the ecosystem.

A. Stablecoin V3

Artemis is building a new version of the stablecoin dashboard. This new version of the dashboard incorporates feedback from all important KOLs of stablecoin data including from folks like Solana Foundation and Circle. See below “Specification” section for details.

B. Project Pages for every Celo stablecoin

Artemis is proposing landing pages for Celo issued stables that allows anyone interested in stablecoins to better understand Celo stablecoins. This contract will allow Artemis to keep adding new pages for new Celo stables for the coming year as new stablecoins are issued on Celo. See below “Specification” section for details.

Application Activity Monitor

The Application Activity dashboard enables investors, protocol developers, and community members to monitor the usage of protocols and dapps on the Celo blockchain. For example, users can track the number of Daily Active Users (DAUs) for Haraka on-chain. This provides critical insights into the functionality and engagement within the Celo ecosystem.

Additionally, this tool helps viewers understand the primary use cases of the chain. E.g., here is Solana’s top applications by active addresses in the last 7 days

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We see that Raydium is a top DEX for Solana – clicking on Raydium allows us to see KPIs for Raydium like daily active addresses and we see that Raydium has gained almost 200k daily users since its launch.

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Furthermore, Application Activity Monitor breaks down a chain’s use by sector, another critical feature to understand the health of an ecosystem. For example, for Solana, we see that DeFi comprises a health chunk of activity and growing over time:

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Whereas NFT activity has died down significantly since the NFT boom:

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This understanding is crucial for any blockchain as it allows the community to align their efforts with the ecosystem’s long-term goals. For Celo, being a chain focused on real-world usage, it is essential to see RWAs (Real World Assets) and stablecoins proliferate the main use cases. Furthermore, this dashboard facilitates benchmarking Celo against other ecosystems.

Investors also highly value the Application Activity Monitor as it provides a comprehensive view of the applications on the chain and their usage metrics. This is a critical component of a token investor’s due diligence process. Without this data, investors will lack the confidence to invest in a particular token. For example, Franklin Templeton uses the Activity Monitor to evaluate the usage of Base and Friend.tech on Base: x.com

Specifications: Stablecoin Dashboards

We are proposing a suite of new stablecoin products to support Celo in their efforts to drive stablecoin adoption.

1) Stablecoin V3

Stablecoin V3 is a complete rebuild of our stablecoin dashboard that makes it much easier for viewers to quickly get insights without lots of configuration. It allows viewers to see what applications the stablecoins are being used for and track inflows/outflows of stablecoins for every chain and currency we support–these are crucial KPIs for any chain that’s trying to grow its stablecoin footprint.

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This is a new geo dashboard that allows viewers to understand stablecoin activity by geographic location

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Finally this is the inflow/outflow dashboard. Stablecoin flows is an important dataset as it’s a leading indicator to interest and price action for an ecosystem

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Artemis will continue to build out new stablecoin dashboards as the industry involves so expect even more views in the future.

2) Project Page for every Celo stablecoin (including future stables in the coming year)

We are building bespoke stablecoin pages for stablecoins we support to allow viewers to learn more about specific stablecoins. We envision having a page for every Celo stablecoin on the market to help viewers understand more about Celo’s unique non-USD stables (and more).

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3) Ongoing support & maintenance

  • Regular Updates: Keep the stablecoin dashboards updated with new stablecoin additions and the latest data. This includes support for new currencies and ensuring all relevant metrics are accurately represented (such as adding cKES: [FINAL] Launch of a Kenyan Shilling Stablecoin).

  • User-Friendly Enhancements: Continuously improve the user interface and user experience based on feedback from the community. This ensures the dashboards are easy to navigate and provide the necessary insights at a glance.

  • Comprehensive Support: Provide ongoing support to ensure that the stablecoin dashboards meet the evolving needs of the Celo Foundation and the broader community. This includes working closely with key stakeholders, like Mento lead Marcus, to ensure the dashboards align with strategic objectives.

Specifications: Application Activity Monitor

The Application Activity Monitor enables anyone to see which Celo applications are driving usage. This tool is invaluable for investors conducting due diligence and screening new protocols for potential investment. Key features include:

  • ** Application Project Page**: Similar to the above Stablecoin Project Pages, Application Project Pages are bespoke pages that show off specific applications (e.g. Helium below) that include qualitative and quantitative information about dapps. For Celo, this could be for Valora, Haraka, or Good Dollar. Critically, this allows investors to gain a deeper understanding into what apps are actually being built in an ecosystem and its KPIs, especially if the investor is new to an ecosystem.

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  • Sector Analysis: This feature breaks down Celo’s blockchain usage by sector, allowing users to track over time the percentage of usage dedicated to P2P payments, DeFi, NFTs, and more. For example, similar sector analysis on Ethereum provides insights into the health and diversity of its ecosystem. Investors rely on this analysis to understand the robustness and breadth of a chain’s ecosystem before making investment decisions.

  • Trending Apps: The Application Activity Monitor also highlights dapps that have seen the most significant increases in DAUs, daily transactions, and gas usage. This helps users identify which applications are gaining popularity and traction within the ecosystem. Trending applications are excellent candidates for Celo’s Bloom initiative (https://bloom.celo.org/), aiding Bloom organizers in identifying and supporting promising protocol teams.

Why Artemis?

  • Free and Open Access: Artemis champions free, open, and transparent crypto data. Our founders’ experience in traditional finance, where high-quality financial data was expensive and exclusive, motivated us to change this paradigm. In the crypto space, we envision a world where anyone with internet access can educate themselves and participate in the new economy. To support this vision, Artemis commits to keeping our dashboards free forever. We collaborate with the community to fund development, ensuring our data remains accessible to all.

  • Close Relationships with RWA and Stablecoin Builders: Artemis works closely with key leaders in the Real World Assets (RWA) and Stablecoin space, such as Circle, Tether, Castle Island Ventures, & BlueChip.org. These relationships enable Artemis to stay at the forefront of developments in the industry, ensuring that our data are in the hands of the key opinion leaders of the space.

  • Most Cited Institutional Data Provider in the Space: Artemis Citations - Google Slides

  • Trusted by key Celo stakeholders already: E.g.,
    Marek, Rene & Mento Labs.

Funding Request

Two major updates:

  1. We understand that the previous pricing was too high for Celo given Celo’s recent price drawdown. Artemis wants to be collaborative long-term partners to the Celo community and so decided to reduce our pricing for Celo by ~US$100k. This is lower than our standard pricing for ecosystems but we are very excited for the future of Celo and want to make a one-off exception to our pricing model to support Celo.
  2. We are requesting cUSD to address sell-pressure concerns on CELO in the last proposal.

Our pricing model reflects the extensive expertise and ongoing support required to ensure these tools are continuously updated, reliable, and user-friendly:

  • Stablecoin Dashboard Suite: US$80k in cUSD
  • Application Activity Monitor: US$95k in cUSD

Total Funding Request: US$175k in cUSD

Multisig Signers:

Safe Wallet Address: 0xd1a06a4477b9E4633E6E56D8f9EB9ccD39cE36Bc

  • Anthony Yim (CTO): 0x9F02cb2C5Ae4CAA945fB581E8136c64eb95e89f2

  • Jon Ma (CEO): 0x4ccAe83218d7824160C76964B239F1a89373d251

  • Jimmy Zheng (COO): 0x72c131C57a994b24F171F1c208bCB111832Bea76

Conclusion

Artemis believes that Celo is one of the most underrated crypto ecosystems. Celo’s focus on improving financial access in emerging markets means that its metrics viewed through traditional DeFi lenses don’t tell the full story of Celo. However, Artemis can work closely with the Celo community to tell its authentic story to institutional investors through data in an objective and transparent way so that Celo becomes top of mind for investors around the world again.

By incorporating the feedback from the community from the first proposal, including a significant price reduction, we hope the Celo community will consider the proposal again and be in favor of a long-term partnership between Artemis and Celo!

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Will here - early Celo contributor (2018) and currently a founder of a Haraka, a protocol using local stablecoins for financial services in EM (Kenya, Ghana). I can’t comment on the cost side - as I understand budgets are tight now, but would like to add my 2c on the proposal.

Overall, I think Celo has a bit of a narrative challenge - there is a big disconnect between actual usage and market perception and I think better dashboards is one way to solve that. Artemis’ is among the best I’ve seen and the fact that it is all free (compared to some very $$ other providers) is a big pro in my book.

The geographic view in particular is very interesting - I’m curious how that’s being implemented because I’ve spoken to a number of other projects that have had significantly challenges trying to implement that view. Generally supportive of the proposal, with a few concerns below.

My two concerns / questions

  • There is already a constellation of dashboards (Token Terminal, Dune etc.) that support Celo (though not stablecoin focused). How would this dashboard fit into this ecosystem? What incremental info would Artemis provide that is not already easily accessible.

  • Could we align more of the funding milestones around activities - especially 3 Ongoing support & maintenance. Where I’ve seen problems arise is around the continuous monitoring / updating where after the grant is complete projects have less incentive to continue supporting.

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Hey @williamle,

Great questions and thank you for kind words on Artemis being amongst the best you’ve seen! Some thoughts from me below:

  • There is already a constellation of dashboards (Token Terminal, Dune etc.) that support Celo (though not stablecoin focused). How would this dashboard fit into this ecosystem? What incremental info would Artemis provide that is not already easily accessible.

Great question and that’s exactly right, the 3 ways we shine are:

  1. We have the most differentiated dataset of all the provider and the only data provider that is focused on stablecoin fully
  2. We are the most accurate–stablecoin data is very challenging due to lots of quirks of the data. See this article for more info: How Many Stablecoin Dollars ACTUALLY Exist?
  3. We’re trusted by organizations like Visa, PayPal, Circle, Tether, Castle Island, and more. These large institutions pick us over Dune and Token Terminal since we are the only organization that can provide enterprise-quality stablecoin data

More details regarding differentiated dataset:
We have broad coverage across 11 chains but also have the most interesting metrics covered. This includes the standard metrics like daily/monthly active, supply, transactions, volume. But also unique data sets not offered by any other provider such as:

  • stablecoin usage by applications
  • p2p transactions that exclude DeFi and MEV (esp relevant for Celo!)
  • non-bot transactions
  • inflow/outflows by chain/currency/application
  • usage by geo (coming soon)
  • on/offramp volumes (coming soon)

There are a couple more things that sets us apart:

  • proprietary wallet label dataset that allows us to track entities like Coinbase, Binance, and most dapps
  • all queries are open source – allowing anyone to verify our data is accurate and truthful
  • Could we align more of the funding milestones around activities - especially 3 Ongoing support & maintenance. Where I’ve seen problems arise is around the continuous monitoring / updating where after the grant is complete projects have less incentive to continue supporting.

This is also a very astute question. We’re trying to strike a right balance between simplicity and accountability.

We’re open to aligning funding milestones with activities but also worried that it adds unnecessary complexity to the project. Our reputation matters a lot since crypto is a small world and everyone knows each other. We feel incentivized to ensure Celo is happy even after the grant since we want the crypto community to think fondly of Artemis, but understand that’s a less formal agreement. Our preference is to keep it as is unless there’s really strong pushback from the community.

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Thank you, Anthony and the Artemis team, for putting forward this detailed and revised proposal and for being active members of the community.

The Mento Labs team is a big fan of the Artemis dashboards. The data on stablecoin flows, DAUs, usage by application, sector, geography, and more is highly valuable. It’s great to see so much focus on stablecoins, especially as Celo becomes increasingly recognized as a hub for them. The Artemis dashboard is crucial, and we fully support this revised proposal.

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Closing the loop here: I spoke with @williamle and we agreed on Artemis receiving half the funding when the proposal passes and the second half of the funding at the end of the proposal if the Celo ecosystem is happy with Artemis’ work to align incentives and to protect Celo!

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Let’s get crypto and investors to understand the real activity and fundamentals on Celo. That’s what drives us. Meeting Jessica and Will reminded me there are real stablecoin use cases like cUSD loans to groups of small business owners in saving circles that investors and the community need to know about but don’t. Let’s help crypto focus on what’s real!

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Hello! This is Jimmy from the Artemis team and my multi sig address is 0x72c131C57a994b24F171F1c208bCB111832Bea76

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Hi, this is Anthony Yim (CTO). My multisig is 0x9F02cb2C5Ae4CAA945fB581E8136c64eb95e89f2

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Hi I’m Jon Ma (CEO). My multisig is 0x4ccAe83218d7824160C76964B239F1a89373d251

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Thanks @andromedae88 @jonma & @jimmyz for confirming your addresses and thanks team for the proposal, at my end this proposal is ready to move into the voting phase.

:bangbang: Remember Current Celo Governance Overview & Procedures

To proceed to the submission and voting phase at least two Celo Governance Guardians must post explicitly that the proposal fulfills the requirements to be able to move into the Voting Stage in the proposal thread on the Celo Forum.

CC: Governance Working Group (@annaalexa @Wade @0xGoldo)

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Hey Artemis team!

Also from my side I confirm that the proposal fulfills the requirements to be able to move into the Voting Stage.

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