Dear Celo Community,
We are thrilled to propose funding for the development of the Application Activity Monitor and the Stabila Stablecoin Dashboards by Artemis, an institutional data provider trusted by both financial institutions and by various Celo Foundation members. By providing high quality and in-depth dashboards on what dapps are doing on Celo and tracking Stabila performance, we hope to allow Celo Foundation to make informed decisions about how to significantly grow Celo stablecoin usage. In addition, we hope that our institutional investor user base will more clearly understand all the interesting activity occurring on Celo and invest in the ecosystem.
Artemis, a data provider trusted by top investors like Pantera, Dragonfly, Grayscale, VanEck, Coinfund, and Franklin Templeton, proposes to build open-source 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 or CELO to support the development and operation of two key tools for one year:
Ultimately, these dashboards will also empower the Celo community with valuable insights and drive informed decision-making such as usage of various stables, efficacy of incentive programs.
Regularly published insights and analyses of key protocols within the Celo ecosystem. Example: Protocol Highlight: Open Network (TON). These highlights will showcase promising projects and innovations, helping to raise awareness and attract attention to the Celo ecosystem.
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 Valora 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. For instance, Base is increasingly used for DeFi over the past year: please see screenshot in forum post.
Whereas something like Tron is primarily used for p2p transfers as shown here: please see screenshot in forum post.
This understanding is crucial for any blockchain as it allows foundations and builders to align their efforts with the community’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 highly value the 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 may lack the confidence to invest in a particular token, potentially hindering the ecosystem’s growth due to unclear usage patterns. For example, Franklin Templeton uses the Activity Monitor to evaluate the usage of Base and Friend.tech on Base: https://twitter.com/FTI_DA/status/1788617086261944799.
The App Activity Monitor can be thought of as a more in-depth Dapp Radar specifically built for institutional investors and power users. Artemis will offer it for free on app.artemis.xyz as a public good for Celo and the crypto ecosystem.
Widespread adoption of stablecoins is crucial to Celo’s mission of prosperity for all, making it essential to track and analyze stablecoin performance both on Celo and benchmark against other ecosystems.
Given the critical role of stablecoins in Celo’s future, Artemis, in collaboration with Celo Foundation’s Michael Kwan and Kevin Tharayil, proposes three sub-projects as part of this initiative:
Artemis will maintain and continually update the Celo stablecoin dashboard (Artemis Dashboard). This includes adding new currencies and enhancing user-friendliness to ensure it meets the needs of the community.
We will provide a comprehensive view of the Total Value Locked (TVL) for each stablecoin across the top 30 Uniswap pools, including USDC, USDGLO, USDT, cEUR, cREAL, cUSD, and cKES. This will include tracking 1-day, 7-day, and 1-month % changes, along with export functionality for this data.
Additionally, we will track transaction and transfer volumes for each stable-stable pool involving supported stablecoins, providing similar percentage change metrics and export options. Examples of such pools include USDT/USDC with a 0.01% fee, USDT/cEUR with a 0.01% fee, and cUSD/USDC with a 0.01% fee. For an exhaustive list, refer to Uniswap Pools (https://app.uniswap.org/explore/pools/celo).
Artemis will analyze the success of Stabila campaigns by tracking daily rewards for pools with partners like Uniswap and some centralized exchanges.
The goal is to significantly increase stablecoin volumes and improve utilization by providing incentives. This involves measuring the return on investment (ROI) for campaigns, such as determining the impact of adding a $100 incentive to a pool on transaction volumes.
This analysis will include Merkle campaigns and wallet campaigns to gauge their effectiveness. While the exact specifications are still being finalized, Artemis commits to building the necessary dashboards and analysis, assuming it is not overly burdensome.
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:
Two stablecoin-related projects have been requested by the Celo Foundation to drive the success of Celo stablecoin adoption and to monitor the Stabila campaign (https://forum.celo.org/t/final-proposal-for-funding-stabila-driving-stablecoin-adoption-on-celo/7810/3).
Overview: The Exchange Pool Tracker provides comprehensive tracking of stablecoin activities across various exchange pools. This tool is essential for understanding liquidity, transaction volumes, and overall market dynamics of Celo stablecoins.
Features:
Example Pools:
For an exhaustive list of pools, refer to Uniswap Pools.
Overview: The Stabila Campaign Efficacy Analysis tool will evaluate the success of the Stabila campaigns aimed at increasing stablecoin adoption on Celo. This involves tracking the impact of daily rewards, incentives, and other promotional activities.
Features:
Overview: Continuous maintenance and updates are essential to keep the stablecoin dashboards relevant and user-friendly. This ensures that the Celo community and stakeholders have access to the most accurate and up-to-date information.
Features:
Artemis offers comprehensive solutions with the Application Activity Monitor and Stablecoin Dashboard, priced based on the equivalent cost of hiring 2-3 full-time employees (FTEs) per year to build and maintain similar data infrastructure as well as what other ecosystems are paying for Artemis’ services.
Our pricing model reflects the extensive expertise and ongoing support required to ensure these tools are continuously updated, reliable, and user-friendly.
Total Funding Request: 509,121 CELO per year (US$239,483 per year at Aug 9 Celo prices). See here for more details.
Multisig Signers: Safe Wallet Address: 0xd1a06a4477b9E4633E6E56D8f9EB9ccD39cE36Bc
Integrating Artemis into the Celo ecosystem will significantly enhance transparency, usability, and adoption of Celo’s blockchain technology, especially towards liquid token investors and large financial institutions–the core customers of Artemis and potential investors of the Celo ecosystem. Many of these customers are not aware of all the new developments of Celo as they understand Celo as a climate focused chain (https://www.notboring.co/p/celo-building-a-regenerative-economy). Artemis can help provide investors an up-to-date, unbiased and data-backed view on the latest developments of Celo including its transition to an Ethereum L2 so that Celo remains top-of-mind in the investor community.
By providing comprehensive data solutions such as the Application Activity Monitor and Stablecoin Dashboard, Artemis will also empower the Celo community with valuable insights and drive informed decision-making. This partnership aligns with Celo’s mission of financial inclusion and stability, supporting the ecosystem’s growth and long-term success.
Unique Transaction of 509,121 Celo tokens approval to Multisign 0xd1a06a4477b9E4633E6E56D8f9EB9ccD39cE36Bc
0x471EcE3750Da237f93B8E339c536989b8978a438increaseAllowance & 0xd1a06a4477b9E4633E6E56D8f9EB9ccD39cE36Bc509121000000000000000000 Celo[
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"contract": "GoldToken",
"address": "0x471EcE3750Da237f93B8E339c536989b8978a438",
"function": "increaseAllowance",
"args": [
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Difference between Artemis and GrowThePie?
GrowThePie is great for quickly viewing analytics on L2s but institutional investors don't want to just look at L2s but want a more holistic product to cross-compare L1s and L2s. Artemis tracks dapp activity for both L1s and L2s as well stablecoin activity for 9 chains. GrowThePie isn't as deep in both dapp activity as well as stablecoin activity. In addition, Artemis is going to publish one of the largest stablecoin reports in the industry in Sept with Nic Carter and Visa that will be read by institutional investors across the world. Finally, we also host a quarterly dinner for all the top institutional investors. We are just far more embedded in the workflows and lives of institutional investors as an institution-focused product.
Will the Celo Activity Monitor be added to here - https://app.artemis.xyz/activity-monitor/composition?
Yes
Will cost to maintain next year be lower since upfront cost has been paid?
It depends on what Celo Foundation and the Celo community's asks and requirements are for next year. We'll work with the Celo community to ensure that the pricing is acceptable and fair and that the Celo community feels like the product is worth it!
Difference between the existing Celo stablecoin on Artemis' site vs Stabila dashboard in the proposal?
The existing Celo stablecoin dashboard (https://app.artemis.xyz/stablecoins?chain=celo) provides stablecoin activity at a high level that's crucial for investors but does not answer questions like how individual Celo stable-pools on Uniswap are changing (e.g., is there more liquidity?) over time as well as track the ROI for the Stabila incentives (e.g., how much TVL does $1 of incentives bring?). The Stabila dashboards will help answer these more specific questions.
Will the Stabila dashboard be private?
The Celo Foundation requested to keep the dashboard private for now but Artemis is happy to make it open if Celo Foundation is okay with it.
Would it cost more to maintain the L2 when rolls out?
It depends on how the L2 is implemented--we will work with Celo Foundation and the Celo Community to minimize disruption and changes in pricing. We want to make sure the Celo community benefits as much as possible and that we're long-term partners!
Should the Stabila dashboard be funded out of the Stabila fund?
TBD
Example of institutional investors using Artemis to make investment decisions
Here is a list of liquid token funds and asset managers citing Artemis in their research:
In addition, we have liquid token funds interested in investing in Celo but were not able to find the data they want because there is no Celo Activity Monitor. E.g., Cody is an analyst at Spartan Group, a liquid token fund out of Singapore, who was interested in Celo: see forum post for screenshot.
Finally, many Celo Foundation, Mento members, and KOLs in the stablecoin space continue to rely on Artemis every day. E.g.:
A human readable version of this proposal can be found using the following command (on-chain ID determined after submission):
$ celocli governance:show --proposalID XXX --node https://forno.celo.org
This proposal does not deploy or upgrade contracts or change network parameters so represent minimal risk to the network.