xGov 109 - Unraveling Algorand's Real World Assets Landscape & DEX Swaps

Governance xGov Proposals
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Hi Algofam!

Firstly, this is our second xGov proposal. Our last xGov proposal (#61) got passed and we recently delivered everything described within that proposal. For that we’ve created a blog-post highlighting everything (+ extra’s) here: From Proposal to Progress: A Comprehensive Overview of Our Q4 2023 Achievements | by ChainTrail - Uncovering Algorand | Jan, 2024 | Medium

For next quarter, we’ve lined up some interesting new insights and features that will definitely add exposure to Algorand and helps making key datasets become transparent and visible.

In short - xGov 109 will focus on:

  • Unraveling Algorand’s RWA landscape
  • Real-time DEX swaps volume & insights
  • Basic explorer features (mostly historic) to be an extra source besides to Allo & Pera Explorer.

See the full proposal below or on Github: xGov-109 - Unraveling Algorand's Real World Assets Landscape & DEX Swaps - by Chaintrail by ChainTrail · Pull Request #109 · algorandfoundation/xGov · GitHub.

We’d love to receive feedback from the community on this proposal! So let us know what you think of it.

Abstract

Chaintrail is a blockchain intelligence & insights platform solely focussed on uncovering Algorand blockchain in full. We help the Algorand community & investors understand what happens on-chain and which projects, RWA, NFT’s are gaining real adoption.

Team

Founded by Leander (@nfnomad). 15+ years of experience in building (mobile) apps and e-commerce platforms. ~9 years of it as tech-exec for 2 separate startups leading product & tech. One scaled towards 300+ employees (100 in tech & product). At the moment solely focussed on building chaintrail.

Links:

Experience with Algorand

Involved in Algorand blockchain since early 2021 (mostly as a user). Experimented with multiple Algorand SDK’s and build several test projects to test out the waters on how Algorand works.

Furthermore tracking lots of projects in the ecosystem. However, I noticed a platform was missing in the ecosystem where it was all brought together and truly uncover the value that Algorand blockchain contains. Therefore decided to build Chaintrail in order to uncover such value.

Present Proposal

This proposal is a continuance of our previous proposal xGov 61 from Q4 2023. For next quarter we want to:

Show why Algorand is the RWA blockchain uncovering the true RWA (Real World Assets) value of almost all that is currently tokenized on Algorand blockchain:

  • New segment with real-time insights of what is tokenized and the monetairy value of it (think Lofty, Agrotoken, Anote Music, TravelX and many more). Similar to our NFT section.
  • Daily, weekly and monthly tokenization volume & trendlines.
  • Insights on total tokenized volume over-time

Explorer (historic) Starting to support historic data for block rounds & transactions

  • Being able to identify what happened in any block processed on chain (not only the last 48 hours).
  • Being able to always understand and verify where a transaction came from and what it is (any transaction that happened on-chain, if Chaintrail can source it).

Show on-chain DEX Swaps Provide real-time and historic insights on DEX swaps on-chain.

  • Show swaps that are happening real-time and through which DEX.
  • Daily, weekly and monthly volume & insights.
  • Insights on the popularity of each DEX based on earnings and volumes.

General improvements Above is a clear roadmap of the new insights we will develop and launch in Q1 2024. However, our product is constantly improved with new opportunities that pop-up as they happen (e.g. a new impactful dapp launches). Expect more general product improvements, extra coverage and other features that are not listed above. But deemed part of this xGov grant.

Did you know that Chaintrail is proudly supported by over 54 dedicated community members, each investing just $2.5 per month? And that number keeps growing every week! :rocket: Chaintrail is not profitable yet, but we have a plan to get there in the coming year(s).

Future Blueprint

As set out in the abstract. Chaintrail is set to uncover all the great things that are currenctly developed and driving real-world impact using Algorand at the foundation.

I started this project as I noticed a lack of insights of what was really driving on-chain impact and whether this was increasing or not. Given there were no such platforms out there, I decided to build one my own. In the months/years to come, I’d like to ensure that Chaintrail can be used to understand any transaction that happens on-chain. Linking it back to certain projects and drilldown into such project to understand what progress they’ve made over time in terms of growth.

This could help you make better investment decisions or simply get to see how certain categories are growing to potentially build something yourself.

With the Chaintrail API we plan to work together with other aggregators that currently don’t cover Algorand very well. For instance many multi-chain aggregators are listing the wrong NFT value, incomplete TVL or RWA.

Chaintrail is set to change that.

Benefits for the community

We’re the only blockchain insights project that’s focussed on one single blockchain: Algorand. This gives us the advantage that we can move a lot quicker and uncover data that hasn’t been uncovered before. We did this already with NFT sales from TravelX & Fifa+ Collect, but also Agrotoken, Exodus their EXIT shares, Anote Music and many more in the near future.

Our Dapps Activity (which is the fundament of Chaintrail) shows many insights to any Algorand follower of what’s really driving on-chain traction/impact. Think of projects like: Hesab Pay, Fracctal Monsters, the weekly share of PlanetWatch and more.

This all benefits the community in terms of insights, knowing how Algorand is doing as an ecosystem. But also makes it easy to uncover new projects that you might not have seen before.

Additional information

We’re on a mission to uncover the entire Algorand ecosystem for you. But we need your help! The grant we’re seeking is a push in the right direction. The funding will be used to fund our new features, enhance our coverage and support on our infrastructure growth costs.

As the Algorand blockchain evolves, we’re committed to providing you with a high-performing platform. That’s why we’re planning to submit xGov proposals every quarter, taking small but meaningful steps towards our vision.

We published our current revenue stream (the amount of memberships sold) here: Revenue - ChainTrail. This will remain our long-term focus to ensure we built a healthy project that can sustain itself in the future. More on this can be read in our blog post: Publishing our revenue. I’m always pretty intrigued in… | by ChainTrail - Uncovering Algorand | Medium

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RWA focused section would be a great addition. When RWA narrative is strong, lot of people will be interested to look into RWA projects that are present on algorand and what kind of value they are holding. Presence of such a section will make this introduction a breeze.

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As a firm believer that the next cycle narrative, as well as broader blockchain adoption, will be driven by RWAs, accurately showing the RWA value on Algorand is going to be very important.

This is a great proposal and I appreciate that you are transparent about the plans for profitability!

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Thanks both!

@JHole, exactly! And so far we haven’t seen other blockchain insights platforms do such (as most are still focussed on TVL, Defi and NFT’s minted). So we hope that by doing it now, we can move the narrative to Algorand as a blockchain fit for RWA (given the real-world use cases on it already).

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Is there a asking price on this proposal?

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95000 ALGOs according to the github proposal

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Prior success from the team and RWA is growing on Algorand with Lofy’s continued success. If we ever hear from SliceSpace we may have even more real estate focused builders on the chain.

Besides Lofty and SliceSpace what other RWA assets would the proposal track? Meld Gold and Silver?

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Good feedback, will add it to the proposal. To name a few: TravelX secondary sales & seperation between airlines, Agrotoken, Meld, Anote Music, etc. We want to cover as many as we can and show real-time tokenization of the core RWA projects.

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“real-time insights of what is tokenized and the monetairy value”

How will the monetary value be calculated? how can these be verifiable without a proof of reserve of some kind?

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We plan to do it the same as you’d calculate the TVL. For instance, a tokenized grain (per 1 ton) like SOYB does have a dollarized value against it. Same for Meld Gold and Lofty properties.

What we’ll do is show the underlying tokenised transactions in a feed (like our NFT Recent Sales) plus some broader insights on growth/volume.

Verifiability of proof of reserve is for now out of scope. As that’s very difficult as an independent organization without access to deeper insights on the financials of each RWA company (unless they made it fully transparent).

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yes, they should be required to be transparent or at least have a badge or something for that.
so to manipulate the TVL, someone just gotta make lots of tokens and stash them into different wallets?

can you make the wallets that profited the most show up, kinda like flow.algo.surf/ as one of your insights.

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No, creating random tokens and sending them outside of the reserve wallet doesn’t increase TVL. As TVL is mainly a metric managed by platforms like Chaintrail or DefiLlama (who integrate what’s out there). A random token doesn’t influence such. That’s also the reason why our TVL is higher than the one from DefiLlama as we track more projects.

Second point would be interesting indeed. To see which wallets are the biggest holders (and how many). Thanks!

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understood, thank you and good luck.

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A winning proposal IMO!

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Will you cover @TacosAreLife churro chips as RWAs. Fan Favorite so far.

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You know I love Chaintrail. I am one of those supporters (have a yearly subscription). But, at first blush this seems like a higher ask than what seems necessary and I’m not sure it will pass at this level unless a bit more is provided about why it meets expected output. Can you provide a bit more meat on the bones for what the contemplated work involves and expected time commitment to make it happen?

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Thanks for the feedback @GhostOfMcAfee! Appreciated the time you spend reviewing all the xGov proposals.

Regarding your comments. We actually kept it as low as possible, given the proposal itself is quite large. It’ll take several weeks to develop the basis of the RWA and then 1 to 2 weeks more for covering of DEX swaps and provide the insights to our end users. Let alone the explorer like features & our new smart tagging engine.

For both of the sections we need to do deep integrations with each platform. Think of TravelX, Meld Gold, Agrotoken, Lofty etc. Each one of them won’t be an easy task and will face several challenges. What we want to do here is show something that no other blockchain analytics platform currently does.

Wouldn’t it be great for Algorand to see:

  • Daily tokenizations & payouts on Lofty.
  • Tokenizations of NFTickets + some arbitrary data linked to an airline like from → to destinations. Which airline etc.
  • Secondary sales on NFTickets (via Flybondi) → if we manage to get it sorted on-chain.
  • Tokenizations of gold/silver (from Meld)
  • Tokenizations of agrotoken
  • Tokenizations of Anote Music their portfolio (sales) & potentially secundairy sales if we get to it & payouts.

And then similar to the DEX swaps:

  • Real time swaps shown per platform.
  • Platform revenues (through swaps)
  • Logically insights on short-term and long-term trends.
  • Highest swap amount per hour / day / week etc.

Furthermore, with the sunsetting of AlgoExplorer. We think we should also do our part to offer more historic explorer like features. So therefore we want to adjust our setup to be able to work with any txn, block or asset. Which makes it possible to query historic things even before Chaintrail existed (while we put our (new) smart tagging engine over it).

Last but not least. We did have our challenges with processing new blocks with a very high TPS. This happened with a new airline onboarding (TravelX), stress tests by numerous people on-chain & the launch of Oranges Mining. Therefore, we have to revamp our smart tagging engine in order to futureproof Chaintrail.

So all in all. This proposal is actually packed with a lot of new things and features and the ask is in our opinion on the lower end (as we’d like to see the proposal succeed). Especially as we think that many of these new insights will provide a better foundation that we can build upon to hopefully gain more paying customers and make us fully operationally profitable.

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Thanks. I am not sure if it makes sense to try to include a bit more of that into the proposal, or if it should just be part of PR thing on twitter and elsewhere. I know the work you put into this upfront with zero funding, so I’m not personally concerned with this ask. I just want to make sure you are ready to justify it and others coming here can see it.

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Thanks - sharp feedback! Will take a quick glance again at our proposal (in terms of explanations).
Always ready to justify what we ask for of course (otherwise proposers shouldn’t ask for it in the first place).

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You should ask for more algos and increase what is available to free users. Other than that good proposal!