This is an updated proposal for Sushi Community-Enabled Analytics – original post can be found here.
Overview: Reproposing Community-Enabled Analytics Program
Despite widespread support from both the community and core team for our Community-Enabled Analytics (CEA) proposal, the vote failed to meet quorum; closing with 94.5% of the vote in favor.
After a post-mortem, it was determined that the miss on quorum was related to a coordination issue and extenuating circumstances that impeded the desired outcome.
As such, we have been working closely with the Sushi core team, Sushi Samurais, and engaging directly with the Sushi community to garner additional feedback, refine the proposal, and ultimately resubmit to snapshot.
Summary: Community-Enabled Analytics for Sushi
The purpose of the grant is to produce key analytics and acquire & retain new community members, by funding a sophisticated education and analytics platform.
- Dedicated online portal for community-sourced analytics requests, which will be turned into bounties.
- Rebuild of Sushi Analytics to include more robust metrics and better user experience.
- Free historical state-ready, transformed SushiSwap data for SQL analytics - as well as visualization and API solutions.
- Educational content for analysts of all levels to activate within the SushiSwap ecosystem. Beginners can learn SQL, advanced users can optimize results to deliver sophisticated solutions, including development of a SushiSwap fee calculator
- Structured bounty programs sourced directly from core team and community - activating analysts to produce outcomes. Includes quality control of results to ensure the data is effective and correct.
- Bounty rewards (in SUSHI tokens) delivered into the hands of community members, activating new members and retaining participation.
Year 1 Program Expectations:
Given the pilot program data, the expected results from a year of bounties would be as follows:
~ Overhaul of Sushi website analytics page (multi-chain coverage)
~ Analytics on key Sushi product lines
~ 460 new active, engaged community members [acquisition]
~ 27,000 SUSHI retained in ecosystem [retention]
~ 350+ unique dashboards, queries, visualizations, & in-depth analyses, and premium interactive solutions.
More in-depth details on “What is CEA” can be found in the original forum post.
While analytics is a direct benefit and output from CEA (which we will cover more below), the program’s core value add extends beyond these tangible deliverables:
CEA creates a user acquisition funnel, which has proven elusive in Web3. The program attracts, onboards, and activates new community members through bounties, scavenger hunts, and deliverable creation.
Moreover, utilizing a series of educational programs and a hands-on community and analytics team, we activate new members into the ecosystem. This teaches new users how to actually use a complex protocol, how to think about the underlying mechanics, and even how to start becoming adept at using SQL to build queries and public-facing outcomes. For our pilot programs, nearly 69% of bounty recipients had never before held tokens.
The program delivers $SUSHI directly into the hands of community members helping grow the protocol. The token retention from CEA far exceeds comparative liquidity mining and airdrop campaigns intended to drive similar protocol usage and TVL.
Across programs for other partners, on average, 77% of bountied tokens remained within the ecosystem.
The program also enables the entire community to become better marketers, providing on-demand visualizations and in-depth analyses that can be leveraged on Twitter, in blogs, across the forum, in Discord, in the Sushi Times, and much more.
Preview of CEA Outputs
For outputs from other CEA programs, see original post.
In the past three weeks, we have run full bounties, flash bounties, and a scavenger hunt for Sushi.
- 176 unique participants
- 303 submissions
- $5,000 paid out, with ~$10,000 more scheduled (Flipside bootstrapped)
Here is a preview of the bounty output, that produced compelling dashboards and research for the protocol:
- SushiSwap Analytics Dashboard - detailing user growth, liquidity, fees, and more.
- SushiSwap Fee Volatility Analysis - assessing three key questions:
- How have daily fees generated changed over the last 30 days?
- How does the daily volatility in October compare to recent months?
- Which pools have had the greatest fee volatility over recent months?
- SushiSwap TVL Projections - utilizing three predictive models:
- Predicting TVL based solely on its past values.
- Predicting TVL based on a subjective estimate of future ethereum prices
- Predicting TVL based on forecasting future ethereum prices
And finally, our research was recently featured in the Sushi Times:
These deliverables are only a small sample of the type of work that the Flipside analyst community can provide. As the program launches, more robust solutions and in-depth research will be scoped and produced to support Sushi in its key areas of growth.
Scope of Work
As part of the initial scope of work, Flipside will rebuild the analytics.sushi.com website - providing an enhanced set of metrics, UI, network coverage, and overall experience that incorporates all of Sushi’s product lines.
Wireframes for this new analytics dashboard can be found below - please note: these are very early mock-ups and are subject to change as the build commences
In addition to this first build, we will scope other necessary solutions & deliverables (such as calculators) with the core team and community as needed.
In parallel, we will be running bounty programs to provide on-demand research and scavenger hunts to coincide with major product releases and initiatives.
A community portal will be launched where members can request research & metrics, as well as provide feedback for the program.
Flipside will prioritize coverage for the following networks at launch:
This will cover 97% of current protocol liquidity, and their chains such as CELO, xDAI, Moonriver, and Avalanche will be, or already are, on our roadmap to add going forward.
The program will support the following products at launch to provide a comprehensive overview of their benefits to xSushi holders:
- Trident (when released)
Flipside’s Governance team has been created to directly support, contribute, and drive participation in our partner communities - helping drive the efficiency of this critical piece of protocol health.
We have been extremely active in the forum already, with our newest team member winning New User of the Month in October.
You can read more about our commitment to improving governance participation for partner protocols here.
We are thrilled to be able to support Tangle, the Samurais, Sushi core, and the broader community in building the most efficient and collaborative governance ecosystem possible.
Grant Request: $1M Annually
To deliver the full solution, we’ve discussed a simple annual grant with the core team. This grant may be renewed on an annual basis and will enable us to devote sufficient resources to the program to keep pace with the ever-expanding Sushi metaverse.
→ 50% of this will be delivered to ecosystem community members as bounties ($41,667 per month):
All bounties are delivered through weekly programs: Flipside sources questions from SushiSwap and the community, prepares a bounty construct, releases to the community, QAs all results, and distributes bounties to the most effective outcomes. This is a complex and very time-consuming process, but the return is significant: extremely directed results that serve core team and community needs with immediacy. Bounties range from $40 to $650 each, determined by the complexity of the request.
→ The other 50% ($41,667 per month) is Flipside’s Fee To Operate the Program:
Costs to run this program will be roughly equivalent to the monthly income projected from the grant. Flipside will be running this program at breakeven in year one to demonstrate the value it can bring to the SushiSwap ecosystem. Program costs encapsulate:
Resources: Both dedicated and part-time resources to manage data pipelining, labeling and transformation, gathering of community analytic needs, bounty program structure, curation, delivery, and payments, as well as measurement of program efficacy and tracking of acquisition and retention outcomes.
Tech Infrastructure: Additionally, our cost estimates conservatively include a 10% allocation of our projected infrastructure costs, inclusive of node management (ETH), compute / storage needs (AWS), data warehousing (Snowflake) needs and a variety of other software/architecture tooling requirements to sustain and make the Flipside Velocity database freely available to analysts of all levels.
SushiSwap Program Oversight
Two components provide effective checks and balances to ensure maximum accountability to the SushiSwap ecosystem:
1. Oversight Committee: whose purpose is to ensure that the grant proceeds are applied in a manner consistent with its design. The Committee will meet and take a vote annually to evaluate the continuation of the program.
The committee members will be:
- Tangle (Sushi)
- Mudit Gupta (Sushi)
- Pegbit (Sushi)
- Alex Woodard (Arca)
- Sushi Core team member to be named
- Flipside Crypto member to be named
2. Transparency Dashboard: Transaction activities will be broadcast live via a custom dashboard for the SushiSwap community.
These oversight programs are designed to make sure the allocation of treasury funds to the CEA program effectively delivers value to the Sushi ecosystem. In the event the grant is not delivering value, the program will be reevaluated via governance.