BalanceFall Project Proposal [Updated]

BalanceFall Project Proposal

Project Category: Development

The updates are mostly with clear some misunderstanding of our plan. We couldn’t get much feedback outside the votes. We can improve with more feedback or discussion of aspects of the proposal.

As Piconbello, we strive to create applications that the community needs, and can ease their process of interacting with the ecosystem. With the emerging rise of DeFi platforms across the blockchain community in general, we are simply glad to see ICON take the challenge and implement DeFi protocols on the ICON ecosystem.

As avid followers of blockchain in general and frequent users of Telegram, we realized the rise of “Waterfall bots” across the ecosystems. DeFi platforms are quite rapid in terms of price change and one does not have a rather easier way to track the data since there is no order book and exact way to get the price actions, these solutions give better insight to the community. Waterfall bots that are utilized on Telegram provide a solution to this issue. They track every transaction for a particular pair on a particular DEX platform and provide transaction data. Also, for applications where staked asset percentage matters, it tracks deposit and withdrawal information. Examples of these products can be seen below.

These products provide an easy way for the community to track transactions, understand trends of the trading pairs and have discussions about them. Right now the balanced price is locked in to 2 pairs and don’t exist on any other platform. Anyone opening balanced is taking balanced price as a face value. While on the screen a big dump from a huge holder can drop the price significantly and this can cause panic. When users can see the trades over these channels they react better since it’s just a random number going up and down without 0 contexts. Since DeFi platforms on the ICON ecosystem are rather new and we are rather experienced in terms of ICON-Telegram integration through our products, we believe that we are proficient enough to tackle this challenge.

Our proposed platform for this project is Balanced, we believe that there is no easy way for daily users to track BALN price effortlessly, hence it would be a great idea to supply a rather easy way to get the data to the community.

Our proposal is as follows:

  • One specific channel that tracks BALN price actions realized through each transaction on the Balanced platform. Every buy and sell order will be presented in this channel, with data regarding price, transaction link and such.
  • One specific channel that tracks stake/unstake transactions for BALN. Each stake/unstake transaction will be presented in this channel, with the data regarding percentages.

We will sponsor ourselves for this project, we believe it will present a great value for the community.

Project Milestones

We believe 2 months will be enough time to have this project completed and running smoothly. Our milestones can be seen below:

  • Buy/sell tracker channel, stake/unstake tracked channel completion
  • Channel bot and data gathering completion
  • Overall testing for quality and reliability, as well as opinion gathering about additional features/data if deemed important

Funding Amount Requested

We believe we will require around 10200 USD for this project.

Our valuation for the project for different elements can be seen below:

  • 8000 USD for backend development design, in terms of algorithms and state of art systems to realize BALN transactions on the Balanced platform for every block possible, in a concrete and high-speed manner.
  • 1400 USD for designing three Telegram interfaces that have great user experience and performance.
  • 800 USD for server costs and possible database cost if deemed necessary.

Team Contact Information

Team Lead Emre

Piconbello (Telegram)

Piconbello (Twitter)

The 3rd part of the proposal where provide tools like alert system etc over address removed from proposal since brian working with bots following these aspects and take action since it access to privatekeys.While our aim was different it’s ended up being similar. The part he provide this service to voters as a service from what I read. I might be wrong. The point of this proposal is providing this data publicly so it can also increase interactions between community and can pull random people passing by in to ecosystem.

FYI we already have a working feed for Balanced swaps. While our feed is only available to DAO registrants, I’m not sure if a proposal for $10,200 that duplicates existing functionality will be approved. Not saying you shouldn’t push forward, but just wanted to let you know what we’re working on as well.

Maybe it would be worth reducing the funding request. This kind of bot is fairly basic – just reading event logs on each block, filtering out the Balanced-related stuff, and sending a notification somewhere. Personally, I think $8000 is too high, but I guess it depends how much time you need to spend on optimizing it.

Yeah, the cost is mostly optimization and following the events without mistakes (That part can cause fud over it if people spot mistakes missing transactions). I wish you guys did these feeds public, especially on telegram since that’s where the majority of this traffic is and should be public. These data create interaction between the community. We can drop this proposal if you are willing to make it public over telegram. Also, our idea was more on from address tracking and alerting over the public data more than creating a bot with private key access. The majority of the cost of tipicon comes from our key storage system so we are distancing our self from private key related products :slight_smile:

We don’t have any plans to make these feeds public for now, and don’t believe there’s anything about this kind of data that “should” be public – it’s all visible publicly on the blockchain anyway. If private vs. public is the differentiator, maybe that’s enough to warrant a CPS proposal to build a public feed.

Ok, maybe my statement was wrong. What I am trying to say was it exist on every other network you can name with defi and all of them have public feeds for these which is the private one didn’t fit right with me. That was also the goal behind this proposal before your private version some kind of announced. The data is public but the average user can’t read it, even for experienced people you can’t just open the tracker and read with high precision you can get some idea.

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