ICON Grant Proposal
Skytale is a DeFi curated ledger to consolidate on-chain activities into one single view and to prevent fraud by flagging transactions and preparing critical data for tax reporting. With data aggregated from an extensive and expanding list of supported networks and protocols, Skytale enables anyone to make more informed decisions about their investments and to be alerted to potential scams in the DeFi and NFT space. Skytale services are available either via a browser dashboard or else via an API that allows you to build custom white-label solutions on top.
More in detail, Skytale:
- allows users to easily follow transactions and portfolios in their ecosystem across the already supported networks (Ethereum, NEAR, Solana, Polygon, Fantom, Arbitrum, RSK, BSC, Avalanche, Moonriver, etc.).
- enriches blockchain data with particular key information, such as manual and automatic tags on certain transactions, historical FIAT values and so on.
- offers the possibility to integrate with Discord and Slack through WebHooks: this allows the user to get notifications on every incoming or outgoing transaction.
- visualizes transaction flows in DEXs and dApps ecosystem for any project wanting to offer a more personalized transaction management option to their end-users.
- simplifies the accounting process allowing users to seamlessly export their transactions in a CSV file or import them into Quickbooks account. Users can cherry-pick the transactions they want to properly report taxes by sharing them with their accountant in a frictionless way.
- automatically identifies and filters scam tokens (and potential malicious attacks) protecting the end-users. Our classification engine, our flagship feature in development, will use machine learning to analyse and categorize smart contracts and their transactions. It will incorporate a traversable data structure, containing all the information about contracts. This structure will be able to respond to different queries and will provide data in different formats.
There are other players offering a tracking solution such as Zapper, Zerion and Debank. Also Cryptio and Gilded offer an accounting and bookkeeping tool. However, nobody has a combined solution able to offer an analytics tool together with an accounting and bookkeeping solution.
If we compare the value proposition of Skytale with Zapper, we notice that:
|Transactions Filtering||wide range of filters (date, transaction types, network, wallet address, exchange, tag) to be combined together||It offers a generic search bar||Combined search by date range, transaction types and network|
|Transactions Tagging||add multiple standard or custom tags to any transactions and search by them||Not supported||Tag two transactions from different networks as “travel” and search by that|
|Transactions Drill down||explorer deep links regardless of the chain network of transaction, sender and receiver||Not supported||Get the explorer deep link of transactions, sender and receiver|
|Scam alert||filter out scam tokens automatically detected by a machine-learning classification engine👍🏿||Not supported||get informed if any scam token or malicious attack has been received|
|Webhooks||Don’t call us, we call you back. Configurable webhook area to get notified of any on-chain and off-chain activity👍🏿||Not supported||receive a notification on Discord or Slack channel about any incoming or outgoing transaction that happened in the last hour.|
|Quickbooks||Integrate with an already existing QBO account👍🏿||Not supported||cherry-pick your transactions to add them as journal entries to your bookkeeping tool and get your accountant updated.|
The Asset Tracker Grant Proposal
We are glad to apply for a grant proposing our Asset Tracker allowing the users to manage their assets within ICON network.
|$20,000||Skytale platform is granted, including all the features described in the delivery plan below.|
We aim to deliver the following single milestone and ask for a grant according to the timeline below.
|Milestone||Description||Notes||Grant tranches (USD)||Deliver|
|Integrate ICON Labs addresses and balance and history||Users can register their ICON wallet on Skytale, access their balance, and track transactions in history||Skytale allows users to track all their on-chain activities. Skytale allows users also to tag any transactions, add notes and export them on a spreadsheet or Quickbooks.||$20,000||30 to 45 working days from acceptance|
In order for Skytale to provide support to ICON in its own platform, a few costs must be considered:
|Indexing||Skytale performs its own indexing in order to provide search functionalities. This indexing happens in two places: simplified indexing allowing a fast search for the wallet’s transactions, and detailed indexing allowing a deeper search into the wallet’s transactions. Our approach is either to query the public RPC URL or to run a in-house node. Alternatively we can consume the API offered by the Tracing. Besides the initial effort, Skytale will take care of integrating the mainnet once ready.||Create an index of public keys against transactions to retrieve any historical transaction belonging to a wallet, even if as a side effect. Create a searchable cache which allows to perform fast queries combining multiple filters.|
|Accuracy Monitoring and Testing||we configure our monitoring dashboard and alerting system to continuously check and notify if data are consistent and accurate. The roll-out phase involves also different testing either automatic or manual.||Get notified in case of stale or inconsistent data to allow the team to investigate further.|
|Storage||Skytale has storage costs for the wallet’s transactions, depending on the size of the wallets and on the frequency of the search, including devnet and mainnet data until devnet is dropped.||Get the necessary space to index any user’s ICON transactions from the genesis block.|
|Token classification||Skytale provides extra information about the tokens being shown to the user. To do so, Skytale built a token classification engine. Such information is retrieved from a curated catalogue, that needs to be fed manually based on our research and on the feedback received by the wallet’s owner.||Detect and isolate potential scams or malicious attacks. Ultimately inform properly the users and get continuous feedback through our communication channels.|
|Transaction classification||Skytale provides detailed information about the transaction, for example, the transfer happening in or out of the wallet for a given transaction and the nature of it. That information is continuously evolving and requires data about contracts and requests to be up to date in order to give the most accurate information to the user.||Enrich transactions with off-chain automatic data, such as labels, tags, historical FIAT value, and more.|
What will be free to use and what sits behind a paid wall
Skytale offers a lifetime free Basic tier which allows the user to register for a free a wallet on a given chain, to:
- track up to 500 on-chain activities in the last 3 months
- users can tag any transactions
- EVM Chains have the same address, so one address could be used for all those chains.
- users will have to decide which address to use if non-evm
V2 further plans
Once the first grant is delivered, Skytale is willing to further support ICON in the future, by proposing a 2nd grant, to support liquidity pools e.g. Balanced by allowing the users in the Basic Tier (free) to:
- get APR / APY / Impermanent Loss
- Add liquidity
- Claim tokens
What experience does the team have with non-EVM chains?
We have integrated multiple non-evm chains into the Skytale platform including Solana & Near
Does Skytale plan to open-source?
Skytale is a dashboard-as-a-service and its business model is SaaS. However, we aim to offer a hybrid solution in the future by open-sourcing two components:
- a js library, which handles the communication with DeFi protocols to easily get APR/APY from any liquidity pool and to add liquidity there.
- the classification engine to automatically detect any scam asset or malicious attack.
Why use Skytales indexer instead of the existing techniques via the community tracker?
Skytale uses two systems: one is a generic indexer that stores and indexes raw transactions to find the ones that involve a specific account, similar to what happens in a normal explorer; the second indexer generates transactions tailored to the account itself and allows a user to filter the transactions based on different aspects.
Skytale allows a user to tag transactions and add notes to them, and make these tags searchable. Our indexing allows users to search transactions by combining multiple filters.