Grant ID: 8685e9zca
The most common and used stablecoins’ contracts have blacklisting functions what we like to call “evil functions”. Institutions behind those stablecoins are able to blacklist any user from the contract and to get/freeze their funds.
This is far from being decentralized. We invented something we call “decentralization index” and are working on its formula. This formula has some parameters like; number of blacklisting events, if the contract is proxy, if so if it is upgraded, if the type of collateral is transparent, and etc. We have several subgraphs deployed to the hosted service and thanks to that we can track the blacklisting and proxy change events easily.
In addition to this, we will provide more common numbers like price, marketcap, TVL too. Also, we will publish official reports on stablecoin types, their role in the space, news about stablecoins and so forth…
Describe what your project does or is aiming to do in 50 characters or less:
Stablecoin dashboard aiming to rank stablecoins by how much decentralized they are
How far along are you?:
We are almost done with the data part; deploying the subgraphs, fetching the data from common APIs. But we don’t have a front-end developer in the team, we are planning to outsource them to complete the product.
Why did you pick this idea to work on? Do you have domain expertise in this area? How do you know people need what you’re making?:
We’re in this ecosystem for 2 years and the philosophy of decentralization and transparency is the key reason why we are here. However, to see the fact that things are not ideal at all, made us to think of a solution to make people more concious about it.
What’s new about what you’re making? What substitutes do people resort to because it doesn’t exist yet (or they don’t know about it)?:
Notion of “decentralization index” and also ranking stablecoins by only their level of decentralization is completely new to the space by us.
What’s your vision for how your project will impact The Graph and/or web3?:
I, as a subraph developer, do think that The Graph and its technology is highly underrated. We’re planning to spread the word by mentioning the tech stack we use. That’s why we hope that we can contribute it to be known better.
How will you measure success?:
At the first stage, by the numbers we get from the website. But ideally, our ultimate goal is to make decentralization as a key metric for both a stablecoin and also any product built in web3.
What milestones will you achieve in the coming weeks/months, with or without the grant?:
We got accepted to X-Founders bootcamp, that is a 1-month start-up school in Antalya, Turkey. We will get education in business, growth, marketing, fundraising, and etc. Also during the camp, we will continue to build the product. If we can find enough resource to hire a front-end developer, we’re aiming to launch the product in 3 months.
Please select who you think will benefit from your project?:
How much funding are you looking for? (USD):
Provide a breakdown of your requested funding:
We urgently need a front-end developer and a designer to come up with a functioning and modern app. That’s we decided to apply for the grant.
Have you applied for (or already received) funding from somewhere else?:
Can you share any information about current/past web3 experience?:
I’ve been working as a subgraph developer in a company (Merlin by VALK) building a DeFi portfolio tracker for 1 year.
Why are you interested in contributing to The Graph and/or web3?:
I use it, I love it!
Are you applying as a team or individual?:
What type of grant are you pursuing?:
Please select the category your project best fits into:
Dashboards & Analytics