[RFC] - Multifarm Analytics Partnership - Treasury Dashboard Development

Governance Archive [RFC] Request for Comment
1

[RFC] - Multifarm Analytics Partnership - Treasury Dashboard Development

  • Yes, build treasury dashboard
  • No, it’s fine

0 voters

Name: [RFC] - Multifarm Analytics Partnership - Treasury Dashboard Development

Scope:

Multifarm is proposing to build an in-depth public-facing treasury dashboard and become an analytics partner of Wonderland.

Link to previous [DAO Discussion]: Multifarm Analytics Partnership - Treasury Dashboard Development

Objective:

The goal is to optimize transparency surrounding treasury assets and to empower investors to understand the fundamentals better, thereby, increasing investor confidence and a better onboarding experience.

Provide a High-Level Overview:

The proposed partnership will follow a multistage process. The first of which will include the development of sophisticated data visualization on treasury metrics for community and potential investors. After the treasury dashboard is completed we can help out with the dApp rework - however, the scope/timeline will be specified in a separate proposal. Multifarm will also offer joint marketing efforts.

We will showcase the productive assets in the treasury and optimize strategies around them, with that, providing clear stats on performance that can be shared with the community in the brand identity of Wonderland. Furthermore, the dashboard will transparently illustrate all the information around quarterly redemptions, providing investors with clear information on how to proceed.

Provide Low-Level Details:

  • Develop a custom treasury dashboard
    • Multifarm will take care of the full design, frontend, and backend development of the dashboard. After which, the management can easily be handed over to the Wonderland team. Any changes required can be made by the Wonderland team through an internal login. Multifarm can easily add any other features required in the future.
    • The development will follow 3 phases
      • Design Phase (1 week) (5k USD)
      • Dashboard Development - Frontend (1-2 weeks) (20k USD)
      • Dashboard Development - Backend (2 weeks) (25k USD)
    • Total: 50k USD - (4-5 Weeks)
  • Offer co-marketing efforts.
    • Twitter thread, Discord posts, AMAs, and Medium Articles, for example.
    • We believe in creating a long-lasting relationship with partners in the space and will endeavour to contribute to that relationship & spread awareness.
  • Helping with dApp revamp
    • Requires separate proposal
    • Further details included as a comment in the [DAO Discussion] post

Summary of the value proposition:
Everything is listed in one place in full detail, including treasury assets, yield farming, strategies and wMEMO metrics. This benefits both the team and the community who can easily find the important information needed to make decisions related to treasury and governance.

  • 100% Transparency, enabling a more streamlined decentralized treasury management procedure
  • Immediate overview of treasury use and transactions (important given that the majority of investors cannot read etherscan or blockchain).
  • Education for the Community (explaining concepts of wMEMO, Redemptions, liquid-/backing prices, etc.)
  • Allows the community a deeper understanding of the protocol and its fundamentals
  • Regular updated presentations of revenues/volumes/redemptions, etc.
  • Visualization of the entire ecosystem around Wonderland
  • Clarity of returns from yield farming and other investments. With the help of Multifarm yield farming data feeds

Business and/or technical requirements of the implementation of the proposal:

Multifarm will hand over the control of the backend login upon completion of the dashboard. We will provide the core team with a self-service login, so they can manage their strategies themselves. Our infrastructure is built on Kubernetes and hosted on AWS with very high up-time.
For any additional work, someone from the Multifarm team can do it on behalf of Wonderland (editing the strategies, adding more changes to the dashboard, etc.) and we can charge by the dev hour for anything required.

Payment Terms:
The initial fee of $5,000 is charged upfront to cover the Design phase upfront. After which the remainder of $45,000, for the FE ($20,000) and BE ($25,000), is invoiced on completion and delivery of the respective phases. Payment in MIM/USDC/DAI or any other stablecoin of preference.

Since an RFC is a “work in progress” Proposal, not all of these points need to be filled out from the beginning. They can be added over time as the RFC evolves into a mature Proposal.

3 Likes
2

I support this, then I no longer have to manually keep track of this myself heh

3 Likes
3

I personally like this in-depth public-facing treasury dashboard redesign. It will bring exactly what I need to understand the treasury activities better.

3 Likes
4

Not keen to incur additional costs for an analyatics page at present. Considering potential treasuty movements, costs could snowball / end up being recurring in nature given that WL may need to engage multifarm to service/maintain an up-to-date analytics page.
IMO, this has little value add at present and WL should keep a tight purse / should not be spending until it generates not just revenue, but sustainable revenue (which is a much mpre immediate prioritiy). Could revisit in the future.

4 Likes
5

Way too expensive imo!!
It’s ok to redo it but this can not cost that much. Think it that way: nobody would spend 50k for a website redesign if it was only their own money.
Of course we have a lot of money in the treasury but that doesn’t mean we don’t have to take care of it and spend an absurd amount on some simple thing.

Please check for other offers!!
But in support of doing a redesign

3 Likes
6

I am up for this idea, but as someone before me has said - it is too expensive. Another cheaper offer should be waiting for us out there. Yes - the treasury is not small but we should respect the money. 50k for this is absurd …

3 Likes
7

I like this proposal, but I’m not really knowledgeable on what this type of deployment typically costs or what other DAOs have paid. If this proposal is in alignment with market rates for similar work, I’m 100% for it. Perhaps Catalyst or someone in development work can provide some perspective or we can reference what other DAOs have paid for similar dashboards to ensure were are getting competitive pricing here.

4 Likes
8

A detailed dashboard for all our investments is very important for Wonderland considering that we’re a protocol focused on our treasury deployment. Benefit outweighs the cost.

I would like to know more details about that, I understand that this might be good to get in a seperated proposal but maybe it’s for the best to have some more insight about it here.

I’m in favor of the proposal.

4 Likes
9

I do think that we should have better information regarding treasury holdings etc. In general, I think that crypto entities do a horrible job of keeping track of cost basis and p&l.

The amount they want for this seems a bit steep to me. That’s just my 2¢ though.

3 Likes
10

Hey Guys, thanks for the response! I will reply here to all of you (tomhanks, grazmamba, za4o, Sdmills39) as I see the primary concern is the price attached to it.

Firstly, this is a complex SW-Development project and there is much more behind it than just a “dashboard”.
The dashboard needs to be vastly different and upgraded to/from the current one to make an effective impact. The dashboard is the easy part, but getting access to the data and connecting to the whole backend infrastructure that comes with it is quite a big scope. We will work with 4 developers (+designer + project manager) full-time on this project, to give you an idea of how much manpower we are putting into this.
Also, you need to account for the experience we have now from building dashboards for other protocols so far. Without this experience/learning curve, the whole effort would have taken much longer than a few weeks. This allows us to charge such a competitive price (which is a fraction of what the current development work charged) as we have streamlined the process.

I’ll map out some points to of the previous discussion to support:

a) This project needs a whole data extraction layer from the blockchain and setup that comes with it (e.g. APR data on all strategies, holdings, etc.)

b) After that we need a whole backend infrastructure to manage this amounts of data and make calculations (Also have access to historical APR for all strategies)

c) Being able to support all possible and future farming strategies out there and add them to the dashboard
d) Program various endpoints to make the data available and be able to plot graphs (which are protected via API Key)

e) Program a “CMS” to give the team access to be able to configure their graphs, label the positions and plot individual graphs

f) The whole design and frontend part will also take same good amount of time as well as connecting the endpoints with the graphs

g) Testing! (Not to be forgotten, for any major SW Development project, usually, this doubles your ETA for shipping as we want to be thorough)
-You need someone who takes “ownership” in a process like this. It’s not only about SW Development, but also a big coordination effort. We need a professional project management setup, communication with the core team, coordination with the devs, etc. For this, we need some senior devs who take accountability and ship in time.

-The hiring market for blockchain talent is extremely competitive. Probably the most scarce talent pool across all industries. Especially, if you need developers it’s extremely hard to find good talent. Also, don’t forget the hiring cost and wage cost associated with smart contract developers. Alone the hiring process probably would easily take a few more weeks to pull a project like this and have the right team.

2 Likes
11

I’ll provide some of the details here as well :slight_smile:

We are aware of the need for the current dApp to be reworked. This is an exciting next step for Wonderland and Multifarm is open to playing a fundamental role in the redesign/simplification of the current dApp. We want to keep the focus on the treasury dashboard first before moving forward with the multiphase process.

The first phase would be to develop the treasury dashboard and visualization protocol metrics (as this is a sub-part of the new dApp), after which the full dApp redesign can be initiated. It also allows more focus and with that, more feedback on one project at a time resulting in a better product overall. Thereby, allowing the benefits of the dashboard to compound sooner as the dApp redesign is started and we are generally willing to help out with the overall rework. This would typically require Wallet/MetaMask integration functionality. Thus, we would have to look into that in detail and check our frontend dev capacity on that end. After the scope has been assessed, a more formal proposal can be submitted covering all the specifications.

3 Likes
12

Hi Rubo,

TLDR; the problem is not Multifarm. It is us.

Long story
I am less concern on the initial $50,000. And I have no doubt in Multifarm’s execution capabilities.

However, it is the outline of the workscope and manpower allocation that you had just described that is concerning. It looks highly complex, and it is not clear if anyone in the Wonderland team will be in a position to takeover and maintain the completed dashboard/infrastructure in-house without the need to re-engage the Multifarm team whenever treasury strategy changes.

Considering that Wonderland is now moving forward with TOs/TM/RO/etc, it is logical to expect more active/regular treasury movements. This means that the Multifarm team may have to be constantly re-engaged to maintain the dashboard/infrastructure. This will be a recurring cost, and the amount is unknown. I think we can all agree that there is little value in an outdated dashboard that reflects the treasury only based on a snapshot.

Hence, what I would prefer is for TOs/TM/RO/etc to get elected, treasury to be deployed and revenue to be made before Wonderland considers improvements to the analytics. This would also allow Wonderland to have a better understanding of how frequent the treasury strategy changes, and allow Wonderland to be in a position to price it into the maintainence contract with Multifarm (if needed). It is also easier to justify expenses (as a % of revenue) once revenue has been generated.

4 Likes
13

Beyond what was already proposed I would like to see terms and conditions in writing beyond the price tag, Standard contractual verbiage which includes Guaranteed SLA and terms of length of agreement to host endpoints. Without it in writing we have nothing official to refer to later and verbal agreements get lost in translation and transitions of projects people etc etc as we have already learned here.

3 Likes
14

Hi Tomhanks

We think transparency around the treasury is extremely important, because, at the end of the day, this is one of the core value propositions of Wonderland, to have a productive treasury. Anything that improves that core product and adds value should be considered by the Community in our opinion.

To answer your questions about running costs. We have designed the dashboard so that the running and maintenance thereof is anything but complex, even with relatively frequent treasury movements. All positions get automatically detected and mapped with the right APR. Only if the farm is not supported by Multifarm (we currently have support for 300+ farms), then the team would need to add the APR manually. Or if they want to give a text description on why they allocate to one particular strategy, which can easily be done through the backend login without any assistance from us. Thus, Multifarm will only be re-engaged unless it is absolutely necessary and requires more dev work to be done (fundamental change in functionality, new feature additions, etc.). Here we would simply charge extra dev hours needed. If there does arise a situation of hands-on maintenance and lots of feature additions by Multifarm we would be looking at a maximum engagement of a part-time position per month.

2 Likes
15

Hard to have an agreement without a legal entity. Once Wonderland has a legal entity, happy to sign something between Multifarm and Wonderland.

However, we can agree to 99.9% uptime of our endpoints for the next 24 months for no additional cost. After that, we would be cool - if Wonderland just compensates the server costs for those, which shouldn’t be a high amount.

Again, the idea is if the team manages the dashboard by themselves, there is no additional cost. Also, all positions get automatically detected and mapped with the right APR. Only if the farm is not supported by Multifarm (we currently have support for 300+ farms), then it would need to be added manually. Or if they want to give a text on why they allocate to one particular strategy, which can easily be done through the backend login without any assistance from us.

Once the Multifarm team does changes on behalf of the team we just charge by the dev hour. But honestly, this will also be within a reasonable range and we expect at most a part-time position per month.

We have also made an SLA for the Community for full transparency:

2 Likes
16

Legally binding contracts are executed frequently for various organizations who don’t have an official registered legal entity. An example reference signature would need to include something like the following: [NAME], in their capacity as [POSITION] of and on behalf of Wonderland DAO. I would think we can find someone with an official position at Wonderland to be the signer on our end to formalize this agreement.
Would you have any objections to the above?

5 Likes
17

We don’t have any objections on singing the agreement. Also, once you guys have an official legal entity, we can make the agreement also official with your entity. We are working with some DAOs and have signed agreements with them as well and their legal entities.

3 Likes
18

+1 to this, It would be great to have an official agreement, if this is possible, considering Wonderland doesn’t have a legal entity.

3 Likes
20

Topic has been approved for WIP:
https://dao.wonderland.money/t/wip-23-multifarm-analytics-partnership-treasury-dashboard-development/19608

1 Like