Grant Proposal 7: Anthias x Euler Alert System Grant Proposal

Euler Grant Proposals Voted Proposals
1

2023-01-28T23:00:00Z→2023-02-03T23:00:00Z

Title: RFC Anthias to Create Alert System for EulerDAO

Author(s): Charlie Ambrose, Alex Craig, Luke Xie (Founders of Anthias.xyz)

Related Discussions: N/A

Submission Date : January 29th, 2023

Simple Summary
We are proposing a grant to further our work from eGP6 by building a Discord alert system for the Euler community that will alert users of major compromises to their own positions on Euler as well as the positions of whales that may affect their positions. This alert system would be tailored for the Euler community to provide Euler users with the exact information they need to manage position risk, incentivizing healthy positions and the health of the protocol as a whole. Currently, Anthias x Euler users need to monitor their positions and those of whales manually on Anthias.xyz. While this has many benefits, users will benefit from receiving direct notifications of the information they need to more effectively manage risk.

Abstract
The Anthias team is composed of three members of Dartmouth Blockchain. Our philosophy is to continually provide value to the blockchain ecosystem through shipping useful products and research. The Anthias team consists of three individuals with development, design, and growth experience. We have extensive experience in DeFi, having contributed at Primitive Finance, Yeti Finance, NEAR, and more.

Motivation
Risk management in DeFi is a theme that has gained incredible strength since the collapse of Terra/Luna and only became stronger after the collapse of FTX. Managing risk on Euler via Anthias currently involves frequent monitoring of one’s positions and the Euler market as a whole via Anthias.xyz. This is not totally sufficient in a time of duress when one needs to know of an issue quickly and make an informed decision with speed. An Euler-specific alert system will increase risk management on Euler by alerting users directly of information they need to know, so they can make those necessary decisions. Not only will it be great for current users, but it will be another great way to attract new users to Euler, knowing that they are getting the best risk protection in all of DeFi borrowing and lending.

Proven Euler Shippers

  • In August of 2022, the Anthias team completed eGP1 for Euler, which is currently live on Anthias.xyz. The grant led to previously unforeseen insights for Euler users and the Euler team. eGP1 was started on 8/10/22 and finished within its expected timeline on 8/31/22. The current dashboard allows users to view current liquidation health scores across Euler and helps to prevent further liquidation cascades like the one seen in May 2022.
  • In January of 2023, the Anthias team completed eGP6 for Euler. eGP6 democratized access to Value at Risk modeling for the Euler community as well as provided a more in-depth view into individual wallets via the Wallet View. Along with these two new views, the team shipped a more advanced filtering system on both the Table View and Graph View, so users can sort by specified assets and liquidation health scores. Working with the Euler community for these grants has been an awesome experience, and we look forward to continue building.

Specification & Implementation
We are requesting a $15k initial grant (all $15k to be paid upon completion of the grant deliverables–-no payment required upfront) and $500 recurring on a monthly basis (paid on the first of each subsequent month the Euler community wants the alert system to be live, starting once the initial grant work is complete) to fund the development of a full data analytics/risk management alert system for Euler. The alert system will give users the ability to receive direct alerts (via either Discord DM, email, or text) for the following:

  • If selected wallets’ liquidation health score drops below a specified threshold
  • If the price of specified tokens drops by a certain percentage
  • If the aggregate health score of the Euler protocol drops below a specified threshold
  • If selected wallets are liquidated or at risk of liquidation

The system will also include a signup/login page on Anthias.xyz where Euler users can make an account and select the different items they would like to be notified for. Here users will also be able to see a list view of all their past Anthias notifications in case they would prefer to track there. This will be live at app.Anthias.xyz/euler-eth.

How long will development take?
We estimate development time to take ~8-10 weeks from the proposal vote going through. Based on feedback from community members, we will continue iterating and shipping out new and useful features.

What will the grant payment be used for?
Total upon completion = $15k

  • $15k Breakdown:
    • $14k - contributor compensation for initial grant deliverable work
    • $1k - initial storage, database, and app upgrade costs

Total per month starting first month after grant is shipped = $500

  • $300 per month - team compensation to maintain app, maintain database, make adjustments, take feedback after set development date is complete, etc
  • $200 per month - app upkeep costs
  • Server hosting (~$150/month)
  • API costs for notifications (~$50/month)

This contributor compensation is not retroactive for any updates we make to the current dashboards from eGP1 or eGP6. It is for our team to cover each member’s time cost to work on the grant over the allotted time frame and will cover design, frontend, backend, inspecting smart contracts, etc.

2 Likes
2

Thanks for this proposal @0xBroze.Defishy ! I believe it could be of a great value to the community.

If u don’t mind I will share my previous question here. Whether it is possible to include alerts for certain parameters changes in Euler? For example, if the DAO votes for depriving certain asset of a collateral tier or reduce BF or CF, that could possibly lead to liquidation (will it be possible to notify users in danger that they need to do something)?
This addition (if deemed neccessary and possible) might lead to the change in the grant parameter ofc. Anyway, it’s just a thought and maybe a topic for another proposal

1 Like
3

Hey @Raslambek - appreciate your support! And thank you for sharing that question–I spoke with the team, and we believe this would be possible and may be something we can add if others would like as well. The only thing we were considering is that it may be redundant as users are already usually made aware of collateral tier reductions, but it could definitely be a good addition that would benefit the community.

4

We’re in favor of this proposal. The Anthias team has delivered a lot of value to the Euler community and they have a proven track record.

Risk monitoring tooling is an important part in making Euler secure and a robust protocol.

1 Like
5

I think u can put a poll to check the temperature @0xBroze.Defishy. It will make the process easier and be in accordance with the latest amendments to the governance process

6

Hey guys, thanks for this.

I understand there might be some need for such a product but i’m wondering if it would gain adoption. Personally, I check positions frequently and almost exclusively from a desktop. Money market positions for me are lower leverage for longer periods of time. Perps are another story and require a lot of stressful monitoring (why I don’t use them much).

I realise I am a sample size of one and not the best gauge of the need for this but I’m just getting my immediate thoughts out there.

I’m also aware of the product Hal. Where if there was demand an integration could be organised. Obviously, this would be a cookie-cutter approach and not necessarily as specific to Euler as the product you would be building. But there is a basic (free) option available for standard alerts like health factor.

I’m not sure we need this product at this stage.

7

Thanks for taking the time to read through and appreciate your feedback @knightsemplar. This was a product that other community members requested from us (like the features implemented in eGP6), so I do believe there would be good adoption. I believe this RFC will need to be voted on before it can go to a Snapshot, so we can see in that vote if there is continued community interest.

And yes–Hal could be a solution, but it cannot totally compare to a platform like this created just for Euler by Euler community members. The increased emphasis on risk analysis by our team, other teams, and Seraphim will hopefully continue to make Euler safer and more resilient.

1 Like
8
  • Yes, Send to Community Vote on Snapshot
  • No, Do Not Send to Community Vote on Snapshot

0 voters

9

Moving from RFC to formal submission

Title: Grant Proposal 7: Anthias to Create Alert System for EulerDAO

Author(s): Charlie Ambrose, Alex Craig, Luke Xie (Founders of Anthias.xyz)

Related Discussion: N/A

Submission Date: 05/02/2023

Simple Summary
We are proposing a grant to further our work from eGP6 by building a Discord alert system for the Euler community that will alert users of major compromises to their own positions on Euler as well as the positions of whales that may affect their positions. This alert system would be tailored for the Euler community to provide Euler users with the exact information they need to manage position risk, incentivizing healthy positions and the health of the protocol as a whole. Currently, Anthias x Euler users need to monitor their positions and those of whales manually on Anthias.xyz. While this has many benefits, users will benefit from receiving direct notifications of the information they need to more effectively manage risk.

Abstract
The Anthias team is composed of three members of Dartmouth Blockchain. Our philosophy is to continually provide value to the blockchain ecosystem through shipping useful products and research. The Anthias team consists of three individuals with development, design, and growth experience. We have extensive experience in DeFi, having contributed at Primitive Finance, Yeti Finance, NEAR, and more.

Motivation
Risk management in DeFi is a theme that has gained incredible strength since the collapse of Terra/Luna and only became stronger after the collapse of FTX. Managing risk on Euler via Anthias currently involves frequent monitoring of one’s positions and the Euler market as a whole via Anthias.xyz. This is not totally sufficient in a time of duress when one needs to know of an issue quickly and make an informed decision with speed. An Euler-specific alert system will increase risk management on Euler by alerting users directly of information they need to know, so they can make those necessary decisions. Not only will it be great for current users, but it will be another great way to attract new users to Euler, knowing that they are getting the best risk protection in all of DeFi borrowing and lending.

Proven Euler Shippers

  • In August of 2022, the Anthias team completed eGP1 for Euler, which is currently live on Anthias.xyz. The grant led to previously unforeseen insights for Euler users and the Euler team. eGP1 was started on 8/10/22 and finished within its expected timeline on 8/31/22. The current dashboard allows users to view current liquidation health scores across Euler and helps to prevent further liquidation cascades like the one seen in May 2022.
  • In January of 2023, the Anthias team completed eGP6 for Euler. eGP6 democratized access to Value at Risk modeling for the Euler community as well as provided a more in-depth view into individual wallets via the Wallet View. Along with these two new views, the team shipped a more advanced filtering system on both the Table View and Graph View, so users can sort by specified assets and liquidation health scores. Working with the Euler community for these grants has been an awesome experience, and we look forward to continue building.

Specification & Implementation
We are requesting a $15k initial grant (all $15k to be paid upon completion of the grant deliverables–-no payment required upfront) and $500 recurring on a monthly basis (paid on the first of each subsequent month the Euler community wants the alert system to be live, starting once the initial grant work is complete) to fund the development of a full data analytics/risk management alert system for Euler. The alert system will give users the ability to receive direct alerts (via either Discord DM, email, or text) for the following:

  • If selected wallets’ liquidation health score drops below a specified threshold
  • If the price of specified tokens drops by a certain percentage
  • If the aggregate health score of the Euler protocol drops below a specified threshold
  • If selected wallets are liquidated or at risk of liquidation

The system will also include a signup/login page on Anthias.xyz where Euler users can make an account and select the different items they would like to be notified for. Here users will also be able to see a list view of all their past Anthias notifications in case they would prefer to track there. This will be live at app.Anthias.xyz/euler-eth.

How long will development take?
We estimate development time to take ~8-10 weeks from the proposal vote going through. Based on feedback from community members, we will continue iterating and shipping out new and useful features.

What will the grant payment be used for?
Total upon completion = $15k

  • $15k Breakdown:
    • $14k - contributor compensation for initial grant deliverable work
    • $1k - initial storage, database, and app upgrade costs

Total per month starting first month after grant is shipped = $500

  • $300 per month - team compensation to maintain app, maintain database, make adjustments, take feedback after set development date is complete, etc
  • $200 per month - app upkeep costs
  • Server hosting (~$150/month)
  • API costs for notifications (~$50/month)

This contributor compensation is not retroactive for any updates we make to the current dashboards from eGP1 or eGP6. It is for our team to cover each member’s time cost to work on the grant over the allotted time frame and will cover design, frontend, backend, inspecting smart contracts, etc.

2 Likes
10

Thank you guys for bringing this idea. It’s good idea to have this functional, but I have the same concern as @knightsemplar. I don’t realize necessity at the current stage.
can you reveal us how many users do you have now? I think it’s important to assess GP

11

Hey Nikita–sorry for late reply here. We have had over 1.5K unique users. Let me know if this helps make that vote