Fund Artemis Labs Data and Analytics Dashboards

Simple Summary

Artemis Labs is set to transform how the crypto community accesses Drift metrics and data via this proposal. By integrating detailed Drift protocol metrics onto Artemis, the whole suite of Artemis users which include top liquid token funds (Panetera, Modular Capital), retail investors, developers, and institutional investors (Grayscale, Vaneck, Franklin Templeton) will be able to access Drift metrics for the first time. Artemis’s commitment to transparency and community engagement, with open-source dashboards and regular updates, ensures that Drift metrics are accessible and audited for the entire crypto community to digest and share however they want.

The proposal is for a grant of $50k USD in Drift Tokens with a max cap of 115k Drift Tokens (whichever is lower) over 12 months.

Who is Artemis Labs:

Artemis Labs is a software company building the unified platform for all of crypto data. We are in the business of enabling anyone in the crypto space to dive deep on any protocol whether they are familiar with on crypto data or not. With two core products: excel / google sheets plugin and Artemis Terminal, we surface key metrics for a robust set of users including:

• institutional investors such as Grayscale, Franklin Templeton, and Vaneck
• liquid token funds such as Modular Capital, Pantera Capital, and CoinFund
• retail investors with over 20k+ twitter followers and 20k+ subscribers to our weekly newsletter
• developers from Wave Wallet, Quicknode, and Bridge.xyz

Our team consist of top engineers from companies such as Venmo, Messari, Coinbase, Facebook and top HFs / Investment Firms such as Holocene, Carlyle Group, Blackrock, and Whale Rock. We are a blend of top engineering and traditional finance talent allowing us to build + surface metrics that actually matter to markets.

Company Values:

Our mission is to surface key metrics to anyone that cares about crypto in whatever way is most intuitive to them. Whether its a dashboard, an excel plugin, or an api, we empower retail traders, large liquid token funds, and developers in this space to make informed bets on the market with their capital and time.

• Transparency: We take transparency very seriously, which is why we took great effort to become open source earlier this year. If there are any metrics the broader crypto community is concerned about, anyone can make a github issue and we will resolve in a timely manner.
• Build with the community: We are open source and will work directly with Drift Labs and the community to surface metrics that matter to Drift users, developers, investors, and token holders. We have worked with the Drift Lab team to come up with an initial set of metrics that will be valuable to the both the Artemis and Drift community.

Why 3rd Party Verified Data is important

Open and trusted fundamental metrics are an important tool for everyone in crypto. Developers use it to determine what ecosystem to build on and capital allocators use it to make informed bets on projects. But as the crypto space grows and matures, more people are asking fundamental questions that require deeper metrics to answer. The crypto space is becoming more sophisticated and there isn’t a single go to source for all Drift metrics that matter.

Artemis proposal aims to solve 3 key issues in the space right now:

• No clear benchmarking of Drift’s Protocol Health
• No place to get all the metrics of Drift in one place and compare with other perpetual trading protocols
• No way to start tracking historical changes of Drift Liquidity over time
• No place to get deeper metrics on drift users such as average deposit size, exchange volume / user, etc.

Artemis will provide to the community:

• Reliable benchmarking of the Drift Protocols with other protocols
• Deeper metrics on Drift not just high level numbers like TVL and Exchange Volume
• Neutral 3rd party verified metrics
• Wider audience of institutional investors and builders looking at key Drift Metrics

Proposal

Working with Drift Labs these are the core dashboard Artemis Labs will build out and maintain for the community over the 12 month period.

Deeper Perp Protocol Metrics:

• Open Interest
• Fees
• Revenue
• Average Fees / Trade
• Funding Rate (Annualized)

Unique Trader Metrics:

• Exchange Volume / Trader
• Unique Number of Traders

Liquidity Metrics:

• Liquidity metrics by perp market
  • +2% / -2% liquidity
• Price Fill (effective price of a 100k Order)

Deposit Metrics:

• Average Deposit Size
• Deposit Trends
• Lending Rates

Product Screenshots

Community Engagement

Independent Research

As part of our commitment to being community focused, we will dive deep into the Drift Perps Protocol to highlight key metrics and the project. This will be done in the form of an independent research piece. We will then share this piece with the Artemis community the make up of which was described earlier in the proposal. This research piece will be made publicly available for anyone to read.

Open Source Dashboards

All of the dashboards and metrics we build for Drift will be open sourced and free for the community to screenshot and used for whatever they need.

Updates

We will also commit to a bi-monthly update post focusing on both works complete and ongoing as determined by the community.

Longer Term Relationship

As has been stated above, we are a software company. We’re building a platform that empowers anyone in crypto to make informed discussions with their time and capital. While this engagement is focus on building for the Drift Community and surfacing key metrics for the broader crypto community as it relates to Drift, we hope to continue to onboard more stakeholders in the crypto community to our platform. Our hope is that anyone who wants to do anything in crypto will at some point touch the Artemis platform and suite of products.

Success Criteria

The successful completion of the Drift protocol’s objectives will be measured against KPIs that will be derived from the specific objectives agreed upon between Drift and Artemis Labs. On top of those, We will also look to measure things such as:

• Usage:
  • Number of Tweet
  • Page Views
  • Metrics Calls on our plugin
• Product Deliverables (Drift Metrics on Artemis)

Pricing and timing

• 12 month engagement w/ option to cancel engagement after an initial 6 month period
  • the Drift DAO will have the opportunity to terminate the relationship if it finds Artemis Labs’ deliverables unsatisfactory (outlined above).
• $50k USD value in Drift Tokens paid out linearly over 12 months.
  • Drift token price would be a trailing 7-d average based on coingecko prices
  • So at time of proposal that would be roughly 115,000 tokensdistributed out from a multisig where Drift Labs + Artemis Labs will be the signer over a 12 month period.
• Start of engagement will begin once proposal is passed

Special Thanks

• Big Z for reviewing and giving feedback!

On why Artemis think this is valuable

• Artemis serves as a direct link to major capital allocators like Grayscale and Fidelity.
  • Ex: A liquid token fund manager managing (8-9 million dollar) asked Artemis about Drift specific metrics. They can’t find any deep metrics about Drift on Artemis and do not feel comfortable with other sources or frankly does not know where to look. Other platforms like the ones mentioned above are too complicated for them to navigate and do not allow them to digest data in their favorite platform where they do all their work: excel / google sheets.
• Traders from platforms like dYdX, Hyperliquid, etc rely on Artemis for critical trading data and insights to determine where they should trade.
  • Ex: a dYdX engineer came into the Artemis discord looking to confirm dYdX unique traders because traders were pinging them. These traders were using Artemis to determine what platform to allocate capital.

In terms of the coverage of metrics we expect to surface in addition to liquidity metrics

• Granular insights on user behavior across Drift’s products (e.g., insurance fund, lending, perp trading).
  1. top users across drift’s many products such as the insurance fund, lending, perp trading every week historically
     1. Answering questions like why Drift usage is going up or who makes up the user base of Drift
  2. Break out exchange volume, deposits, and fees paid by users.
     1. Answering questions such as how much volume is done by 10, 100, 1000 traders etc.
  3. Liquidity and averages fees historically
     1. Answering questions such as how much does it cost to use Drift as a trader
  4. Revenue across all of Drift product lines
     1. Answering questions like how much money does Drift make and which revenue driver is growing the fastest
     2. Providing sensible multiples for capital allocators (P/S, P/E)
• Higher fidelity refresh rates for order book data / on chain data
  1. Currently, Drift refreshes its public S3 datalake every 24hours, we can do it every 6 hours (so 4 times a day)
  2. This would be shared to the Drift Labs team and public for free consumptions

Compensation and Implementation Questions

• We would need to manually integrate new data pipelines, process the data into metrics and then build + design intuitive dashboards on our terminal which requires weeks of data science, engineering, product, and design hours.
• These dashboard have always been and continue to be free to use. The rest of our product is also free to use with very generous restrictions and the vast majority of our users are NOT paying customers.
• Propose compensation Changes: 115k DRIFT or $50k USD (whichever is lower) over 12 months.
  • We believe this is a fair value for the work we plan to do for Drift and the value add we bring to the community.

We ultimately think that we are providing a unique service and we want to build a long term relationship with the Drift Community. If the DAO feels like we did not bring in enough value it has the power to cancel the contract after 6 months.