Mirrorscan Alerts is a Telegram bot which provides real-time mAsset trades for buy/sell signals. The idea of Mirrorscan Alerts was inspired by UniWhales with 5,422 subscribers and WhaleBot Alert with 77,523 subscribers whose bots provide an easy gateway for users to determine the buy/sell sentiment of the market.
Get notified on mAsset trades including price and volume
Add new mAssets
Prior to writing this proposal, our team conducted a quick poll on Mirror’s Telegram channels. 91 out of 100 participants said they were interested in the bot and wanted to check it out. Some of the users sent us DMs and asked whether they could participate in beta testing since the bot would help with tracking the growth of Mirror Protocol and provide also buy/sell signals for one’s investment decision.
Since we have found the community’s genuine interest in the bot, our team decided to write a proposal and ask for more feedback. The sole purpose of Mirrorscan Alerts is to help and expand the ecosystem of both Mirror and Terra which are tightly interconnected to one another. The following list demonstrates how Mirrorscan Alerts may help various parties in the ecosystem.
Mirrorscan Alerts provides buy/sell signals that may help one’s trading decision, providing a more accurate representation of the market 24/7.
Liqudity providers earn 0.3% of the trading fee. As Makerscan Alerts helps facilitate trading volume more fees can be rewarded to liquidity providers
As Mirrorscan Alerts provides buy/sell signals, it induces greater trading volume and opening and closing of CDPs. The CDP closure fees in UST are used to market buy MIR and reward MIR stakers. Therefore, Mirrorscan Alerts helps to increase the staking reward.
The priority of Mirrorscan Alerts it to facilitate more trades and minting of mAssets by providing real-time trading data to users. As more mAssets are minted with UST, more LUNA is burned which reduces the supply of LUNA overall.
Stage I — Brainstorming/product market-fit Stage II — MVP & Prototyping Stage III — Development tools & specs analysis
- Stage IV — Product launch
- Stage VI — Debug/maintenance
Our team has been communicating with Terra’s dev team, and we were able to come up with a technical demo as shown below.
To build Mirrorscan Alerts v1.0, the ecosystem development grant will be used for the development based on the number of hours dedicated to this project and fixed costs built by 2 developers. In total, we ask for 4,500 MIR development grant in total including customer support, debugging, and maintenance of Mirrorscan Alerts. The costs are broken down as the following.
Research & Development: 20 hours / 500 MIR
- Prototyping & feedback management
- User flow architecture with Sketch
Development Cost: 60 hours / 2500 MIR
- Web socket connection with Terra/Ethereum nodes
- Telegram bot & server integration
- Real-time API filtering
- UI/UX Testing
- Communication with developers
Server maintenance: 3 months / 1500 MIR
The Mirrorscan Alerts bot will continue to operate 24/7/365. As the traffic of the Terra blockchain and mAsset supporting platform expands, we might need to ask for an additional round of grant to keep the bot up and running
- A fully functional Telegram bot that alerts mAsset trades
- Telegram bot publicly available within 21 days from the grant received date
Mirrorscan Alerts v1 is not the end goal. We have a lot more features that may help users with utility not limited to,
- LP/staking rewards
- Asynchronous mAsset price change
- APY for LPs and MIR stakers
- Liquidity removed/added
- Liquidation warning
- CDP Closure fee
- Total value & net-worth
If you have any feedback you would like to add, please feel free to comment below. Our goal is to contribute to the community and the product we love and help Mirror Protocol become the world’s standard for synthetic assets.
If you have any personal questions, please feel free to contact @johnson9602 or @V_Hohenheim via Telegram.