[Proposal] Mirrorscan Alerts 🐳 v1.0 - mAsset Trade Telegram Bot

Mirrorscan Alerts :whale: v1.0

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.

v1.0 Main Feature

:white_check_mark: Get notified on mAsset trades including price and volume

:white_check_mark: Add new mAssets

Community Interest

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.

How Mirrorscan benefits the Ecosystem

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.

:chart_with_upwards_trend: Benefits to mAsset traders

Mirrorscan Alerts provides buy/sell signals that may help one’s trading decision, providing a more accurate representation of the market 24/7.

:sweat_drops: Benefits to liquidity providers

Liqudity providers earn 0.3% of the trading fee. As Makerscan Alerts helps facilitate trading volume more fees can be rewarded to liquidity providers

:milk_glass: Benefits to MIR stakers/holders

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.

:star: Benefits to LUNA holders

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.

Status

  • Stage I — Brainstorming/product market-fit
  • Stage II — MVP & Prototyping
  • Stage III — Development tools & specs analysis
  • Stage IV — Product launch
  • Stage VI — Debug/maintenance

Demo

Our team has been communicating with Terra’s dev team, and we were able to come up with a technical demo as shown below.

demo-gif

Development Grant

To build Mirrorscan Alerts :whale: 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

    • Telegram bot cloud hosted on heroku.com
    • Terra Blockchain data API via figment.io
    • Server debugging/maintenance (~20 hours)

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

Deliverable

  • A fully functional Telegram bot that alerts mAsset trades

Deadline

  • Telegram bot publicly available within 21 days from the grant received date

Potential features

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
  • More

Feedback

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.

Contact

If you have any personal questions, please feel free to contact @johnson9602 or @V_Hohenheim via Telegram.

9 Likes

Lovely , I will approve this spending if you put up a proposal.
Please don’t make it a requirement to hold uniwhales tokens to access the TG bot down the line :smiley:

2 Likes

Thank you for your support @Sebnondzee. Of course, our bot will be free and accessible for all so that we can bring more users to Mirror Protocol :slight_smile:

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Sounds like a great idea. Would the code be open source and publicly viewable on Github?

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We are definitely going to consider uploading the source for the community to see on Github once it’s been properly vetted.

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This bot is indeed a good one. I will definitely vote for it once you put up a proposal :slight_smile:

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Thank you @Locked for your support. We will try our best to meet the expectation from the community and make it useful!

1 Like

While i like this idea and support this effort . 500 MIR per month for server maintenance seems a bit steep. I think you should be fairly compensated for your time, but a few questions,

Why not host your own FCD rather than using figment?

Im assuming you would be using the heroku production plan, for 25$ a month?

And so, 450 MIR per month is used to compensate you for your time?

Seems a bit much for the management of 1 server.

After 3 months will the cost of management go down/up/?

Will the code be open source? How can the community ensure open source code is delivered as part fo the proposal. I like the idea of splitting the proposal in to two, one proposal to cover development , second proposal to cover server maintenance, put up for vote after code is made available to community . (we dont really have recourse if you decide after the proposal is made you dont want to opensource the bot)

2 Likes

Very nicely done bro, you got my vote !

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Thanks @samIam for your backing! :muscle:t2:

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Hi Papi.

After a series of thoughts, the cost behind 1500 MIR was originally allocated according to a minimum of 20 hours of expected maintenance in the span of 90 days or more. This would entail constant communication with the community for feedback which may lead to tweaking the parameters and design of the bot down the line.

For FCD, we did not use it largely due to the fact that we would need to setup a backend database which would increase the number of hours for the development which would further increase the amount of grant/cost for building the bot. Figment offers a seamless and quicker solution instead.

Regarding the open-source aspect, we will open-source it as mentioned. However, it was not a part of the proposal. Since the community has asked for it, we would make it available once the code has been vetted as @vanhohenheim mentioned above. Once again, thank you for your honest feedback, Papi.

Thank you,
Bullish

1 Like

Thanks for the response.

Could you please comment on the following:

After 3 months how much will be required for continued hosting of the server?

How can the DAO guarantee the bot source is made available? (Are you open to splitting the proposal 50% , 50% after delivery) . Im honestly not sure the best way to implement this , open to any suggestions , sure it’s a relatively small risk for this smallish project, but this is something we should consider for future more costly projects. I feel strongly any projects sponsored by the DAO should be made available publicly. For the most part i trust you and believe you will release this open source but i do think this is an exercise worth exploring.

I dont necessarily agree on the DB aspects , it’s not too hard to spin up a db server, digital ocean has some nice managed DB solutions . And perhaps terra foundation would be open for these types of projects using the FCD hosted by the terra team. (i use it for my bot, but it’s not published publicly ) .

Is there any ongoing cost to use the figment service?

I would recommend you and all projects to estimate costs in ust. Mir is very volatile and you could appear too cheap or expensive randomly.
From my point of view the idea is ok to get people active in the ecosystem. Actually i believe that everything should be open sourced and shared in github as pre requisite.
If you already have something to show would be appreciated.

Hi @blackbird, the coded demo is uploaded above as a gif-file. Although it was not a part of the proposal initially, since the community has been asking, we will do open-source the platform along with the launch of the bot.

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→ We have to look into it further based on the servers. The cost may vary if we were to further track other chains including BSC and as more mAssets are added accordingly.

→ When it comes to development grant, the grant is not able to guarantee. The community will vote whether we are capable of delivering the job based on the the proposal and our activity for the Mirror’s community. I am an active member of the Telegram community and also on Twitter. We will open-source it along with the launch. I do not necessarily agree with you regarding the splitting aspect due the hours added for governance and proposal instead of building the bot and letting the community use it.

→ We are waiting for an update from Terra’s dev side regarding its cost and more.

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Hi everyone,

Voting is now available at Governance ID: 48

Thanks,
Bullish

2 Likes

Love it-! Korean Communities also are very excited and thankful for this generosity-! Go Go Mir-! 1 $Mir = $25

2 Likes

Haha thanks @Richard_Tom for your enthusiasm. Much appreciated. :slight_smile:

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I will vote NO, as over 10k$ for telegram bot is too much.
Reduce your budget and I will vote yes…10k is a crazy amount

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Actually what is useful for the platform is the interaction with events and bots trading with them not the telegram app in my opinion.
What i can see useful in this case is to document all very very well adding educational value to the community.
Something I didn’t like and I think we need to take into account. The governance proposal was made too fast, as I believe that the forum needs to be used before proposing anything and the price is in MIR. I think in future should be handled differently:

  • post in forum
  • some discussion
  • price in UST
    This can help developing the original idea in a way that match community expectations. To be honest I have accepted the proposal in this terms only because you are an active member and is not expensive. Further development have to be useful: considering that the functionalities are on discord terra channel I would approve only if the educational dimension is the priority (in that case the work could be highly valuable).
1 Like