Jupiter DAO Grant Proposal - Analytics for Solana LSTs and Future Coin Categories
Project Name
Catalytics Team (Cats in Analytics)
Team
Konstantinos Tsolakidis (Senior Fullstack Developer - Web2) - LinkedIn - X Profile
Charis Moutafidis (Senior Fullstack Developer - Web2) - LinkedIn - X Profile
We are both Greek living and working in Switzerland as fullstack developers. Real life friends thriving for transparency and trying to figure out how we can help the public with our technical skills to figure out how Solana and Jupiter can change the world.
It’s all about transparency and PPP, so we’ve decided to dox ourselves, as the Jupiter team and many other teams have done.
Project Summary
This analytics project aims to provide a comprehensive comparison of Liquid Staking Tokens (LSTs) on the Solana blockchain. Leveraging data from the Jupiter Metropolis API, Solana’s token list, and the CoinGecko API, we will analyze and compare LSTs based on their performance, with a particular focus on their claimed APY (Annual Percentage Yield). Our primary goal is to verify the accuracy of these APY claims and identify which LSTs consistently deliver the best performance relative to Solana itself.
In addition to performance analysis, we will evaluate whether LSTs are being managed properly by examining factors like standard deviation and volatility compared to Solana. This will help us determine which LSTs can be trusted by users within the ecosystem. By providing these insights, we aim to enhance transparency and build trust within the Solana staking community.
If the community finds value in this project, future phases will expand the analysis to other token categories such as meme coins, DePIN (Decentralized Physical Infrastructure) projects, and more. Our long-term objective is to offer a robust platform for evaluating different token categories on Solana based on performance, governance, and trustworthiness.
Problem Statement
Liquid Staking Tokens (LSTs) are a relatively new innovation in the blockchain space, particularly on the Solana network. While they promise enhanced liquidity and attractive APY returns compared to traditional staking, they have yet to gain widespread trust among users. Many investors remain skeptical, unsure if these LSTs deliver on their claims of high returns or outperform direct staking on Solana. Currently, there is no dedicated platform where users can easily compare the performance and APY of different LSTs or access transparent, data-driven insights about these tokens.
Our project aims to fill this gap by providing a reliable platform for comparing LSTs based on historical performance and actual delivered APY, using real-time data from multiple sources. By offering clear, accurate insights, we hope to build trust within the community, helping users make informed decisions about their staking options.
POC Solution (work in progress)
We have already developed a Proof of Concept (POC) for the platform, which is currently live and provides users with basic functionality for comparing Liquid Staking Tokens (LSTs) on Solana. You can explore the POC through the following link: View Catalytics Platform POC
Below are some screenshots showcasing the current state of the application:
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Data Table (scrollable to the right):
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Asset prices:
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Based index screenshot:
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Compounded Cumulative Yield Over Time:
Proposed Solution
We propose to develop a platform that allows users to dynamically monitor and compare Liquid Staking Tokens (LSTs) on the Solana blockchain. This platform will aggregate real-time and historical data from multiple sources, including the Jupiter Metropolis API, the official Jupiter token list, and the CoinGecko API, to offer a comprehensive and visual comparison of LSTs. Users will be able to select and customize the tokens they want to monitor, gaining valuable insights into their performance, APY claims, and historical trends.
In Phase 1, we will focus on LSTs, providing data-driven analysis that helps users determine which tokens deliver on their APY promises and perform the best.
In Phase 2, we plan to expand the platform to include other categories such as meme coins and DePIN (Decentralized Physical Infrastructure) projects, offering users similar insights and comparison tools for these sectors within the Solana ecosystem.
Phase 3 will introduce personalized token suggestions, where the platform will recommend tokens based on performance data and user preferences. The platform will also integrate with the Jupiter API to enable users to directly execute trades and manage their token portfolios through the app, automating their token purchase decisions with suggested percentages for each investment.
By creating a robust, data-driven platform, we aim to bridge the trust gap for LSTs and other token categories, making it easier for users to compare, understand, and engage with these emerging assets.
Key Activities & Deliverables
In Phase 1, our primary focus is to refine and improve the existing version of our LST analytics platform. Although the first version is already live, we aim to spend additional time enhancing the stability, performance, and user experience (UI/UX) to ensure it meets professional standards. Until now, our work has been driven by personal investment and passion for the project, but we see a clear need to refine the app to provide users with a more seamless and reliable experience.
Task 1: Professionalizing and Stabilizing the Application
- Objective: Develop a more robust and user-friendly interface, enhancing UI/UX to create a polished product that makes comparing LSTs on Solana easy and intuitive.
- Deliverables:
- Refactor the current UI, which has been developed as a POC.
- Improved UI/UX with dynamic visuals and customization options for LST comparison.
- As the Jupiter Metropolis API does not have token price history (yet), we will fetch data daily and create our own history database, with the goal of eliminating the need to rely on the CoinGecko API in the future.
- Enhanced performance and stability for a smoother user experience.
- Create a “trust factor” index for each coin. This metric, determined from several data points, will indicate the reliability and performance of each token. This concept will be similar to how credit ratings or risk-adjusted performance metrics (such as the Sharpe Ratio or Morningstar ratings) are used for traditional financial products like ETFs or stocks. <— This can be seen as the main longterm goal of the project.
Task 2: Expansion to Meme Coins and DePIN Coins
- Objective: Extend the platform’s capabilities to cover meme coins and DePIN coins in the Solana ecosystem, providing the same data-driven comparison tools and insights.
- Deliverables:
- Meme coin / DePIN comparison functionality using the same data aggregation approach as LSTs.
- Continued focus on performance metrics, APY (if applicable), and community feedback.
- Introduction of new features or analysis tools based on community needs and feedback.
- Develop a social media and marketing strategy to promote the platform professionally.
Task 3: Token Purchase Recommendations (Future Phase)
- Objective: Develop a feature that suggests token packages (LSTs, meme coins, DePIN, etc.) based on past performance and user preferences. This feature will help users create diversified portfolios based on data.
- Deliverables:
- A recommendation engine that analyzes historical data to offer token purchase suggestions.
- Integration with the Jupiter API, allowing users to execute trades directly through the platform, automating their token purchasing based on suggested allocations.
- Emphasis on transparency: All recommendations will be data-driven and clearly presented as non-financial advice.
Community Feedback & Engagement
Throughout each phase, we rely heavily on feedback from the Jupiter DAO community. Our goal is to build tools that truly serve the needs of Solana users. As we expand to other token categories and features, we will work closely with the community to prioritize the most valuable developments and improvements. This means that the refinement of the platform and tasks can be reconsidered during development.
Timeline
We have already invested approximately one month of cumulative time into Phase 1 of the project, building the first version of the platform for LST comparison. The POC application is live, but we want to invest more time in the development, as mentioned in the tasks.
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Phase 1:
- Time invested: 1 month (ongoing)
- Further development: 2-3 months to refine the application, improve UI/UX, and add more functionality.
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Phase 2:
- Estimated time: Dependent on community feedback (1-2 months). We plan to spend additional time expanding into other token categories such as meme coins, DePIN, and further enhancing platform features.
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Phase 3:
- Time allocation: This phase will begin based on feedback and interest from the community (TBD). The timeline will be defined based on community needs, focusing on building the token recommendation engine and integrating the Jupiter API for trade execution.
We are committed to iterating and improving the platform based on community feedback, ensuring that future phases align with the needs of Jupiter DAO and Solana users.
Measuring Success
To assess the effectiveness of our platform and its resonance with the community, we will focus on several key performance indicators (KPIs), along with a strong emphasis on community feedback and potential use cases:
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Community Engagement and Feedback:
- User Feedback Mechanisms: We want to collect feedback from day 1, we are daily active and want to improve our platform.
- Feedback Analysis: We will categorize feedback into themes (e.g., feature requests, usability issues, new token categories) to identify common concerns and priorities. This will help us prioritize development based on actual community needs.
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Potential Use Cases:
- User-Driven Monitoring: We will actively encourage the community to suggest specific use cases they would like to see monitored on the platform. This could include additional categories beyond LSTs and meme coins, such as NFT-related projects or emerging DeFi protocols.
- Advisory Board: (Future when project more mature) Establish a community advisory board composed of active users and stakeholders to provide insights on emerging trends and features that could enhance the platform’s relevance and usefulness.
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Collaboration with the Community:
- Incorporate Community Suggestions: Regularly review community feedback for new features or categories to add. By making users feel invested in the platform’s development, we can cultivate loyalty and foster a sense of ownership.
- Transparent Development Updates: Provide regular updates to the community on how their feedback is shaping the platform, encouraging continued interaction and contribution.
By focusing on these measures, we aim to create a platform that evolves with the needs of its users. The continuous loop of feedback and adaptation will ensure that we not only meet current expectations but also proactively identify and address emerging trends and use cases within the Solana ecosystem.
Budget Breakdown
For this project, we are proposing a budget of $2,500 USD per person per month. Given that there are two people involved, the total monthly budget for both individuals amounts to $5,000 USD.
We have already invested one month of work into the project, and we estimate that it will take an additional 3 to 4 months to complete the next phases. Below is a breakdown of the projected budget:
| Description | Rate | Total (for 2 persons) |
|---|---|---|
| Already Invested (1 month) | - | - |
| Additional Work (3 months) | $2,500 per person | $15,000 |
| Total for 3 months | $15,000 | |
| Additional Work (4 months) | $2,500 per person | $5,000 |
| Total for 4 months | $20,000 |
Total Budget
- If the project takes 3 more months: $15,000 USD
- If the project takes 4 more months: $20,000 USD
This budget will allow us to continue our work, finalize the proposal tasks and also includes costs of subscriptions and infrastructure for development and maintainance.
Risks & Mitigation Strategies
Identified Risks
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Lack of Community Engagement:
- There is a risk that users may not find the information provided by our platform valuable or relevant. If users do not perceive a need for our analytics, they may not return or actively participate in community feedback.
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Limited Idea Generation:
- The platform may struggle to generate new monitoring ideas and use cases from the community. Without fresh input and creativity from users, the platform could stagnate and fail to evolve.
Conclusion
Transparency, Community and Feedback is what we are looking for. In the Jupiverse we have found all this parts and now we want to give back on our way by providing technical solutions for all users around the world, to help them onboard on Solana and Jupiter.
We know ofc that LSTs are not directly a part of Jupiter but we are ready to expand in every possible direction that the community wants to see.
Thank you Jupiter Team, lets go PPP!
*PS we are watching every single Planetary call and we are so proud of being part of this community.