From Proposal to Progress: A Comprehensive Overview of Our Q4 2023 Achievements
As our xGov-61 proposal passed in Q4 2023, we decided to write up a long blog-post with all our recent deliverables that are connected with that proposal.
In total we asked for 50.000 ALGO in order to fund the development of several new improvements and insights on Chaintrail.io, which are listed here as a recap:
- Opening up a new infrastructure section which covers the core information necessary to understand how Algorand is performing as a blockchain: # of txns per day / week, transactions over time, on-chain peak-traffic hours, active addresses, active developers, active nodes and much more.
- Elevating dApp Coverage: We’re constantly enhancing the coverage, making sure Chaintrain continues to provide you the latest developments from both existing and emerging dApps built on Algorand.
Improve and add more extensive insights onto our NFT, TVL and Dapp section.
- Launch our Stablecoin section (so it separates from the TVL) + making sure all stables are covered on-chain.
- Unveiling New RWA Projects: Our TVL section is expanding, introducing even more cutting-edge RWA projects for you to explore.
- Comprehensive Insights: We’re consolidating data from various sections to provide you with a holistic and insightful overview of the dapp landscape.
What we delivered
In the past quarter we’ve been working hard on the things listed above and thereby launched countless of new insights and made many new improvements to our product. Thanks to the support of the Algorand Foundation / Community through the xGov proposal. This brings us closer in buildin a sustainable product with a healthy paying customer base.
Launch of our new Network section
We wanted to ensure that we not only cover dapp, tvl and RWA related insights. But also insights on Algorand as a whole. Therefore we launched four new dashboards within this section:
Here we track transactions, TPS, avg block TPS and highest block/TPS in the past 24 hours. Providing you with global insights from the past 24 hours. Pro users can expect to see the scope widened to 7 days and 30 days later on.
An easy way to see how decentralised Algorand blockchain is. With a full list of node runners (and where they’re located on a world map) & the amount of unique block proposers in the past 24 hours.
A much requested dashboard. Not perse about circulating supply, but mostly to visualise the locked supply (burned wallets and MBR). Now you can easily track actual circulating supply (without locked) and the foundations stake in it all.
Our most comprehensive dashboard to date (under the hood). As we track the majority of public/open source github repos, including the ones from the Foundation and Inc. Making it easier to understand how Algorand is growing from a developers perspective. Later on, once we aggregated some more data, we’ll add trendlines to it as well.
The more interesting part with all these dashboards mostly comes in a couple months from now. As then we’ll be able to do long-term trendlines on how it’s evolving (as we now keep a record of the data shown).
Launch of our stablecoins section
Previously some stablecoin tracking was listed in our TVL. However, long-term such doesn’t make sense. With opening up our new stablecoins section, we can easily expand on it in the future to provide you more insights on the growth of stablecoins (and the differences in them).
This quarter we managed to support:
- Hesab Afghani
- Hesab USD
- Quantoz EURD
- Stasis EUR
- Monerium EUR
Also for this section we’ll expand on this in a later stage. For now it was mostly to cover the top part and start tracking those stables for future long-term insights.
One stable: xUSD by xBacked is still under review as there are some questions regarding circulating supply that we’d like to see answered by the team.
Elevating Dapp Coverage
We continued to improve our coverage on Algorand blockchain with adding and improving support for dapps such as: Flipping Algos, Oranges Meme, TravelX, Folks Router, ViewReward, Gramo and many more. Tracking more than 125 dapps as of date.
We did a revamp of all our graphs on the platform to improve usability and readability.
One of the biggest changes is that we moved away from randomized colours for all dapps, but just stick to one color per dapp. This will improve the readability of our graphs massively, as you now always know that a semi-black filled line is from TravelX or an orange one from Oranges.meme.
Furthermore we add two interesting charts to our TVL section. So you can see the TVL trend of the past 7 days and which dapps have the biggest dominance (with the help of a pie chart). Besides the TVL graph improvements we also added support for Folks Finance, the biggest contributor in regards of TVL to Algorand.
Transition TPS to include all transactions
A revamp which wasn’t specifically part of our xGov proposal, but something the community and us definitely wanted to address as soon as possible. Is the transition to TPS containing all transactions (outer & inner) rather than outer only.
This resulted in us having to alter all our transaction logic in different places, therefore took some time to accomplish in order to ensure all our stats were taking into account all transactions (and not only outer transactions).
Another one which wasn’t on our xGov list, but definitely needed priority because of the recent increase of on-chain TPS (did someone say oranges? 🍊).
Therefore we made several performance improvements to our platform and our smart tagging engine. At this stage our smart tagging engine can now run concurrently, meaning it can process multiple blocks at the same time (block processing is still synchronously). This temporary in-between fix can help us to at least handle a sustained 600–900 TPS. We can handle of course if we’d continue to upscale horizontal (once we support vertical scaling, this could reduce our cost a lot).
Unveiling new RWA projects
Unfortunately, we didn’t manage to unveil new RWA projects this quarter due to all the extra unforeseen challenges. But rest assured, many of the replacements that we didn’t accounted for in our xGov proposal had a good impact on the ecosystem as well.
We only performed some bug-fixes for tracking Agrotoken better. As their pricing API changes a lot, which caused issues in the TVL tracked for that project.
Our next xGov proposal: xGov-109 is focussed on unraveling the RWA landscape with real-time tokenizations volume & value.
The Algorand ecosystem keeps changing, and we at Chaintrail have to keep up with our developments to stay relevant and provide key insights on the ecosystems overall growth.
Our newly proposed xGov-109 highlights key parts of this. Such as:
- Real-time RWA tokenization: see when something has been tokenized by larger projects such as Lofty, TravelX, Agrotoken, Anote Music etc.
- DEX Swaps: see real-time dex swaps and which platforms are the most popular.
- Historical support: with the recent news from AlgoExplorer stopping all operations. We feel that we need to take our part in it to supply the Algo community with a bit more of an explorer like features. In this case we’ll start supporting things like historic applications, blocks and transactions discoverability.
- Furthermore, in order to be able to cope with future block speed and TPS increases. We’re going to improve our smart tagging engine heavily, so that chaintrail can sustain even the highest on-chain traffic peaks.
Furthermore expect our pricing to get an upgrade this quarter. As the current price of our Pro membership originates from August, when we only had 1/5 of the features and insights we have now. Plus our cost-base has increased quite a bit in order to cope with the new traffic (from TravelX, Oranges and other Dapps).