Amendment to Artemis Proposal

[pookinbuns]

Following community feedback (thanks @Suga, @Big_z, @Nick, and others), we propose the following amendments to Artemis Proposal:

Proposal: Artemis Labs and Drift Artemis Page

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 engagemen…

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.