Hi, MGD community!
As an MGD member, I am sad to see this community dissolve, but I am proud that we are leaving a legacy of positive impact in the crypto community until the last bit with this last round of grants distributed from our treasury.
Here is my grant proposal as Co-founder of a stealth mode Web3 tool:
Description: Brief intro of your project in 1-2 sentences
We are building a Web3 native product analytics tool that bridges off-chain and on-chain user journeys that requires no SQL knowledge. With this tool, founders, PMs, marketers, and builders in the web3 space can extract clear and actionable insights from their users.
Field aims to bring the power of user analytics to web3 while respecting crypto’s decentralised and anonymous ethos. Our mission is to empower builders to make critical decisions based on data-driven insights in the fast-evolving web3 ecosystem by providing clear and easy-to-use analytics to understand their users.
Products that stick in the long run result from product optimisation decisions based on why, when, and how our users interact with the product. To create successful products, builders must make informed decisions based on concrete data, not just gut feelings.
However, due to the lack of a web3 native tool, builders in the crypto space currently rely on fragmented and misleading off-chain and on-chain data dashboards that don’t provide them with a holistic view of their users’ behaviour.
Quotes from our user research:
Calvin Chu, CEO & Co-Founder of Impossible Finance, ex-Binance Launchpad: If a user with more DeFi propensity connected their wallet to Impossible Finance during a project launch but didn’t participate in the launchpad then we need to identify whether there was friction in the different touch-points of the user journey. I want to see all the data at one glance in a digestible format to get to the takeaways quickly and plan my next move as a founder.
Jake Kim, CEO of MNTS & Co-founder of Keplr Wallet: Our engineers use Grafana Cloud’s analytics, which requires SQL or other query language knowledge to use their dashboards. My marketing team can’t create or customise dashboards themselves without coding support.
Solution/Product: How does the project relate to blockchain or web3? How are you encouraging other women/minorities to be part of your community?
The web3 component of on-chain wallet data tracking is a core component in creating a holistic product analytics native for crypto product builders. Without the on-chain analytics component, the tool we are trying to build will be no different to the existing web2 tools. Hence, we are not taking a Web2 framework and trying to justify a Web3 hype.
Field’s innovation lies in crafting a web3 native product analytics tool specifically designed for the complexities of blockchain. Unlike traditional web2 analytics tools that fail to recognize users’ on-chain identities or adhere to the decentralized ethos of web3, Field’s solution seamlessly integrates off-chain and on-chain data. With Field, builders can understand not just who visited their product but also who connected their wallet, how much they hold in their wallet, the age of their wallet, and even if they’ve used a competitor. This provides a nuanced and complete view of user interactions in the web3 environment.
Regarding inclusivity, Field is actively committed to diversity, led by a team that includes a female (myself) founder. We aim to make the crypto space more accessible by providing tools that don’t require specialized skills and actively encouraging participation from women and minorities, reflecting blockchain’s decentralized and inclusive ethos.
Validation / Traction / Progress so far
How do we know this was a needed product?
- First-hand experience: Mo and I met as colleagues in BitDAO’s operating arm and venture studio, Windranger Labs. The venture studio was creating multiple products (e.g. staking platform, DAO collaboration tool) that would be used by BitDAO and partner DAOs of its ecosystem. While publishing proofs-of-concept/ public betas, we realized there weren’t any web3 analytics tools we could use to see our users’ journey from traffic (off-chain data) to on-chain data.
- User research: We’ve been conducting user research interviews with founders and product owners from different ecosystems (Ethereum, Cosmos, zk roll-up etc.) and product verticals (launchpads, app-chains, NFT projects, DAO tooling). So far, based on the user research results, no matter what product they are building, the joint pain point of not knowing how to merge the fragmented off-chain traffic data with the on-chain wallet profiling has resurfaced. (Some quotes from the user research interviews are included in the vision deck above)
Progress so far
We are currently in the technical feasibility phase with the help of a full-stack developer who is helping us part-time. This phase of the MVP product development is essential to us, hence why we are investing time. We don’t want to cut corners and overpromise on our product specs without knowing what data from off-chain analytics can be merged with on-chain data points - without compromising on the anonymous front of crypto.
In parallel, we have multiple rounds of f/u user interviews with ten founders/operators of various crypto verticals (NFT-tooling, cosmos chain, launchpad etc.) to figure out what everyday use cases of the analytics they share to focus our MVP building the mean, within one standard deviation rather than the outlier case studies.
Also, we are in the process of interviewing developers who are interested in helping us kickstart the project. We have been receiving referrals of developers from Austin of BuidlGuidl, whom we also had the chance to receive a feedback session regarding our product.
Team: Share a brief description of the project’s team members (person by person
MinChi Park: Before transitioning to Web3, I was a VC for 500 Startups’ Korea fund covering early-stage deals in Asia. MinChi also worked in TradFi (hedge fund of funds) and did corporate strategy for SK Telecom, but before working for large corporates, she was part of the founding team of a B2B file-sharing SaaS startup that later got acquired by Japanese conglomerate Rakuten.
As Co-Founder Mo, my first Web3 job was for Windranger Labs, the venture studio/product lab for BitDAO. In Windranger Labs, I was responsible for architecting the Entrepreneur-in-Residence program and building the builder funnel program for the BitDAO ecosystem. After leaving Windranger Labs, MinChi advised Walmart’s Innovation Arm (Store N.8) with their Web3 and metaverse strategy.
Muharrem (Mo) Şenyıl: Product Designer with 15 years of experience, previously designed and led projects for Meta Reality Labs, Ford, UBS and HSBC.
Got first-hand exposure to building in the crypto space via BitDAO’s venture studio called Windranger Labs, where multiple products were simultaneously incubated with partner DAOs/companies (i.e. Staking/bonding DeFi product with Olympus DAO, Public Goods venture sub-DAO with Gitcoin core members). Also contributed to Martian Wallet (the main wallet for Aptos and Sui) and Mainstream (DAO coordination tool) as a product designer.
& more to come!
Grant Amount Requested:
What will it be used for? Please provide a specific line item budget to show how you will use the funds.
(1) Technical feasibility phase and
(2) Build PoC or MVP; we need to hire a front-end, back-end or full-stack engineer (*most ideal) who can help us kickstart the product.
Breakdown of Budget:
Up to $8k engineer cost, front-end/back-end or full stack.
Around ~$2k for infra cost, hosting, and APIs (on-chain specifically)
- Estimated $100-200 / month for on-chain data APIs
- Estimated $100-200/ month for hosting costs depending on initial traffic & queries
Essentially, the MGD grant will help us cover the costs to build a working PoC/MVP that will be used for a former fundraising round.
Attach any additional documents/resources about the project if you have any.
Access to link:
How did you hear about MGD’s Funding program?
I (MinChi) am a member of MGD