Summary
This is a request to the Venus Community for 18,000 USDC (~57,960 GRT assuming $0.3 per GRT and the remaining swapped to ARB to fund transactions). The USDC will be swapped for GRT and ARB and used to maintain the Venus Protocol’s subgraphs for 1 year starting June 2024. Venus Protocol is currently using subgraphs to provide protocol data to the Venus Protocol UI, landing page, security partners like Chaos labs, and tools like keeper bots and will continue to use The Graph for future projects, like multi chain governance. On June 12th, 2024 the hosted service will be fully upgraded to The Graph’s decentralized service thus requiring migration to the decentralized service. To make the migration easier Edge & Node has offered support including a month of sponsored queries and curation for 5 subgraphs.
About The Graph
The Graph is the source of data and information for the decentralized internet. As the original decentralized data marketplace that introduced and standardized subgraphs, The Graph has become web3’s method of indexing and accessing blockchain data. Since its launch in 2018, tens of thousands of developers have built subgraphs for dapps across 45+ blockchains - including Ethereum, Arbitrum, Optimism, Base, Polygon, Celo, Fantom, Gnosis, and Avalanche.
As demand for data in web3 continues to grow, The Graph enters a New Era with a more expansive vision including new data services and query languages, ensuring the decentralized protocol can serve any use case – now and into the future.
Details
Venus Protocol currently has four subgraphs deployed on various networks with a fifth planned to be deployed in Q3/Q4 of 2024. The Core Pool and Core Governance subgraphs are only deployed on the BNB chain and will not be deployed on additional networks. The Isolated Pools, Crosschain Governance, and Protocol Reserve subgraphs will be deployed on additional networks as the different modules of the protocol are launched on respective chains.
Edge & Node has offered Venus Protocol with curation support of 3,000 GRT for up to 5 subgraphs, and 3 months of free subgraph queries. The subgraphs curated through the Edge & Node grant will be the Core Pool, Governance, and Isolated Pools subgraphs on BNB Chain as well as Isolated Pools on Ethereum and soon to be launched Isolated Pools on Arbitrum. In return Venus Protocol will commit to using the decentralized network for 1 year and will set up a billing account with enough GRT for at least 1 month of queries. The 3 months of queries sponsored by Edge & Node will start the first day of the month following signup.
The remaining costs the Venus Community will cover for migrating to the decentralized network include an initial curation of 1,000 - 3,000 GRT for each subgraph, monthly query costs billed at $4 per 100K queries after the first 100K, and an upgrade tax when publishing a new subgraph of 1.5% of the curation.
Funds will be allocated from the Venus Protocol Treasury via VIP and sent to the Venus Dev Wallet on BNB chain, after which they will be swapped and bridged to the Venus Dev Wallet on Arbitrum where they will be used for billing, curation and deployments.
2024 Venus Subgraph Budget
The 2024 - 2025 Venus Protocol subgraph budget includes 9 months of estimated queries for existing subgraphs, curation for existing subgraphs and planned subgraphs on currently deployed networks as well as budget for 2 new networks. Current query volume is ~15M a month across all subgraphs. New subgraphs have a budget of 600K queries a month and a curation/ deployment budget based on curating 3,000 GRT. Curation will start at 1,000 GRT and will be increased based on indexer response.
The total Venus Protocol subgraph budget for 2024 - 2025 is 57,960 GRT and includes deployments to 2 new networks as well as subgraphs for the three main modules on existing networks. Venus Protocol will be responsible for providing and managing these funds. 19,920 GRT will be deposited in The Graph billing contract to cover a year’s worth of estimated queries with the remaining used to cover deployments and curation.
Budget
Curation and deployments are paid for in GRT while query costs are denominated in dollars. New network deployments assume 3 subgraphs required to index the three main protocol modules
Budget Estimate
| Category | GRT | USD |
|---|---|---|
| Curation for 5 subgraphs (5 curated by Edge & Node) | 15,000 | $4,500 |
| 15M Queries / month x 9 months | 18,000 | $5,400 |
| 2 deployments per year per subgraph assuming 3000 GRT curation | 4,500 | $1,350 |
| 2 New network curation | 19,000 | $1800 |
| 600K Queries / month x 12 months x 2 networks | 1,920 | $576 |
| 2 deployments per year x 2 networks | 540 | $162 |
| Total | 57,960 | $17,388 |
