Signally - Builders Program Application

Astar Initiatives Approved proposals
1

Describe the project

Signally is building a better way for new users to engage with up-and-coming crypto projects. Instead of ranking tokens via market cap, it ranks them based on the past performance of the influencers currently talking about them. The algorithm ranks influencers based on the calls they make, ranking the ROI on every $crypto tag they post. This base layer of data can be used to create many insights and analytics which are very useful to our growing user base. Soon, we will be tracking ETH wallets in the same way.

https://signally.finance

1600×1581 266 KB

The vision

The vision is to build staking and automated trading options for our users. When a user finds a stream of data on signally which they like - this could be a top trader’s twitter - they can plug that data stream into the signally smart contract and assign a budget to it. We’re looking to curate and aggregate profitable datastreams, which people can directly trade upon.

In practice what this means is signally.finance is a social investment platform with users able to ‘tag along’ with top traders, top wallets, and other socially powered finance projects. We see this kind of participatory financial activity as the future of modern open finance. Our philosophy is to build immediately useful things first, then integrate into web3. We’re not building the other way round.

Why?

For a lot of new crypto investors, they are gathering their crypto information from social media. A binance study showed that more than 80% of new users in this space are using online channels to get information on what to buy and trade. But how can those retail investors know the reliability of that data? They are overwhelmed by information, in a space that’s already too complicated. This is the problem signally is already starting to solve - by backtesting the social media channels that people are relying on for financial advice. Once an influencer’s calls have been backtested, our users are in a much better position to make financial decisions. Influencers are just the start of what we aim to backtest. We can serve up the data in many ways and we’re always finding new insights in the data we’ve gathered.

The plan

The plan is to grow the number of backtested social media datastreams and also begin to include on-chain data, including wallet addresses. Copy trading anonymous high performing Eth wallets is the next step for us, and this requires that we start to build the web3 components of the app. Users will deposit a trading budget for their chosen datastream, and the smart contract will do the rest.

Our initial smart contract is nearly ready; a fixed supply of 1,000,000,000 SIG tokens. They will be required as a deposit on all automated smart contract trades. Users will then need to deposit ETH to a smart contract to set their ‘budget’ for trading.

This feature is pre-alpha for Binance already (via API) but the vision is to expand this to cover a lot of DeFi exchanges and follow the liquidity wherever it leads for our users. Long term, signally will incentivize liquidity providers to come to signally directly.

Where we are now

Signally is already well beyond alpha. We have a useful and engaging application that’s providing near real time trading data about the latest and best calls in crypto. Collectively, the influencers we are tracking have millions of followers.

There’s a coin leaderboard which updates every 15 minutes, and we also have a user leaderboard showing who has made the best calls this week/month/six months. Users can follow accounts, follow coins, and eth wallet tracking is incoming.

Also checkout our ‘#FollowCall’ feature on twitter - simply reply to a tweet with a $crypto tag in it with ‘@signallydata #FollowCall’ and we’ll reply back in seven days with the ROI of that particular coin.

Web2 segment milestones

  1. Expand the number of social media accounts we are tracking (1 month)
  2. Expand the number and quality of the ‘endpoints’ showcasing this data (1 month)
  3. Material increase to the front end for better user experience (1 - 2 months ongoing)
  4. Eth wallet crawling for profitable wallets (2 months)
    1. Track ‘holding profit’
    1. Track ‘trading profit’
    1. Count loss/win ratio

  1. Deploy ‘Eth wallet leaderboard’ endpoint (2 months)

  2. More features added to our ‘#FollowCall’ feature on signally twitter (2 months ongoing)

  3. Users reply to any tweet with @signallydata #FollowCall and signally will track that influencers call. Seven days later, signally will tweet back with the ROI on that particular call

  4. More features - best call, latest call, longest ‘run’ etc

  5. Ideas welcome

  6. ‘Web2’ version of trade budgeting (2 months)

  7. Binance API integration ALPHA to trade current signally datastreams via Binance (2-3 months)

Bonus web2 (ideas welcome)

  1. Telegram integration (channel tracking via a telegram bot)
  2. Discord integration
  3. Reddit integration

Web3 segment milestones

  1. Full assessment of liquidity pools and existing trade aggregators (2 months)
    1. Where is the liquidity currently?
    1. Where is it likely to go?
    1. Assess the simplest way to integrate with existing swap protocols
  1. Identify best strategy for where to deploy initial smart contract given liquidity assessment (2 months)
  2. Finalise token contract of SIG token(2 months finance dependent)
  3. Token contract deployment of SIG token (2 months finance dependent)
    1. Proxy contract can be updated
    1. 1,000,000,000 fixed supply of tokens
    1. Burnable

  1. Smart contract development to integrate into identified liquidity pools and trade aggregators. (4-6 months, finance dependent)

  2. Accept address SIG deposits

  3. Accept address ETH deposits (budget)

  4. Accept singular ‘datastream’ reference from signally

  5. Trade callable function (signally only) to create live trade (via trade aggregator) from signally datastream for all addresses associated with datastream.

Business & growth milestones

  1. Grow userbase by 50% (1 month)
  2. Triple twitter followers (1 month)
  3. Create partnerships with multiple blockchains, (2-4 months, constant review)
    1. Polygon and Avax (follow the liquidity)
    1. Trade aggregator protocols
    1. Liquidity providers and tools
  1. Raise money to continue the build. (1-2 months)
  2. Build lasting relationships with twitter influencers (1-4 months, constant review)
    1. Sustained by daily interactions with signally.finance data
    1. Organic use of signally data by twitter users looking to track and follow calls.
  1. Initial token sale/drop to be mapped out prior to smart contract deployment (web3 milestone)

The Team

Phil Harper - Chief Creative/technical Officer

A BAFTA winning filmmaker turned entrepreneur. Has made VR films, traditional documentaries, news journalism and is now a creative programmer. Signally is right on target for his focus in film; getting rid of the noise and letting the real story come to light.

Shalini Kadavill - Front end/some back end

  • worked previously at a cryptocurrency exchange MoonX
  • Eight years experience

Jaffer Ali - Back end

  • worked previously on large scale technical analysis of stock price movements

  • Eight years experience

  • worked previously at a cryptocurrency exchange MoonX

  • Eight years experience
    Join us on telegram:

5 Likes
2

Phil is a friend of mine and has been working his arse off on this project for months. It’s been amazing to watch it grow, and It’s gotten to the stage where I’ve been able to use the data to make some great investments and avoid some bad ones.

This project could make revenue in many ways, and I can’t wait to see what’s in store.

I think this is a unique project that will benefit the ecosystem and its users.

2 Likes
3

Are you going to deploy on both Astar/Shiden network? You seem like you are currently still developing and an upcoming project so I guess yes but you seem uncertain/not focused. Which is a red flag in my view as the builders program is specifically for building projects that contribute to the growth of Astar/Shiden network.

Your project seems good, remind me of on chain metrics in some way, but I’m not sure what’s the utility for you having a coin are you planning on having a subscription model ?

4

Are you going to deploy on both Astar/Shiden network?

We’re aware of what the project needs to succeed, and from what we can see, some of those tools are coming together on Astar/Shiden, so we’re open to using that. What we need is access to multi-chain liquidity so that users can make automated trades across multiple blockchains. Astar feels like a fit for that.

are you planning on having a subscription model ?

We have looked at that, but it doesn’t really bring in the kind of growth that’s needed. If you look at projects like ZIG and COPE, they’re leveraging tokenomics to grow, and we feel that makes more sense. In the case of ZIG, they were on subscription models at first but they’ve now pivoted.

At the moment, signally data is completely free, but we will soon require that a certain amount of SIG token is held to access the data. Following on from that, each wallet trading on signally will need a certain ratio of SIG/ETH tokens deposited so that the trading contract works.

A fixed supply of tokens, with a utility for accessing data and powering smart contracts, is how we see the SIG token working.

1 Like
5

I really like the project’s idea, but I’ve got a personal bias regarding the copy-trading platforms.
Currently, there’s a lot of them offering almost the same product, but, as far as I know, there’re not many people who actually use copy-trading platforms.
In my personal view, if you choose to go down the copy-trading road, you’ll have way more challenges, and it’s not guaranteed that this stores the best ROI for you as an entrepreneur.

BUT

I think that focusing on the analytics product will bring you early adopters and help bootstrap the community of researchers & contributors. If you see the validation of the copy-trading hypothesis within the early adopters & contributors community - that’d be great!

This product will provide value to almost all Crypto community members, thus, bring a lot of attention + users. Remember, Users > money.

I suggest you consider giving access to the platform based on dApp staking.
e.g. If I want to use Signally PRO, I need to stake 100 SDN tokens for your smart contract on Shiden. You as a builder will get an additional revenue stream on daily basis for testing the hypothesis and covering burn rate, I as a user will get access to the platform and a small SDN reward as well.

When you find the right balance & path, you could introduce native tokens, subscriptions, and other monetization features.

I highly recommend reconsidering the copy-trading direction.

Sincerely yours, Yakub.

2 Likes
6

Signally Builders Program Application

  • Yes
  • No

0 voters

4 Likes
7

Yakub,

Thanks for this feedback, its really helpful. The copy trading is certainly something that’s malleable at this stage. I think the word ‘automated’ is probably peppered too liberally in the current thinking.

One of the issues that exists right now is there’s a disconnect between learning of a project, and purchasing it. There are multiple chains, multiple base currencies, and then liquidity isn’t always readily available. Where I see signally is a service that reduces this friction between discovery and purchase. If budgeting/analytics is taken care of with signally, then a single click followed by a transaction signing would be all that’s needed from the user to make a purchase. The ‘discovery to purchase’ friction could be all but gone when the app works well enough.

I agree fully with focusing on growth and early adopters first. Our data is useful, and it could attract a very respectable audience as we continue to refine it.