While there has been a lot of qualitative research done to determine the needs of Augur’s users, there isn’t an easy way to track and analyze Augur’s ongoing performance. It is also not easy to determine which markets are community favorites vs. which should be deprecated. It remains unclear where the friction points lie or how many users are affected by them. Lastly, user acquisition can also be a problem and should be tracked to determine points of improvement.
Thus, this proposal is to build an analytics dashboard for Augur. This could be done in Dune Analytics or a separate webpage could be populated with data from the the Graph.
Here is a starting point for which metrics to measure Augur’s overall performance. Each of these should be calculated and reported per day.
- Open Interest
- Trading Volume
- Number of Trades placed
- Total Liquidity in all Augur markets
- Number of unique addresses interacting with Augur
- Number of LPs
- Average Tx fee per trade
- Number of failed Augur-related transactions
Some metrics should be evaluated to measure market performance. The following should be tracked per market, over a given time period, and should also be reported in aggregate per category. For example, report number of unique bettors for the Superbowl but also report it in aggregate for all NFL markets.
- Trading volume
- Number of trades placed
- Number of unique bettors
- Number of LPs
- Highest and lowest bet placed
- Number of bettors per outcome
- Did all markets resolve on time and correctly?
- How many invalids?
User experience should also be tracked to determine bottlenecks. This can be done by instrumenting each step (each click of a button) required to accomplish a goal with analytics. If a user drops off at a particular step, that is the step to improve! Goals to track are:
- Adding liquidity
- Placing a trade
- Claiming rewards
- Managing your portfolio
- Connecting wallet
- Removing liquidity
Other usage-based metrics to track:
- How many accounts have traded more than once?
- How many account trade every day? Every week? On which markets (market types?)?
User acquisition should also be tracked:
- Bounce rate
- Source / referrer
- How many users came to the landing page vs. how many of them continued on to trade?
- How many ended up on help pages?
This is a non-exhaustive list of metrics to track and questions to answer. As the project develops and matures, different bottlenecks and performance improvement opportunities will arise that’ll require tracking of different metrics.