OpenChat is one of the fastest-growing social projects on the Internet Computer, having raised about $5.5 million, with its core contributors possessing decades of experience working at leading tech companies. Now, OpenChat has nearly 30,000 MAU and recognizes the necessity of reliable, continuous, and data-driven stakeholder reporting.
What is OpenChat?
OpenChat is a decentralized chat application running on the Internet Computer blockchain;
Its goal is to position itself as the leading Web3 platform for everyday communication, prioritizing privacy and trust;
It features a similar functionality set and performance to Discord and Slack, while also offering many crypto-native features such as the ability to send and exchange tokens;
OpenChat launched as a DAO in March 2023, raising 1 million ICP in exchange for 25 million CHAT (25% of the initial supply);
The governance token CHAT of the DAO can be staked and used to propose and vote on DAO proposals, thus earning voting rewards.
Reliable on-chain data and transparent stakeholder reporting are crucial
To improve existing on-chain analytics and stakeholder reporting, OpenChat turned to Token Terminal, a leading on-chain data platform trusted by institutional partners such as Bloomberg;
Token Terminal focuses on data standardization, making it an ideal partner for OpenChat;
Token Terminal already has a public record of reporting standardized financial and usage metrics for other leading social projects such as friend.tech, The Arena, Chingari, etc., which further simplified the decision to collaborate.
"By partnering with Token Terminal, we are able to measure our performance in competition fairly and accurately. Having a real-time dashboard on Token Terminal is not only a great tool for our team but also for all OpenChat stakeholders." - Matt Grogan, founding contributor of OpenChat
Data Partnerships
To ensure accurate and continuous stakeholder reporting, OpenChat has established a data partnership with Token Terminal, which consists of four distinct parts:
1. Smart Contract Registry
Since OpenChat is not an application chain but a set of smart contract containers running on the Internet Computer, the first step requires Token Terminal to build a separate event container to collect all relevant events from the OpenChat container;
First, the OpenChat and Token Terminal teams collaborated to build a token registry for OpenChat smart contracts on the Internet Computer;
A complete smart contract registry is a prerequisite for the next step: converting raw blockchain data into standardized financial and usage metrics.
2. Metric Conversion
Utilizing the information in the smart contract registry, Token Terminal's research team converts the raw blockchain data in smart contracts into standardized financial and usage metrics;
For social projects like OpenChat, standardized metrics include fees, revenue, DAU, WAU, MAU, etc.
3. Discovery and Reporting
After metric conversion, OpenChat was listed in the social market segment dashboard of Token Terminal and appeared on the recently launched discovery page;
As a result, users, developers, and investors can now refer to a single source to decide which protocols to use, integrate, and/or invest in;
For OpenChat, the dashboard on Token Terminal simplifies reporting to existing and future stakeholders.
4. Data Maintenance
Standardized on-chain metrics require ongoing maintenance work, especially when the goal is integrity and accuracy;
In recent years, as more DeFi projects evolved from single-chain applications to multi-chain applications, often having more than one line of business, the scale and importance of maintenance work have only increased;
Data collaboration with Token Terminal means OpenChat can rely on Token Terminal to manage all future updates of its metrics and focus all its efforts on developing its on-chain business.
Future Opportunities
In addition to standardized financial and usage metrics, OpenChat and Token Terminal are also excited to explore the opportunity to create custom dashboards with more project-specific metrics that will provide users with a deeper understanding of platform functionality and performance;
Some examples include the total number of minutes users are online each day, the number of active direct chats per day, etc.;
By collaborating with Token Terminal, OpenChat transforms transparency into a competitive advantage and continues to build trust with its ever-growing community.
Related Links
OpenChat Website:
oc.app
OpenChat Dashboard on Token Terminal:
tokenterminal.com/terminal/studio/dashboards/429ea2ac-4951-48fa-b530-72fe0ce11dd3
For more information about OpenChat, please read:
OpenChat Explores: Rethinking Messaging on the ICP Blockchain
Exclusive Interview with OpenChat Co-Founder Matthew Grogan
OpenChat transferred control to the community after raising $5.5 million in a 'decentralized sale'
OpenChat raised $5.5 million in less than five hours through community-driven decentralized fundraising
#OpenChat #CHAT #TokenTerminal #ICP生态
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