Currently, wallets that want to provide price feed for tokens in Cardano have to rely on centralized APIs provided by DEXs. This is not in the spirit of blockchain where we want to encourage projects to self-host solutions instead of relying on centralized APIs. Additionally, the current situation is also a risk for these projects because it's entirely possible for the price of an asset of one dApp to differ greatly from the price on another dApp.

We plan to provide an Oura source+sink for projects to be able to self-host their own price feed node for Cardano assets to provide greater resilience and more decentralization. We plan to integrate at least 2 DEXs (stretch goal 3 DEXs) as part of this proposal

Having access to self-hosted price feeds will not only boost decentralization, but also enable this kind of price data to be easily fed to oracles and indexer protocols built on top of Cardano or sidechains/layer 2 protocols such as Milkomeda. Price feed oracles are one of the core DeFi primitives so we expect this project to also unlock new kinds of dApps on Cardano

DEXs in Cardano are still relatively new. That means there are two risks:

We may integrate a DEX that is popular today, but the DEX eventually loses to a new competitor
The DEX may update to change how they work which means we have update our indexers to match their update.

We hope that after the initial implementation of this proposals, enough projects build on-top of this proposal that DEXs and other projects help us maintain this software.

That being said, we will do our best to maintain the code after we finish this proposal (as we intend to use the result of this proposal ourselves at dcSpark)

[FEASIBILITY]

Q2: Investigation into which DEXs we should pick based on usage patterns at the time and how easy it is to consume their on-chain data

Q2~Q3: Implement the Oura source+sink for 2 DEXs (stretch goal: 3 DEXs)

$40K - Developer cost of the investigation + implementation
$5K - Devops & hosting costs associated with easy deployment of these price feeds

The dcSpark tooling team has experience with Oura and our company also has experience with writing / reading Cardano dApps as well.

[AUDITABILITY]

Progress will be measured by our ability to integrate DEXs into the price feed system

Success looks like

Many projects self-hosting the price feed instead of relying on centralized price feeds
Projects using these price feeds to power oracles and indexers

New proposal

Completed outcome

Download report

Monthly report

December 20, 2022 Progress report

Status: Completed

On track: Yes

Estimated completion date: -

Summary

Over the past month, our team has made significant progress in the development of our proposal to improve price information sourcing and querying. We have successfully added WingRiders, MinswapDex and SundaeSwap as a source for price information entirely done from on-chain data. We also allow users to run own indexer locally without any 3rd party API requirements. We are extremely proud of using our Cardano Postgres indexer (also known as Carp) to support this proposal. Carp works by taking in an "execution plan" that details exactly what subset of Cardano you want to index to your database. We added new tasks that index 3 Cardano DEXs. In our proposal, we promised to add at least 2/3 DEXes and we fulfilled our promise. Therefore, we treat this monthly report as Completed and proceed to prepare the Project Close Report as part of the overall project completion.

Evidence

https://github.com/dcSpark/carp/blob/maiana/indexer/execution_plans/dex_prices.toml#L44..L54 https://dcspark.github.io/carp/docs/indexer/Tasks/MultieraWingRidersV1SwapTask/ https://twitter.com/dcspark_io/status/1604830574111518721?s=61&t=PyimMTDslNLe4zH5h6iJZ

Explanation

We've added new tasks that index 3 Cardano DEXs. You can see the changes required to your execution plan below: https://github.com/dcSpark/carp/blob/main/indexer/execution_plans/dex_prices.toml#L44..L54 Adds WingRiders V1 swaps to the database: https://dcspark.github.io/carp/docs/indexer/Tasks/MultieraWingRidersV1SwapTask/ Social media announcement: https://twitter.com/dcspark_io/status/1604830574111518721?s=61&t=PyimMTDslNLe4zH5h6iJZ

November 23, 2022 Progress report

Status: In progress

On track: No

Estimated completion date: -

November 17, 2022 Progress report

Status: In progress

On track: Yes

Estimated completion date: -

Summary

For this proposal, we've made great progress. We've added WingRiders support as a source for price information, and added an endpoint to query historical prices as well as one for getting the current price. Currently, all the technical implementation is almost done. We are addressing the last PRs regarding existing functionality. In the coming weeks, we will focus to add 1~2 more DEXs.

Evidence

1: https://github.com/dcSpark/carp/pull/121 2: https://github.com/dcSpark/carp/pull/119 3: https://github.com/vacuumlabs/carp/pull/11

Explanation

1: WingRiders support as a source for price information 2: Endpoint to query historical prices 3: Endpoint to getting the current price

Team

dcSpark has experience writing wallet software (such as Flint Wallet which uses a custom backend we wrote), we have experience with Oura (we've been rewriting cardano-db-sync in Oura) and we have experience with Cardano dApps (we've written open source dApps such as Fracada)

dcSpark

Website

https://cardano.ideascale.com/c/idea/405401

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