Index Token Subgraph Standard

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  Index Token Subgraph Standard

Inspiration

We launched the Web3 Data Economy Index $DATA at Index Cooperative, a DAO for decentralized indexes and ETFs, in September 2021. The index token empowers users to get simple, 1-click exposure to 8 Web3 tokens including $GRT, $FIL, and $LINK.

On Graph Day, Vincent from Messari presented DeFi subgraph standards for DEXes & AMMs, Yield aggregators, and Lending protocols. We realized that we could extend the standard to include index tokens like the DATA Index. Our new subgraph standard enables subgraphs for index tokens like the Web3 Data Economy Index $DATA, the DeFi Pulse Index $DPI, and the Metaverse Index $MVI.

What it does

The subgraph standard creates a template of the most important data points for index tokens including total supply, market capitalization, annual fees, and metadata like the index manager and methodologist who manage the index token methodology.

How we built it

First, we reviewed the generic schema in Messari's Subgraph GitHub repository.

We reused as much of the generic schema as possible to build on top of the standard, and then added additional entities and fields that are unique to index tokens.

Challenges we ran into

We wanted to add the market capitalization and underlying DEX liquidity for all of the constituent tokens in an index token. For example, the underlying constituents of the DATA Index token include $LINK, $GRT, and $FIL. We wanted our subgraph standard to be able to capture data points like market capitalization, circulating supply, etc. for these constituents but we did not have the time to complete during the hackathon.

Accomplishments that we're proud of

We built a prototype subgraph for the Web3 Data Economy Index that surfaces most of the data we have in our Dune Product Dashboard to track growth of the index.

What we learned

We were really excited to learn that there is a community of subgraphs developers at organizations like Messari, SimpleFi, and CryptoStats. We are looking forward to building and learning from this diverse community at the newly launched Subgraph DAO!

What's next for Index Token Subgraph Standard

• Additional Features: Add underlying constituents tokens, liquidity, and prices.
• Create subgraphs for each of the most popular index tokens including DPI, DATA, MVI, and GMI.
• Research Future Use Cases: Use Chainlink keepers to automate index token methodology and rebalancing using subgraph standard.
• PR to Messari's Subgraph Standard Repository.
• Replace centralized Dune Dashboards used for product analytics by Index Cooperative with subgraphs!

Built With

• graphprotocol
• tokensets