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Youtube link: https://www.youtube.com/watch?v=znJCwqIj8Jg&ab_channel=Tellor
Project website: www.tellor.io
https://twitter.com/WeAreTellor?s=20
Discord: https://discord.com/invite/n7drGjh
https://www.reddit.com/r/TellorOfficial/
A nice overview of historical data since Tellor X is running. Some in-depth check on the flashbots reporting.
Whole discussion
Owen: Welcome everyone to the third reporter’s chat. We’re going to be going over a few things, just like a light exploratory analysis of the transaction history for the oracle. Mainly submit value transaction history and kind of what’s going on at a very high level. Talk about a little bit some flashbot stats, again at a high level. Going to hit you with a lot of visualizations, some death by graph basically and then just talk about what’s going on with python’s implementation of Telliot currently, and what’s planned for the future. Here’s the first powerpoint, I’m just going to hit you with a block of text, but since the beginning of today you know, there’s been about 2000 submit value transactions, so 2000 times people are reporting to the oracle. A lot of that is going to be Eth/USD, mainly because there’s a lot of sources for that information and also the python’s version it defaults to Eth/USD, so people just kind of submit to that automatically. There’s in the new release an update to sync all of the reporters to hop to the next supported data feed so we get some more diversity in the reporting basically. Next thing is successful transactions, basically means that they went through, they weren’t reverted or anything and there’s still a surprising amount of reverted transactions going through, which we’ll check out later. And then there’s a few transactions which did go through and then unfortunately people didn’t get any reward and lost money. So, this is just a reminder that this is if you’re running a reporter, it can be very competitive as you’ll continue to see here. This was kind of surprising for me because a lot of interacting with it without going to a high level, I was like Oh my gosh. You know, all these other reporters must be making stacks, I’m not making anything, and then this was sort of surprising that the total, this is a historical price of TRB-ETH, so it’s not like today’s or anything, but all of those transactions come out to about $35000. There may be more people who are staked, but the actual people who have been able to submit, there’s 65 unique addresses and you know some of those may be controlled by a fewer group of people.
Nick: I mean, how much, back to that, how much if you chopped off the first three days? I bet you would cut that profit number in half. So, it’s probably even less profitable than that by a significant margin.
Owen: Yeah, and I’ll show a week-by-week sort of breakdown, because the amazing thing too, it seemed like longer, for me at least, it’s only been up for like six weeks really, since Tellor X, so yeah, pretty cool. I don’t know if anyone just wants to jump in and like any thoughts so far or any questions or.
MikeSr: I just want to say, that last slide was just great for to give people some idea of expectations of you knows, if they think they’re doing poorly, maybe they’re not doing so poorly kind of thing.
Owen: Yeah, for people watching this in the future too, this is just like a very kind of surface level. It’s been pretty cool to see community members digging into, like alright, they’re frustrated that they’re getting beat by other people who are reporting and then they do some digging on the addresses and trying to figure out the addresses that are controlling several of these reporters and whatnot. But, if you want us to do more of that kind of thing, basically just keep giving feedback on feature requests and whatnot, because if it’s not helpful for you all, for us to pursue better reporting strategies and optimizations to the current software, then we can support in different ways, like more analysis and that kind of thing. So, this is the number of submit value transactions per week. The first and the last one, they’re so much lower because it, they were just like shorter weeks and I’m assuming the first week, as well as people were still ironing things out and whatnot. And then I don’t know, my suspicion to why the last week is kind of lower is because gas prices have been kind of wild.
Nick: I feel like I would want this one daily and then versus gas price, because I bet it would be completely correlated.
Owen: Right now, this is all just like in a PR, in the monitors repository, so like a lot of the functions and stuff like that I used could be put in the monitor if we want. If it’s helpful at all. For the data, it’s basically, there’s probably a cleaner solution for this, but I just ended up scraping etherscan because...
Nick: It’s perfect.
Owen: I didn’t want to cross-reference flashbots’ blocks data with etherscan’s block data, and they have a little label that says like transactions are used for flashbots anyway and they already have the historical TRB/ETH prices and whatnor. And here’s like, this is pretty cool, again, that last week is shorter, this is cut off as of the beginning of today. So, around 40 people per week or 40 different addresses are reporting consistently per week out of the 65 that I’ve reported altogether. So, again, the first and the last week you’re getting those longer times between submissions. Just because there’s been less submissions, but it is pretty cool that I think I remember like Spuddy saying it used to be like an hour and a half or an hour. I might be misquoting you, but it’s cool that it’s like every 30 minutes and whatnot, and you know, while it can be frustrating, if you’re trying to report for profit, and you’re constantly being beaten, it is nice for the Tellor overall values because it just means that people are making more hardcore robust software and it’s more competitive. So, total profit and then again this is historical price data at the time and I don’t know what this means in terms of trends and whatnot, but again.
Mike: This would probably map to both the TRB price and the gas price. How many people are staked? What do we got?
Owen: It’s over 70 the last time Tim said was 72.
Mike: We have like 40 people a week, right?
Owen: 40 addresses reporting a week.
Nick: So that’s like 120 thousand dollars' worth of TRB staked and then you’re getting 6000. So, what’s the APR on that? It’s probably a semi-normal rate of return. I think that’s what you would expect if you look at it. You’re locking it up and running a program, if it was that simple, you would expect then ito sort of average with other risky based DeFi protocols, maybe a little bit more, since you have to run something, but you know if you’re getting 3% of everywhere else, and eventually this should settle somewhere around probably 4-5% APR. That’s what I would expect, but you’re seeing that, so.
Owen: I don’t know. It’ll be cool to sort of do the same thing and apply some of this stuff to, once things get going on Polygon and whatnot, especially since it’s just going to be like the service contracts to start and everything, but yeah. All the submit value transactions, about 50, have been through the flashbots relay, and you know people are still getting, I don’t really know why, my suspicion is people are still getting transactions reverted because they’re just either haven’t updated things or they haven’t successfully submitted with flashbots, so they’re just still trying with the older versions and whatnot or I’m not really sure, but basically like you cannot get reversions with flashbots, because the relay will reject your bundles that you’re sending. I don’t know if that’s entirely accurate, but basically this is like the percent of overall transactions that are going through the flashbots relay per week. So, that’s kind of cool.
Nick: We had flashbots transactions in the first week?
Owen: Krasi.
Nick: That’s pretty cool. People were ready right away and then yeah, obviously going up.
Owen: Yeah, I don’t know what, I guess that first week it was just like a lot of probably trial and error is why it went down, I don’t know.
Nick: Something. I think also the second week you had a whole bunch of new people coming in. People just running it and stay safe. New people coming in, their transactions reverted.
Owen: Yeah, but it is interesting that it’s kind of like consistent though. Why? It’s like 15-20%, like people getting their transactions to revert it. Anyway.
MikeSr: Real quick Owen, does that last slide, is this, that’s the percentage, is that the percentage of all transactions? Pretty much that would be double for percentage of non-flashbot transactions, is that right?
Nick: Yeah, it’s pretty close. A lot.
MikeSr: 40%.
Owen: Right now, we are basically working on getting the reporter ready for Polygon. There’s going to be testing for that. Just again, if there’s things that are broken, things that you’ll want, post in the reporter’s channel on discord. The other things for like the future, just a reminder, there are a bunch of bounties and one of those is building a minimum viable product, like the minimum specs for Telliot in other languages. One community member did reach out to me, you know, he’s building a lot of tools in another language, I sent him, or her, whoever the bounty for it. But yeah, I mean, the next one obviously that makes sense is javascript. With Polygon there’ll just be more opportunities for people to learn about the software, about Tellor, and then if you gain experience with Polygon, I’m sure there’s probably some overlap with once we go to Algorand and whatnot. In terms of pools. People were asking about this in discord. It’s basically up to the community, right, if you want, I don’t know how that would work, but you could do something cool where the community essentially comes together about a service contract and you know, I’m sure there’s some tool within the space for verifying someone’s identity or something, if they’re like a well-known community member, you get verified on chain, do some social media and whatnot and then could be part of that service contract or something. But I don’t know, and that’s basically it.
Ryan: Bravo.
MikeSr: That’s a cool information there.
Ryan: Great memes.
Brenda: I like those stats.
MikeSr: Yeah, it looks like half the submissions are with flashbots, the other half of those get reverted because they were front-ran in a lot of cases and maybe some other reasons too.
Owen: Yeah, and I think, that’s why we have the reporters, like sinking that change coming out.
MikeSr: And that is now, right?
Owen: Yeah, it’s just whenever, I mean, people can use it if they clone and use the main branch, but it’s coming out in the next release. Anyone got anything else or you want to call it?
Nick: So, when is the next release coming out?
Owen: Early next week after Polygon, Mike? Does that sound?
MikeSr: I think that’s good. I mean, I think syncing the reporters is pretty helpful, I don’t mind doing a release before piling up.
Nick: Yeah, and because I know there’s probably a lot, we have to update the documentation, for Telliot especially, because a lot of it has changed, right. So, look, maybe next time we can, in two weeks, you guys can give another walkthrough on running it again.
Owen: The docs are updated for running the commands for the reporter and whatnot, that’s like on the main page for Telliot feed examples, if you want to check that out. Yeah, we can definitely do a walkthrough for different OS’s because...
Spuddy: I didn’t have any trouble installing the new version, except for the way you order flags on the CLI is a little bit different, that’s it.
Owen: Gotcha.
Nick: Cool, well. Super awesome stuff Owen. We look forward to getting them this data up on the monitors and seeing how it evolves over time, I think. It’s going to be super cool. Anything else, questions, comments? Cool, thatnks for coming everyone.
