Launch pKyber Testnet - privacy for DeFI

What’s a privacy problem I am trying to solve?

The combined daily trading volume on Ethereum based DEXs is around $10M. 100% of these trades happen on chain. That’s a lot of activity that can be tracked. Many users link their main wallets, which exacerbates the problem. Anyone can see who trades what, how often, and how much. These are exposed:

  • Balances
  • Trading amount
  • Entire transaction histories


Uniswap trades history on etherscan


This is starting to hit mainstream awareness. Here’s a decrypt article about how easy it was to trace 133,000 ETH address.

What is the solution ?

The solution is quite simple - privacy for DeFi. For all of your crypto activity. Starting with holding crypto assets (the Incognito Wallet), now trading (pKyber), and later, lending and borrowing (pCompound – stay tuned!).

Which solutions do people resort to because this doesn’t exist yet?

There has not been any alternative solution for this yet, and we intend to make the first move.

Who are you?

I’m Henry, a growth team member, with the support of other key members across departments, I’m determined to deliver the KPI. You can track my past efforts to acquire users for Incognito.

@duc & @tien plan to launch pKyber in the middle of this month (April). This will allow our users to make confidential trades while utilizing the liquidity of all Uniswap pools.

I will lead the growth campaign for pKyber, with business development support from @elena.

Why do you care?

DeFi has become one of the critical growth areas for Ethereum since 2019, and the solution for privacy is yet to be found. With the technical advantage from the amazing engineer team working on this, I aim to bring pDeFi to the crypto world, with pKyber as the opening shot.

What’s your schedule & KPI?

Ship Date Deliverable
April 10th Finished QC testing
April 17th Deploy testnet & submit new app update
April 24th Get 100 unique users try out the testnet
April 30th Reach 250 unique users try out pKyber testnet and score 75 on NPS (Users’ willingness to recommend the feature to a friend, on the scale of 0 to 100.)

Note: Unique users is the amount of individual traders on unique user IDs who trade on pKyber over a particular period of time. (anyone who trade in pKyber in any amount, whether they are old or new users, counted by device ID, is an unique trader)

Todo:

  • Pre-launch landing page for users to sign up by installing the app.
  • Get 2 Articles about pDeFi & 10 cross-promotions.
  • Do a email blast announcement & notification on the launch date.
  • Promote product launching on homepage banner of Incognito.org.

What’s your budget?

Growth

Resource Cost Quantity Monthly Cost Type
1 Digital marketer 2,000 PRV 1 2,000 PRV result based bonus
1 Business Developer 1,000 PRV 1 1,000 PRV result based bonus
1 Blockchain engineer 1,000 PRV 1 1,000 PRV result based bonus
1 Front-end engineer 1,000 PRV 1 1,000 PRV result based bonus
1 Back-end engineer 1,000 PRV 1 1,000 PRV result based bonus
AMA & Minigames 2,000 PRV 1 2,000 PRV
Total 8,000 PRV result based bonus

Is there anything else you would like the community to know?

Excited to have you guys try pKyber. Please help get the word out, and please let me know what you think.

13 Likes

Sorry @henry, we won’t be able to fund your proposal yet. Here are some feedbacks:

  1. If the goal is to get as many quality traders as possible to try the app and give feedback, then yeah. but i’m unsure about the steps to get there (mini games etc), and i think the timeline is optimistic.

  2. NPS score 50 is too low. We should aim for 70-80 at least.

  3. NPS score is not a good metric for a 1-week-launched product. and considering the natures of trading, repeated rate/number of trades/trader would make more sense.

  4. Clearer definition of “traders”? Does any trader who trades any amount of coin (maybe equivalent to $1) count?

  5. How much should we set for the total value of trading volume from those 250 unique traders?

  6. the fist task in todo is to build a landing page for people to sign up for the app. does this mean that all 250 unique traders will be new app users as well?

Please help to justify.

Re:

1/ The goal is to get quality traders to try out the feature. The minigame is just to encourage people to try out feature and ask great questions. They don’t get airdopped by trading, they get it by asking good questions in AMA.
2/ My target score was set on the range between -100 to +100. If we set on the scale from 0 to 100, my target score would be 75.
3/ If NPS is not a good enough metric, we can consider collecting quality feedbacks from users to improve the product and re-launch again. Actually I think we should not use NPS here at all, the purpose of launching and getting feedback is to improve, if the score is high already, what else should we improve?. Repeated number of trade would make sense over the long period, not in a 2-week period.
4/ As I mentioned in the proposal, unique trader is anyone who conduct a trade in pUniswap, whether they are old or new users, counted by device ID.
5/ Like I mentioned above, volume of trading does not make sense at all since we focus on improving the product this month, not shooting it to the moon.
6/ 250 unique traders will include of both old and new traders.

1 Like

Weekly update:

  • We passed QC for app testing, on track to push the feature live by 17th April.
  • We got cryptodaily.uk.io, 2 ERC20 projects & 3 influencers on board for announcing the pUniswap release on launching.
  • Got the landing page for pUniswap up ready for driving traffic in.

Next week:

  • Post on Ethresear.ch
  • Get 2 more media & 5 more projects partnership for cross-promotions.
  • Do pre-launching on Incognito.org -> Drive 100 installs for pUniswap.
  • Push the feature live on next Friday, 17th April.

Anyone have any idea to help us grow the amount of traders try out the feature, feel free to drop your ideas by replying to this comment.

3 Likes

Thank you @henry for your justification. Your proposal has got 3/5 vote and it has been funded. Let’s make this thing happen :star_struck:

2 Likes

Unexpected update from the chain team: Because we are moving more than $2 million to the new smart contract, that is a lot of money and it would be best to figure out how to prevent security flaws/attacks of these contracts right from testnet stage (instead of moving things to mainnet in a hurry and getting hacked).

Therefore we decided to postpone the launch this week to the first week of May.

3 Likes

@henry thanks for the update. while i think the decision to delay the launch is valid, i would suggest let’s not delay the launch. let’s launch as scheduled – we just need to make a small modification in the launch plan. here is why.

i looked at the smart contract code, and i think it’s pretty solid.

image

the team has also written extensive tests.

image

this ethereum trustless bridge v2 (handling both assets and contracts) is not written from scratch. it’s built on top of the ethereum trustless bridge v1 (handling just assets). the ethereum trustless bridge v1 is battle-tested since november 2019.

image

for the mainnet launch – i do agree that taking extra time to do code review, do more tests, and possibly do a 3rd party code audit. so a delay to first week of may for mainnet launch is absolutely reasonable.

but, i think you guys should launch the testnet version of pDeFi as scheduled.

  • deploying the ethereum smart contacts on one of the ethereum testnets such as kovan, rinkeby, and ropsten

  • deploying the incognito smart contracts on the incognito testnet or devnet

  • deploying the feature into the app, probably in the home screen, but label it clearly in the “pDeFi papp” icon and copy and that this is a testnet version

how would “launching it as scheduled as a testnet” help us?

  • we can publish on ethresear.ch and ask the ethereum communities to try out pDeFi, give us feedback, and possibly review the smart contract code. our post on bridge v1 on ethresearch has got over 2.4k views on ethereum research.

  • our current users can try out pDeFi and give us early feedback – now – so that we can make pDeFi perfect by the time we switch from testnet to mainnet in May.

  • we can work with 20+ ERC20 partners who have already gone incognito to test their tokens in pDeFi on the testnet prior to the mainnet launch.

i think we can achieve so much by launching it as scheduled – even though just as a testnet – to collect valuable feedback from a lot of people and iterate on the product from now till May.

cc @thaibao @duc @binh @tien @elena @andrey

4 Likes

Hi folks! I’m eager to update this week progress.

This week, thanks to the relentless efforts of the team @tien @elena @duc, we managed to launch the pUniswap Testnet on schedule, 17th April. Though there was an unexpected smart contract security issue, we will push the mainnet version live in May.

In terms of promotion, so far we got:

  • Cross promotions: BNT, CEL, REN, GNT, OGN. (3 new projects onboard)
  • Influencers: 4 (1 new this week)
  • Media: 1.

This week launching will be lowkey in our community via homepage banner, popup in app, email blast & social media & telegram. We we expect to see some first traders by the end of this week.

Updated: We had 15 unique traders over the weekend.

3 Likes

This is incredible! Great job guys!

Hey since you’ve revised your proposal according to the feedback, this is now funded. I’ve moved to funded projects.

Excited to see CEL on this list.

1 Like

Update for the 3rd week of April!

This week:

Product:

  • We launched pKyber testnet for a few days. However, due to the limited amount of coins supported on Kovan testnet (9 coins only and 2 of them do not have a price to start with), the projects we partnered are not among the list so we couldn’t do any announcements for the testnet version.
  • Besides, for current Incognito users, pKyber testnet does not give them a strong enough motivation to try out, because of the similar flow with the current pDEX & the abnormal exchange rate does not indicate that they will get a market rate by trading via pKyber.

Therefore, instead of spending more time fine-tuning a temporary product that will last for 2 weeks only, we’d rather spend time making the new UX for pKyber mainnet, removing deposit & withdraw steps.

Growth:

  • Cross promotions: 9 projects in total (5 core projects in terms of trading volume: CEL, REN, KNC, PAX, MANA)
  • Influencers: 5 (1 new)
  • Media: cryptodaily, decrypt (waiting for Decrypt for publishing date confirmation).

Next week:

We are all aware that in April, for security reasons, we could not push the pKyber mainnet live on schedule. The new launch date will be on May 13th, so if we stick to April KPI, there is yet a product for users to use. Therefore I am proposing a new metrics for April which I believe is a crucial to the mainnet launch of pKyber in May.

Product, instead of launching the testnet version, we will:

  • Focus on making the UX much better than it currently is. Specifically, we are going to allow users to trade directly from their wallet.
  • Temporarily remove pKyber testnet & will show pKyber again when mainnet is live.

Growth, instead of getting 250 traders, we will:

  • Increase cross-promotions target: Target to achieve 15 cross-promotion partnerships by the end of April & 20 total by launch date. (At least 5 AMA confirmed for the launch date 13th May).
  • Increase influencers target: 8 total by the end of April, and 12 influencers by launch date.
  • Final KPI for May will be $100,000 trading volume in pKyber.
4 Likes

@hoang recently joined Incognito’s interoperability team to help build cool stuff. Previously, @hoang worked for one of the biggest e-commerce systems in Vietnam called Tiki. He has had experiences with the popular programming languages as well as messaging systems like Kafka in a microservices architecture. He’s strongly interested in building scalable and reliable systems with low latency APIs. On a less serious note, as a human, he’d love to sleep well at night by building monitoring systems apart from the main system.

Hi

Thanks for the update. It seems like you have put a lot of thoughts into the plan. That’s awesome.

For the product side, I will let @zon and @duy pour their thoughts in. On the growth side, I just have several comments:

  1. I’m not very clear on the current results. Is this the team got 5 partnerships and 5 influencers who will post/promote the product at the launching date? Or they’re doing the promotion now? If they’re doing works now, could we measure if they drive any traffics/users?

  2. It seems to me that the initial goals of growth (the number of influencers, cross-promotions…) are several steps too far away from the final goal (100k trading volume). Are there any other ways to measure the pre-launch performance better? Something like the number of pKyber waiting users (equal to subscribers/waiting list in e-commerce or Kickstarter projects) will give us more control over our works. Just note that the closer those initial targets are from our final goals, the less we have to depend on lucks to make the final goals happen.

  3. There are 3 main activities including cross-promotion, influencers, and media. could you paint a picture of how each of those activities could drive to your final goals? So when the month ends, we can measure whether our initial assumptions are correct, get better sense for next plans and know exactly which activities we need to invest more (high ROI). I would suggest doing a simple spreadsheet that depicts both users’ journey and numbers. I draw a simple math with dummy steps and no. below for your reference, feel free to make it your own way.

  4. Cross promotion and media are not high performed channels in my experience. Influencers don’t bring much values in short term.

  5. Who do you target to for this product?

4 Likes

Thanks for the questions @chi

Rep:

1/ We are on-boarding more and more projects & influencers to try out the feature & share in their community on the mainnet launch date. It’s similar to acquiring early bird signup emails, but on a larger scales, project signups.

2/ With the new approach, pre-launch campaign in April will be measured by the amount of “early-birds” projects sign up for the pKyber launch.

3/ One thing about crypto project is that the tracking traffic it doesn’t work like e-commerce. Crypto community loves organic conversation rather than a salesy pitch & tracking URL. Most people share and talk about projects in telegram and that’s why most of our traffic to Incognito.org is organic.

As for our case, here’s how the customer jounrey will look like:

Therefore the KPI till launch date will be getting as many “early-bird” projects/influencers on-board as possible.

As for media, once the articles about pDeFi is live, we will share the article in DeFi, Kyber and other related groups on Telegram, whenever there are people talking about privacy issue (or we can create a few accounts and raise questions in there).

4/ Cross promotions obviously do not work well if we just do a simple post and stop there.

What we aim to do here with cross promotion is that we do not only post on Twitter and ask them re-tweet, but we also aim at going further in terms of community discussion on telegram, organizing events, AMA, that’s where we convert.

5/ I’m going after projects that have high need of privacy, like Melon project, which is an asset management protocol based on smart contract. Since Zero Knowlege Proof (ZPK) is hard to implement and anyone can see fund managers trading activities, there is a huge value loss to be found. It’s projects like these that convert the most (trading volume from 1-2 fund managers only would help reach the KPI of May already).

Besides, the team is also prioritizing going after the top trading pairs on Kyber in terms of trading volume.

2 Likes

Hey @henry, thanks for quick response.

1, 2. What I meant by signups is that people who potentially become traders rather than other third parties that we need to depend on to make our goals happen. They’re nice to have, not the final one who decides whether our efforts work or not. because we dont know exactly what kind of performance those third parties will drive us, this is a bit risky to measure pre-launch goals based on project signups.
3.
3.a i think i probably explained my point wrong. sorry for that. we dont have to implement trạcking url to track our customers, if traffic is from telegram/twitter/other SM channels, it will still be reflected on GA. there might be some drop along the way but it would be many. If most of your traffic is organic or direct, you would need to investigate what might be wrong. to sum up, what i meant is that you have assumption for the performance of each channel would bring you, and then measure the actual results against those assumption. You already did an awesome job showing the journey though.
3.b if mostly of your traffic comes from organic, would be great if you could pull the sheet of organic keywords that people found you from. that will help to know which efforts are contributing to traffic.
3.c you’ve done a great job painting that journey just need to consider the number of value gained from influencers and media are significantly lower than other channels. especially, it doesnt make sense to gain only 3 traders from 8 influencers(?). if so, would be wise to shift your effort to focus on tasks that bring high value.
2. 4.5. got them. amazing.

2 Likes

Re: Thank you for the feedback, I believe it’s very helpful. Here are some responses from me.

1, 2. I see your point, and it makes sense. The reason I took the risk of going after the “nice to have” projects is that they help the conversion rate better when we reach out to their community. A guest recommended by the teacher will be more welcomed by the students than a guest unfamiliar to neither the teacher nor the students.
3a. Noted, you are right, there are traffic from other channels like telegram and other SM channels as well. Will make sure to measure on the launch date.
3b. Agree.
3c. Shifting efforts to the best performing channels is always the right thing to do. However, there’s a thing about crypto is that the industry is still young and we can not be sure 100% what works and what does not. Therefore with every new campaign launching, I prefer to use the experimental approach, and focus on the best-performing channel. As for the influencers, with the calculation I might get 3 traders from them (worst case), but at first we’d definitely get 8 of them try out the product (8 traders), which is not bad.

2 Likes

Update for the last week of April!

This week:

Product :

  • With @tien’s amazing support, pKyber is on track to be live by 14th May. pKyber willl be merged with pDEX to become pDEX v2.0.
  • Simplifying the trading process, removing Deposit & Withdraw steps: Will be done by 22th May.

Growth:
Cross promotions:

1/ Core partners: KNC, REN, MANA, pBTC
2/ Sub partner: CEL, CERL, ABYSS, CND, GNT

  • Influencers: 5
  • Media: cryptodaily, decrypt, cointelegraph.
  • AMA: Ren, pBTC (agreed to join).

Next week:

Product: pKyber ready for testing app & mainnet

Growth:

  • Finalized collaboration with Kyber and target to partner with 2 of their key partners to promote pDEX v2.0
  • Get 3 more projects among top Kyber trading pairs (in terms of trading volume) to collaborate (Ex: USDT, USDC, WBTC, PAX, ZRX).
  • Finalize programs to roll out on launch date (for developers and traders in DeFi)
4 Likes

This is great work. Does this mean that pdex 2.0 will be similar to a private DEX aggregator?

We are still considering this idea. We have two options here:

  • Allow user choose exchange they want to use for trading (Incognito, Uniswap, Kyber or 0x)
  • Or choose the best exchange for user

We wil let you know which option we choose to implement.

1 Like