Chainspect, a blockchain analytics platform, seeks Polkadot treasury funding to expand its services to the Polkadot ecosystem. This proposal aims to integrate all 38 Polkadot parachains into Chainspect, providing users with essential metrics for informed decision-making.
In the ever-evolving world of blockchain development, selecting the optimal blockchain can be a complex challenge, especially in the dynamic Polkadot ecosystem. One of the critical metrics in this decision-making process is Transactions Per Second (TPS). TPS is a vital metric as it directly shows a blockchain's utilization level and capacity to handle a high volume of transactions in a given time. For blockchain developers, this means ensuring that their applications can run smoothly and efficiently. Investors also closely monitor TPS as it can signify the scalability and adoption level of a blockchain network. What compounds this challenge is that many blockchains often promote their maximum theoretical TPS without providing real-time numbers, which is often a much more important metric.
This is why we are dedicated to showcasing Polkadot projects alongside other Layer 1 blockchains. We believe that this approach will not only increase visibility within the ecosystem but also attract more developers and investors to the parachains. This proposal aims to lay the foundation for coverage of Polkadot networks in the Chainspect platform. We intentionally chose a small spender track and limited the scope to only a few metrics (TPS and Max recorded TPS), following the guidelines from the Polkadot Treasury.
In this proposal, we aim to integrate all 38 Polkadot parachains into chainspect.app, enabling users to compare parachains with other L1s and L2s. This will provide a valuable resource for blockchain developers and investors, to make more informed decisions about where to build and in what to invest. Furthermore, it will enhance the exposure of Polkadot's parachains within the Chainspect community.
We have already reached out to some of the parachains to sense-check our idea and received positive feedback from parachain teams. They recognize the value of expanding analytics platforms within the Polkadot ecosystem and agree that TPS tracking is a crucial technical metric, highly regarded by blockchain developers and crypto investors.
We previously applied for a Web3 Foundation Grant to develop an open-source tool for measuring TPS (with a focus on transfer transactions only) across Polkadot parachains. We successfully completed the project in accordance with the grant agreement, resulting in the launch of tpscore.xyz, which is now accessible to the public. Furthermore, our grant submission received highly positive feedback from the Web3 Foundation, with comments acknowledging the quality of our work.
The full proposal can be found: here