Stellar Submissions: Harmony Bounty Program, March 2022

The grand prize winners of Harmony Analytics.

Stellar Submissions is a series of articles by MetricsDAO wherein we highlight bounty submission best practices by showcasing the grand prize winners of our bounty programs. Our goal with this is to sharpen the skills of on-chain analysts and raise the overall quality of bounty submissions.

In this edition of Stellar Submissions, we will put the spotlight on the grand prize winners of our Harmony Bounty Program.

Grand Prize Winners

1. Quality Transaction Visualizations

Dashboard: Harmony Transactions

Author: poogoo (aka Karl Lee)

In this analysis of Harmony transactions, poogoo shows multiple key findings in their dashboard such as the average transaction count per day (~3 million since early Dec. 2021) and the average transaction value over time (< 100 ONE/transaction since mid-Jan. 2022).

Daily Harmony transactions

What makes this submission stand out is the author’s effective use of visualizations. The charts used are simple and straight to the point, helping the reader focus on the findings. The dashboard also allows for some interaction by the reader such as chart zooms and tool tips, allowing the reader to further dig into the analysis. It is a great example of keeping things simple while maximizing the impact of the insights.

Given this, poogoo is able to clearly show that as of the time of the analysis, there is no clear correlation between Harmony’s transaction volumes and the price of its native asset, $ONE.

$ONE token price over time

You can view poogoo’s full dashboard here.

2. Driving the Narrative

Dashboard: Failed Transactions on the Harmony Network

Author: J.Hackworth

In his submission, J.Hackworth explores the transactions on the Harmony blockchain. He specifically dives into the failed transactions and the possible reasons behind them.

Attempted and completed transactions on Harmony

What makes this submission great is the narrative. The author first poses a question to the reader that while Harmony has a growing user base, “will the network be able to scale effectively?” This sets the context and gives an overall purpose to the analysis as scaling would entail keeping failure rates in check and ensuring overall transaction throughput.

Another thing worth pointing out is his ability to use both a zoomed-in and macro-level perspective to drive overall the context. He starts off with high level metrics such as success rates and daily transaction volume wherein he discovers a declining trend in success rates. The analysis then zooms into possible reasons why by looking closely at the behavior of certain addresses and their individual failure rates.

User breakdown of successful and failed transactions

Finally, J.Hackworth compares Harmony to other blockchains such as Ethereum and Solana. This allows the reader to get a fuller view as to the significance of these transaction metrics by looking within Harmony and across the other chains as well. This all ties neatly to the analysis’ overall narrative.

If you are curious to find out more, explore the full analysis here or reach out to J.Hackworth on Twitter (@jphackworth42).

3. Sharing a Clear Methodology

Dashboard: Most Popular Tokens on Harmony

Author: Adria Parcerisas

You might remember Adria from the first edition of Stellar Submissions wherein he analyzed the relocking behavior of vlCVX holders. For this bounty program, he explores the most popular tokens on the Harmony blockchain.

Popular tokens on Harmony

With bounty submissions, it is important that the audience, whether readers or reviewers, can verify the accuracy of the data used. Reviewers specifically need to be able to check the correctness of the analysis and assign a proper grade. Meanwhile, the most critical of readers would want to assess the data for themselves. The author makes this convenient by laying out his methodology at the beginning of the analysis. He also describes each chart to guide the reader.

The author's methodology

As analysts who are closely familiar with the data, it is easy to assume that the readers know what we know. However, that is not always the case. Adria shows that just as it is important to explain what the findings are, it is crucial to also share how these findings were discovered in the first place.

Check out Adria’s analysis of the most popular Harmony tokens here.

4. Letting Curiosity Lead

Dashboard: Bridging to Harmony… Then What?

Author: Chain Iq Edu

Chain Iq Edu is another returning analyst in Stellar Submissions and it is easy to see why. This time he analyzes the bridging transactions to Harmony. He then explores what users do next after bridging their assets.

First actions by users after bridging to Harmony

This submission is another excellent example of letting one’s curiosity lead which allows for a more insightful analysis. The author first shows the number of bridging transactions and then dives into the nature of these transactions, which answer the main bounty questions.

However, he does not stop there as he also discovers how long users wait to do their first action after bridging their assets. This leads to an interesting finding that most transactions happen within the first two hours of bridging. If no action is done within that time frame, the user is more likely to wait 24 hours to do their first action after bridging.

Time to first action after users bridge their assets

Given the relative complexity of this analysis, the author also takes the time to explain his approach to the bounty questions and his methodology. All of these deliver much richer insights to the reader and a more comprehensive view on the bridging transactions on Harmony.

If you want to dive in deeper, check out the full analysis here, wherein Chain Iq Edu also explores bridge transactions between Terra and Harmony.

3 Key Takeaways

  1. Context is key

A clear context sets the tone of the analysis and it also helps build the overall narrative. The narrative brings everything together in a bounty submission. As such, it is important the context is clear from the beginning of the analysis to help guide the reader.

2. Explain your methodology

Doing the analysis itself takes a lot of effort so having to still explain how the analysis was done can be tedious. However, one should keep in mind that explaining the methodology further enriches the analysis as well, especially when things get more complex. If the building blocks of the complex analysis are clear to the reader, then the overall insight becomes easier to understand.

3. Be curious

As mentioned earlier, bounty submissions take a lot of effort. It takes full comprehension of the topic at hand so it is understandable to just conclude the analysis once the main requirements have been fulfilled. However, sometimes related questions arise from the back of your mind as you go through the analysis. Chances are there is someone out there too with the same question so why not feed your curiosity? If you are able to address these peripheral questions, it will go a long way in adding more value to your overall analysis.

Bonus: On one hand, you can make a qualified submission specifically addressed to reviewers in the context of a bounty program and that is okay. On the other hand, you can also make a more general purpose analysis that is addressed to a wider audience. Both are perfectly fine. However, it can be argued that the latter delivers more value since it appeals to more people. This is something worth considering given your goals as an analyst.

Complete Set of Harmony Bounty Program Grand Prize Winners

  1. Harmony Transactions by poogoo
  2. Active Harmony Wallets by rplust
  3. Most Popular Tokens on Harmony by Adria Parcerisas
  4. Daily Transactions and Success Rates on Harmony by rplust
  5. Failed Transactions on the Harmony Network by J.Hackworth
  6. Bridging to Harmony… Then What? by Chain Iq Edu

Check out the currently active bounty programs by MetricsDAO here and stay tuned for the next set of Stellar Submissions.

Want to share your own tips and best practices? Maybe you are ready to participate in a bounty program? Hop on over to the MetricsDAO Discord or follow us on Twitter to find out more.