Drips Org - Q2 2024 Update

đź“Ł Updates & Reporting đź’Ş Org Updates
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General Announcements & Updates

  1. We spent the majority of Q2 working on our L2 deployments which will unlock a number of significant partnerships for us.

  2. Our L2 deployments took longer than we expected, as we faced challenges with regards to DAO ownership of L2 contracts, support from oracle providers and lack of misc on-chain and dapp infrastructure. As a result we had to spend more time and money on auditing new code.

  3. We made significant progress with regards to partnering with several well-known and -funded orgs that will fund their dependencies with Drips. We announced ENS in Q2 and we will have more announcements later in Q3.

  4. We shipped multi-party drip lists in the app, but haven’t announced it yet.

  5. We continue to onboard some well known FOSS projects into Drips, many of which aren’t web3 native. Some highlights from Q2 include Protocol Guild, drand, Svelte, and rollup.

Yearly Objectives Updates

:yellow_circle: 20 orgs in total that use Drips in 2024 to fund their dependencies
:yellow_circle: $10m deposited in the Drips protocol

We are behind these two objectives, as it took as a bit longer to navigate our L2 deployment strategy and that became a bottleneck with regards to onboarding more funder orgs to Drips. Having said that, we have a number of exciting announcements with regards to some of the biggest orgs in crypto funding their dependencies with Drips and we will announce when our FVM, Optimism, Base and Polygon deployments are in place in Q3.

You can see all of our metrics here: https://dune.com/lftherios/drips

Roadmap Update

:green_heart: Spring Cleaning & Performance Improvements

We made several key improvements to the Drips App & underlying infrastructure to get ready for multichain deployments and larger scale, as well as generally improve end-user and development performance alike.

  • Deprecation of Drips Subgraph: The App now relies exclusively on our custom Drips GQL API for fetching all data, including real-time balances. Previously, all “financial” information such as account balances, collectable tokens etc. were being calculated based on raw events fetched from the Drips Subgraph client-side. This change has made our app more stable, much easier to scale across more networks, and faster. As part of this change we also ended up deleting close to 10k lines of very complex code from the frontend.
  • Performance Improvements: We migrated our app from being hosted from Netlify to a dedicated node server in Railway, in the same network that already hosted our API and cache infrastructure. This has greatly improved first response and general load times across the entire app, which now feels so much faster than it used to.
  • Monitoring: We deployed Sentry to monitor performance and exceptions across frontend & backend, in a privacy-preserving & cookie-less manner.

:green_heart: Getting ready for multi-chain

We invested some time to get our app ready for working with the Drips Protocol deployed on different chains. As the protocol is deployed on more chains, we plan to upgrade the app accordingly in two stages: First, we’ll simply have dedicated deployments of the app, one for each chain, served on different subdomains. Second, we want the app to become “chain-agnostic”, and allow viewing data and interacting with Drips across different chains seamlessly from a single holistic deployment of the app. We already completed much of the work required for getting there in Q2:

  • Gelato Web3 Functions integration: After considering several partners, we settled on working with Gelato to integrate their Web 3Functions product as our oracle solution-of-choice for upcoming L1/L2 deployments. The integration was finalised and successfully audited.
  • Network Picker: For Stage 1, we implemented a standard network picker that we’ll enable as soon as we deploy to the first new network.
  • Multichain API: The Drips GQL API is now ready for multichain queries (branch), meaning data such as project splits and balances can be fetched for the same identity across different chains, from a single endpoint and in a single query.

Apart from these highlights, as always, we shipped a large number of smaller improvements and bug fixes. See merged PRs for the app Q2 here.

Timeline & Budget Update

Our projections show that we will be on budget at the end of the year.

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