The tech world moves fast. Crypto moves faster. SimpleID is focused on not only keeping up but exceeding expectations. So, it is with great excitement that we reveal a sneak peak at our upcoming release. But first, let’s talk about what went into planning and executing this update.
Over the last six months, we have spoken with founders from the biggest companies in Web3 all the way down to the newest startups in the space. Side-projects and multi-million-dollar-backed startups. We’ve learned the pain points across the entire ecosystem from countless phone calls, Zoom meetings, live demos, and emails. We’ve taken that information and iterated on our product over the last few months, but we’ve always known there would need to be a big change to accommodate some of the biggest challenges in the space. Well, it’s time for that big change.
We set out to solve a few key problems. Those problems included:
- Identifying Sources of Wallets used for Deposits
- Existing Segment Operations Improvements
- New Segment Operations
- Proxy Contract & Event Logs Statistics
- UX / UI Changes
The ability to identify the source of deposits, withdrawals, and transfers is especially important to protocols that may not have a front-end of their own or may have a front-end but allow for others to connect directly to their contracts. This data will help those protocols better understand how their smart contracts are being used. It also opens the door for better insights across the board. Being able to know how and where wallets interact across the chain can help companies make better product decisions.
Our existing segmentation is powerful, but it was at times confusing and at times slow. We are improving in both areas. By listening to each new block as it is created, we can better serve our customers up-to-the-block data. This makes for less processing time on the backend for us and less waiting on the frontend for our customers.
We’ve learned how important proxy contracts are to many applications and protocols. As such, we want to support segmentation based on proxy contracts as soon as possible. We had a few specific segment options we wanted to unveil here:
- has smart wallet
- has specific proxy contract
- has multiple proxy contract (i.e. multiple front ends)
Those filters provide a ton of power. They can help identify users that are not necessarily interacting directly against a main contract.
Another area we received a lot of feedback on was event logs and internal transactions. Thanks to the way proxy contracts work, getting information about internal transactions and understanding specific methods called within a contract is incredibly important. We will be supporting this all through a variety of significant architectural improvements.
These changes don’t just power the specifics outlined above, but they will power some additional features that customers have been clamoring for. Here’s a quick list of some of the functionality SimpleID will support as a result of this upcoming release:
Automatic Segment Updates
e.g.: – add and remove wallets to segments as they fit criteria
Asset Price Conditions
e.g.: – if gas prices are too high, send notification to inform users transactions might be slower
Time Based Conditions
e.g.: – send weekly, monthly performance reports on portfolio or feature updates
Automatic Communications
e.g.: – send in-app or email message when CDP is undercollateralized
Realtime Insights
– where is the money for my smart contracts flowing in from or flowing to
– where users are coming from and going to
– how many transactions does a wallet conduct on product
– frequency distribution on wallet asset value
– how much total money is flowing in/out daily/weekly/monthly
Analytics aren’t just a visual aid. They are the tool that drives your business forward. With SimpleID, we provide the best in class analytics specific to user segmentation AND we enable you take action on that information. Coupling the analytics updates mentioned throughout this post with our existing communications tools creates a product that will absolutely supercharge your crypto company.
