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APIs Flashcards

1
Q

What chains are supported on Prime for rewards reporting?

A

Casper, Cosmos, Ethereum, Mina, NEAR, Polkadot and Solana.

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2
Q

What chains are supported on Prime for address tracking?

A

Casper, Cosmos, Mina, NEAR, Polkadot, Solana. We also have an ETH staking portal that users need to be whitelisted for.

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3
Q

What chains are supported on Prime for staking via Fireblocks?

A

Currently only ETH and DOT can be staked on Prime via a Fireblocks account. NEAR and Solana are the next chains to be supported.

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4
Q

Can you stake via Prime without a Fireblocks account?

A

No, right now the only way to stake via Prime is to have a Fireblocks account. Users can stake ETH via WalletConnect’s integration in Fireblocks while other networks like DOT require a Fireblocks API key.

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5
Q

What are the top personas for Prime?

A

Top personas for Prime are:
Whales
Funds
Channel customer that has an omnibus staking setup

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6
Q

How does Prime compare with Blockdaemon’s UI?

A

Figment Prime Dashboard provides customers portfolio tracking, network news, governance proposals, automated one-click delegation, validator performance and detailed rewards reporting to multiple addresses and 7 PoS networks (Casper, Cosmos, Mina, Near, Polkadot, Solana and Ethereum 2.0) through a single account, while Blockdaemon doesn’t have a “point-and-click” staking button, is limited to validator status, current price, balance and validator ranking, and only covers 4 PoS networks (Polkadot, Tezos, Algorand and Ethereum 2.0).

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7
Q

What is DataHub?

A

DataHub is Figment’s API platform that hosts our Node APIs, Slate, and Rewards API. It is the platform where customers manage their API keys, interact with the different API endpoints, and get analytics on their API interactions.

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8
Q

What chains are supported on DataHub?

A

20+ chains for Node APIs
ETH,DOT,SOL,AVAX,NEAR,SOL,forSlate. SOL, ETH, DOT for Rewards API

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9
Q

What are the top personas for DataHub?

A

Channel customers are the most likely to be DataHub users, including exchanges, custodians, and tradfi.

We refer to the DataHub user as the “Staking developer” who needs to build blockchain services leveraging our APIs.

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10
Q

What is Omnibus staking?

A

Omnibus protocol staking involves pooling customer assets in a single address, resulting in a simpler integration process and greater control over the entire staking process. End users get limited to no choice as institutions decide on the percentage of platform assets to stake, when to stake, and who to stake to.

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11
Q

What is Segregated wallet staking?

A

Segregated wallet protocol staking involves individual accounts for each discrete wallet address and offers the ability for end users to control their staking transactions.

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12
Q

Which staking method do we prefer? Omnibus vs. Segregated wallets

A

Omnibus is easier for institutions to implement and leads to more stake faster since their end users are automatically opted in to stake, leading to more AUS for Figment faster.

On the other hand, segregated wallet setups are likely to be the most relevant targets for our Rewards and Staking APIs which can help close deals faster given higher differentiation and bring in more revenues from the same customer.

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13
Q

Which one is more beneficial to institutions? omnibus vs segregated wallets

A

Generally, exchanges select omnibus while custodians and wallets select segregated wallet setups to provide full flexibility to their users. Segregated wallets staking is more complicated to build and may lead to lower AUS so when possible, institutions will turn to omnibus staking. Though, omnibus staking requires the customer to have someone occupying the role of staking manager which might not be the case so it will depend on each profile.

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14
Q

What is Slate, our unified staking API?

A

Figment Slate is a universal chain-agnostic API that enables rapid deployment of staking across Proof of Stake networks. Exchanges, custodians, channel partners, and asset managers can leverage Slate’s simple interface to seamlessly add tokens and staking transactions to their platforms.

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15
Q

How do customers access Slate?

A

Customers need to be onboarded to DataHub to obtain an API key and interact with the Slate endpoints of the chains they need.

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16
Q

How do customers access Slate?

A

Customers need to be onboarded to DataHub to obtain an API key and interact with the Slate endpoints of the chains they need.

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17
Q

What is the biggest advantage of Slate vs DIY?

A

Months faster and hundreds of thousands cheaper integration than DIY
Significantly less software and infrastructure to use and maintain (SDK, CLI, Node)
-faster go to market (lowers costs and personnel required to manage staking)
-better ux for your clients when you can be agile

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18
Q

What is the biggest advantage of Slate vs Fireblocks scripts?

A

Need to be a Fireblocks customer to use the scripts while Slate allows you to stake from anywhere
Scripts have potential security issues as there is no process for confirming what the transaction does - you are essentially blind signing while Slate is secure by design
Fireblocks scripts are not unified - various coding languages, different methods for running them - while Slate has a unified format across chains.

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19
Q

What is the biggest advantage of using Slate vs staking via Prime?

A

Staking in Prime requires users to be Fireblocks customers which Slate does not
Prime staking is not customizable while Slate can be adapted to a customer’s needs
Prime is a manual process for all staking actions, no automation possible, while Slate’s main focus is on automation.

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20
Q

Is Figment the only company to offer a staking API?

A

No, Blockdaemon is developing a staking API codenamed BOSS API, which seems to replicate Slate’s features but for ETH only.

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21
Q

How does Slate compare to Blockdaemon’s BOSS API?

A

We currently have limited information regarding the BOSS API but it seems to automate staking transactions, starting with ETH. That would replicate core functionalities of Slate, but Slate already supports ETH, SOL, DOT, NEAR, AVAX and has been tested thoroughly over the last 2 quarters.

Hence, maturity and # of chains supported is Slate’s biggest advantage at this time.

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22
Q

What chains are supported on Slate and what’s the roadmap?

A

ETH, SOL, DOT, AVAX, and NEAR are all live, with MATIC, ATOM, ADA coming up next.

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23
Q

What are the top personas for Slate?

A

At a high level, all types of channel customers should be potential targets for Slate. If we look one step further, channel customers using segregated wallet staking should be more interested in Slate than those using omnibus staking as Slate becomes even more useful when it powers staking functionalities in their own UIs for their end users.

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24
Q

How do we charge for Slate?

A

We have two options, charge in fiat or charge a higher staking fee on delegations to Figment:

$3k/month/chain with a 20% discount for annual deals and another potential 20% discount if they subscribe to more than 3 chains for Slate. The fiat pricing overview can be found here.

For staking %, the additional fee will depend on AUS committed and the network’s reward rate. You can find the tables here.

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25
Q

Does Figment offer monthly rewards reporting on all supported chains?

A

Figment offers advanced and customized monthly rewards reporting in CSV files for all 60+ PoS networks it supports. These are done manually by the Figment team.

26
Q

Does Figment offer daily rewards reporting in Prime for all supported chains?

A

Figment does not offer daily rewards reporting in Prime for all supported chains. See Reward Distribution Period (Payout frequency) to determine the duration of an epoch for each PoS Network. An epoch is a period of time during which blocks are created and added to the blockchain. For example, SOL’s payout frequency is 2 to 3 days, while NEAR’s is 12 hours.

27
Q

What are the top personas for rewards in Prime?

A

Generally speaking, rewards reporting in Prime is well suited for customers with a limited number of staking addresses.

Whales and funds are the obvious users but channel customers using omnibus staking might also be fine with CSV reports instead of using the API.

28
Q

What’s the difference between using the Rewards API and getting reports via Prime or the finance team?

A

The Rewards API provides automation and customization for data manipulation, which is not possible with Prime and manual reports. Prime offers only reporting on a per epoch basis, which may coincide with daily reporting depending on the chain’s epoch parameters. See Reward Distribution Period (Payout frequency) and the Rewards API Chain Roadmap.

29
Q

What chains are supported for our Rewards API and what’s the roadmap?

A

ETH, SOL, DOT are currently supported, with NEAR, ATOM, OSMO coming next in Q3, followed by AVAX, MATIC, BNB, and ADA in Q4.

30
Q

What are the top personas for the Rewards API?

A

At a high level, all types of channel customers should be potential targets for the Rewards API. If we look one step further, channel customers using segregated wallet staking should be more interested in Rewards than those using omnibus staking as Rewards becomes even more useful when it powers staking functionalities in their own UIs for their end users. Omnibus setups might also simply pull rewards reports as a CSV since they stake from a single address and then will create a sub-ledger to distribute the rewards pro-rata to their stakers.

31
Q

How do we charge for the Rewards API?

A

We have two options, charge in fiat or charge a higher staking fee on delegations to Figment:

$1k/month/chain with a 20% discount for annual deals and another potential 20% discount if they subscribe to more than 3 chains for Rewards API.

For staking %, the additional fee will depend on AUS committed and the network’s reward rate. You can find the tables

32
Q

How does Figment reward reporting compare with Blockdaemon’s?

A

Figment’s rewards reporting provides the most accurate, useful and human-readable data in various formats (e.g. CSV, Figment Prime dashboard and API) to keep its customers in compliance with tax laws, while Blockdaemon, covering only 4 PoS networks (Ethereum, Polkadot, Algorand and Tezos), leaves the customer with only the transaction history and earned rewards. Customers might have more work to do by filtering out the unprocessed on-chain data.

33
Q

What are Node APIs?

A

Figment’s Node APIs replace the need to run your own node infrastructure to build blockchain
services. Query recent and historical protocol data, build constant data flows via websocket, and
transact on over 20 protocols via our Node APIs powered by our institutional-grade
Infrastructure.

34
Q

How do customers access Node APIs?

A

Customers need to be onboarded to DataHub to obtain an API key and interact with the Node APIs endpoints of the chains they need.

35
Q

What’s the difference between RPC, Archive, and websockets?

A

Our Node APIs expose 3 main types of services: RPC requests via full nodes, Archive requests via archive nodes, Websocket connections via full nodes and archive nodes.
RPC requests are useful for the latest blockchain data, like the last block or submitting a new transaction.
Archive requests are useful for historical blockchain data, like what transactions were included in a block, 1000 blocks ago.
Websocket connections are useful to stream real-time data, like price updates every second.

36
Q

Why would institutions use our nodes vs running their own?

A

Nodes APIs cut development time and maintenance costs as institutions don’t need to learn the inside-outs about a new chain and have a dedicated DevOps team deploy and maintain the infrastructure.
We offer SLAs on Node APIs so that customers have reliability guarantees
We already support 20+ chains, making it easy for institutions to scale to more chains faster

37
Q

What are the top personas for Node APIs?

A

At a high level, channel customers all have the potential to be Node APIs customers. Though, it will depend on their account system implementation and their need for blockchain data beyond posting transactions (withdrawals) and pulling transaction data (deposits).

The ideal customers are custodians and wallets as they need their own nodes. Exchanges and other institutions may be a fit but might also use their custodian’s nodes for deposits and withdrawals, limiting their use cases.

38
Q

How do we charge for Node APIs?

A

$3k/month/chain with a 20% discount for annual deals and another potential 20% discount if they subscribe to more than 3 chains for Node APIs. The fiat pricing overview can be found here.

39
Q

How does Figment Node APIs compare with Blockdaemon’s?

A

Figment offers node APIs with a pooled or dedicated node infrastructure on 20+ PoS networks and powers some of the largest blockchain companies and institutions in the world such as Crypto.com, Ledger, and Coinlist.
Figment has not added new PoS networks in Q3, and has added every major ETH layer 2s in Q2. See full list here.

Blockdaemon offers both dedicated nodes and its ubiquity API which has a limited PoS network coverage and has not added new PoS networks in the last 2 quarters, pointing to limited investment on the API front.
Supported PoS networks by Blockdaemon: Acala, Algorand, Celo (Coming Soon), Ethereum, Karura, Kusama, NEAR, Oasis, Polkadot, Solana, Stellar and Tezos.

40
Q

What is Figment’s coverage?

A

We cover slashing penalties, missed rewards, and downtime penalties using a mix of traditional and on-chain coverage (via Unslashed Finance). For a given customer, this covers:

Annual Slashing and Downtime Penalty coverage equal to 6-months-worth of Figment’s commissions
Annual Missed Rewards coverage equal to 3-months-worth of Figment’s commissions

41
Q

Difference between our traditional coverage and our on-chain (via Unslashed) coverage?

A

Traditional Off-chain Insurance: Figment has $5M of network-agnostic insurance with Relm that covers Slashing and Downtime penalties. $1M is deductible. $2.5M max payout per event.
Certificate of Insurance here.
Important Note: Figment is the insured on the Relm policy, not the client. Figment would be entitled to the claimed amount and would use those funds to pay back clients.

On-chain Insurance: Figment has 10,000 ETH of insurance with Unslashed. 10% of the 10,000 ETH is deductible. This policy covers up to 0.5eth per validator that’s enrolled in the policy. Unslashed on-chain insurance can be offered to our clients as additional coverage for a 1% fee markup.
Summary of Insurance here.
Important Note: Figment is the insured on the Unslashed policy, not the client. Figment would be entitled to the claimed amount and would use those funds to pay back clients

42
Q

Can Blockdaemon actually offer 100% coverage?

A

Blockdaemon claims they offer 100% coverage via their balance sheet and insurance provider but in reality they cap coverage at $1m per occurrence. Customers might also be capped based on the amount they delegate as providers will cover losses up to a certain number of months of the staking provider’s fees earned from a client.

There are also many exclusions that limit Blockdaemon’s coverage:
Delegator’s acts or omissions
Protocol-level failures caused by bugs, maintenance, upgrades, or general failure
Acts by a hacker or other malicious actor
Force Majeure Events
Acts or omissions of any third party service provider

43
Q

How does Figment’s coverage compare with Blockdaemon’s?

A

Figment offers off-the-shelf coverage for Prime customers to help off-set the risk of slashing, downtime, and missed rewards backed by traditional insurance, on-chain coverage, and Figment’s balance sheet which always pays and settles a valid claim immediately.
Figment prioritizes “Security over Liveness”, meaning we will always do whatever it takes to reduce the likelihood of a double-sign event to 0 - even if it means longer downtime. This is not a shared approach by some competitors who will try to optimize for uptime but risk a double-sign event (i.e. BD).

Blockdaemon completes coverage for slashing and missed rewards up to $1m per occurrence while leaving ambiguities in play.
Everyone agrees that BD’s stance of 100% coverage is disingenuous and easy to disparage when raised by prospects. See A Skeptic’s Guide to 100% Coverage.

44
Q

Do we have a rewards calculator?

A

It is currently being developed and should be released in Q4.

45
Q

What practices do we have to boost reward generation?

A

Ethereum (ETH): We plan to leverage Flashbots’ MEV-Boost for our Ethereum validators. This solution, slated to be ready by the merge, will allow our ETH customers to participate in MEV once our validators begin executing transactions on Ethereum.
A case study written by Flashbots last year concluded that validators that run MEV-Boost would have a significantly higher reward rate than validators who do not. We estimate this number to be a ~25% - 50% reward rate increase for our ETH customers by the time of the merge.
See Figment’s MEV Policy: Supporting Neutral, Secure, and Open Solutions

BNB Chain (BNB): We expect Binance to put us in the average size of validators. This should result in an above average rate. But nothing beyond that, unless we want to run MEV.

Polkadot (DOT): We do some rebalancing of stake to optimize rewards.

Cardano (ADA): We statistically modeled out rewards based on a wide epoch dataset, to identify the optimal pool size that resulted in the highest earnings; with that we figured out the threshold for rewards optimization that doesn’t necessarily depend on the saturation point - so even medium size stakers, and to a certain extent small stakers, can try to optimize their rewards (as opposed to only big size stakers that can get close to the saturation limit, which is high!)

The Graph (GRT): We are trying to decipher the mathematical formula for optimizing rewards (this is more technical than what we usually deal with).

46
Q

What is Alluvial and when is it expected to launch?

A

Alluvial’s liquid staking protocol caters to the needs of enterprises and institutions with KYC/AML checks, enterprise-grade security, and robust monitoring and reporting. It is expected to launch in early Q4, currently planned for October 12th 2022.

47
Q

How does Alluvial compare to Blockdaemon’s liquid staking solution?

A

Alluvial is building the industry standard for enterprise-grade liquid staking, combining the technical and security requirements of institutions with the web3 ethos of community-driven collaboration (i.e. the institutional version of Lido’s liquid staking services). Alluvial’s liquid staking standard will be governed in a decentralized manner with a broad and dispersed community of industry participants.

Alluvial is already scaling across different chains (Ethereum, Polkadot and Avalanche)
Kiln Joins Alluvial to Build Ethereum Liquid Staking Alongside Figment and Coinbase Cloud
Acala Foundation Joins Alluvial to Provide a Compliant, Enterprise-Grade Polkadot (DOT) Liquid Staking Product to Institutions
Rome Blockchain Labs Joins Alluvial to Provide Enterprise-Grade Avalanche (AVAX) Liquid Staking

Blockdaemon’s liquid staking solution Harbour, working with the Stakewise team, is a fork of the dual-token model that Stakewise brought to the retail market, but hasn’t seen much traction relative to Lido. The solution offers a walled-garden approach to DeFi where all counterparties are KYC’d. The token model uses a principal token to represent the initial staked asset and a separate rewards token to represent the rewards. The solution is solely focused on Ethereum with no plans to scale across chains at the moment. Planning to launch with $25mm of liquidity from the balance sheet and scale to $100mm over the next 9-12 months.

48
Q

What security certifications do we have?

A

We currently have no security certifications but are working on our SOC2 certification.

49
Q

What is our approach to slashing prevention?

A

Figment is an expert in slashing prevention since it solely focuses on staking.
Figment always opts for “security over liveness” with the most secure and reliable web3 infrastructure, built from the ground up, and its 24/7 dev-ops team. Figment has an impeccable track record over 60 PoS networks of no slashing or double-signing events up to this date, unlike Blockdaemon which has been slashed in the past due to its uptime maximization and automation strategy.

50
Q

How does our custody support compare with Blockdaemon’s?

A

Although the custodian partners are about the same, Figment has a deeper integration with Fireblocks, allowing their customers to stake ETH directly from their accounts (called vaults) via WalletConnect to Figment Prime (a one-button-click solution). Powered by Slate API, which is unique in the industry, DOT and NEAR are the next staking integrations with Fireblocks.

51
Q

In which categories do we lead Blockdaemon?

A

Validator Performance and Slashing Prevention
Dashboard Functionalities
Rewards and Tax Reporting
Networks Supported
Research and Insights
Custodian Integrations
Universal Staking API (Slate)
Rewards API

52
Q

In which categories are we equal to Blockdaemon?

A

Staking “Insurance”/Coverage
Ethereum 2.0 Offering
Node APIs

53
Q

In which categories do we trail Blockdaemon?

A

Key Numbers/Market Share
Blockdaemon works with more institutions, has more AUS, and more validators up and running

54
Q

Slate offers:

A

▷ A 90% reduction in time to market
▷ A simplified infrastructure that easily scales
to support multiple networks
▷ Reduced engineering, operational, and infrastructure costs

55
Q

Slate explained

A

Slate abstracts away all network-speciic
work and translates protocol-specific
content into a unified transaction format
- a single API - offering a simplified user
experience. It takes a standardized input
for each transaction type and returns a
protocol-specific transaction object that is
fully ready to be signed and broadcast to the
network. Slate enables a full suite of staking
transactions, including sending, depositing,
staking, un-staking, and re-delegating
tokens as well as claiming rewards.

56
Q

Pros of Omnibus Staking

A
  1. Maximize revenues generated from customer funds by ensuring a specific % of all
    tokens is always staked
  2. Full control over rewards distribution between the institution and its end-users
  3. Simplify the staking integration process since no on-chain staking operations need to be
    available for end-users
  4. Decrease reporting complexity as a single address generates all rewards
  5. No education or triggers required to push end users to stake
  6. Flexibility in managing staking bonding and unbonding periods for customers
57
Q

Cons of Omnibus Staking

A
  1. Users can’t maximize rewards generation as only a certain % of their assets is staked
  2. Need to set up a sub-ledger to know how rewards should be split with each account
  3. Lack of flexibility for users can lead to churn
58
Q

Pros Segregated Wallet Protocol Staking

A
  1. Ability to create the most complete staking experience for end users
  2. Users can maximize rewards generation by staking all of their assets, possibly
    increasing revenue generation
  3. Churn probabilities are lower as end users benefit from full flexibility
  4. More manageable reward reporting per user as all staking activity happens on-chain
59
Q

Cons of Segregated Wallet Protocol Staking

A
  1. End users will need to be educated and triggers will need to be created in order to
    increase staking rate from end users
  2. More complicated staking integration as end users will expect the ability to stake,
    unstake, compound, claim rewards, and obtain reward reporting.
  3. Each account will require its own reward reports
  4. Rewards distribution is less flexible as customers have more visibility into reward rates
60
Q

Implementing Segregated Wallet Protocol Staking

A

For many institutions, segregated wallet protocol staking - providing the ability for end users to
control their staking transactions - offers key benefits. These include the ability to create the
most complete staking and rewards reporting experience for end users. End users can
maximize rewards generation by potentially staking all of their assets, increasing revenue for the
provider. This staking implementation also makes reward reporting more manageable per user
as all staking activity happens on-chain. Overall, it can lead to lower churn as end users benefit
from increased flexibility.

61
Q

Common Pain Points That Fit Implementation of Segregated Protocol Staking

A
  1. I want to offer the best staking experience to my users
  2. I want to generate more revenues from my customers asap
  3. I have limited engineering resources to quickly add support for more staking integrations
  4. I want to lower maintenance costs for our staking integrations

APIs (1 decks)

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