Grant Proposal: Messari Quarterly Reports

Project: Messari Protocol Services

Author(s): Jack Purdy, Director of Business Development (


We are proposing that Messari provide Sia with in-depth data analytics and research. This would serve to better inform existing stakeholders as well as attract new ones. while building out the open-source data infrastructure for the community.

These reports would live as free resources on Messari and would be distributed through our newsletter, social channels, and third-party distribution partners including Bloomberg, S&P Global, and Refinitiv.


We will provide the following deliverables:

  • Initiation of coverage report discussing
    • What Sia is building and why it matters
    • Protocol mechanics and token economics
    • Implications of the upcoming technical upgrades
  • 4 quarter reports beginning in Q1 that present and analyze major KPIs and fundamental metrics. This will include:
    • Storage capacity
    • Active storage deals
    • Utilization rate
    • Network growth
    • Storage contracts
    • Storage price analysis
    • Storage provider revenue
    • Other Sia-specific KPIs

The report will also delve into major governance developments, upgrades, and key roadmap initiatives on a recurring basis. Examples include: Filecoin, The Graph, Livepeer

The reports will be distributed to a wide crypto native audience through the Messari newsletter (comprising 300k investors and builders in the space), along with three of the largest traditional research platforms in the world.

  • S&P Global
    • Capital IQ: 12,000 enterprises
  • Bloomberg
    • Bloomberg Terminal: 325k users
  • London Stock Exchange LSE (formerly Thomson Reuters)


This proposal is designed to improve the data analytics and research available to the Sia ecosystem, including core on-chain metrics, governance initiatives, and core protocol developments. This will enable existing stakeholders — whether it’s infrastructure providers running nodes, projects using the network, or investors providing capital — to make better informed decisions to guide the strategic direction of the protocol.

In addition, this will grow the Sia ecosystem by attracting new stakeholders. Without adequate investor relations services and standardized reporting, it can be difficult for new entrants to find reliable data with the necessary context and gain actionable insights. We aim to create the 10-Q equivalent in the same way anyone can go to Apple’s financial statements to learn more about the company and its performance, anyone can publicly see Sia’s reports to learn more about the protocol and observe its performance. Over time, this will bring more stakeholders into the ecosystem who will be more likely to contribute value to the protocol, allocating their time and money to grow the network.

Lastly, not only are we creating these reports but we’re ensuring they get sent out to a wide audience that can consume them. This is done through Messari’s channels of ~300k crypto natives builders and investors as well as through our distribution relationships with Bloomberg, S&P, and Refinitiv. This goes a long way to further professionalize Sia to the world outside of crypto including major funds, banks, financial service companies, and large corporatesthat will better grasp the magnitude of economic activity generated by the protocol. As more of these players are getting involved in crypto (ex Polygon/Starbucks or KKR/Avalanche) they’ll be able to expend substantial resources investing and participating in the on-chain economy.


We are requesting $30k upfront and $30k at the beginning of each of the next 3 quarters payable in stablecoins. The grant will be used to fund internal resources. Which include:

  • Research - Our analysts spend several weeks researching the protocol both quantitatively and qualitatively along with an extensive internal editing and review process by the broader team.
  • Data science and engineering - We have dedicated data scientists and engineers focused on pulling the raw data directly on-chain and putting it into a usable format. This includes coordinating with external data partners to ensure all relevant metrics are included
  • BD/Distribution - We have a dedicated team working on distribution for these reports across all of Messari’s channels along with the third-party partners


Investor relations are a critical function of any organization whether it’s a traditional company or a Web3 protocol. Hiring in-house to perform these functions would be significantly more expensive (and wouldn’t have the distribution) but Messari is able to achieve economies of scale having done quarterly reporting for ~40 projects.

Other Web3 protocols are investing substantial resources into these services with examples including:

  • MakerDAO has a Strategic Finance team doing their reporting for $1.3 million/year.
  • Aave is spending $1.5m on similar services

We recognize this is not apples to apples and these scopes are broader than just reporting/analytics but I think it showcases the substantial work that goes into these types of services.


Initiation of coverage released in March with the first quarterly report following shortly after the end of the quarter (3/31). The next 3 quarterlies will follow a similar cadence.



Mihai Grigore - Senior Analyst focusing on key metrics and technical understanding of Web3 protocols. He previously worked in data science at UBS and Swiss Re, and started two tech ventures. Mihai completed his PhD in information systems at the Swiss Federal Institute of Technology Zurich (ETH Zurich). His background is in computer science and math.

Additional Contributors

Mike Kremer - Data Engineer

Ryan Celaj - Research Analyst

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Thanks for the proposal Jack! The committee will next meet to discuss this on January 24th. We’ll get back to you shortly after that.

Hello Jack,

The Foundation is excited to let you know that the Committee has Approved your grant proposal! Congratulations!

The committee agrees that these reports would benefit the ecosystem, and Messari has a large audience and a strong track record of doing thorough research.

The Foundation will be in touch shortly via email to work out the details.

Kino on behalf of the Foundation and Grants Committee

Messari Quarterly Update Summary

Progress so far:

  • Data pipeline for report completed
  • Charting created (13 as of now - will add/remove based on review feedback)
  • Analysis needs to be written on charts & qualitative aspects

Updated timeline expectations:

  • Internal Messari peer-review will be conducted before the end of this week
  • Draft will be provided to Sia team week of the 17th for external review

Messari Quarterly Update Summary

Updated timeline Expectations:

  • Sia has entered into its quarterly preliminary research phase for its Q2 report
  • Internal writing deadlines have been established. Analyst report due by the end of June.
  • Estimated publication of said report is scheduled for 1st week of July pending any speedbumps during review phase.
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Progress & Timeline Update:

  • Sia stakeholders & Messari team have entered into the client review stage - 7/5
  • over the next 48-72 hours both teams will be trading feedback around the Q2 piece
  • Sia edits have been collected & Messari team is polishing up final edits before submitting for publication - 7/6
  • Publication date set for July 10th, 9am EST.
  • Distribution phase kicks off next week with exposure to Messari third party partners, email/newsletter, and analyst + Messari main account tweets

Progress & Timeline Update:

Links to those threads can be found below:

Next Steps:

  • With the quarterly piece behind us, monitoring & preliminary research are soon to kick off in preparation for coverage in Q3.
  • Communications with Messari & the Sia team are open for dialog & check in calls to regroup & reset expectations for the next report will be going out at the end of August.
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Hello @duzyc1,

Thank you for your July progress report! It looks great.

The Committee has voted to create a progress report template which should make it easier for both you, the Grantee, to provide monthly updates as well as to enable the Committee to quickly review progress without spending too much time on minute details.

For August’s progress report (which should be provided in September), please follow the template outlined in this post: About the Grants category - #8

Thank you for your help and cooperation.

Kino on behalf of the Sia Foundation and Grants Committee

Progress Report Form

  • Finalized download of Sia blockchain

  • Blockchain data infrastructure built to extract key metrics

  • Charts built, need to update with fresh data at end of quarter

  • Aggregating qualitative updates (grant data + new developments)

Timeline for quarterly draft will be mid next month. Mostly likely landing the week of October 9th. From there the feedback / review process will begin between both Sia review team & Messari.

[quote=“duzyc1, post:9, topic:253, full:true”]

Progress Report Form

  • Finalized & published latest Q3 report.
  • Marketing distributions went out via Messari site, Messari distribution partners (Bloomberg, S&P, Refinitiv), and Messari Twitter account.
  • Preliminary research & writing for the following quarter will begin end of December.
  • Follow up meetings for feedback sessions being organized with Sia stakeholders to audit past reports & uncover ways to improve partnership.

For Finality, the final report as part of this grant has been published.