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Ondo Nexus Dashboard — Development Log

This file is the living record of the build. Every session is logged. Audience: project continuity, public proof-of-work, recruiter artifact.

Log Format

Each entry follows this structure:

[YYYY-MM-DD] — Session Title

Phase: Phase 0 / 1 / 2 / 3 Duration: ~Xhr Goal: What this session set out to do

Shipped

  • Concrete thing completed

Attempted / Blocked

  • What didn't work and why

Learned

  • Any new domain knowledge (contract structure, Dune quirks, etc.)

Decisions Made

  • Any architecture or methodology decision (link to DECISIONS.md if significant)

Next Session

  • Specific goal for next session

Entries

[2026-04-09] — Project Setup

Phase: Phase 0 Duration: ~1hr Goal: Establish project structure, CLAUDE.md hierarchy, slash commands

Shipped

  • Full folder structure created
  • CLAUDE.md (root) written with token-optimized session workflow
  • STATUS.md initialized as one-page snapshot
  • Slash commands: log-session, update-status, log-decision
  • PRD finalized (13 sections)
  • Architecture Decision Records initialized (ADR-001, ADR-002)

Attempted / Blocked

  • None

Learned

  • Claude Code auto-memory writes to ~/.claude/projects//memory/
  • Subdirectory CLAUDE.md files only load when Claude touches that directory
  • STATUS.md indirection keeps root context under 60 lines

Decisions Made

  • Dune over custom subgraph (see DECISIONS.md ADR-001)
  • Mock data as first-class feature (see DECISIONS.md ADR-002)

Next Session

  • Phase 0: Scrape docs.ondo.finance + github.com/ondoprotocol
  • Goal: locate all Nexus contract addresses and confirm event schema

[2026-04-09] — Contract Research & Phase 0 Completion

Phase: Phase 0 Duration: ~2hr Goal: Answer all 5 PRD open questions, document contract addresses and event schemas

Shipped

  • docs/CONTRACT_RESEARCH.md: complete address registry (OUSG, USDY, Bridge, GM across 10+ chains)
  • docs/METHODOLOGY.md: data source taxonomy, per-pillar methodology, cross-chain strategy
  • ADR-003: Nexus has no dedicated contracts — track OUSG/USDY InstantManager as proxy
  • ADR-004: Pillar 2 pivot from settlement delta to volume/frequency (atomic redemptions)
  • ADR-005: Ethereum-first data strategy (InstantManager on ETH, Transfers elsewhere)
  • All 5 PRD open questions answered with on-chain evidence

Attempted / Blocked

  • Non-EVM chains (Solana, Sui, Aptos) have no Dune coverage — must mock those cells in heatmap

Learned

  • Ondo Nexus is NOT a separate contract system — it's a backing diversification of OUSG
  • InstantManager redemptions are atomic (single tx) — no settlement delay exists on-chain
  • OUSG/USDY InstantManagers are Ethereum-only; other chains are bridged via LayerZero OFT
  • subscriberId in events is opaque KYC hash, not public issuer identity
  • Dune has decoded ondofinance namespace — can query clean event tables
  • Strong fork candidates: steakhouse/ondo-finance, lindyhan/ondo-usdy-ousg

Decisions Made

  • Track OUSG/USDY as Nexus proxy (ADR-003)
  • Volume/frequency metrics replace settlement delta for Pillar 2 (ADR-004)
  • Ethereum-first with Transfer events on other EVM chains (ADR-005)

Next Session

  • Phase 1: Scaffold Next.js 14 at repo root
  • Define TypeScript types, build mockData.ts, write Dune SQL queries
  • Build Dune API client with 1hr cache + mock fallback

[2026-09-24] — Home Page on Real Data (Phases 0-5, #30)

Phase: Phase 3 Duration: ~1 day Goal: Replace every mocked number on the home page with a live source and put / back as the landing page

Shipped

  • Weekly flow KPIs from Dune (query 8822192), with the Dune run date shown on the page
  • Total TVL, chain breakdown and heatmap from total supply on 13 chains × OndoOracle price
  • Top Ethereum holders from Blockscout, valued at the oracle price
  • Benchmark TVL from DefiLlama; the Ondo row uses the on-chain total so it matches Total TVL
  • /api/metrics serves the same data from the same getters
  • Removed the / to /flows redirect and unused mock types and helpers
  • Methodology drawer, METHODOLOGY.md, CONTRACT_RESEARCH.md and ADR-007 rewritten to match

Attempted / Blocked

  • The Dune account hit its datapoint limit and cannot re-execute; flows show the last saved run

Learned

  • Blockscout name tags include contract class names (CErc20DelegatorKYC, GnosisSafeProxy); ordinal-0 tags and tags equal to the contract name are not owner labels
  • DefiLlama's Ondo total leaves out BNB and XRPL, so on-chain supply runs about 1% higher

Decisions Made

  • Home page sources: on-chain supply, Blockscout, DefiLlama instead of Dune (ADR-007)

Next Session

  • Merge the phase5-finish PR, deploy to Vercel (personal scope), rotate the Dune key

[2026-09-24] — Weekly Flows from On-Chain Logs, Dune Removed

Phase: Phase 3 Duration: ~3hr Goal: Stop depending on Dune, whose free datapoint limit froze the weekly flows at 2026-09-23

Shipped

  • src/lib/flowEvents.ts: InstantManager logs from Blockscout's keyless v2 logs API, decoded with viem, grouped by week with the same rules as queries/mint_redeem_volume.sql
  • Removed dune.ts, /api/dune/[queryId], the Dune types and env vars; Dune text removed from the UI
  • flowEvents.check.ts: decodes real logs for each event type and checks wallet dedupe across mint and redeem
  • ADR-008, METHODOLOGY Pillar 2, README and STATUS updated

Attempted / Blocked

  • Blockscout's Etherscan-style /api getLogs: keyless, it allows about 10 calls, then blocks the IP for 30 to 60 minutes
  • Routescan's Etherscan-style API: its address filter drops some legacy OUSG logs (5 events in the week of 2024-09-23)

Learned

  • Blockscout v2 logs pages run newest first; a hand-made cursor (block_number, index) returns the logs older than it, so pages from a fixed past block have stable URLs and can cache for a long time
  • All 157 Dune rows through the week of 2026-09-14 match the on-chain rows exactly

Decisions Made

  • Weekly flows from Blockscout logs instead of Dune (ADR-008)

Next Session

  • Deploy to Vercel (personal scope) and watch the first cold render's Blockscout call count

[2026-10-17] — Stablecoin Flows Tracker (USDC, USDT, PYUSD, BUIDL + OUSG, USDY)

Phase: Phase 3 Duration: ~1 day Goal: Turn the dashboard into a six-asset flows study: weekly mints and redemptions, chains, and flows around Fed cuts, with a one-page write-up

Shipped

  • scripts/backfill-issuance.mjs: Ethereum logs for six assets from 2023-01-01, about 3.1M USDC events, to src/data/issuance.json
  • scripts/backfill-context.mjs: DefiLlama supply by chain and FRED fed funds target
  • src/lib/issuance.ts and issuance.check.ts: totals, easing-episode comparison, chains, news windows; reconciles with DefiLlama (USDC 16%, PYUSD 5%) and matches the live OUSG/USDY event count (2,416)
  • /issuance page and /summary one-page write-up with two charts (SVG, prints to one A4 page)
  • ADR-009, METHODOLOGY Pillar 5

Attempted / Blocked

  • Blockscout keyless JSON-RPC: 10 calls then blocked about 40 minutes; REST logs time out on USDC
  • A single wide eth_getLogs on Tenderly returned 22 of about 100,000 USDC mints with no error

Learned

  • Cross-chain CCTP mints and burns are $189B of $1.06T raw USDC volume; excluded as not issuance
  • Paxos minted 300 trillion PYUSD by mistake on 2025-10-15 and burned it minutes later
  • Net issuance for USDT needs supply, not logs: Tether redeems rarely on Ethereum and Tron holds 51% of supply
  • Rate result is mixed: 2024 split stablecoins up and Treasury funds down; 2025 blurred it (two episodes, no causal claim)

Decisions Made

  • Precomputed snapshots instead of a live pipeline (ADR-009)

Next Session

  • Merge the PR; settle the wording of the headline number; rerun the backfill before sending

[2026-10-17] — Study textbook for the outreach

Phase: Phase 3 Duration: ~2hr Goal: A study guide for what Rahil needs to know to explain and defend the flows tracker to finance professors

Shipped

  • docs/textbook/: nine chapters plus glossary, reading list and a 7-day plan, one self-contained HTML file (index.html), printable
  • 13 figures: 6 from the dashboard's own snapshots, 7 mechanism diagrams with labeled toy numbers
  • build.ts regenerates every number and figure from src/lib/issuance.ts, so a data refresh updates the book
  • Styled with the rahil-design tokens (charcoal, yellow, Anton and IBM Plex), figures per tufte-graphics and present-data

Learned

  • Event-log decoding, gross versus net and anticipation of rate cuts are the three points a professor is most likely to press

Next Session

  • Verify the reading-list citations (listed from memory); read each professor's recent work before emailing