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Ignas | DeFi Profile picture
@DefiIgnas
Sep 23, 2022 • 12 tweets • 6 min read • Read on X
Scrolly
1/ Learn & Earn is a great way to spend the bear market.

Popularized by Binance, Coinbase and CoinMarketCap campaigns, they offer rewards for learning about #DeFi or NFTs.

But two projects are bringing this concept to a new level🧵
2/ The 1st one is Rabbit Hole @rabbithole_gg

It curates high quality Web3 projects to help users learn about DeFi, NFTs and DAOs.

For example, $DYDX is currently running a campaign for $50 USD and “Quest Hedgie” NFT rewards.
3/ Every time a user completes a task, the participation is recorded on-chain to build RabbitHole Credentials.

These are soulbound NFTs proving your knowledge and experience in Web3.

It's like your on-chain CV helping 'crypto projects find the right person for the right job'.
4/ Other use cases include targeted airdrops, special access to dApps or unique roles in DAOs.
5/ To prevent Sybil attacks, every user needs to prove he is human on @BrightIDProject app.

The good thing is that the app doesn't require ID number, date of birth, or proof of address.

The bad thing is that I still cannot connect it to RabbitHole 😅
6/ RabbitHole currently has almost 28k registered users.

It seems that DAO and NFT credentials are way more popular then DeFi, maybe because DeFi tasks are more difficult?

Full data on Dune Analytics dune.com/rabbithole/Rab…
7/ @GalxeHQ is similar, yet different.

Similarly to Rabbit, users on Galxe can learn & earn while using Web3 applications.

Currently Optimism is running various tasks for NFT rewards and possibly $OP airdrop.

Arbitrum too partnered with Galxe for Arbitrum's Odyssey campaign.
8/ Also similarly to Rabbit, participation on Galxe earns you credentials that are used for:

• GalxeID - your Web3 LinkedIn
• Galxe OAT - On-chain Achievement Token
• Galxe Passport - Your Web3 Identity stored as Soulbound Token and requires KYC.

Check out my credentials 😎
9/ Galxe credentials support not only on-chain data, but also off-chain records, such as Twitter or Discord accounts.

For example, most of Optimism Quests will require you to follow Optimism projects on Twitter to receive NFT rewards.
10/ Overall, learn & earn apps help projects to bring new users to a #Web3 world where there are no app stores, targeted Facebook ads or email marketing.

It's a win for crypto users, who can earn rewards while learning something new.

Best activity during this harsh bear market!
11/ But these two apps went a step further by creating on-chain credentials system in form of soulbound tokens.

To understand why #SBTs are important, check my thread below.

It's actually shameful that I missed these two projects in my original thread 😅
Did I miss any Web3 Learn & Earn app? Let me know in the comments or feel free to send a direct message.

Follow me @DefiIgnas for more.

Like/Retweet the first tweet below if you can:

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Ignas | DeFi Profile picture

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More from @DefiIgnas

Ignas | DeFi Profile picture
Dec 20
1/ Stablecoins are a $100B+ market, but most of the value is captured by Tether and Circle, with users getting no upside.

This cycle we've got Ethena and now Usual enters the game.

A decentralized, transparent, and community-owned stablecoin protocol:🧵
2/ Usual started USD0 as a fiat-backed stablecoin collateralized by ultra-short US Treasury Bills.

They just partnered with Ethena to accept USDtb collateral for USD0.

It will have a 1:1 swap mechanism between USDtb, USD0, and sUSDe
3/ Usual also offers USD0++, a Liquid Staking Token that lets users stake USD0 for yield.

USD0++ pays daily yield in $USUAL tokens or or USD0 risk-free yield.

Currently 80% APY Image
Read 10 tweets
Ignas | DeFi Profile picture
Oct 22
The old token launch meta is gone.

Point-for-airdrops helped to attract TVL to boost valuations.

6 months ago Scroll could’ve traded at 3x/4x the valuation.

But the mask is off. Other protocols that fail to innovate on token launch will face the same.
The mismatch between expectations and reality is stark.

We started farming long time ago in a different era where low float was bullish: projects could pump tokens sky high on low circulation.

FDV was the meme.

Now, high expectations lead to disappointment.

Change token launch model!
But project teams won’t change it terms were locked months or years ago.

This lack of flexibility is pricey.
Read 4 tweets
Ignas | DeFi Profile picture
Oct 10
The Uni L2 launch isn't too surprising as Uniswap aims to be a platform, not just a dApp.

The first step was announcing Uniswap V4 with "hooks."

Think of them as "plugins" or "extensions" that allow for the execution of customized code during key events within a pool like:

• on-chain limit orders
• autocompound LP fees
• KYC

The "hooks" are like bringing App Store to the iPhone.

Like Apple no longer needed to develop iPhone apps themselves, devs can build on top of Uniswap.

Now, the L2 further solidifies their dominance and liquidity.

This is bullish for $UNI as Uniswap DAO now has many more options for token utility.

Notice how Unichain's announcement doesn't mention token utility: they are keeping the options for now and discussions in the forum will start. Fee switch is not the only option anymore.

The good news: Uniswap decided to build on OP stack and implement native interoperability to enable single-block, cross-chain message passing among Superchain L2s.

This at least partly minimizes liquidity fragmentation. But liquidity fragmentation will likely worsen in the short term.

Is it bullish for $ETH, though? At least Uniswap is not launching their own L1.

But I believe Ethereum must find ways to accrue value from all these L2s launching on it. It's getting more urgent than ever.Image
Wouldn't be surprised if Uni v4 first launched on Unichain. Perhaps only on Unichain before moving to other chains.

It would make sense for them.
Don't think Vitalik is happy with the Unichain.

He had said that "uniswap chain makes no sense"

It adds extra friction for bridging etc.

But @VitalikButerin, this is how Rollup centric roadmap looks like. Image
Read 4 tweets
Ignas | DeFi Profile picture
Oct 8
1/ Is Binance front-running TGE announcements?

Binance announced Scroll's launchpool and pre-market trading for Oct 11th without any official statement from the Scroll team.

Are teams caught off guard? Scroll is not the first protocol seemingly front-run by Binance.

Plus...
2/ Binance also announced some tokenomics details that should be communicated by team.

• Circulating supply at launch: 190M SCR (19%)
• Crazy 5.5% of the total supply goes to Binance whales for just 2 days of farming

I'll be annoyed if Scroll gives less than 15% to community. Image
3/ I know it's pre-market trading only, but Binance is where most token price discovery will happen.

Whales can pre-farm tokens, pump on low supply (only they hold tokens), and dump before the real TGE happens.

Genius plan.
Read 5 tweets
Ignas | DeFi Profile picture
Oct 6
1/ $EIGEN trades outside the top 100 tokens.

In contrast, Chainlink's $LINK has a market cap 11x higher, and $TAO is worth 7 times more than $EIGEN.

Adjusted for FDV, both $LINK and $TAO trade at twice the $EIGEN FDV.

Even $TIA trades at 2x the MC of $EIGEN. Why? Image
2/ It's even more surprising as Eigenlayer has become the third-largest protocol by TVL at $10B, nearly matching AAVE's $11B.

Despite this, AAVE trades at 3.7 times the value of EIGEN.

Although, when you adjust for TVL, AAVE is actually twice as cheap as EIGEN. Image
3/ $EIGEN is trading lower despite having at least 2x great mindshare on X over the past 6 months compared to all the above mentioned tokens. Image
Read 12 tweets
Ignas | DeFi Profile picture
Sep 25
1/ Want to grow and monetize your audience on X?

Sharing tips and insights from my personal journey to 100k followers:🧵
2/ I never planned to be an "influencer." It sounds so cheesy and cringey.

There’s a negative sentiment around influencers and the whole influencer economy.

Crypto is full of grifters who harm by shilling and dumping on their followers.
3/ I started out of boredom in the bear market of 2022.

Back then, I worked at a Korean CEX and the market had crashed.

No work, no excitement.

I started to prepare for a new bull run by researching, learning, and using Twitter for personal note taking in public.
Read 20 tweets

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