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Ignas | DeFi Research Profile picture
@DefiIgnas
Sep 23, 2022 • 12 tweets • 6 min read • Read on X
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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 Research Profile picture

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More from @DefiIgnas

Ignas | DeFi Research Profile picture
May 17
1/ Bearish sentiment for $ETH is dominating on Crypto Twitter.

But Coinbase believes ETH will surprise to the upside later in the cycle.

Here are the top ten reasons why: 🧵
2/ Ethereum vs. Competing L1s:

Ethereum ecosystem still dominates DEX volume but Solana and other L1s are eating into ETH's market share.

Plus, ETH's developer ecosystem, EVM proliferation, and role in DeFi as collateral keep it competitive. Image
3/ Stablecoin Supply:

ETH dominates in stablecoin issuance: a sticky metric for adoption.

Even as Solana grows, even Ethereum L2s like Arbitrum surpass Solana in stablecoin supply. Image
Read 12 tweets
Ignas | DeFi Research Profile picture
May 17
1/ Airdrop farming with points is losing its hype.

But points are just the latest trend in our ongoing token printing experiments.

So, what's next for points, airdrops, and token printing? 🧵
2/ Airdrops is the evolution of the way we issue new tokens to the market.

And every cycle, we find a new way to print tokens. And it gets easier each time.
3/ In pre-Ethereum times, launching a PoW blockchain was the way to print tokens.

Litecoin, Bitcoin Cash, Bitcoin Gold...

Fair enough, as tokens were either airdropped to BTC holders via a fork or mined with relatively low requirements.
Read 24 tweets
Ignas | DeFi Research Profile picture
May 16
1/5 Two major crypto hacks in two days:

• Alex Labs for ~$29M
• Pumpdotfun for ~$80M

Yet the number of hacks and losses has dropped this cycle.

We lost ~$2B since 2023 but crazy ~$77B until then, with Terra collapse accounting for $40B. Image
@DeFi 2/5 Compared to 2022, DeFi hack losses dropped by 63.7% in 2023 and median losses per hack decreased by 7.4%.

Two reasons for that: Bear market & improved security.

Chainalysis info. Image
3/5 The type of exploits also changed.

Previously, most DeFi hacks were due to flawed smart contracts bugs.

But compromised private keys are now the biggest culprit (Alex Labs suffered from this type of account too). Image
Read 6 tweets
Ignas | DeFi Research Profile picture
May 15
Wow. Maker will likely have two stablecoins.

Rune proposes:

1. NewStable: Prioritize dollar peg and real-world asset (RWA) collateral

2. PureDAI: Focus on complete independence from centralized control, using decentralized collateral.
NewStable

- Successor to Dai, aimed at mass adoption with RWA backing and regulatory compliance.
- Maintains a dollar peg, focusing on utility, yield, and resilience.
- Will eventually have a freeze function for legal compliance, implemented via governance vote.
PureDAI

- Focuses on pure decentralization with decentralized collateral like ETH and stETH.
- Features no governance or budgets and will be immutable upon release.
- Available after a few years, independent of MakerDAO.
Read 4 tweets
Ignas | DeFi Research Profile picture
May 15
L1s are productive assets: you use it to farm ecosystem airdrops, stake for rewards, and as the ecosystem expands, price goes up.

That's why my playbook for the bull run consisted of farming with L1 coins.

Thought I'd play it safe, but the L1 strategy did better than expected.
Plus, if you include the airdrops received from holding ETH, SOL, NEAR, APT, SUI, their performance is even better than in the table above.

Yeah, memecoins did the best but there are hundreds of memecoins so hard to pick a winner and easy to dilute your cash.
Finally, L2s are non-productive assets:

You can't stake them for native rewards (exceptions are $STRK, $MNT, and $METIS), can't use them as gas tokens, and the inflation from unlocks is typically too high.

Plus, their own ecosystem protocols rarely reward holders of L2 tokens.
Read 4 tweets
Ignas | DeFi Research Profile picture
May 2
1/ Finding Zero-to-One innovations in crypto is my ultimate quest.

The rare gems that change the game.

Arweave's AO 'absurdly scalable' hyper parallel computer could be just the thing I look for: 🧵 Image
2/ Arweave started with a simple yet a powerful idea: permanent, secure storage of documents and applications.

If you have Ethereum NFTs, chances are the JPEG is stored here. Or on Filecoin's IPFS.
3/ Arweave allows for data to be stored permanently with a one-time fee.

The protocol connects those with spare hard drive space to users needing long-term data storage or content hosting.
Read 17 tweets

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