Degen Lounge Ep. 4 ??
This space is hosted by degen_lounge
Space Summary
The Twitter space showcased exciting plans for launching a meme coin and PSP collection, with a focus on fostering positive community practices and engagement to empower valuable initiatives in the world of cryptocurrencies. Participants were encouraged to remain informed about upcoming events through the let’s cook underscore soul account, highlighting the importance of staying connected. The space strove to cultivate an interactive and innovative atmosphere for individuals within the NFT niche, emphasizing domains such as Solana integration and the management of online identities and referrals.
Questions
Q: What will the upcoming event introduce?
A: The upcoming event will introduce a meme coin and PSP collection simultaneously.
Q: What is the community encouraged to do at this stage?
A: People are encouraged to follow the let’s cook underscore soul account for updates.
Q: What strategy will be showcased during the event?
A: The event will demonstrate how to utilize cryptocurrencies for community funding.
Q: What is the focus of the discussion on upcoming projects?
A: The discussion focuses on positive community engagement, initiatives, and the launch of a meme coin and PSP collection.
Q: How is community engagement being highlighted in the space?
A: Community engagement is emphasized through the promotion of positive practices and involvement in valuable initiatives.
Q: Where can followers stay updated on the latest events?
A: Followers are encouraged to follow the let’s cook underscore soul account for updates on upcoming events.
Q: What is the overarching goal of leveraging cryptocurrencies in this space?
A: The goal is to use cryptocurrencies to support valuable initiatives and establish a DAO within the community.
Q: What type of environment is the space aiming to create for participants?
A: The space aims to provide an engaging and experimental environment for participants in the NFT niche.
Q: How are positive community practices being demonstrated in the space?
A: Positive community practices are showcased through activities like ‘pump and cook’ to foster community growth and involvement.
Q: What can participants expect from the anticipated event?
A: Participants can expect an exciting and experimental event that focuses on community engagement and cryptocurrency utilization.
Highlights
Time: 00:01:19
Encouraging User Engagement, Discussion on boosting visibility and engagement through liking, reposting, and tagging friends.
Time: 00:08:53
Backer Program Overview, Detailed overview of the backer program and its significance for early supporters.
Time: 00:13:41
Points Allocation and Conversion, Explanation of how users earn points and the potential conversion into tokens.
Time: 00:18:34
NFT Prevalence and Utility, Discussion on the increasing prevalence and utility of NFTs, particularly in space-themed projects.
Time: 00:22:13
Social Media Identity with Domains, Insights into how domains can act as social media identities and their importance.
Time: 00:27:08
Revenue Generation Strategies, Exploring revenue generation strategies for ‘all domains’ and their impact on rewarding project holders.
Time: 00:54:31
Legal Considerations Advice, General advice on legal considerations, including tax implications and regulatory compliance.
Time: 00:38:11
Community Spaces Importance, Highlighting the importance of community spaces for staying updated on new projects and developments.
Key Takeaways
- Space is pre-launch but already on Mainnet with plans for meme coin and PSP collection launch.
- Emphasis on positive community practices like ‘pump and cook’ instead of ‘pump and dump.’
- Goal to leverage cryptocurrencies for supporting valuable initiatives and establishing a DAO.
- Exciting and experimental event anticipated to take place.
- Encouragement for community participation and engagement in upcoming initiatives.
- Focus on demonstrating the use of cryptocurrencies for community funding.
- Community urged to follow let’s cook underscore soul account for updates.
- Community-driven approach to creating and sustaining valuable initiatives.
- Merging meme coin and PSP collection launch activities for enhanced community involvement.
- Exploration of innovative ways to utilize cryptocurrencies within the community.
Behind the Mic
ana since 2021, you know, building initially with the NFT crowd, but yeah, I just stuck around to the bear market. Mostly just believe in the tech. I feel like the industry has forgotten that this technology is about aligning interests. I think everyone’s just focused on pumping a token, which, I mean, don’t get me wrong, we’re all here to make money. I think that’s a big part of the allure. But yeah, alignment has kind of gone out the window and even in Ethereum, it’s kind of just become a meme, you know, alignment they just treated as whatever pumps Ethereum bags. But it’s really about economics, right. About having incentives and aligning all the people involved with a project, right. And we don’t have that right now. Right. So we are developing let’s cook. It’s myself as co founder and Dao plays, which is my technical co founder. I’m a lawyer and I have my own office, so I’m not technical myself. I work more on the design side. So he’s been the one actually building all the backend. So the platform is entirely on chain and it’s a set of tools for alignment, right. At first, if you look at it kind of seems like a launch padded. But our launch mechanism is only one of many different tools to align stakeholders in a project. We also developed a new primitive for rewarding traders. Right now we have yield farms to give rewards for liquidity providers. So as you know, like on radium, you can provide liquidity to certain pools and you can get rewarded with tokens, for example, bonk. Last year they had multiple pools on orca where people could deposit liquidity and earn bonk tokens by providing that liquidity. However, there is no mechanism like that to reward traders because traders both provide liquidity and are often taking more risk than even liquidity providers. So we’ve seen some platforms like Blur, for example, provide their blur token or their blur points, as well as magic, Eden and Tensor. But we’ve seen that those reward programs are not sustainable because they’re funded by the platform as opposed to a protocol or program within the blockchain that they’re hosted on. So what we have is basically a system that rewards traders in a very sustainable way. And it’s not based off of wash trading is not based off of volume, which is the biggest issue with these other programs. We actually measure profits and losses. And basically, if you’re a positive trader, you’ll be rewarded with a share of the percentage of real yield generated from platform fees and other revenues, and you can get those rewards over time. Yeah, man. No, that’s beautiful. So what’s the whole thesis behind it? Are you guys solely, like focused on NFT projects primary or are you also doing like liquidity providing service for other. Yeah. So at first we’re starting with NFT launches. And the reason we started there was it’s honestly, it’s where we came from and it’s a bit easier to break into, I guess blockchain appeals more to that community. But it’s definitely an expansive technology, so we will be tapping into other markets. The ultimate goal is to allow every stakeholder in a project to launch aligned incentive mechanisms. So the first step, our first use case is for NFT launches and we’re already starting to work with some NFT projects. The second step is to branch out into more spaces. So DeFi is our second use case. And then just to evolve that towards a general alignment engine where, you know, basically a DAO or any community can deploy these tools to create incentives for their members, whether they’re service providers, content creators or, you know, basically any type of stakeholder. However, going back to NFTs, one of the advantages of our launch mechanic compared to your traditional mint or breeding or other mint mechanic is basically that we have a to earn out mechanism. So basically, buyers get on their mint on refunded over time if a project succeeds, but also with soft reservation. Issues that we noticed over the last bull run, especially in Solana, was you would have projects that are massively either oversubscribed or undersubscribed massively. And it was unfortunate because when they were oversubscribed, for example, you have 1000 NFTs, you have 10,000 registrations. People would try to buy them out. There would be errors. People would lose transactions. Transaction stuck. So a lot of user funds got wasted, you know, just on gas. And it’s unfair because you’re in regions of the world that can compete for those NFTs, right? So if you have an expensive mint, you’re losing $500 on gas. Just trying to get in. You’re at a loss even if you mint. And then the second issue we noticed was these unsuccessful projects basically would launch and only get 10% funded, but those people would still be holding back. At NFTs, you know, you use $200, only 30 NFTs are minted. You basically wasted your money because there’s not enough backers to fulfill the full vision of the project. So with our mechanic, what we basically did is we have a soft reservation system which allows projects to create fully refundable, soft reserves, both with a basic whitelist. So it almost meets a branch per demand system. So projects can set a threshold of demand they have to meet. On top of that, they can set a demand reservation limit per user, mitigating the number of people losing out. They can make fully refundable deposits. So basically, what we’re trying to solve was this quality control and this issue control with our launch mechanism. So that’s kind of how we differentiate ourselves on the NFT side. And then on the second side is basically this new primitive for rewarding traders. So they have less risk, so they will be rewarded. However, we are also adapting this to lending and other platforms. In this phase of our business role, there’s two major problems we need to solve that we as users are facing. Identified, exhausting that like on the launch mechanism and the launch padding itself. On the trader side, on the trade two and side. How are you ensuring like in terms of the user experience overall like simplicity? Because in theory it makes a lot of sense, right? But you have a lot of like common users coming up. How are you preventing them. Totally. Go ahead. I think one of the things Nash protocol was able to see great success with was making sure we had very good, like backtests, very good logic to basically support the different mechanisms and dynamics of the ecosystem, right? We were within. So it’s one of the problems that we have traded to solve is within regards to trade to earns, if we have some kind of backtesting behind based upon the trader and we’ll know if the trades successful, that’s one of the mechanisms. The other thing is to have a proof of concept to show early on. And that’s going to be a question for myself and Hao to find out a little more because a lot of those intricacies lie in that newness and really solving those problems anew. Yeah, it’s an iterative thing. So we definitely need to find the optimal balance so that, you know, essentially everyone gets to be a profit. But yeah, it’s still like in the testing phase. So the logic we’ve developed the first version of the mechanism, we just need to make sure that it’s solid and then we will move forward with the launch. So the first use case and the first launch will definitely be NFT related. It’s just, you know, a lot easier to do. Already spoken to a lot of projects and we are working closely with them to have them either do a let’s call it beta launch or soft launch to basically make the product solid. I think what you’re referring to is simplicity and accessibility when we’re developing our user interface. We are taking those things into consideration. You can’t have too many steps. If there’s too many steps people aren’t going to use them. We have learned from feedback that the solana community it’s like they like things simple things like no more than two, three steps. Don’t make them jump through 20 hoops to get to the finish line just to try mint even if it’s a whitelist. So those are things we are listening to from both like I mentioned projects as well as our users of how to make the UX like simplicity and streamline. And that’s kind of how we’re thinking about it. Both user cases though still have a lot of potential. I think based on our learnings from the early projects we’re talking to and a lot of the users we have, I’d say like we have quite a few early testers. We will find the optimal solution to basically balance between rewarding traders and making it accessible. Yeah, no, that’s actually pretty thorough. Honestly, I think I salute you guys for what you’ve done. One thing we learned is we honestly spoke more to the people who have done it, who failed at it in order to learn. So we don’t just want to sit on a success. What we wanted was who’s gone through it what pain points there? Versation sushi over. How can we not like duplicate them and make sure we have a solid launch? Pain points that were like fairly large within the Solana community about ninjas that were happening. And to be honest it wasn’t even just that. A lot of the communities because stuff would mint out and ten minutes later they’d retrade and come right back up, so I’ll let you close up Halo and represent for Spider and web weavers. But banks, appreciate you joining us. I know it’s been fighting back and forth, but I think we have timur up on the account. What’s up, big t? Yeah, sorry guys, it’s just like 01:00 a.m. my time. So I’m just, you know, joining from the main account just to represent. But yeah, I appreciate everybody’s comment. And Vlad, you know, I love you, brother. So hit me up. I love it. Yeah. Thank you guys for coming, dude. Thank you so much. And make sure you guys check it out. If you do, grab a banks NFT, join the discord and you know, check out their platform. Lots of ways to earn and if you don’t have a referral, like I said, they have an amazing referral system and ways to reward everyone even if you didn’t claim one. So awesome news. Check them out. Great time to be lending and definitely acquiring some of this underlying asset of Solana. Compounding your bags halo. Rocking out with me the whole time, dude. I love the consistency. I love to see a fam much love my co host with the most. Tell them about spider swap, web weavers and closest out for today’s man. So thank you guys for joining first of all. And what I’m gonna say is basically swap with Spider, get yourself a web weaver because it’s gonna come out pretty soon. Get your identity in spider swap and get your domains from Vlad and hopefully when the let’s cook is out, we’re gonna have some fun with that too. Dude. Amazing, amazing stuff. Thank you everyone for tuning in. Even if you’re listening back, you could have been anywhere in the world, but you tuned into the Djen lounge, episode number four every Thursday. You already know. Thank you guys so much. Like and repost one more time for our listeners around the world and give all of these amazing projects and speakers up here a follow. We will see you guys in spaces and in the ecosystem the rest of the week. Much, much higher, fam, much higher. Appreciate the love and support. We’ll see you guys next time.
