BoostBeyond Hype: Understanding the Impact of Airdrops on NFT Marketplace Performance
IntroductionThe NFT marketplace is evolving. Over the past year, OpenSea has seen increasing pressure from new competitors eating away at its market share. LooksRare, X2Y2, Sudoswap, and Blur have decreased OpenSea's NFT Volume market share from 99% to 50-30% depending on the week.Market Share for NFT Marketplaces by WeekWhile OpenSea may have been one of the darling companies of the web3 era, there is one thing that it's lacking that all of its competitors have: a token. This left ...
BoostAirdrop Design | Past, Present, & Future
When considering the future of airdrops, it's easy to feel optimistic about their potential for aligning users of crypto networks. It’s just as valid to express skepticism based on the current state of the instrument. While it's clear that more experimentation is necessary in order to properly harness their power, the required overhead and lack of tooling to execute airdrops are prohibitive. But what are they, anyway?What is an Airdrop?Simply put, airdrops distribute tokens to past,...
BoostIntroducing Quest Protocol Rewards
Deploy, refer, and complete quests for cryptoParticipation lies at the heart of the crypto ecosystem. It’s the collective effort of countless participants worldwide that ensures the functionality, security, and growth of decentralized protocols. But beyond it being a mechanism for sustaining networks, participation embodies the very ethos of crypto and why it exists - to increase economic opportunities for every individual. Earlier this year we launched Quest Protocol, making it easy for anyo...
The onchain distribution network of Boost Protocol. Target, acquire and engage users with token incentives to drive growth.
BoostBeyond Hype: Understanding the Impact of Airdrops on NFT Marketplace Performance
IntroductionThe NFT marketplace is evolving. Over the past year, OpenSea has seen increasing pressure from new competitors eating away at its market share. LooksRare, X2Y2, Sudoswap, and Blur have decreased OpenSea's NFT Volume market share from 99% to 50-30% depending on the week.Market Share for NFT Marketplaces by WeekWhile OpenSea may have been one of the darling companies of the web3 era, there is one thing that it's lacking that all of its competitors have: a token. This left ...
BoostAirdrop Design | Past, Present, & Future
When considering the future of airdrops, it's easy to feel optimistic about their potential for aligning users of crypto networks. It’s just as valid to express skepticism based on the current state of the instrument. While it's clear that more experimentation is necessary in order to properly harness their power, the required overhead and lack of tooling to execute airdrops are prohibitive. But what are they, anyway?What is an Airdrop?Simply put, airdrops distribute tokens to past,...
BoostIntroducing Quest Protocol Rewards
Deploy, refer, and complete quests for cryptoParticipation lies at the heart of the crypto ecosystem. It’s the collective effort of countless participants worldwide that ensures the functionality, security, and growth of decentralized protocols. But beyond it being a mechanism for sustaining networks, participation embodies the very ethos of crypto and why it exists - to increase economic opportunities for every individual. Earlier this year we launched Quest Protocol, making it easy for anyo...
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We are thrilled to announce details about RabbitHole's Quest Protocol, part of the all-new RabbitHole V2 experience coming soon.
When RabbitHole initially launched, we noticed that there were only thousands of active addresses in the crypto space, with many token holders confined to centralized exchanges and unaware of the expanding ecosystem of crypto applications. We first developed Quests to address this problem: to place tokens in the hands of users of protocols, rather than speculators.
Since the beginning, we aimed to validate our assumptions about Quests and eventually make them permissionless so that protocols could quickly tap into the expansive RabbitHole user base and deliver tokens to the highest quality users.
After months of work, distilling everything we’ve learned along the way, the Quest Protocol is finally here. We believe not only that the Quest Protocol will be one of the most efficient ways for protocols to get tokens in the hands of its users, but become a new standard for token distributions.
Quests are now fully on-chain. Every quest will now be its own smart contract. Protocols are able to define an allowlist based upon their own predefined conditions and deposit their own rewards for each user involved. Here are the major components of the quest protocol:
Quest Deployer: A new method for protocols to deploy ad-hoc airdrop opportunities as their own smart contract. Protocols can use their ERC20s to incentivize users who interact with a smart contract event on their protocol. Protocols can specify a length of time, reward amount, and the number of participants.
Quest Receipts - Once a protocol decides to run a quest, it creates a new Quest that will declare a finite number of Receipts that can ultimately be claimed by addresses on a predetermined allowlist for a Reward. Receipts are ERC-721 NFTs that are transferable but only claimable once per Quest. Individuals that complete the Quest action are given the ability to mint a Receipt to their wallet. They then can use the Receipt to claim the Reward in the future and any other potential usages.
Allowlists - Even though this is off-chain, this is worth mentioning. We collaborated with various protocol teams for several months to determine the characteristics of valuable users. However, each team had their own definition. Taking cues from NFT land, we’re introducing Allowlists which allow protocols to specify their own definition of valuable users. Instead of RabbitHole determining what is valuable, protocols will be able to determine it based on their own needs.
There are a few major benefits of having quests on-chain. They are as follows:
Easier to spin up ad-hoc airdrops for protocols: Protocols no longer need to spend days to spin up airdrop opportunities for users. Treasury managers or growth managers can simply define an allowlist, select on-chain tasks, and deposit tokens into the contract for users to start earning in minutes.
Faster claim process for users: Previously, users had to wait until the end of a quest to receive a reward. Now users can now instantly claim rewards for Quests directly through the quest smart contract once they have their receipt.
More on-chain data means more data for analysts: Dune wizards can now create their own dashboards from every quest contract and see how quest redeemers are interacting with protocols, determining the efficiency of each quest or token distribution.
More composability: The simple but powerful architecture of the Quest Protocol allows for a greenfield composability. Quest Receipts can be used for collateral in lending protocols and much more.
We believe that the Quest Protocol will eventually live on entirely by itself, and one day become truly permissionless, so anyone can create quests. But there is a long winding rabbit hole that needs to be traversed before it gets there.
If you’re interested in reading more about the Quest Protocol, you can check out our GitHub here.
The Quest Protocol was recently audited by Codearena. Results are pending.
Follow RabbitHole on Twitter for more updates
We are thrilled to announce details about RabbitHole's Quest Protocol, part of the all-new RabbitHole V2 experience coming soon.
When RabbitHole initially launched, we noticed that there were only thousands of active addresses in the crypto space, with many token holders confined to centralized exchanges and unaware of the expanding ecosystem of crypto applications. We first developed Quests to address this problem: to place tokens in the hands of users of protocols, rather than speculators.
Since the beginning, we aimed to validate our assumptions about Quests and eventually make them permissionless so that protocols could quickly tap into the expansive RabbitHole user base and deliver tokens to the highest quality users.
After months of work, distilling everything we’ve learned along the way, the Quest Protocol is finally here. We believe not only that the Quest Protocol will be one of the most efficient ways for protocols to get tokens in the hands of its users, but become a new standard for token distributions.
Quests are now fully on-chain. Every quest will now be its own smart contract. Protocols are able to define an allowlist based upon their own predefined conditions and deposit their own rewards for each user involved. Here are the major components of the quest protocol:
Quest Deployer: A new method for protocols to deploy ad-hoc airdrop opportunities as their own smart contract. Protocols can use their ERC20s to incentivize users who interact with a smart contract event on their protocol. Protocols can specify a length of time, reward amount, and the number of participants.
Quest Receipts - Once a protocol decides to run a quest, it creates a new Quest that will declare a finite number of Receipts that can ultimately be claimed by addresses on a predetermined allowlist for a Reward. Receipts are ERC-721 NFTs that are transferable but only claimable once per Quest. Individuals that complete the Quest action are given the ability to mint a Receipt to their wallet. They then can use the Receipt to claim the Reward in the future and any other potential usages.
Allowlists - Even though this is off-chain, this is worth mentioning. We collaborated with various protocol teams for several months to determine the characteristics of valuable users. However, each team had their own definition. Taking cues from NFT land, we’re introducing Allowlists which allow protocols to specify their own definition of valuable users. Instead of RabbitHole determining what is valuable, protocols will be able to determine it based on their own needs.
There are a few major benefits of having quests on-chain. They are as follows:
Easier to spin up ad-hoc airdrops for protocols: Protocols no longer need to spend days to spin up airdrop opportunities for users. Treasury managers or growth managers can simply define an allowlist, select on-chain tasks, and deposit tokens into the contract for users to start earning in minutes.
Faster claim process for users: Previously, users had to wait until the end of a quest to receive a reward. Now users can now instantly claim rewards for Quests directly through the quest smart contract once they have their receipt.
More on-chain data means more data for analysts: Dune wizards can now create their own dashboards from every quest contract and see how quest redeemers are interacting with protocols, determining the efficiency of each quest or token distribution.
More composability: The simple but powerful architecture of the Quest Protocol allows for a greenfield composability. Quest Receipts can be used for collateral in lending protocols and much more.
We believe that the Quest Protocol will eventually live on entirely by itself, and one day become truly permissionless, so anyone can create quests. But there is a long winding rabbit hole that needs to be traversed before it gets there.
If you’re interested in reading more about the Quest Protocol, you can check out our GitHub here.
The Quest Protocol was recently audited by Codearena. Results are pending.
Follow RabbitHole on Twitter for more updates
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