Why does Synthetix have superfans?
I think the secret sauce has been how much they have engaged their community to use their token in a variety of ways, resulting in compounding returns beyond SNX.
For instance, some of my rewards include CRV and REN. I might never have run across these tokens if it weren’t for Synthetix offering extra rewards for staking SNX or sBTC no their platforms.
This added value sinks that got more synths tied into more platforms, and we want so many ways for users to stake stablecoins and mAssets.
Also, the one year vesting has helped keep SNX from facing constant sell pressure.
Terra has a unique opportunity right now: we can teach the masses how to farm. Terra does not need to be the best farming blockchain, but it can be the easiest, and cheapest (fees) to use for the next 1-2 years while Ethereum works on scaling up.
The UX of Terra needs a major facelift. It doesn’t need to be perfect: the LP Rewards page on Mintr (the Synthetix site) has 6 easy to grok reward packages that allow users to interact with DeFi and synths. We can do similar with Terra.
Some ideas (and please, riff off of these because everything is so new we need to get beyond level one thinking) to start the discussion:
MIR/ANCHOR rewards for staking in:
C. Cosmos/Kava/another IBC chain
Probably focus on one or two major ones first, and see how it goes.
A Pokemon style “Catch 'em All” game that involves giving badges for collecting and/or staking stablecoin pairs
Hummingbot competitions to create new arb strategies
Cooperate with other tokens to create synergies where their users earn Luna-maybe even with Synthetix
Create incentives to get users making How To videos on YouTube and TikTok.
Incorporate tipping stocks to other people (similar to how you can tip BAT on Twitter). Micro stock tipping could be a lot of fun-offer your favorite streamer $1 worth of mAAPL or mTSLA; it could turn into a major fad.
Incentivize agora participation via rewards for highly upvoted posts and comments. This could be a small way to get more people talking and involved.
These are very basic ideas. Money Legos offer us so many new ways to organize capital and people, and I can’t wait to see what develops over the next few years. In the short run, we can create Terra superfans by giving them things to do with their Luna, mAssets, and Anchor. Bring new people to DeFi while Ethereum scales.
What do you think, Terrans?