Making Superfans

Staking
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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:

  1. MIR/ANCHOR rewards for staking in:
    A. Curve
    B. Aave
    C. Cosmos/Kava/another IBC chain
    D. CREAM
    Probably focus on one or two major ones first, and see how it goes.

  2. A Pokemon style “Catch 'em All” game that involves giving badges for collecting and/or staking stablecoin pairs

  3. Hummingbot competitions to create new arb strategies

  4. Cooperate with other tokens to create synergies where their users earn Luna-maybe even with Synthetix

  5. Create incentives to get users making How To videos on YouTube and TikTok.

  6. 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.

  7. 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?

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This the correct approach. Token holders are essentially key/protocol managers, if the interests are aligned they will do the heavy lifting in promoting.

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@dokwon As a superfan myself the main blocker that prevented me from using the terra ecosystem as much as i do today was a skepticism of the project early on. I had never heard of terra. And it took me quite a bit of reading , getting involved in the community chats , and spending hours in the terra youtube channel and github to really understand the project and appreciate that a quality and dedicated team is leading the project.

Im now all in on the terra eco system. I’ve made tons of money maintaining the terra eco system markets .

With that said i have a few comments on this topic, and mainly the topic of achieving mass adoption, based on my own experience with the eco system.

  • The Terra Foundation has kicked off many awesome projects , has lots of credibility in this space , but the website is outdated and doesnt reflect this as well as it could be . Speaking of the website, in researching terra i found myself in the empty anchor github repo multiple times wondering what was going on, i later learned in an AMA that you originally decided to develop anchor first , but later decided to focus on mirror (so the project could offer those degen aprs). The website seems to exist in a dimension where Anchor is a live product.

The website also references a solana bridge, but i cant seem to find it or more information about it.

In general this confuses the end user, and could be better organized and presented. There are lots of dead crypto projects out there and a grossly outdated website may indicate that a project is dead or dying. Consider that for a user that has never seen terra or mirror before their first impression is going to be the outdated website.

  • We need more transparency for mirror and terra swap, think something like uniswap.info, yeah yeah i know it’s all on the block chain .

Taxes in the US is a bitch, and our government will ruin our lives if they dont get their extortion money. This was another hesitation i had when using the terra ecosystem , the dread of having to calculate my taxes on this crap.

im actually working on a terra transaction parser project myself (to export transaction data to koinly, this was more work than originally anticipated). Still offering a bounty on that ?

  • More youtube videos and more exposure for terra and mirror would really help the project, but first invest those resources in to improving the website.

  • Im also a big fan of #1 , but i think what will go really well with this is a big push towards more and more seemless cross-chain transactions . Imagine i could buy some mBTC on mirror, then send it to the BSC chain , swap it for mUST , then send my mUST over to the tron chain and swap it for tron native TRX .

What would you need to achieve this?

Well for 1 , consolidating the terra bridge in to one interface, and building this out with more and more integrations is the first step.

The second step is getting liquidity on these chains. Now what would be really awesome is if the Anchor stakers could actually be funding the liquidity in this mega crosschain empire.

This alone, the ability to seamlessly send crosschain transactions pretty much anywhere and to have liquidity in major markets on the target chains , it’s going to bring users from many different projects in to the terra eco system and it’s going to make terra native assets super attractive in the global crypto eco system.

  • Get listed on coinbase , make it easier to onboard users.

And lastly, I’d appreciate if you keep those hummingbots to yourself :wink:

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Hey guys, this is all super helpful. Keep in mind though the community forum isn’t a channel to give me user feedback (although it can definitely be used for such partially) but to organize yourselves to do something useful.

Making website changes is not something we have bandwidth for at the moment. Quite simply every additional thing we do slows down shipping of core products. but lets keep thinking on the stuff the community can do @Papi independent of us.

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And yeah I definitely dont have time to look into doing youtube videos

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You got it boss. Sorry for the soap box, was more trying to answer the question “how does terra get more superfans” and thought the website feedback might be useful as it was an initial turn off for me .

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Hey Jeff, love the ideas. I’ve been pondering about some of these aswell, in particular the youtube videos. I know many people stuck in old finance just need some help getting unstuck and helpful videos are really great for that.

On another note: I saw a DeFi night sponsored by Solana and Serum taking place a few weeks ago (somewhere Asia). Basically a night to explain some fundamentals to a crowd and for them to share drinks and talks. Solana is offering grants for these purposes. Would be great if Terra could evolve to such a point as well. Definitely want to organise these in my own city!

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@Ilo_Muoto happy to discuss the grant. Let us know what you need

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That’s an interesting idea - I would love to organize something in Singapore.
From end of April onward, we will be able to host 250ppl in a location without tests.

Online is also an option.
I know a few people are interested in the project here.

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Wonderful,

I have a few questions/ideas about the Terra ecosystem that would need clarification before moving on to designing a promotion campaign. Will move this to a separate thread for our convenience.

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Hi, I am also based in Singapore, I think it would be great to see more local communities forming to energize Luna System. In order to crypto to go into mainstream, local community is definitely a good way to popularize crypto especially with such a wonder system like Luna.

As I just got into crypto about a month ago, a tons of reading has already taken much of my time to understand how blockchain work, and with defi complicating the space, it really takes a significant amount of time to understand how the things work in crypto space, especially products like anchor, mirror and swap, when they are not in one platform.

I propose to integrate them into one platform, to have savings, investment and swap in 1 web or app. It will greatly reduce the complexity and provides better linkage among these three products.

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Hey Junc,

Nice to read! In fact, Kash.io is working on a solution just like that, albeit simplified for a general public. Let’s see how it evolves. We also have the next columbus coming up, which might have more integrative features. Besides that, Zaazz (If I spell that correctly) is working on a savings calculator for the Anchor protocol.

Anyway, I wholeheartedly agree that a streamlined experience is paramount for the general public to creep in. (Even though the Luna ecosystem is already looking really good). Most people are simply not tech-savvy enough to make use of the current system even though it is relatively simple when you get the hang of it.

I’m working on a document with some further questions and ideas outlined properly.
From there, we can start to establish local communities and have them interact with each other.

Hope you are well!

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Kash.io looks good to me, but I still believe all native Terra apps must look cohesive, a revamped presentation of all solutions under one web would be essential, starts by having all product links in each platform would be good enough. Terra can start to recruit local ambassadors, by encouraging the use of country’s terra stablecoins and also building local app integrating various Terra solutions. The idea of superfan can evolve from such recruitment drive.

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That’s exactly what will happen. =)

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Just realized that even the support forums are different for all three products of Terra. Well…

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