Bridging NFT communities to Decentralized Finance has long been discussed, but has yet to be successfully implemented. In two days from now, this will change.
The NFT space has blitzscaled in recent years, resulting in a variety of well-known projects that boast thousands of participants globally. Now that these communities have been formulated, we’ve arrived at an inflection point. Projects are faced with a choice between fostering sustainable growth via disruptive change, or face inevitable deterioration over time. Projects will soon need a diverse range of offerings that keep members engaged, active, and incentivized to provide value in a way that benefits both the member and the greater good.
Decentralized finance has proven that the implementation of powerful network mechanics, thoughtful protocol functionality, and incentive-based reward systems create the foundation for a sustainable community-driven ecosystem.
The best way for communities to become sustainable is to undertake activities that benefit both the individuals within the community as well as the community as a whole. Let’s call it the equivalent of “buying local.” In other words, NFT communities can create sustained alignment via positive incentives, rewarding the community and its individual contributors for their efforts over time. By us, for us.
The Solana ecosystem is responsible for several of the most successful and innovative NFT projects to date. Now, it’s time to look forward and create a path for their continued success. The recipe for sustainable growth sits at the intersection of decentralized community and decentralized tech; the full power of each will be unlocked by joining them together and finding value in the seams.
Hxro Network x Degenerate Ape Academy
The goal of this collaboration is to create a Hxro Network-powered, community-governed DeFi platform for the Degenerate Ape community.
A community-governed DeFi protocol is the first step towards allowing DAA members to have more control over the financial infrastructure that supports their ecosystem. This enables its participants to customize the protocol to suit their needs, accrue value back to the community, and ensure that it aligns with their values and goals.
Rather than individuals interfacing with a general-use DeFi app, a dedicated DAA platform also allows community members to participate in protocol incentives from both their own activity and the collective participation of the community.
This incentive structure brings the DAA community into the era of Community Capitalism. By this construct, the DAA community and all of its individual participants can positively contribute in ways that benefit themselves and the greater good. Every Ape holder is given an equal opportunity to contribute. Those who find ways to provide value will benefit both individually and collectively.
What will begin with a simple series of quests to familiarize DAA holders with DeFi, as well as the Hxro ecosystem, will evolve into a DAA Community DeFi platform.
The first step towards making this happen is the implementation of the DAA-Hxro Badging Program.
Badges will be the identifying trait within the DAA community for holders who have decided to take the next step and believe in the long-term potential of the community DeFi platform. In order to earn the right to a badge, you will be required to complete three initial quests interacting with both Lollipop and Hxro Network. These quests will also earn you $HXRO tokens.
For the first set of quests, Hxro Foundation has committed 75,000 HXRO that will be eligible to be unlocked by DAA quest participants. The unlocked HXRO will be used by participants to stake to Hxro Network. Depending on how long you stake your HXRO will determine what level of badge the quest participant receives. Therefore, it is important that while on your quest, when prompted, you pay attention!
This initial epoch will unlock rights to up to 300 badges. There are three levels of badges that can be earned – common, rare, and mythic. All 300 slots are eligible to earn mythic-level badges depending on how they perform during the quest.
Please note, in order to participate in these quests you MUST be a DAA NFT holder.
Contributors from Hxro Network and Degenerate Ape Academy will be co-hosting a live Twitter Spaces discussion for the community on Thursday, May 11th as the first set of quests go live. Follow Hxro Network and Degenerate Ape Academy on Twitter, and join the #HxroNation Discord for additional updates as the Hxro x DAA collaboration continues to unfold.
More information on the rules of the quest will be released tomorrow and during the spaces precluding the quests launch.