For years, the QuickSwap Reddit forum has been one of the go-to places for dragon community members to discuss governance proposals, ask questions, engage with their fellow peers, discover more information about the protocol, and much more.
A key goal for QuickSwap is to drive more engagement to the Reddit forum and across the community, while also attracting more users - one of the best ways to do so is through monetisation.
Introducing the Community Currency Bot, developed by the BitCone core team and now being advanced and maintained by the Community Currency team. This is a special bot designed to monetise content creation on any subreddit forum, encouraging more organic activity and conversation.
In this governance proposal, the dragon community will discuss and vote on whether BitCone’s Community Currency Bot to the QuickSwap Reddit forum to help drive further engagement via monetisation.
TL;DR:
- QuickSwap’s Reddit forum is one of the core community hubs for key initiatives such as discussing governance votes, asking questions, and more
- This forum would greatly benefit from increased engagement through new and innovative mechanisms, such as monetisation with rewarding users for their input and activity
- BitCone’s Community Currency Bot is designed to monetise content creation on any subreddit forum to draw more engagement and discussions, and would help boost activity on the QuickSwap Reddit
- This governance proposal is for the dragon community to decide whether the Community Currency Bot should be added to the QuickSwap Reddit foum
- To begin, the governance discussion on the official QuickSwap Reddit will run until Saturday, July 6 at 11:00 PM UTC
- Once the Reddit discussions finish, a formal Snapshot vote will begin and run from Saturday, July 6 at 11:00 PM UTC until Wednesday, July 10 at 11:00 PM UTC
- Once you’ve read this entire blog post, make sure to visit the official QuickSwap Reddit discussion forum to share your perspective with your fellow community members
Quick History Lesson
In July 2022, Reddit became the first major social media platform to release an NFT collection. For their program, Reddit Collectible Avatars (RCA), Reddit partnered with Polygon. The collection was the first of its kind, giving 29 independent artists a major platform to showcase their artwork & receiving an 80% revenue share. Each artist created 3 different avatars at varying price points ($9.99, $24.99, $49.99, $74.99, & $99.99 USD), meaning there were 87 unique avatars to purchase.
While there were a few artists that had Web3 exposure, most did not.
The Gen 1 collection was a massive success. What made the program so unique and beloved was the ability to mix and match avatar traits, allowing the collector to showcase their individual style and creativity. In total, 44,749 avatars were minted through the Reddit shop within a couple months - on the secondary market, every avatar had seen its value grow above mint price.
Like any NFT collection, there were some collector favorites. Some were favored for their art and originality, but there was one avatar that stood above the rest in terms of meme-ability - Cone Head. This avatar, with its 608 mints, had a cult-like following. In a subreddit discussion, one user, u/crypto_grandma, declared himself to be “a bit-cone maxi.”
Shortly after, the Polygon meme token (Bitcone) was born. 608 billion tokens were minted and holders of the avatar were able to claim 1b for each avatar owned. The project continued to grow, starting their own subreddit, r/Coneheads, and developing utility.
Not every holder of the avatar claimed their tokens, so the unclaimed tokens were deposited into a multisig community treasury. Some tokens were airdropped to all Gen 1 avatar holders, while others were airdropped to holders of cone-themed avatars - some was allocated for community “mining” rewards.
The “mining” rewards are earned through contributions made to the subreddit when other users “upvote” created posts - these rewards are paid out through the Community Currency Bot. The bot offers many features (discussed in the next section) and has been deployed on over 50 subreddits to date.
The Community Currency team continues to work alongside the Reddit Collectible Avatar community, developing uses for the over 36 million (yes, you read that right) wallets holding RCAs and onboarding Reddit users to web3, while also adding value to their partnering web3 communities.
Community Currency Bot Features & Reward Mechanisms
The main purpose of the Community Currency Bot would be to allocate rewards to content posted on the QuickSwap Reddit. In previous use cases, this bot has increased engagement and traffic on every subreddit it has been deployed on and has proven to be a significant application to bridging Web2 users to Web3.
At the moment, the bot is equipped with the following features, broken down into sections (with more planned to be released in the future):
6 Key Reward Features
- Rewards: Users earn rewards based on the number of upvotes received for their content/post. Rewards are stored in an off-chain database and can be converted to on-chain tokens once every 7 days
- These rewards are paid out 24 hours after the post is created
- Communities add their token into the rewards wallet for distribution, where the target rate is to distribute 10% of the wallet rewards every week
- Every hour, the bot’s software extracts data from Reddit and determines the number of upvotes awarded on the subreddit in the previous 7 days. From this, the bot calculates how many tokens should be rewarded per upvote so that 10% of the remaining tokens are distributed over the next 7 days
- The formula is:(Remaining rewards balance *.1) prior 7 days total upvotes = tokens per upvote
- For example, imagine that there are 500,000 tokens in the rewards wallet and 1,000 upvotes occurred in the last 7 days. The target rewards over next 7 days is 50,000 (10%). If there is an expected 1,000 upvotes in the next 7 days, there will be 50 tokens distributed per upvote
- !resync: This command links the user’s Reddit username to their Reddit vault address and allows for commands like !withdraw to be used, which will be covered later
- !register: This command links a Reddit username to that user’s on-chain wallet address, which is different from their vault. Adding the command “!register 0x….address” sets or updates the user address. Utilising this command also allows for commands like !withdraw to be used, which will also be covered later in this blog post
- !tip: Users can tip other users in comments to show support to each other. To activate this command, simply type “!tip [amount]” and the off-chain balance moves from the person who is tipping to the user receiving the tip
- !faucet: This command grants users with a one-time deposit of the token at a designated amount. Projects can decline this feature or set rules around command, such as age of account, karma requirements (and more) to prevent malicious actors from receiving rewards
- !withdraw: This command enables users to withdraw their off-chain balance to their registered on-chain wallet, which can be performed once a week
- Check Balance: Users can check their entire portfolio of off-chain rewards by navigating to the user profile of u/CommunityCurrencyBot, clicking the “Balance Check” link, and sending the pre-programmed message. Within minutes, the bot will reply with all off-chain balances the user earned
Rewards Rebalancing
To ensure transparency with the partnering communities (on the QuickSwap Reddit, for example), the Community Currency Bot makes weekly posts to the affiliated subreddit titled “[Token] Rewards Rebalancing {Date}”.
This post highlights the following:
- Hot wallet balance (with hyperlink to the wallet address on Polygon Scan)
- Unclaimed rewards
- Undistributed rewards remaining
- Weekly distribution target (10%)
- Last week’s upvotes
- New base upvote reward amount
Subreddit Membership
Communities can utilise the bot to create special memberships for their subreddit that unlock certain privileges, which are represented in the form of a transferable NFT. Special features may include the ability to post GIFs in comments, have custom subreddit flairs, earn increased rewards, and more.
Please note that this feature is still in development and will not be a requirement, but instead a value-add for communities.
Community Currency Bot Figures
The Community Currency Bot has been deployed across numerous subreddits and is capable of supporting any token on an EVM chain. Some quick figures:
- On 50+ subreddits
- Supporting 25+ currencies
- Community sizes range from 100 members to 8.2 million (r/Cryptocurrency)
- ~1500 transactions daily
Functionality & Tech
Once enabled in a subreddit, the bot is self-sustaining. Users simply enter commands when desired and the bot will respond.
The bot runs on a python application that leverages Reddit PRAW & Web3 library to deliver a reliable experience for users. Off-chain transactions are recorded & stored within a Postgres database.
When the withdraw command is entered by users, a call is made to the Postgres database & triggers a smart contract that moves the tokens from the Community Currency hot wallet to the user’s registered wallet.
The database balance for the user is updated.
Costs/Fees
In order to fully implement and run this bot on the QuickSwap Reddit forum, QuickSwap would pay BitCone a fee of $200 USD per month from the Foundation.
The full amount of this fee would go towards tipping users who engage in QuickSwap Reddit forum chats and conversations.
More Information
To find out more detailed information about the Community Currency Bot, please refer to the links below:
- Subreddit: https://www.reddit.com/r/communitycurrency/
- Bot: https://www.reddit.com/user/CommunityCurrencyBot/
- Send ModMail: https://www.reddit.com/message/compose?to=r%2Fcommunitycurrency
- YouTube Demo: https://youtu.be/q8Rz6ixVDpY
- Pitch Deck: https://docsend.com/v/xqhb9/communitycurrency
Join the Discussion
As always, QuickSwap community members are encouraged to participate in and contribute to QuickSwap governance discussions and proposals across all of QuickSwap’s online forums, especially on Reddit. As a Dragon, you are a valued community member and your opinion matters – but you have to participate in community voting procedures to make it count.
Critical decisions guiding QuickSwap’s strategic development will always be determined by way of decentralised governance. QuickSwap’s future is in your hands, so make your voice heard!