05.27.24 - Weekly update, let's track onchain behavior.
Our new weekly update is live. We are sharing major news on last week's progress and the upcoming milestones.
Watch the video or read the detailed text version below. Pay particular attention to the key points marked by a flame. 🔥
Intro Note : Why Do We Do What We do ?
Why do we do what we do?
Our core belief is that Web3 will fail due to a mix of autism and arrogance.
Autism and arrogance lead to poor marketing across many projects, which fails to welcome new users and convince people outside of Web3.
We believe Web3 needs a leading marketing analytics solution to help projects spread, grow, and achieve significant velocity.
Dev - Big Wins !
We have a few thing to celebrate.
Multiple Hashtags / No Hashtags.
If you participate in several campaigns and use multiple hashtags, you will earn points for both campaigns.
However, if you are using hashtags like a parasite without adding any value, you will get no points.
Generally speaking, we will have more and more features to fight against misuse behaviors of people who try to win points without adding any value.
$ and @.
It’s now possible to create a campaign using $ or @, not just # for the code.
Bigs milestones of the week
Opening of the Campaigns to Any Token and Anyone
You can now use any ERC-20 token, and anyone can launch a campaign without needing to be whitelisted.
This means any creator can use the side app to create a campaign in order to reward their community.
Matic Live
You can now use not only ERC-20 tokens but also tokens on the Polygon blockchain ($MATIC) to launch a campaign.
USDT / USDC
As explained previously, USDT and USDC are not regular ERC-20 tokens and needed special development to be used in campaigns. They are now available to be used in the Side App.
Devs’ next steps
Features regarding points winning:
We want to give more option for winning point:
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Follow a Twitter account to earn points.
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Retweet a specific tweet to earn points.
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Interact with a specific account to earn points.
Winner condition:
We want to add a feature to reward only the top winners with more instead of rewarding too many people with insignificant amounts.
For example, rewarding only the top X contributors or the best Y% of contributors.
We would also add the option of rewarding an extra winner among other participants who are not in the winner conditions.
Multiple campaigns:
Now you can duplicate 7-day campaigns, but you need to sign in every time in your MetaMask. We would like to add the possibility to credit multiple campaigns with a single transaction.
New chains:
🔥 We will start to work on the Base network.
We will continue to work on Solana, and hope to integrate it next week in the Side App.
Staking:
Staking is also an ongoing work that needs the UI to be completed in order to move forward.
News from last Campaigns
The last campaigns worked well. We had Insight AI testing on-chain conditions and it worked well. Side is currently doing the same thing, with only Side holders able to participate in the campaign. We are also testing a code based on @ instead of #. We are in discussion with teams to work with new projects but we need to improve our UI.
Non Rise Campaign and future products
🔥 Besides Rise, we will start to track on-chain behavior with different blockchain APIs. The goal will be to prepare for the building of future marketing tools that will reward people according to their on-chain behavior.
Join the Discord to stay tuned.
Research on affiliation
We will research the possibility of including an affiliation feature in the campaign.
Basically, if you participate in a campaign and invite people to join, you will get extra points.
Community
We will work on the growth of the community with more projects, giveaways, and shilling.
🔥 The v2 of the bootcamp should also be live this week.
What Is Our 3-Step Funnel ?
I like to divide businesses into 3 steps. When you have 3 steps, it’s easy for your team and customers to understand.
Here are our 3 steps:
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Wow, I can make “free money”: People discover Side and realize they can contribute, add value, and make money.
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You actually do it: People say, "Okay, I participate in campaigns, follow the bootcamp, earn points, and receive airdrops. That’s cool."
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🔥 In the end, people become holders: They say, "If I stake $Side tokens, I can get a boost on all my points (and rewards)."
How to fix the token and tokenomics
Very important: You will never see founders and the team shilling the token and saying "buy this."
Of course, the token has to be a central part of the project, product, and community, but we are not going to create a "to the moon" vibe.
Because if you do that, you will have pump and dump, and people will be angry. So we have to be rational with the token.
Context:
70%+ of the supply was not sold during the ICO back in 2021 because market conditions were not favorable.
The Role we want for the $Side token is:
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Stakers can govern
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Stakers manage a treasury (coming from fees)
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🔥 Stakers get boosted points on campaigns
So we will go through a deep cleaning :
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🔥 Burning 70% of the supply, not to pump (the price depends on the liquidity pool not on the supply) but to make the tokenomics more understandable.
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Keep some team tokens.
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Keep some community rewards/incentives tokens.
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Keep tokens for staking rewards.
Conclusion:
We are making great progress. Let’s keep building!