Decrypt Reader Token: What Comes Subsequent

In March, Decrypt launched our DCPT reader token, and the primary “season” was sponsored by Filecoin. Now that the tip of our first season is in sight, we’re prepared to speak a bit about the way it went, what we realized, and what’s in retailer for the token past Season 1.

In simply over three months for the reason that begin of our first season, we noticed over 74,000 new pockets activations, with a broad and comparatively even distribution of 21 million DCPT tokens. We wished to reduce the emergence of whales and token farming with a every day issuance cap, verified account registration, and a one-wallet-per-device coverage, and customarily succeeded to that finish, with the highest pockets holder having simply shy of 0.03% of the whole DCPT provide.

For our first reward drop, we supplied 150 customized NFTs to our token holders. We’ve got since granted these NFTs—and by extension the house owners of the 120 pockets addresses that maintain them—distinctive content material voting rights on our Snapshot page, the place members can vote on what instructional content material they’d prefer to see subsequent on Decrypt.

We realized so much throughout Season 1, together with just a few humbling classes. 

First, it was difficult for our small workforce to construct new token performance and on the identical time create and launch on-chain rewards. Whereas rewards had been a great place to begin, sidechain capabilities and the ecosystem of Solidity good contract performance continued to develop. The DeFi “Cambrian explosion” has resulted in confirmed on-chain governance and coordination instruments that we wish to present to the Decrypt group.

Within the subsequent iteration of our token protocol, we plan to utterly rethink our token in order that it would not simply function an in-app engagement device, however as a substitute turns into the platform for an industry-leading, community-governed Net 3.0 publication. As a primary step, we can be graduating our reader reward token from the OST platform to Ethereum mainnet.

We’re immensely grateful for the help of the OST workforce and supporters alongside our path. The OST platform affords a singular manner for us to deploy in-app token performance that happy the necessities of regulated cell app shops. It additionally is without doubt one of the few options that may deal with the dimensions of our quickly rising reader base.

After Season 1, we plan to launch a broader protocol within the coming months with higher interoperability and a extra highly effective function set. Most significantly, this protocol will construct on prime of the preliminary distribution of DCPT tokens supplied by Season 1. We plan to supply a 1:1 swap or distribution of our OST-chain DCPT token for this new ERC-20 token, which could have no financial or possession worth however thrilling new viewers and group options which we will not wait to share. The cell app will proceed to point out DCPT balances for customers that signed up earlier than the tip of Season 1, a minimum of till we full the migration, however new app customers is not going to see a reference to DCPT and no customers will have the ability to earn extra DCPT after Season 1 ends.

This new protocol effort is our prime precedence, and we wish to give attention to it 100%. As such, we’re pausing new reward drops, a minimum of till we’re able to share extra particulars concerning the preliminary protocol work. We don’t plan to mint extra DCPT on the OST chain at the moment. As soon as all 21 million DCPT are distributed, we’ll pause new token issuance and re-assess in mild of the brand new protocol’s objectives.

We’re very enthusiastic about this new course, and can be sharing extra particulars quickly. Contemplate this a pre-announcement, and keep tuned!

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