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Podcast

Boost.xyz: Revolutionizing Onchain Activity with Incentives and Rewards

Consumer Crypto Chronicles - EP6

TL;DR

Boost.xyz, formerly RabbitHole, is a protocol designed to incentivize onchain activities through rewards and direct engagement. It enables creators to promote NFTs and reward collectors effectively, supports a variety of onchain actions, and offers tools for audience engagement and data analytics. Boost also focuses on reputation-based systems and integrating decentralized identifiers, aiming to enhance onchain activity and community building.

Key Takeaways

  • Evolution from RabbitHole to Boost: Transitioned from distributing tokens directly to becoming a protocol that empowers creators and users.

  • Incentivizing Onchain Actions: Supports various activities beyond minting, like bridging and swapping, and offers gamified token distribution.

  • Reputation-Based Systems: Developing an on-chain points standard and soulbound ERC20 tokens to align incentives without financial value.

  • Increasing NFT Visibility: Helps creators get noticed on trending pages and collaborate with others to expand their token holder base.

  • Data Analytics Platform: Provides tools to understand and engage audiences more effectively, with potential for advanced audience builder platforms.

  • Community Building: Emphasizes the importance of reputation and credential systems for decentralized identity and onchain gaming communities.

  • Future Vision: Aims to enhance onchain activity through unique economic models and invites users to experience its beta platform.

In the latest episode of the Crypto Consumer Chronicles podcast, Humpty, the host, sat down with Brian, the founder of Boost (formerly RabbitHole), to discuss the evolution and innovative approach of his platform. Initially launched as RabbitHole, the platform aimed to distribute tokens directly to users, bypassing intermediaries. However, as the ecosystem evolved, so did the platform, transforming into Boost – a protocol that empowers creators and users through direct engagement and incentives.

The Birth of Boost

Boost started with a straightforward mission: get tokens into the hands of users by distributing incentives directly. This approach soon highlighted a crucial insight – protocols and creators could reach users without intermediaries. This realization led to a rebranding and a shift in focus from an application to a robust protocol, supporting a variety of clients like Boost Inbox. Boost Inbox is particularly designed to help creators promote their NFTs and reward collectors efficiently.

Incentivizing On-chain Actions

Boost.xyz goes beyond just minting tokens. It serves as a mechanism to incentivize a wide range of on-chain activities, including bridging, swapping, and following. With over 89 different projects on board, Boost allows for the creation of human-readable actions linked to specific contract functions, making it a versatile tool for engaging users. This capability also positions Boost as an alternative to traditional airdrops, leveraging gamified systems to distribute tokens.

The Evolution of Non-Financial Token Systems

Brian elaborates on the transition from non-financial token systems used for regulatory arbitrage to reputation-based systems that don't necessarily confer financial value. Boost is pioneering an on-chain points standard, a soulbound ERC20 token, which allows for the creation and experimentation with point systems within the protocol. This innovation aims to align incentives and support creators' efforts on the blockchain, especially in a low-cost fee environment post-4844.

Boost is working on an on-chain points standard, a soulbound ERC20 token, which can be used inside the protocol for creating and experimenting with point systems. Brian also mentions the integration of different tools on the blockchain, making data easily accessible and usable within other products. The low-cost fee environment post-4844 has led to a new way of thinking about tokens and NFTs, and Boost is being explored as a creator mechanism or tool to better align collectors and encourage on-chain actions supportive of creators' work.

Maximizing NFT Visibility and Rewards

Humpty and Brian discussed strategies for using Boost to increase visibility for NFT mints and earn rewards. They identified that trending pages on NFT platforms are crucial for discovery, and by achieving a certain number of mints, creators can organically grow and see a positive return on investment. Boost enables creators to use any token to create boosts, fostering collaboration and expanding their token holder base. 

Understanding the Boost marketplace dynamics, including the order book system and the fees associated with Boost creation, is crucial for optimizing results. Tools like Dune provide valuable insights, helping creators track and analyze their Boost performance, further optimizing their strategies. The potential for creators to have their own Boost inbox and optimize costs across various protocols offers additional opportunities for maximizing the benefits of using Boost.

Understanding Your Audience

Boost.xyz also functions as a powerful data analytics platform, helping creators understand and engage with their audience more effectively. 

He highlights the open nature of the data on Farcaster, a related platform, which allows for cross-referencing of user data and the identification of commonalities between users who engage with a creator on different platforms. This information can then be used to create targeted Boost campaigns, which can lead to more effective audience engagement and monetization. He also mentions the potential for an audience builder platform to be built on top of Boost, which would provide creators with even more sophisticated ways to understand and engage with their audience. The focus is on the underlying infrastructure of Boost, with the expectation that new tools and applications will be built on top of it by the community. He also reflects on the history of decentralized social platforms and the importance of a builder community in making these platforms successful.

The Importance of Community and Reputation

Humpty and Brian reflect on the importance of community building in a decentralized world. They discuss the role of Boost in creating incentive alignment across different parties and the potential of reputation and credential systems for on-chain gaming communities. As transaction history becomes a crucial component of digital identity, the significance of reputation grows. Boost aims to bridge the gap by making decentralized identifiers more familiar and useful for builders.

Humpty discusses the importance of community building in the Farcaster ecosystem and the unlocking of an on-chain social graph. He explains how Farcaster facilitated the creation of a community of builders, enabling the modernization of various applications and providing a better user experience. He also mentions their excitement about Boost's integration with Farcaster and the potential for deeper engagement within the Farcaster stack. Additionally, Brian discusses their anticipation for Boost as a core primitive for other protocols, the upcoming V2 of the protocol with variable rewards and auction rewards, and new integrations with on-chain gaming.

Humpty discusses the potential of building reputation and credential systems for on-chain gaming communities in the Web3 space. He notes that while creating new addresses is currently advantageous due to the early stages of reputation development, transaction history will likely become a crucial component of digital identity in the future. Brian also highlights the importance of learning from traditional Web2 games, particularly their focus on user acquisition and the development of in-game economies. He points out the unique aspect of Web3 games, where the meta is defined by the players and the community, rather than a central entity. Humpty also shares his personal experience with the fluctuating nature of crypto wallets and expresses his interest in the possibility of creating an aggregate reputation based on multiple identities. The conversation touches on the topic of decentralized identity, which was discussed with Brain four years ago.

Brian discusses the importance of reputation in the decentralized world and how it is becoming increasingly valuable. They reflect on the early days of thinking about decentralized identity and agree that reputation is essential for identifying real people in the ecosystem. They also mention that Decentralized Identifiers (DIDs) are still too early for most builders and that there is a need for a bridge to make them more familiar. They then focus on Boost, a decentralized protocol, and how they are building it to create incentive alignment across different parties involved. The end goal is to get tokens into the hands of the right participants, which was the original goal of Boost four years ago. Brian encourage listeners to learn more about Boost at boost.xyz, Boost on Twitter, and on Farcaster.

The Future of Boost

Boost aims to tackle the issue of low on-chain activity by incentivizing users to engage more with decentralized applications (dApps). Through a unique economic model, users, developers, and investors earn $BOOST tokens for their on-chain activities, which can be used to access exclusive features or traded on cryptocurrency exchanges. Currently, in its beta phase, Brian invites users to join and experience the platform firsthand.

Resources:

Project Socials: https://x.com/boost_xyz

Guest Socials: https://x.com/Flynnjamm

Join the Revolution

As Boost continues to innovate and evolve, it remains committed to aligning incentives and enhancing onchain activity. For those interested in learning more, Brian encourages listeners to visit boost.xyz, follow Boost on Twitter, and engage with the community on Farcaster. With its robust protocol and data-driven approach, Boost is poised to completely transform how we interact with the blockchain, making it easier and more rewarding for users and creators alike.

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