Community Update: We Hate You, We Love You, Growth & Decentralization

So many things have happened since the last update, we thought of writing a community update to be able to look back in the future and see where we come from.

NFT20 is Growing

Our protocol is growing and we’re driving our development and feedback loop from actual usage of our product (in opposite to price/token hodlers..). We’re reaching today 830 users that have locked a total of 17K NFTs across 77 pools in 2.7K transactions.

All the liquidity and usage of our app is bootstrapped and provided by external users. This week we are counting a tremendous growth of trading volume on the app $2.2M (deposits/withdraws and swaps). Note that we’re not tracking the volume oftrade on our underlying 20’s token that could be approximated to another $2M for this week.

While those $ numbers are growing in an exponential way, our community and userbase is growing as the responsabilies of the daves.

Steps to Improve Decentralization

In order to keep improving decentralization (this is a process), this week we:

  1. Moved the treasury from the proxy contract to the Gnosis Multisig
  2. The proposal to burn the additional MUSE generated by the staking contract passed.
  3. We updated the factory contract (to be deployed this week) to send all fees directly to the Multisig instead of being transfered out of the proxy contract to the deployer address for usage.
  4. Added @walksandwalksandwalks as an impartial moderator to the forum.

We Hate Each Other & We Love Each Other

Crypto is insane because 1 day feels like 1 year IRL, there’s a lot of pressure and there are days where we end up and we say “we have the best community in the world” and days where we say “we hate this community I want to quit ahhh 🙂”, but the good always ends up outweighing the bad.

This week there were a lot of heated debates in the community, it started mostly about who should get LP incentives and it got somewhat personal as some users claimed they were being censored (when they weren’t lol), until they figured out you can’t actually edit a discourse post after 24 hours, you can just create a new one…

Our forum also got spammed with members of other community trying to influence the sentiment to earn themselves LP alloc points.

This doesn’t work well and it might even have the opposite effect as in the end the only people who decide are MUSE holder via on chain voting. Communities should be focused on building and not on personal attacks of other developers or communities.

Those debates caused a lot of friction for the daves that already have a lot on their plate (more on that in the next segment).

Community development is a full time job and a science in itself, for NFT20/VeryNifty it happened organically around the orignal developers just coding, staying as open as possible while people joining along for the ride (we never raised money)

If we aim to decentralize the community even more and complete an “exit to community” we must stay as open as possible. As we are flawed humans this means there will be days that it looks more ugly than others, this is fine though as it help us grow and get us used to collaborating with each other.

There are 1000s of people in the communtiy, all from different backgrounds, cultures and expertise but we all have 1 goal in mind, the success of the protocol. As long as we fight with each other it means we are in the right track because it means we care.

Mid Term Dev Roadmap

Hiring

We are planning to propose the community to hire for some key roles.

We are discussing terms with the candidates and will be creating an initial proposal in the forum very soon.

Add more NFT projects to the Trade section

Right now only MoonCats can be bought and sold directly with ETH on our platform, we will be improving the Swapbox and adding more projects.

P2P Market

We are thinking of creating a P2P market where everyone will be able to offer their NFT for swap/sale, we’ve made some progress on this but still thinking of the best ideas to execute this feature. We are excited for this feature.

Gamifying the App

A few super users might have noticed there is a score and leaderboard on the site 👀, we are going to keep gamifying and rewarding good users on the platform, an update on this will come soon.

Fee distribution

So far the DAO has earned a lot in fees, those fees belong to MUSE holders. In the coming week’s we’ll figure out a plan on the best way to distribute them.

That’s it for now! feel free to join the discord to discuss about the project and don’t forget to share the word.

PUBLISHED BY– Medium

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