L2 Planet Learn: L2 ERA (Part 1)
Get a chance to be one of the early users as you embark on a journey through L2 solutions in this issue of the L2 Planet Learn series!
You should do it!
Projects take into account or are inspired by past rewards when rewarding early users. In this section, the criteria that many projects have or can take as a common basis while awarding are given.
As L2 Planet, we recommend that explorers do not skip these criteria and definitely do it.
Repeat User
One of the most important criteria is to be a regular user. We've entered an era where users' one-time uses are no longer easily rewarded.
So much so that the projects now impose high volume and weekly regular usage criteria. While this often results in the elimination of users who have small funds but it can be an effective method of eliminating bots and airdrop hunters. We see a lot of sybil-attacks, especially with multiple wallets and small funds. Projects now implement the Report-to-Win model by rewarding community members who report such attacks. We can show Hop protocol rewarding to the Report-to-Win model.
While trying out projects, you should avoid using multiple wallets, use them actively for at least 4 weeks and try to create as much volume as possible.
Native Bridges
Native bridges are one of the most frequently used criteria for projects to select early users.
It is generally more costly than third-party bridges, but it is definitely a method that should not be skipped. Since some projects may consider total volume or number of uses when rewarding early users, it may be necessary to transfer several times.
Third-Party Bridges
Projects often consider the use of third-party bridges alongside native bridge usage when rewarding their early users.
Third-party bridges are generally cheaper than native bridges but may have different security assumptions. Another advantage of this method is that when you use third-party bridges which have no token, you can also have a chance to get rewarded by them.
Third-party bridges:
Participating
Mostly, the main goal is governance when projects launch their tokens. For this reason, when rewarding early users, they often reward users who have already participated in the governance of other projects and DAOs.
All you have to do is participate in on-chain voting or snapshot voting of any project or DAO.
An example of early user rewards distributed to those who participate in DAO decisions is the $BADGER reward from Badger Finance to those who voted with $YFI and participated in the governance of Yearn Finance. Then, the $ICE rewards by Popsicle Finance to those who voted with $BADGER and participated in the governance of Badger Finance. Could you see the big picture?
Community
Another criterion that projects pay attention to while rewarding their early users is early participation in the community and taking an active role.
Discord, Twitter, Telegram, and Crew3 are the most preferred platforms when projects want to award their early members. Most projects give OG roles to community members who join early the Discord channel, and members in that role get some privileges. Similarly, projects may submit private forms for Telegram members or give some privileges to members who complete tasks in Crew3 and earn XP.
Participating in community discussions and taking part in content and design competitions, are also important. Projects do not hesitate to reward their users who create value, advance the community and contribute to the project.
As an example of the awards made in this criterion, we can say the example of Hop Protocol. Hop Protocol rewarded early Discord participants and Twitter content creators with $HOP tokens.
Being a Multi-Sig Wallet Signer
Being one of the multi-sig wallet signers is a popular criterion these days when projects consider rewarding early users.
Although creating a multi-signature wallet is a bit expensive, we are entering a new era where new methods and criteria are considered in rewarding early users.
If you want to create a multi-signature wallet with Gnosis Safe, you can set up a multi-signature wallet on the Optimism network by watching the video below. As an example of the rewards made in this criterion, we can give an example of Optimism's award to multi-signature wallet signers.
Ownership of ENS Domains
Ethereum Name Service (ENS) opens the doors of web3.
If you are tired of the complexity of wallet addresses, try ENS now. For example, imagine there is a cat, Tobby Kitty, which is tired of its long and complex wallet address. The cat can avoid this complexity by registering tobbykitty.eth from ENS for as long as it wishes. Thus, possible hacking can also be prevented.
Not just that. ENS is a composable system. Projects and dApps can be built using ENS domains and on-chain activities. ENS is like a digital identity. There are many projects created using ENS domains. While the projects reward their early users, they may not forget the ENS domain owners.
Gitcoin
Projects support and love the works for the benefit of the ecosystem. Gitcoin is the world's largest open-source web3 funding event.
We recommend that you should donate to projects that have the potential to reward donators of Gitcoin. Gitcoin donation rounds are held every 3-4 months. For this reason, regular donations should be made, and different payment methods such as Ethereum or zkSync should be used.
You can support the L2 Planet newsletter and this content by donating to L2 Planet via Gitcoin :)
That’s all from L2 Planet for now, hope to see you in other issues :)