In March, Decrypt introduced our DCPT reader token, and the primary “season” was once backed via Filecoin. Now that the top of our first season is in sight, we’re able to speak just a little about the way it went, what we discovered, and what’s in retailer for the token past Season 1.
In simply over 3 months because the get started of our first season, we noticed over 74,000 new pockets activations, with a large and moderately even distribution of 21 million DCPT tokens. We would have liked to reduce the emergence of whales and token farming with a day by day issuance cap, verified account registration, and a one-wallet-per-device coverage, and normally succeeded to that finish, with the highest pockets holder having simply shy of 0.03% of the whole DCPT provide.
For our first praise drop, we presented 150 customized NFTs to our token holders. Now we have since granted those NFTs—and via extension the house owners of the 120 pockets addresses that hang them—distinctive content material vote casting rights on our Snapshot web page, the place participants can vote on what tutorial content material they’d like to look subsequent on Decrypt.
We discovered so much right through Season 1, in conjunction with a couple of humbling classes.
First, it was once difficult for our small workforce to construct new token capability and on the similar time create and liberate on-chain rewards. Whilst rewards had been a excellent position to start out, sidechain functions and the ecosystem of Solidity sensible contract capability endured to develop. The DeFi “Cambrian explosion” has led to confirmed on-chain governance and coordination equipment that we wish to supply to the Decrypt network.
Within the subsequent iteration of our token protocol, we plan to totally reconsider our token in order that it does not simply function an in-app engagement software, however as an alternative turns into the platform for an industry-leading, community-governed Internet 3.Zero e-newsletter. As a primary step, we can be graduating our reader praise token from the OST platform to Ethereum mainnet.
We’re immensely thankful for the help of the OST workforce and supporters alongside our trail. The OST platform provides a singular manner for us to deploy in-app token capability that glad the necessities of regulated cellular app shops. It additionally is likely one of the few answers that may maintain the size of our impulsively rising reader base.
After Season 1, we plan to release a broader protocol within the coming months with higher interoperability and a extra tough function set. Most significantly, this protocol will construct on most sensible of the preliminary distribution of DCPT tokens equipped via Season 1. We plan to provide a 1:1 switch or distribution of our OST-chain DCPT token for this new ERC-20 token, which can haven’t any financial or possession price however thrilling new target audience and network options which we will be able to’t wait to proportion. The cellular app will proceed to turn DCPT balances for customers that signed up ahead of the top of Season 1, a minimum of till we whole the migration, however new app customers won’t see a connection with DCPT and no customers will have the ability to earn extra DCPT after Season 1 ends.
This new protocol effort is our most sensible precedence, and we wish to focal point on it 100%. As such, we’re pausing new praise drops, a minimum of till we’re able to proportion extra information about the preliminary protocol paintings. We don’t plan to mint extra DCPT at the OST chain right now. As soon as all 21 million DCPT are dispensed, we can pause new token issuance and re-assess in gentle of the brand new protocol’s targets.
We’re very fascinated by this new course, and shall be sharing extra main points quickly. Believe this a pre-announcement, and keep tuned!