Since 2017, bounty campaigns have been one of the traditional and effective ways for projects to promote ideas, create communities and potential users/investors. As far as I know, tens of thousands of people, or even hundreds of thousands, are doing bounty hunters as part-time jobs to generate extra income.
Normally, projects running a bounty campaign will pay project tokens to hunters because tokens are generated from the air and this helps to increase the number of token holders. However, amid rising transaction fees on the Ethereum blockchain, many projects have been delaying token distributions and this frustrated hunters, who moved from project support to anti-project. And so the bounty campaign had the opposite effect on the community.
Even for BSC with lower transaction fees, about $1 compared to $3-5 on Ethereum, conducting tens of thousands of transactions cost the project tens of thousands of dollars, which can be used to conduct a small bounty campaign to promote project.
So I think we can find a solution to this problem. One of the ways is being done by Sofico Bounty Manager. This is not a promotional topic for Sofico, it just offers a new way that bounty hunters can ask Bounty Manager to do if projects want to delay token distributions to avoid costly transaction fees.
This method is very simple: take advantage of the exchange's internal transaction fees.
That is, instead of sending token to hunters personal wallet, project sends token to the hunters' account on an exchange where token has just been listed. This has several characteristics:
+ Waiting time: quite long, 2-3 months for token to be listed on an exchange. This time can be shortened if the project conducts IEO;
+ Procedure: a bit more complicated because hunters need to fill out a crawl form after token is listed. The project also needs to link to an exchange;
+ Cost: very cheap because tokens are easily sent from an account on the exchange to other accounts;
+ Benefits: project avoids high transaction fees, exchange has new users, hunters conveniently liquidate the rewards from the campaign. They also save on transaction fees, don't need to send tokens from wallet to exchange.
What do you think about this? Will this new token distribution method be applied more by bounty managers in the future? And is there a more efficient and plausible approach that we can propose or apply?
Topic: Bounty campaigns: new token distribution method (Read 60 times)