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Web3 Degen Challenge

Habit-to-Earn platform that encourages the habit of trying out Web3 products. Users create challenges, stake their money, and if they succeed, they claim their collateral and that of others failed.

Created on 3rd September 2023

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Web3 Degen Challenge

Habit-to-Earn platform that encourages the habit of trying out Web3 products. Users create challenges, stake their money, and if they succeed, they claim their collateral and that of others failed.

The problem Web3 Degen Challenge solves

Users have a desire to not only explore and contribute to the new ecosystem and product but also to receive airdrops in the process. However, generally, it's a hassle to go through this process alone. We are too lazy to do it. Also, crypto beginners face difficulties in understanding which products to use and how to utilize their features, even if they decide to use them.
From the foundation/team's perspective, they hope for an increase in users voluntarily contributing to the ecosystem, ultimately aiming for penetration among the general public. However, this is not an easy task.

There have been two existing efforts to address these issues.
The first effort involves providing airdrops but it still have two issues. The first issue is that users are highly motivated before receiving the airdrop, but their motivation decreases once the airdrop ends. Another related issue is that the airdrop can lead to cherry-picking. From the viewpoint of the foundation/team, the motivation behind airdrops is contrary to the hope that the ecosystem becomes more active when launching the actual mainnet/product compared to the testnet.
Secondly, similar services like Layer3 and node guardians exist to address these issues. But they also face two main challenges. They reward with their native points, but without clear utility for these points, it may not provide sufficient motivation. Because the team centrally creates quests, the quest creation speed is relatively slow, and products from teams that have not commissioned quests cannot be tried.

Challenges we ran into

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Tracks Applied (9)

QF Track

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Open Track

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Sponsor Prizes

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Demo Day

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Sponsor Track: MetaMask

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Sponsor Track: Linea

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Sponsor Track: Axelar

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Sponsor Track: Taiko

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Sponsor Track: Polygon

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Technologies used

Discussion

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