Community Incentives and Hyphen

Outline

Biconomy has had an amazing 2021. We processed in excess of 1 billion dollars of value, grew the full-time team 5x, launched a token, and initiated our community governance process. Understandably, such rapid growth has come with a few growing pains. We started the year with a small community of developers from various web3 projects to over 150k members across our social platforms. We have achieved so much and in the midst of the chaos, a few things happened which we feel are important to go over and be transparent about.

Some important questions have not been answered adequately, and one of the main reasons has been the lack of a dedicated community lead. In addition, a large part of the problem has been due to the use of discord as a platform of communication.

Discord is a great place to hang out and respond to general inquiries and questions, but it’s not great for having long-form discussions and following detailed conversations.

Part of my job as communities lead is to be that conduit of information, facilitate good communication throughout the community, and enable the community to gradually take control over governance and decision making.

In that vein, I am opening this thread up to answer some of the pressing questions I have seen coming up in the discord. The forum is the perfect place for this. I ask that we keep the decisions here, that way all points of view are easily visible.


Question: When is the next airdrop?

Biconomy has only planned one airdrop for the Hyphen bridge which has already been concluded. There are no future airdrops planned for Hyphen, and this includes the perceived airdrop for those who used the Avalanche bridge.

We have to balance two things - rewarding the community, but also not giving so much it hurts the price. A small section of the community are demanding ever more airdrops, while others want us to stop giving away so many tokens so easily. We can’t keep both these happy at the same time.

However, the loyal smart Biconauts understand the best thing to do is somewhere in between. Have reward campaigns from time to time to incentivise usage & community participation, but doing so in such a way that is doesn’t negatively affect the token price


Question: Why did the team tweet there would be rewards then delete the tweet?

The tweet mentioned that there will be ‘rewards’. While it never mentioned ‘airdrops’ or promise anything, we understand that it was ambiguous and caused some confusion. The tweet was deleted to avoid any further misunderstanding. We, as a team, will also learn to be a lot more specific in our communication.

That being said, we do have plans incentivise our Hyphen users in the future! Any such incentives will be thoroughly communicated, so that the community can be sure of when & how they can receive any rewards! Please note that bridging tokens only does not add value to the community and thus will not result in rewards


Question: What’s the deal with the distribution from the community wallet, who got those tokens?

The team decided to reward some of its earliest community members and core contributors after the token sale. This was a gesture from the leadership team to thank these people because of all the hard work and value add they have put in in the past two and half years. Remember, we are a 2.5-year-old project that started in the bear market and we had received a ton of help from key people to get where we are. In particular, there have been core contributors in the team that has worked around the clock over the last 12 months going well above and beyond to ship Hyphen, Gasless, the BICO token, and the Biconomy reward platform. These are people who despite their insane effort received very little if anything in the airdrop. This was a one-time distribution that recognized the hard work and value these people have provided to Biconomy. This isn’t from the team allocation, which still doesn’t unlock till a year from TGE (Dec 2022)


Question: According to the token economics, 1/47 from the Community Incentives is distributed per month. Where is this going?

Biconomy’s Multichain Relayer protocol will involve key stakeholders such as Executors, Validators, and Delegators/Stakers. It is part of the tokenomics that 38.12% of the supply will go to community incentives and roughly 50% of that will go incentivizing Executors, Validators and Stakers. This means that tokens distributed every month according to the supply schedule are reserved for these stakeholders only. Right now, these incentives are only in circulating supply held in the community wallet and cannot be used now because the protocol is not yet live. Once it is they will be according to protocol economics that is being worked on and will be shared in due course. As our roadmap, this is planned to go live in Q3 this year.

So what about the rest of the tokens that are being unlocked and distributed monthly? These are reserved for the community where it will be used for marketing purposes, growth purposes, grants, liquidity for DEXs, bounties, hackathons, community members who add value, app/protocol partner teams, V1 staking planned to launch in Q1 this year, and anything else that might come up in the future.

Now does this mean all tokens in a specific month will go to the community straight away? No, because we need to make sure incentives across the above are balanced fairly where both the team and community have input.

If you have a suggestion as to where and how these tokens should be distributed, you’re more than welcome to start a thread on forum.biconomy.io.


Wrapping up

We should be incredibly proud of what our community has achieved over the past six months, especially our core contributors. We are actively planning new community initiatives with plenty of opportunities to earn BICO rewards. As our new Communities Lead, I look forward to working with all of you and welcome any constructive feedback on how we, as a community take our project to the next level and make the transition to a full community governed protocol.

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Dear, I would like to ask a small question - is this article relevant? :wink:

Many thanks in advance

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yes ser it is! You can redeem your NFT any time you like on the rewards platform Biconomy NFT Rewards Platform

Sorry for my persistence, but I’m talking about something else. There was information about additional perks for the holders biconaut NFT. There are people who did not burn their NFT…
Many thanks.

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Biconomy looks after its Biconauts! especially those who hold unburned NFTs, will get watch this space!

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I am very interested in all types of NFT roles of BICO, and I am looking forward to ~ :grinning:

i.e. you admitted that that tweet was about rewards but not airdrop, so what kind of rewards will those be and when will you announce them?

and why do you say that you did not plan more airdrops, if this is written in your medium? only 10 million tokens have been distributed as a retrodrop, and there are still 10 million left, which, according to you, should be distributed within 3-4 months, and two have already passed, the third month will soon pass, and as I understand you are not going to hold back the words that written in your documents