After being in contact with some ecosystem partners and protocols currently on EON we’d like to initiate a community discussion around a potential ZenIP that holds the potential to significantly enhance our ecosystem’s potential of onboarding new users. The recommendation would seek funding from the Horizen DAO treasury for a short-term user incentives program targeting protocols on the EON chain.
As we introduce decentralized finance to the Horizen ecosystem, it is imperative that we take strategic steps to ensure the continued growth and vibrancy of the ecosystem. I’d propose we focus on driving immediate user engagement, increasing transaction volume, and boosting the total value locked (TVL) on the EON chain through a carefully crafted user incentives program.
The motivation behind this incentives program would be to kickstart a short-term initiative on EON that not only strengthens the current protocol and ecosystem but also lays the groundwork and provides learnings for future initiatives. Protocols currently on EON feel this would be beneficial as it’s necessary to attract more users to ensure their own token launches are successful, which in return would attract even more eyes on EON.
What would the asks be in order to launch such an initiative?
Treasury funds: A % of treasury funds would need to be secured to use for user incentives on current & future EON protocols.
Protocol Participation: We’d need guarantees from the protocols that these incentives would be used for farming and other creative incentives for end users of their product.
Reporting & Tracking: An established effort from the foundation to provide transparency on the success of the campaigns, which will keep the community informed of chain progress.
I believe an initiative like the one described above aligns with Horizen’s growth goals. The short-term nature of the program allows for a rapid demonstration of its impact, opening doors for future proposals seeking regular funding for similar initiatives. The community feedback and input are vital when deciding on initiatives like this. I urge everyone to be vocal and share their thoughts.
Well I disagree on permanently allocating a % of treasury funds to this without knowing the effects of it. Maybe start with a one time grant for promoting activity on EON, and then we will see what kind of effect it does on activity on EON and its ecosystem, and demand for it. Then, later when we can see what happened with the one time grant, we could talk about % of a treasury funds.
I like the idea of short term incentives to use EON. I would like to see more direct user acquisition. Something like a twitter crypto influencer giving away 1 EON ZEN to 1000 of their followers. The same influencer could showcase all the dapps in EON. We could pay the same influencer in ZEN for their work so they have an incentive for price increases. Another idea could be to make a Faucet on EON.
Unfortunately Twitter giveaways and free $ZEN doesn’t bring on chain activity to EON We already saw this with the previous faucet. We’d be proposing something more significant to bring users into the ecosystem ON CHAIN.
I agree with this idea, and it would be a good idea if we supplemented it with some traceable conditions.
However, the DAO Treasury currently seems to have fewer potions available due to DAO construction costs and outstanding debt repayment. So… Is this possible?
If everything has already been settled, I think it will be possible because the potions have increased.
Both! It would give protocols something to market to bring users onboard. It would also help onboard new protocols if we’re able to commit to providing their users with incentives.
Chiming in to signal support on this. I agree with the comments that this should be seen as a short-term program that can then be reviewed, reported on, and used to form future initiatives.
This program should include a strong mechanism for the Protocol Participation described to get buy-in and excitement and ensure proper participation from those communities and developers. I have full faith that this can be executed correctly and, in doing so, can help bring new users into the EON ecosystem. It will also help tremendously in terms of bringing on new protocols!
I have some suggestions to pump up $ZEN more than 100x
Technical level
I strongly recommend that you use a separate relay chain as the Modular Proof Verification Layer. $ZEN as the relay chain coin like $DOT or $KSM.
And recommend that you use a parachin as settlement layer. also use $ZEN as gas.
Application level
Maybe ZenIp 42400 technology has been implemented, but no one may use it, then causing $ZEN price to slump.
Polkadot will achieve heterogeneous cross-chain this year.
So you should use these settlement assets to build a DEX chain on settlement layer.
Hello, please avoid posting the same things on several channels.
Please read also our posts before. New Horizen is on testnet in 2 or 3 months (for the proof verification chain).
More information to follow during the next months.
HL is thinking very much in line of what you’re suggesting for NH tech, but we’ll be releasing those design details in the near future.
Like @Manon said, the NH verification layer should hit testnet in ~2 months, and then we should see some interesting business relationships emerge with usage.
re: a DEX, EON is our execution layer and we already have a couple important AMMs deployed and gaining traction.
So, in conclusion, we’re pretty aligned and moving along on multiple fronts. There are a few important things I’ll add from my POV in getting traction for EON:
Implement ZenIP-42206, which brings 10% of the $ZEN block reward into EON for forger rewards. This will boost activity on EON by offering tangible incentives for participating in security.
I’m a big believer that we need an $EON token to further beef up security and to offer a range of user incentives that go well beyond what we have the capacity to do with $ZEN and the current Treasury.
Present a clear and compelling vision for EON’s transition into New Horizen, what will invariably be a major tech and performance upgrade to the platform, and the all-important link of tokenomics between NH, maybe an $EON token, and how it all relates to driving liquidity and usage to the platform.
Trying to understand the impact of an $EON token. Do you not feel that would hurt and reslly diminish the value of $ZEN? I feel like ZEN holders may feel abandoned if that were to happen, unless they go hand in hand? I don’t know enough about what an $EON token would do, but those would be my two questions. Again, coming from a place of not being sure what an $EON token would do, not a criticism as I’m not informed enough.
We already saw this with the previous faucet. We’d be proposing something more significant to bring users into the ecosystem ON CHAIN.