Profile of twells in Optimism

Posts by twells

• [GF: Phase 2 Growth Proposal] ShapeShift DAO by twells - No Role
  Posted on: Oct. 11, 2023, 3 p.m.
  Content: Growth Grant Report gm OP frens :sunny: As a follow-up to our previous post, ShapeShift DAO would like to report the final figures related to our growth experiment with Gitcoin Passport + Thrivecoin. tldr; the incentive program outperformed expectations both in terms of Unique Transacting Addresses (UTAs) onboarded and anticipated acquisition costs. KPI Target Outcome UTAs 10 , 000 27 , 385 OP/UTA Acquired 16 . 5 4 . 98 User Actions & Incentives Although success metrics related to UTAs and Volume were not included in the original proposal, we’re happy to report the following data for all three features incentivized by the program: Action Incentive UTAs Volume Trading 3 OP 22 , 261 $ 1 , 568 , 996 Bridging 6 OP 23 . 530 $ 2 , 320 , 928 Fiat Ramping 9 OP 1 , 598 < $ 250 , 000 The figure below shows the distribution of user actions during the incentive program. A few learnings for future incentive programs: Bridging was the most popular task, likely due the action’s co-location with swapping in the ShapeShift UI, and relatively high reward rate. In the future, we would offer equal incentives for Swapping and Bridging. Despite having the largest OP reward, few users chose to onramp fiat via providers such as OnRamper, Banxa, and Mt. Pelerin. There are many potential reasons for this user behavior, including high UX friction and jurisdictional challenges (KYC, etc.). We we therefore recommend against fiat ramps incentive programs the future. Thoughtful iteration and calibration of user rewards is required to avoid diminishing the quality of a project community with non-sticky users (i.e. airdrop hunters). Special attention should be paid to the user journey before reward distribution to determine the likelihood of change in behavioral patterns. Anti-sybil mechanism is key, details below. Data 3 provided by distribution service partner ThriveCoin. Sybil Protection For the purpose of this growth experiment, a Unique Transacting Address (UTA) was defined as a wallet with a minimum Gitcoin Passport Score. We partnered closely with the Passport team to calibrate the required score for the OP Program, and experimented with different levels of difficulty. Our experience implementing OP rewards led to the following calibration considerations for Gitcoin Passport scores when the available incentive range is ~ 4 - 20 OP: 22 + significant reduction in sybils at the cost of high friction, KYC-like UX 19 - 20 golden zone with post-campaign, pre-claim analysis 17 - 19 potential for substantial sybil abuse In addition, we conducted a post-campaign analysis to remove suspected sybil attackers. Key learnings from this program have been published 3 in partnership with Gitcoin Passport. Conclusion Our experiment demonstrates the feasibility of DAO-managed onchain user rewards for Optimism using crypto-native tools and partnerships. ShapeShift DAO remains open to further partnership with the OP Collective around growth incentive programs, should the community desire further experimentation and data!
  Likes: 3 Replies: 0
  Likers: fractalvisions, willy, bob
  No replies yet.
• [GF: Phase 2 Growth Proposal] ShapeShift DAO by twells - No Role
  Posted on: Oct. 11, 2023, 11 a.m.
  Content: Growth Grant Report gm OP frens :sunny: As a follow-up to our previous post, ShapeShift DAO would like to report the final figures related to our growth experiment with Gitcoin Passport + Thrivecoin. tldr; the incentive program outperformed expectations both in terms of Unique Transacting Addresses (UTAs) onboarded and anticipated acquisition costs. KPI Target Outcome UTAs 10 , 000 27 , 385 OP/UTA Acquired 16 . 5 4 . 98 User Actions & Incentives Although success metrics related to UTAs and Volume were not included in the original proposal, we’re happy to report the following data for all three features incentivized by the program: Action Incentive UTAs Volume Trading 3 OP 22 , 261 $ 1 , 568 , 996 Bridging 6 OP 23 . 530 $ 2 , 320 , 928 Fiat Ramping 9 OP 1 , 598 < $ 250 , 000 The figure below shows the distribution of user actions during the incentive program. A few learnings for future incentive programs: Bridging was the most popular task, likely due the action’s co-location with swapping in the ShapeShift UI, and relatively high reward rate. In the future, we would offer equal incentives for Swapping and Bridging. Despite having the largest OP reward, few users chose to onramp fiat via providers such as OnRamper, Banxa, and Mt. Pelerin. There are many potential reasons for this user behavior, including high UX friction and jurisdictional challenges (KYC, etc.). We we therefore recommend against fiat ramps incentive programs the future. Thoughtful iteration and calibration of user rewards is required to avoid diminishing the quality of a project community with non-sticky users (i.e. airdrop hunters). Special attention should be paid to the user journey before reward distribution to determine the likelihood of change in behavioral patterns. Anti-sybil mechanism is key, details below. Data provided by distribution service partner ThriveCoin. Sybil Protection For the purpose of this growth experiment, a Unique Transacting Address (UTA) was defined as a wallet with a minimum Gitcoin Passport Score. We partnered closely with the Passport team to calibrate the required score for the OP Program, and experimented with different levels of difficulty. Our experience implementing OP rewards led to the following calibration considerations for Gitcoin Passport scores when the available incentive range is ~ 4 - 20 OP: 22 + significant reduction in sybils at the cost of high friction, KYC-like UX 19 - 20 golden zone with post-campaign, pre-claim analysis 17 - 19 potential for substantial sybil abuse In addition, we conducted a post-campaign analysis to remove suspected sybil attackers. Key learnings from this program have been published in partnership with Gitcoin Passport. Conclusion Our experiment demonstrates the feasibility of DAO-managed onchain user rewards for Optimism using crypto-native tools and partnerships. ShapeShift DAO remains open to further partnership with the OP Collective around growth incentive programs, should the community desire further experimentation and data!
  Likes: 3 Replies: 0
  Likers: FractalVisions, willy, Bob
  No replies yet.
• [FINAL] Thank Optimism - powered by ThriveCoin by twells - No Role
  Posted on: July 13, 2023, 3:01 p.m.
  Content: gm Jack & frens, :wave: Due to unforeseen circumstances, ShapeShift DAO decided to partner with ThriveCoin instead of DappBack for our OP Rewards program. The Growth Council was notified of this change at the time and approved the switch. We successfully concluded Season 1 of the program last week and are very happy to be working with the ThriveCoin team!
  Likes: 5 Replies: 1
  Likers: jackanorak, thrivegiraffe, jrocki.bedrock, senad.eth, willy
  Replies:

  • thrivegiraffe: twells: We successfully concluded Season 1 of the program last week and are very happy to be working with the ThriveCoin team! willy: Overall I’ve been very pleased with Thrivecoin’s platform and team, and am in favor of this proposal. @willy and @twells, we really appreciate your kind words - and we feel the same about your team. We are so impressed with ShapeShift, and our team has been honored to work with yours in support of an incredible OP rewards program. Also, congrats on the amazing Season 1 results: https://twitter.com/thrivecoinhq/status/1677703891721527299!
• [GF: Phase 2 Growth Proposal] ShapeShift DAO by twells - No Role
  Posted on: July 13, 2023, 2:32 p.m.
  Content: Update: All critical milestones are complete! :partying_face: Our fourth and final milestone was recently satisfied with the launch of FOX/wstETH liquidity on Velodrome 2 . Incentives for this pool are earmarked in the proposal, and we require coordination assistance from the Council to roll them out as soon as possible. Regarding the OP Rewards program containing our three core milestones, Season 1 has concluded 1 successfully! ShapeShift DAO will post a summary report here in the coming weeks. tldr; we surpassed 60 % of the target number of unique transacting addresses while only consuming ~ 30 % of the total incentives awarded for this growth experiment. Season 2 has already started, and we look forward to continued growth of the OP Rewards program on our app! cc: @willy
  Likes: 4 Replies: 0
  Likers: jackanorak, oxytocin, thrivegiraffe, fractalvisions
  No replies yet.
• [FINAL] Thank Optimism - powered by ThriveCoin by twells - No Role
  Posted on: July 13, 2023, 11:01 a.m.
  Content: gm Jack & frens, :wave: Due to unforeseen circumstances, ShapeShift DAO decided to partner with ThriveCoin instead of DappBack for our OP Rewards program. The Growth Council was notified of this change at the time and approved the switch. We successfully concluded Season 1 of the program last week and are very happy to be working with the ThriveCoin team!
  Likes: 5 Replies: 1
  Likers: jackanorak, thrivegiraffe, Jrocki, senad.eth, willy
  Replies:

  • thrivegiraffe: twells: We successfully concluded Season 1 of the program last week and are very happy to be working with the ThriveCoin team! willy: Overall I’ve been very pleased with Thrivecoin’s platform and team, and am in favor of this proposal. @willy and @twells, we really appreciate your kind words - and we feel the same about your team. We are so impressed with ShapeShift, and our team has been honored to work with yours in support of an incredible OP rewards program. Also, congrats on the amazing Season 1 results: https://twitter.com/thrivecoinhq/status/1677703891721527299!
• [GF: Phase 2 Growth Proposal] ShapeShift DAO by twells - No Role
  Posted on: July 13, 2023, 10:32 a.m.
  Content: Update: All critical milestones are complete! :partying_face: Our fourth and final milestone was recently satisfied with the launch of FOX/wstETH liquidity on Velodrome. Incentives for this pool are earmarked in the proposal, and we require coordination assistance from the Council to roll them out as soon as possible. Regarding the OP Rewards program containing our three core milestones, Season 1 has concluded successfully! ShapeShift DAO will post a summary report here in the coming weeks. tldr; we surpassed 60 % of the target number of unique transacting addresses while only consuming ~ 30 % of the total incentives awarded for this growth experiment. Season 2 has already started, and we look forward to continued growth of the OP Rewards program on our app! cc: @willy
  Likes: 4 Replies: 0
  Likers: jackanorak, Oxytocin, thrivegiraffe, FractalVisions
  No replies yet.
• [GF: Phase 2 Growth Proposal] ShapeShift DAO by twells - No Role
  Posted on: May 30, 2023, 4:26 p.m.
  Content: Critical Milestone update! ShapeShift DAO has completed the first three grant milestones (Fiat ramps, Swaps, and Bridging) and is preparing a soft-launch this week for the rewards campaign. OP earmarked for this initiative totals 165 k OP, or 82 . 5 % of the total grant awarded. Our PR for adding the $FOX token to the Optimism Bridge was merged last week, and we are coordinating with our friends at Lido to launch FOX/wstETH liquidity on Velodrome in early June. This fourth and final milestone totals 20 k OP, or 10 % of the total grant awarded. A final update will be added when liquidity incentives are live.
  Likes: 3 Replies: 0
  Likers: katie, gov.atxdao.eth, fractalvisions
  No replies yet.
• [GF: Phase 2 Growth Proposal] ShapeShift DAO by twells - No Role
  Posted on: May 30, 2023, 12:26 p.m.
  Content: Critical Milestone update! ShapeShift DAO has completed the first three grant milestones (Fiat ramps, Swaps, and Bridging) and is preparing a soft-launch this week for the rewards campaign. OP earmarked for this initiative totals 165 k OP, or 82 . 5 % of the total grant awarded. Our PR for adding the $FOX token to the Optimism Bridge was merged last week, and we are coordinating with our friends at Lido to launch FOX/wstETH liquidity on Velodrome in early June. This fourth and final milestone totals 20 k OP, or 10 % of the total grant awarded. A final update will be added when liquidity incentives are live.
  Likes: 3 Replies: 0
  Likers: katie, gov.atxdao.eth, FractalVisions
  No replies yet.
• [GF: Phase 2 Growth Proposal] ShapeShift DAO by twells - No Role
  Posted on: April 18, 2023, 5:05 p.m.
  Content: Update - we’ve completed the Bridging milestone ahead of schedule! :partying_face: twitter.com ShapeShift ? 2 @ShapeShift Our app is powered by awesome multi-chain protocols ▶️@lifiprotocol ▶️@THORChain ▶️@ 0 xProject ▶️@CoWSwap This means YOU can execute many different cross-chain swaps while holding your keys! Example swaps for ETH: ✅BTC ✅Any ERC- 20 ✅ETH + ERC- 20 s on Optimism ✅DOGE ✅ATOM 4 : 27 PM - 18 Apr 2023 23 8 image 853 × 856 42 . 3 KB
  Likes: 6 Replies: 0
  Likers: ptt, willy, pallazzo, gov.atxdao.eth, fractalvisions, bob
  No replies yet.
• [GF: Phase 2 Growth Proposal] ShapeShift DAO by twells - No Role
  Posted on: April 18, 2023, 1:05 p.m.
  Content: Update - we’ve completed the Bridging milestone ahead of schedule! :partying_face: twitter.com ShapeShift ? @ShapeShift Our app is powered by awesome multi-chain protocols ▶️@lifiprotocol ▶️@THORChain ▶️@ 0 xProject ▶️@CoWSwap This means YOU can execute many different cross-chain swaps while holding your keys! Example swaps for ETH: ✅BTC ✅Any ERC- 20 ✅ETH + ERC- 20 s on Optimism ✅DOGE ✅ATOM 4 : 27 PM - 18 Apr 2023 23 8 image 853 × 856 42 . 3 KB
  Likes: 6 Replies: 0
  Likers: PTT, willy, Pallazzo, gov.atxdao.eth, FractalVisions, Bob
  No replies yet.