January 31st marked the beginning of Commerce 3.0 — a new community-oriented, community-owned, and community-operated commerce channel. With the launch of SesameOpen’s Raindrop program, five selected community leaders from several different countries grew and fostered their own communities in the very first example of Commerce 3.0.
As the window closed on this first Raindrop, a whopping 77 individual Ethereum addresses that are eligible for the free token drop joined the five community-centric smart contracts. More importantly, nearly 140,000 SO tokens were deposited into these smart contracts by users who withdrew tokens from an exchange to their non-custodial wallet Metamask and then interacted with Raindrop smart contracts. These 140,000 tokens locked in Raindrop smart contracts represent over 2.5% of the total SO in circulation — a clear indication of the extent to which SO token holders see the value in Commerce 3.0 and the SesameOpen project going forward. As a comparison, about 3.6% of Ethereum in circulation is locked in Maker, the largest by far of the DeFi projects.
With the launch of Raindrop, the SesameOpen team is excited to see some of our beliefs in the future of Commerce 3.0 come true:
- Trust Builds Communities: Strong Community Leaders who built a foundation of trust with their community members were tremendously successful in engaging their members and introducing them to the value of Commerce 3.0.
- Start with Crypto Communities: As a crypto project, we intentionally chose to focus initially on crypto communities who appreciate how Commerce 3.0 represents a whole new business model built on blockchain and token economics. With a full 2.5% of SO token in circulation locked in Raindrop smart contracts, it is clear that the crypto community believes in the future of Commerce 3.0, SesameOpen project and SO token.
- Token Is an Attractive Incentive: Token rewards are a critical part of the new business model of Commerce 3.0, and we are happy to see that the token rewards available through the Raindrop program drew so many individuals into Commerce 3.0. Given the current user experience friction involved anytime moving tokens and smart contracts are involved, 77 addresses exceeded our expectations for this first Raindrop batch even though we strongly believe that financial incentives will overcome frictions to attract users.
The hallmark of Commerce 3.0 is to empower anyone who wants to step up as a Community Leader to serve a community by using community knowledge to curate the right products and services, with earnings tied to their individual success as well as the overall growth of the Commerce 3.0 Network. A Community Leader can be a blogger or YouTuber who has a few hundred followers, a Telegram group or Kakao channel manager who has an active group, and even an exchange that wants to stand out from its competitors to better serve its customers. In this Raindrop batch, Community Leaders are poised to receive thousands of SO tokens in compensation for their work building communities on top of the benefits of securing token rewards to their community members.
It is our belief that the success of these first communities will attract more people to the network and through multiple batches of Raindrop, we will start the flywheel for Commerce 3.0.
As SesameOpen’s first product, Raindrop is designed to bootstrap the Commerce 3.0 community-based network. Moving tokens from an exchange into a Raindrop community smart contract and receiving rewards for that action is a complete end-to-end Commerce 3.0 transaction. It is our belief that the success of these first communities will attract more people to the network and through multiple batches of Raindrop, we will start the flywheel for Commerce 3.0. Going forward, we will continue to expand the Raindrop program with additional communities, more products and services available to those communities, and further token rewards for everyone’s support of Commerce 3.0 and SesameOpen.
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