Author | Baize Research Institute
The creation of the Internet Computer blockchain (hereinafter referred to as IC) is to turn the concept of "world computer" into reality, enabling smart contracts to run on the chain at network speed. The creator, DFINITY Foundation, hopes that developers from around the world can create large-scale services on the IC chain in a more decentralized manner and raise funds directly from the user community.
In December last year, the DFINITY Foundation developed the Launchpad infrastructure SNS (Service Nervous System), which aims to provide a DAO governance solution for application developers who are unable to implement it themselves, with just one-click deployment. The online launch of IC chain ecological projects on SNS requires certain thresholds. First, the white paper and token economics need to be approved by the majority of ICP stakers before the Swap can be launched. Secondly, if the preset amount of ICP is not raised in the Swap, it will also end in failure.
In the past 10 months, 11 IC ecological projects have completed decentralized token sales on SNS and transitioned to DAO, raising a total of $20.6 million. Investors purchase tokens of a project on SNS and stake them, participating in the project's governance in system upgrades, Canister smart contract upgrades, treasury fund management, and voting for creating activities, representing their optimism for the project's future.
Now let's take a look at what these projects that have become DAOs through SNS are doing and what we can expect in the future. After all, raising funds in the community through the launch of projects on SNS is just the first step, and further observation is needed on how they grow in community participation.
SNS1: Transitioning from experimental coins to governance coins for games
Strictly speaking, SNS1 cannot be considered the first project to go online on SNS, as it was just a stress test conducted by the DFINITY Foundation's research department before the official release of SNS.
The total supply of SNS1 is set at 10,000, with 3,141 used for decentralized sales. All ICP holders can directly participate in the exchange, with 1 SNS1 equaling 1 ICP.
Launch Date:
December 10, 2022
Funds Raised:
3,141 ICP, valued at approximately $13,800 at the time.
Current Governance Review:
The SNS1 token has been taken over by the full-chain game Dragginz and has become the governance token for the game. The development team holds 52% of the token share (already locked) and governance voting rights to ensure full control over the game content. As a result, the price of the SNS1 token has soared from 47 ICP in early June to a recent all-time high of 999 ICP (approximately $2,997), an increase of over 20 times.
Dragginz was founded by Adam and Donna Powell, the founders of the classic pet-raising web game "Neopets," with the assistance of many former colleagues. Dragginz will be a free full-chain game that combines "pet raising" and "open world," built on the Internet Computer blockchain, based on IC chain's internet identity system and reverse gas model to abstract encrypted knowledge, attracting mainstream players from around the world. The game is expected to be officially released in the second half of 2024 or early 2025. It is worth mentioning that although Dragginz is not a 3A-level game urgently needed in the current Web3 field, the development team will participate in various mainstream game exhibitions to promote Dragginz and Web3.
To learn more about Dragginz, you may want to check out the recent interview with the founders, "The founders of the 100 million player web game Neopets are entering the Web3 game industry."
Future Development Prospects:
The Dragginz development team released an announcement about the token economics design of SNS1 two weeks ago. In addition to renaming the SNS1 token to DKP (Dragginz Karma Points), they also plan to increase the token quantity by 100,000 times on October 23, from 10,000 to 10 billion.
Recently, they updated the progress on the token quantity via Twitter, stating that due to technical issues, the token quantity will not be modified temporarily until further notice.
The following two points will still be retained:
• Staking SNS-1/DKP to SNS has governance incentives, but not token rewards, rather some form of reward in the game mechanism.
• The team will still retain 52% of the voting rights to have complete control over the game content, to avoid experiencing the fate they had in "Neopets."
OpenChat: A fully decentralized chat platform, "TG+DC"
OpenChat is an OG project in the IC ecosystem's SocialFi track, and it started development less than a month after the launch of the IC mainnet. It is a fully-featured decentralized chat application, similar to "Telegram+Discord." In addition to basic functions such as user conversations, sending images and videos, and sending token red packets, it has expanded to include server group functions similar to Discord.
Launch Date:
March 17, 2023
Funds Raised:
The governance token for OpenChat is CHAT, with a total supply of 100 million. 25% (25 million) of the tokens were used for decentralized sales on SNS, raising 1 million ICP, valued at approximately $5.6 million at the time.
Current Governance Review:
As a decentralized chat application, all basic functions have been developed and perfected.
Since OpenChat successfully completed decentralized sales and became a DAO, many proposals have been submitted and voted on, covering website upgrades, Canister smart contract upgrades, creating marketing activities, treasury fund transfers, and the construction and management of IC ecosystem project groups.
A major feature update is that users can now directly initiate SNS proposals and participate in governance voting within the OpenChat application without switching to the SNS website. All projects that have gone online on SNS will have this feature in their groups.
The number of OpenChat users has grown from approximately 83,000 before going online on SNS to the current 110,000. (Data can be found here: https://4bkt6-4aaaa-aaaaf-aaaiq-cai.raw.ic0.app/metrics)
Future Development Prospects:
On the roadmap of OpenChat, several features are in the development stage, including voice and video functionalities, APIs for integrating services for other projects, and using NFTs from the wallet as profile pictures, and more.
It is worth noting the items on its roadmap such as "Users use CHAT as a rechargeable diamond member," "Rewarding users with CHAT for inviting friends to join the platform," and "User reputation reward mechanism" (a disguised airdrop, incentivizing long-term user engagement), which are expected to increase the application scenarios for CHAT and empower CHAT.
Kinic: On-chain search engine for the IC chain
Kinic is the first fully on-chain Web3 content search engine, currently capable of searching all front-end Canister smart contracts on the IC chain. Kinic's SEO module is supported by zero-knowledge machine learning (ZKML) technology, so all users can trust that they are getting the best results determined by the Kinic algorithm and will not receive any advertising content.
Launch Date:
June 17, 2023
Funds Raised:
Kinic's governance token is KINIC, with a total supply of 6 million. 25% (25 million) of the tokens were used for decentralized sales on SNS, raising 509,000 ICP, valued at approximately $2 million at the time.
Current Governance Review:
• Currently supports searching content on the IC chain.
• Improvements to Kinic are being made through proposals and governance voting after going online on SNS.
Future Development Prospects:
• Kinic plans to add content from more blockchains and decentralized storage networks in the future, including IPFS and Arweave.
• Kinic plans to support advertising in the search engine, with advertisers using KINIC tokens for bidding, and the highest bidder winning the ad space.
Hot or Not: IC version of TikTok
Hot or Not is a decentralized short video application, similar to TikTok, with GameFi elements, aiming to break the monopoly of traditional social media through gamified and tokenized content.
The platform has two tokens, one is the platform's internal token COYN (unlimited total supply), and the other is the governance token HOT. HOT token holders can control the COYN token economics through governance on SNS.
As the name suggests, Hot or Not, users can use COYN to bet on the videos they come across, whether they are "hot" or "not." If the user bets on the majority side, they win and earn double COYN. Otherwise, they lose the COYN they bet. Regardless of whether the video becomes popular, 10% of all COYN is directly rewarded to the creator. Users can earn COYN by logging in daily.
Launch Date:
July 13, 2023
Funds Raised:
Hot or Not's governance token is HOT, with a total supply of 1 billion. 33% of the tokens were used for decentralized sales on SNS, raising 1.074 million ICP, valued at approximately $4.7 million at the time.
Current Governance Review:
Improvements to Hot or Not are being made through proposals and governance voting after going online on SNS.
Given Hot or Not's intention to be an alternative to TikTok, it has already achieved this goal with the current version.
Future Development Prospects:
According to its whitepaper, Hot or Not plans to introduce the following features:
• Creator DAO - a creator token similar to the SocialFi platform Only1, where creators can propose on SNS and, once approved, have their own token and fund pool. Fans can purchase creator tokens, and the more people buy, the higher the price, benefiting from the creator's long-term efforts, while the creator benefits from having an initial share.
• NPhone NFT - a level NFT similar to Cheelee's "glasses NFT" on the decentralized short video platform. Each user has one, and watching videos/participating in popular bets can earn points to upgrade the NFT. The higher the NFT level, the more benefits.
• Mystery Box - a blind box randomly airdropped while watching videos, which can contain NPhone NFTs, points, and more.
IC Ghost: The first meme coin on the IC chain
IC Ghost is the first meme coin on the IC chain, and through its release on SNS, it has become a meme coin project completely governed by the community. Every GHOST holder is a stakeholder, contributing to the project's development and prosperity.
Launch Date:
July 27, 2023
Funds Raised:
IC Ghost's governance token is GHOST, with a total supply of 10 billion. 20% of the tokens were used for decentralized sales on SNS, raising 20,000 ICP, valued at approximately $84,000 at the time. (Neuron Fund not requested)
Current Governance Review:
Formally becoming a DAO governance, multiple proposals have been completed on SNS, including airdrops to early NFT holders, token burning, treasury transfers, and more.
However, there is a lack of marketing activities, with the only marketing activities being joint KOL giveaways and offline airdrop events in the development team members' local communities.
Future Development Prospects:
• Developing an NFT marketplace with GHOST as the theme.
• Developing a metaverse virtual world with GHOST as the theme.
• Launching a community education program, where community members spreading GHOST can receive incentives.
Modclub: Decentralized content moderation platform essential for SocialFi projects
Modclub is a decentralized content moderation platform that provides fast, accurate, and scalable AI-assisted moderation and data labeling solutions for SocialFi projects. The platform uses a proof of humanity verification mechanism to ensure the safety and privacy of developers and users.
For example, if I have developed a SocialFi dApp but the platform lacks a content moderation mechanism, I can post content moderation tasks on Modclub:
Step 1 - Set the number of "moderators" participating in the moderation task and the moderation rules.
Step 2 - Mark and package all potentially violating content in my platform and post the task.
Step 3 - Moderators review the content according to the rules. If the majority of moderators vote as unqualified, the content is ultimately defined as "violating." I must remove this violating content from my platform.
During this process, moderators participating in moderation tasks will receive token rewards if they vote in the majority.
Launch Date:
August 25, 2023
Funds Raised:
Modclub's governance token is MOD, with a total supply of 1 billion. 22.5% of the tokens were used for decentralized sales on SNS, raising 654,000 ICP, valued at approximately $2.3 million at the time.
Current Governance Review:
The core functionalities are currently available.
Modclub DAO has airdropped to early users through proposals, and the system and Canister smart contracts have been upgraded multiple times.
Future Development Prospects:
Modclub urgently needs to integrate the artificial intelligence mentioned in the whitepaper. In the example of how a SocialFi project uses Modclub to post tasks in the second step, developers still need to manually filter a large amount of content on the platform, which is time-consuming and labor-intensive. When Modclub integrates AI, developers can use AI to filter out content suspected of violating the rules, making it more conducive for Modclub to be adopted by more projects.
Catalyze: Decentralized community platform, IC version of Discord
Catalyze is a SocialFi application designed to provide tools for creating and managing communities, similar to Discord.
Launch Date:
September 8, 2023
Funds Raised:
Catalyze's governance token is CAT, with a total supply of 500 million. 22.5% of the tokens were used for decentralized sales on SNS, raising 602,000 ICP, valued at approximately $1.98 million at the time.
Current Governance Review:
Catalyze has fulfilled its commitment to airdrop to users who previously purchased NFTs through Funded by initiating SNS proposals.
As a pure Discord alternative, basic functions such as creating communities, chatting, and creating tasks are quite mature. However, Catalyze's online chat function is currently based on the Matrix protocol, which is a decentralized communication network.
Future Development Prospects:
• The Catalyze development team is committed to transferring the online chat function to the IC chain in the third quarter, with Beta testing expected later this year.
• Important features for community management that have not yet been implemented include: audio and video chat, NFT-gated events, NFT-gated meetings, agenda management tools, and sub-DAO.
BOOM DAO: IC's full-chain game infrastructure
BOOM DAO attracted significant attention upon launch due to the strong lineup of the development team and founding partners, all from mainstream projects in the IC ecosystem.
Launch Date:
September 15, 2023
Funds Raised:
BOOM DAO's governance token is BOOM, with a total supply of 1 billion. 40% of the tokens were used for decentralized sales on SNS, raising 408,900 ICP, valued at approximately $1.2 million at the time.
BOOM DAO faced significant resistance upon launching on SNS. Opponents believed that the token economics of BOOM were unfair, with 33% of the token allocation going to the founding team (10%) and founding partners (23%), while only 40% was sold to the community. They expressed concerns about potential manipulation of voting power and the misleading representation of the team's token allocation.
Current Governance Review:
BOOM DAO is upgrading tools and hosting chain game hackathon events through proposals and governance voting.
Future Development Prospects:
• BOOM Game Maker Alliance: A union of IC chain game developers dedicated to supporting all new games and developing the ICP game ecosystem.
• BOOM Game Guild: On-chain guild system, including community building, gamified tasks, incentives, and cross-game collaboration.
• On-chain multiplayer game framework: Simplifying the development process for on-chain multiplayer games, providing matching and room partitioning functions.
ICX: IC's version of Twitter + prediction market
After the initial failure of the first launch on SNS, Seers was renamed ICX ("IC" + "X").
Launch Date:
September 27, 2023
Funds Raised:
ICX's governance token is ICX, with a total supply of 100 million. 16% of the tokens were used for decentralized sales on SNS, raising 150,000 ICP, valued at approximately $440,000 at the time.
Current Governance Review:
ICX has temporarily disabled the prediction market function and will restart it when the DAO determines the parameters.
In addition, in order to post on ICX, users must deposit 1 ICP into their accounts, and any misconduct (such as posting inappropriate content) will result in a deduction of ICP. While this effectively prevents spam, it may not be suitable for widespread use outside of the IC chain. It is hoped that the DAO will discuss this issue in the future.
Future Development Prospects:
There seems to be no current development roadmap. Recently, the development team initiated a proposal on SNS to transfer 150,000 ICP from the treasury to support development, expected to be supported until June 2024. The budget details include only a few development plans, such as creating marketing campaigns, upgrading UI/UX, and adding tipping functionality.
Nuance: IC version of Medium
Nuance is a decentralized blogging platform and an OG project on the IC chain. Similar to Medium, it aims to empower Web3 creators economically. The platform's current features include:
• Basic functionality - creating and publishing articles
• NFT-gated articles - readers can only read articles after purchasing NFTs.
It is worth mentioning that Nuance's content moderation tasks have been outsourced to Modclub.
Launch Date:
October 2, 2023
Funds Raised:
Nuance's governance token is NUA, with a total supply of 100 million. 16% of the tokens were used for decentralized sales on SNS, raising 262,000 ICP, valued at approximately $820,000 at the time.
Current Governance Review:
As a decentralized blogging dApp benchmarked against Medium, the core functionalities are fully available.
After launching on SNS, the community is improving Nuance through proposals and voting governance.
Future Development Prospects:
• Future development focuses on three goals - highest writer compensation, most trustworthy content on the platform, and the best experience for both writers and readers.
• Adding the basic feature of reader comments.
• Developing tipping functionality - readers can click "clap" to pay tokens from their wallets to the authors.
Sonic: Early DeFi project on the IC chain
Sonic is one of the first DeFi projects on the IC chain, established for over 2 years. The current features it provides include:
• Swap
• Liquidity mining
• LBP (Liquidity Bootstrapping Pool) - a fairer decentralized token issuance model for participants.
Launch Date:
October 9, 2023
Funds Raised:
Sonic's governance token is SONIC, with a total supply of 125 million. 21% of the tokens were used for decentralized sales on SNS, raising 519,000 ICP, valued at approximately $1.5 million at the time.
Current Governance Review:
After launching on SNS, the community is improving Sonic through proposals and voting governance.
Before October 22, 2023, the Sonic development team will take a snapshot of SONICX LBP participants for token exchange. LBP1 holders will receive 20 times the SONIC, and LBP2 holders will receive 3 times the SONIC.
Future Development Prospects:
According to the roadmap, Sonic will continue to innovate and expand its DeFi product suite. Future additions will include:
Perpetual contracts
xICP (an LSD protocol that provides liquidity for staked ICP)
On-chain dark pools
Note:
The above projects and viewpoints should not be considered as investment advice. Readers are advised to do their own research. The content is for informational purposes only and does not endorse or promote any illegal financial activities.
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