Plan for Beekeepers

As many of you know, we have been working on building the beekeeper collection for the past few months. The original purpose was to provide a PFP for people to rep the project online. We want NFTs to enahnce the project, but without affecting the UX of our average users.

Ideally, Beekeepers should be a blueprint for how NFTs can help a protocol hit it’s KPIs (Key Performance Indicators), without disrupting it, or adding any complexity to the protocol. The following is what we came up with to achieve this…

What we WANT beekeepers to be

Beekeepers are intended to represent the community behind not only Honey, but NFT DeFi. They are an effort to strengthen and add structure to the Honey community, allowing our supporters to proudly represent the project with a PFP.

The end goal is to boost some of our comms and BD KPIs:

  • Number of Public community members (measured w/ NFT inspect)
  • Number of threads written about Honey
  • Number of weekly mentions
  • Number of lending Pools launched per week
  • etc.

As well as intangible indicators, such as how strong our supporters’ sense of affiliation is.

What we DON’T want beekeepers to be

Beekeepers are not a utility NFT which grants access to additional features of Honey or additional benefits. It does not earn someone HONEY tokens or governance. (Reminder: to get the Beekeepers in the first place, a user received upfront governance). Beekeepers will not grant access to higher APRs on insurance vaults, that will instead be given to veHONEY holders (which most beekeepers will presumably have at first).

But so why hold a Beekeeper ? This is where I think we can get very creative and propose something novel in the NFT x DeFi space…

How can we operationalise this ?

Beekeepers are more than just a PFP, they are an experience for DeFi users. This experience could be materialised with XP.

XP is inspired from an idea which @Simeon and I have been working on, which is that all non-economic decisions / responsibility should be accounted for with a non-economic token. This enables DAO governance (purely community side of the DAO) to be run by meritocracy.

In some ways, XP is a successor to Royal Jelly (RJ), which was incredibly successful in bootstrapping Honey.

  • Royal Jelly was made to incentivise communicating in the discord back when our main KPI was discord interactions pre-mint. This helped break through the cold start problem involved in creating a new discord. Royal jelly was needed to earn WL.

At this new stage in the project, we have different KPIs, and thus should have new ways to earn these rewards. Our new challenges are creating protocol adoption, generating engagement outside of the community and building initial traction of the protocol itself. XP is thus tied to protocol actions, rather than discord actions.

To facilitate Honey providing an actual experience to users, Beekeepers will be used on honey.finance as a profile picture, similar to Pancakeswap and dYdX. When clicking on this profile picture, users could access a profile page.

This page would keep track of:

  • Current stats (total deposits / # of outstanding loans / etc)
  • Referral code usage (and ability to claim referral code rewards)
  • Governance weight (how much veHONEY is held)
  • How much XP someone holds, viewed as an XP bar (à la World of Warcraft)
  • View credit score, powered by Atadia (good credit score = more XP ⇒ people taking out and paying back loans ⇒ more volume ⇒ more KPIs ⇒ more fees)
  • Badges (POAPs, Honey campaigns, early users, etc.)

Why XP ?

XP can never interfere with 1) the demand for $HONEY and 2) the usability of the dapp for people without XP

While this limits it’s use cases, there’s a vast universe of creative stuff we can pull off within these constraints.

1- Reputation currency. While proof of stake / economic reputation normally requires a token with an economic value, we can emulate some of its benefits with XP. We can imagine in Peer to Peer trading being facilitated by reputation systems such as XP.

2- Upgradable traits I personally love the idea that as your experience with the dapp evolves, so does your NFT. (cf: Smolverse NFTs). NFTs could start out somewhat basic (yet visually appealing), but be upgraded (cf: GMX blueberries).

3- DAO roles / Committees - I don’t mean discord roles, but DAO roles. This is structured with committees (example: merchandising committee, partnership committee, “insert chain here” committee, DAO governance committee, etc.) Committees are a way to organise and decentralise the DAO, while leveraging our community in our BD efforts. Being voted to join or participate in committees is facilitated by XP. We can also grant moderation of the discord and forum based on XP.

4- Campaigns - This is the one where people make money. Honey campaigns are time constrained marketing efforts where users will have to complete tasks to accumulate XP. The ability to earn XP in this window of time earns people a spot on leaderboards. A budget of HONEY rewards can be allocated to each campaign and distributed based on the leaderboard. (example: #1 on the leaderboard earns 100k HONEY, # 2 through 10 earns 50k HONEY, etc.)

Example of campaigns - “Polygon launch (lend, borrow, liquidate)” , “Atadia partnership (get credit score of X on Atadia)” , “Deploy liquidity into new LPs on XYZ chain”

Campaigns are particularly relevant as we conquer multiple chains. I recommend researching the huge success of RomeDAO campaigns in the past.

  • tokens had to be staked throughout the entirety of a campaign to earn rewards, people would have to LP into pools, lend, etc. There would always be a campaign going on, it was like epochs for the marketing team.

Potential ways to earn XP (please propose more)

  • Use and KEEP beekeeper as PFP on twitter (exponentially earns more XP)
  • Perform weekly tasks (qwestive)
  • !! Use the platform !! (more borrowed amount = more XP , more interest repaid = more XP, have outstanding bids, run liquidator bots)
  • (Potentially ~ timelock NFT)
  • Complete Honey campaigns (monthly?)
  • Learn to earn
  • Usage of your referral code
  • Owning veHONEY
  • Get votes on your HIPs
  • More to come…

Because I want Beekeepers to symbolise the decentralisation of the project, I think it’s best if they are the result of the DAO’s collaborative work. Thus your input here means everything ! Feel free to make your own proposals for Beekeepers or amend this one.

3 Likes

Overall the vision sounds great. I like the idea of bringing the NFT to life by associating XP to it, therefore giving the owner the motivation to show it off whilst also seeking to gain more and more XP to enhance their “digital self”. Anytime there’s action taken by the user which can contribute toward Honey KPI’s , it should find its way to be reflected in the users XP. This is a great model to encourage contribution, usage and platform promotion.

I know there are many users who will seek to have more than one Beekeeper. How to we envisage that scenario playing out? I imagine a user can only / would want to only use one Beekeeper as their known profile in order to maximise the XP associated with that one Beekeeper. They wouldn’t want their XP to be spread out across multiple Beekeepers. Perhaps simply holding additional Beekeepers provides a certain amount of additional XP?

omg, just stop being so fcking amazing… seriously ><