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About BonusBlock

When it comes to blockchain networks and dApps, we can find many. The level of sophistication of how they work and how they incentivize users is different. BonusBlock is a simple, yet unique blockchain network that rewards users for on-chain activity across Web3 and provides an incentive to build healthier relationships, loyalty, and community engagement with project stakeholders.

The mission

Primarily the mission is to assist in Web3 adoption by supporting networks and decentralized application users with rewards determined by their on-chain activity.

Rewards play an important role in incentivizing user engagement with blockchain-based products and can help to increase overall adoption and usage of the network. By providing users with incentives for their activity, blockchain-based products can create a more engaging and rewarding user experience, and improve relationships and loyalty towards users, which can help to drive growth and success for the network and decentralized applications. Such an approach will engage projects to reward users who are most active on a daily basis, as well as compete with other projects for their users' trust.

General overview

Growing Demand for Web3 Products and Services

The adoption of blockchain technology and decentralized finance is accelerating at an unprecedented pace, creating a vast array of new products and services, such as decentralized applications (dApps), decentralized exchanges (DEXs), and tokenized assets. As the market continues to expand, the competition for user attention and engagement intensifies, driving the need for effective marketing strategies tailored to the unique characteristics of the Web3 ecosystem.

Limitations of Traditional Marketing Channels

Traditional marketing channels, such as social media platforms, have been losing their impact on promoting on-chain interactions due to several reasons:

  • Information Overload: Users are exposed to a constant stream of information, making it difficult for Web3 products and services to stand out and capture user attention.
  • Mismatched Incentives: Social media platforms primarily focus on user engagement within their platforms, rather than promoting off-platform activities, such as on-chain interactions.
  • Centralized Control: Centralized social media platforms have the power to control content visibility and distribution, which may not align with the principles of decentralization and user empowerment that underpin the Web3 ecosystem.

Importance of On-Chain Interactions

In the Web3 context, on-chain interactions play a vital role in driving user engagement, as they offer tangible benefits to users, such as earning rewards or influencing governance decisions. By focusing on incentivizing on-chain activities, marketing protocols can directly impact user behavior and foster a sense of community and belonging, which is essential for long-term user retention and network growth.

Architectural Overview

The network is using blockchain oracles to retrieve on-chain data activity for all wallets on Web3. The key to the oracle's functionality is its ability to provide reliable and accurate data to the blockchain. To achieve this, oracles use a variety of methods to verify the data they collect, including cryptographic proofs, consensus algorithms, and reputation systems.

Smart Contracts

The BonusBlock blockchain supports Smart Contract deployment. Any CosmWasm smart contract flavor that is supported by Cosmos SDK can be deployed and run on the BonusBlock. CosmWasm also allows multi-chain contracts to be built, so you can migrate existing contracts to the BonusBlock chain due to its high interoperability and independence from the host.

Reward pool

Any listed blockchain network or decentralized application that is supported by BonusBlock network will be able to add an extra reward pool for their users. Projects can create a smart contract pool that is connected with BonusBlock users activity, where distribution is handled by on-chain activity data. Extra incentivisation can attract more users to the network and decentralised application use. New projects with airdrops can use this pool to incentivise more on-chain activity instead of one-time ask.

Case Study #1

SushiSwap and Uniswap are supported by BonusBlock. If UniSwap provides extra rewards to the pool on BonusBlock, this will trigger SushiSwap to seek more of their daily activities on Uniswap, since it offers larger rewards for the activity. There is a possibility for a project to have a global notification option sent to the users to inform them about a new pool setup.

Case Study #2

A DEX is launching a new feature on the platform, for instance, lending. The platform is interested in the current users of the platform try out the feature, as well as interacting. The DEX will be able to create a reward pool that is specific to the new feature on-chain activity on BonusBlock, increasing faster product-market-fit for the feature, attracts more users from different other platforms, and generates on-chain activity.

Governance state

Governance is the process by which BonusBlock network participants and token holders can influence the future direction of the protocol through proposals and on-chain voting. In addition to fees, accruing value, rewards, access to premium services and staking, BonusBlock’s native token $BONUS is used for governance. This governance model helps maintain and support BonusBlock’s decentralized community while ensuring fair and transparent participation. All holders of the native token can propose changes to the BonusBlock’s network and vote on active proposals. Proposals that reach a consensus threshold are adopted, whether a specific feature or even changing the governance system itself.