BonusBlock Reimagines User Value in Web3 with New Soulbound Token

The challenge of acquiring and onboarding high-quality users is faced by all web3 projects launching in a competitive landscape. It’s a challenge that can be tackled in myriad ways: through costly marketing campaigns, airdrops, gamified quests and contests, conference sponsorship, and much else.

Although numbers are often said to be the true barometer of a project’s success – number of transactions, number of active wallets, number of X followers – this belief overlooks the malign and misleading influence of bots, not to mention low-quality users who couldn’t tell you the first thing about projects they claim to support. Therefore, the demand for genuinely engaged users who can actively contribute is at an all-time high.

This is where BonusBlock comes in, offering a unique solution to help crypto projects and ecosystems attract, onboard, and establish strong relationships with authentic users. Conversely, the protocol enables users to prove their worth, whether their DeFi activity of choice is lending, borrowing, trading, collecting, minting, gaming or something else.

BonusBlock Unveils ‘User Value Token’

A key innovation of BonusBlock is its User Value Token, which utilizes soul bound tokens as they were meant to be used: for showing a user’s quality and characteristics of a wallet. These tokens are non-transferrable ERC-721 tokens that contain granular data on users’ wallets. Effectively, wallets are assigned scores based on the quality and number of their interactions, and the soulbound token is permanently linked to a given address once minted.

When users engage with the BonusBlock marketplace, which is where projects can identify and acquire the sort of high-quality users they covet, their score is queried: if it hasn’t been recently updated, the protocol generates a signed message for the user to submit to the token contract. This process ensures the authenticity of a user’s wallet score that converts into “dollar value” and a quality level for easier identification, while eliminating the need for BonusBlock to manage each token directly, thereby saving on gas fees.

Armed with their User Value Token, DeFi’s movers and shakers can use it almost like a proof-of-quality that proves where they’ve been, which dApps they’ve interacted with, when, and why.

AI-Driven Wallet Analysis for Quality User Acquisition

As mentioned, BonusBlock evaluates wallets based on their DeFi and NFT endeavors, leveraging AI and blockchain analytics to reach a dynamic wallet scoring system that can adapt to the industry’s evolution. In other words, if a new type of DeFi activity emerges – as happened when Ordinals introduced the concept of NFT minting on Bitcoin – BonusBlock can incorporate it into its system.

At the protocol’s core is a manual weighting feature that enables users to prioritize activities they deem more valuable. This adaptability makes the protocol an ideal tool for a wide range of stakeholders, from individual DeFi users to dApp developers and institutional investors.

By analyzing a broad range of wallet indicators, including dollar value, BonusBlock can assess wallets comprehensively based on things like dApp engagement, diversity of token use, liquidity provision, staking participation, governance involvement, and so on. The goal is to generate actionable insights that help projects recognize their ideal users and incentivize them to join their ecosystem.

This identification and matching process is facilitated by the aforementioned on-chain marketplace, representing a sustainable alternative to traditional airdrops and questing platforms. Which, as mentioned earlier, almost always fail to foster meaningful interactions.

Collaborations and the Upcoming IDO

BonusBlock has already collaborated with several notable projects, including Injective, XION by Burnt, Nibiru, and Axelar, while upcoming integrations include those with Landslide Networks, Synthr, Elys Network, and Midnight Evergreen. The protocol’s IDO, meanwhile, is scheduled on both Ape Terminal and Bybut after quickly selling out on EclipseFi on March 21.

With a cumulative active user count already above a million, not to mention a vast partner network, BonusBlock has come a long way in a relatively short period: the project only began in 2023.

Although setting a new standard for on-chain engagement and user onboarding is a grand ambition, there is already ample evidence that it can be achieved. Combining an innovative, AI-driven approach with a system that works for both DeFi users and the projects competing for their loyalty, BonusBlock is paving the way for better community-building in the web3 space.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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