Bridging NFT Communities to DeFi: A New Era of Community Capitalism
The integration of decentralized finance (DeFi) into NFT communities presents a solution for long-term sustainability. By harnessing the power of DeFi, NFT communities can create incentive-based systems that benefit both individuals and the community as a whole.
As the NFT space experiences rapid growth, projects face a crucial decision: evolve through disruptive change or risk deterioration. The integration of decentralized finance (DeFi) into NFT communities presents a solution for long-term sustainability. By harnessing the power of DeFi, NFT communities can create incentive-based systems that benefit both individuals and the community as a whole. One such collaboration between Hxro Network and Degenerate Ape Academy (DAA) aims to achieve this vision.
Bridging NFT communities to Decentralized Finance has long been discussed, but has yet to be successfully implemented. Thursday, this changes.https://t.co/fM3lZLz4JN pic.twitter.com/DeQVdxguOW
— Hxro (✖️,✖️) (@HxroNetwork) May 9, 2023
The Power of Decentralized Community and Technology
The Solana ecosystem, responsible for several successful and innovative NFT projects, is now focusing on the future. By combining decentralized community and technology, sustainable growth can be achieved. This "Community Capitalism" approach incentivizes the community and its individual contributors to work for mutual benefit.
Hxro Network x Degenerate Ape Academy Collaboration
The collaboration aims to create a Hxro Network-powered, community-governed DeFi platform for the Degenerate Ape community. This community-governed DeFi protocol allows DAA members to control the financial infrastructure supporting their ecosystem, aligning it with their values and goals. As community members participate in the protocol, they benefit both individually and collectively.
Introducing the DAA-Hxro Badging Program
The first step towards implementing the community DeFi platform is the DAA-Hxro Badging Program. Badges will identify DAA community members who are committed to the long-term potential of the platform. To earn a badge, members must complete three initial quests involving Lollipop and Hxro Network, which will also earn them $HXRO tokens.
Unlocking Rewards and Badges
Hxro Foundation has committed 100,000 HXRO for eligible DAA quest participants. The unlocked HXRO can be staked to Hxro Network, with staking duration determining the level of badge earned. There are three badge levels: common, rare, and mythic. All 300 available slots are eligible for mythic-level badges based on quest performance. Please note that only DAA NFT holders can participate in these quests.
Upcoming Live Twitter Spaces Discussion and Further Information
Hxro Network and Degenerate Ape Academy will co-host a live Twitter Spaces discussion for the community on Thursday, May 11th, as the first set of quests go live. Follow Hxro Network and Degenerate Ape Academy on Twitter, and join the #HxroNation Discord for additional updates on the collaboration. More information on the quest rules will be released tomorrow and during the Twitter Spaces discussion preceding the quest launch.