Empowering Creators: Strategies for Funding and Promotion

There’s a lot going on in the Hifi Finance ecosystem!

– Catch up the latest news –
This twitter thread here: @HifiFinance
The new Pooled NFT platform: poolednft.com
The latest AMA here: Pooled NFTs AMA - February 24, 2023
Community strategies for arbitrage: The Jaydubb Maneuver
Mainbrain’s reedit: Here and here.
And probably a lot more that I am missing rn.

Hifi Labs is set to ramp up its marketing efforts, as confirmed by @doug during the AMA. One of the upcoming campaigns is the “Binance Learn & Earn” initiative, which rewards participants with $HIFI tokens for watching videos and learning about Hifi. In addition, Hifi will be running ads across various platforms, such as CoinMarketCap, CoinGecko, and Etherscan.

With these marketing efforts underway, there is a great opportunity to engage creators and encourage them to produce exceptional content for Hifi and its ecosystem, including the Hifi Lending Protocol, PawnBots, CrownRibbon, Sablier, PooledNFT, and more. Several creators are already producing outstanding content about Hifi, and it’s essential to promote their work as well.

tl;dr
Although I lack personal experience in marketing and promotion, I am initiating this thread to encourage discussion and exchange of ideas on the subject. The primary objective is to identify the most effective ways to incentivize creators and establish mutually beneficial strategies for both Hifi and the creators.

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@taekwonkrypto’s video on PooledNFT.

Yeah something like this is great, and as a creator I would like to participate. However, I do question where does the funding for such activities comes from? Do we mint more HIFI to accomplish this? Do we tap into the Pawn Bot liquidity reserves?

I think that we should target a sustainable source of revenue for this initiative. There will probably be a fee capture mechanism on the HiFi lending platform and then based on enough usage, we vote to turn it on. Then setup a mechanism to split the captured funds between 3 wallets.
Wallet A - Incentives for users
Wallet B - Incentives for core team / unexpected events fund
Wallet C - Incentives for community

Wallet C should be relatively small in max size, 5-10 ETH and this is whats used to fund community incentives like above.

And then theres discussion about, “well, how do we split the fees between the three wallets?” and then we get into another discussion. Trying to preempt this, i’ll add my hot take to it, with reasoning below.

35% - Wallet A - Incentives for users
15% - Wallet B - Incentives for core team / unexpected events fund
50% - Wallet C - Incentives for community

Community initiatives has the smallest wallet of the three, so it fills up the fastest. Once its full, the money is split evenly between the two other two. Community initiatives are usually the cheapest method to gain new users and retain existing ones. The caveat is that they are usually also of the poorest quality since you dont really know what your going to end up with as a final result. I’ll refrain from shilling myself and my articles here, but I will use a fellow community member @taekwonkrypto as an example. He’s deep into the NFT space, actively in 30+ NFT discords, hes been a guest and cohost of many of them. He’s got reach and he knows the subject matter… and a youtuber… and oh yeah, hes an artist, a story teller and a one man army who’s built 5+ NFT comic books. Hes one of the guys we want to be spreading the good word about PooledNFTs and how they can benefit other NFT communities. And if they disagree with him, he’ll give them… i dunno… a judo chop to the neck i hope. TaeKwon is a good example of someone who has a body of work that we can see and judge on collectively if we wanted to engage his services.

Incentives for users should be self evident. Give them tokens for seeding the platform with liquidity. If we plan on being the #1 lending market on Ethereum, then we need to incentivize usage. The kind of liquidity we need is far beyond the scope of what our community can bring… unless we got several hundred dollar millionaires hanging around and we dont know it.

And finally, incentives for the team. They have a runway of ~1.7 years I think, but i’m sure I speak for others that it would bring me ease, knowing that they always had $200k they could tap into under emergency circumstances. Maybe there was an earthquake and half the core teams houses are destroyed. Getting them into a hotel for a few weeks until other arrangements could be made, would be a great use of these funds. Maybe Bored Ape Yacht Club says they want to use PooledNFT, but they really want to see an audit conducted by Hacken, and we see an $80k price tag attached to it. I think it makes sense to use the emergency money, as we have no promise that their community will use and/or adopt it… but the opportunity is too good to pass up and we need to take the risk.

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there’s also precedent for running these based on token votes through Nouns Prophouse DAO https://prop.house/ - which could help get attention and be ‘onchain’ voting. Tiny Dino did a (5) for 2E deal (10E funded) so perhaps something like that. 2E isn’t really enough for a quality comic, but that could be discussed in the proposal at the time, I suppose.

appreciate the shoutout, either way, @Mainbrain and thanks for kicking off this important topic @muchfungible

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Absolutely, and obviously. I didn’t mention first as I expected others to mention him quickly, because his production is top notch. @taekwonkrypto has more content in the workings and can’t wait to see more :clap:

Great thinking about the 3 wallets. @Mainbrain

I want to express my gratitude to each and every one of you who has contributed to the discussion and exchange of ideas regarding marketing and promotion for the Hifi Ecosystem. Your input is incredibly valuable, and it is because of your efforts that we can work towards establishing mutually beneficial strategies for both Hifi DAO and Hifi Ecosystem.

I am excited to see the marketing efforts ramp up, and I believe that there is a great opportunity to engage creators and incentivize them to produce exceptional content for Hifi and its ecosystem. It’s amazing to see so many creators already producing outstanding content about Hifi, and I am grateful for your contributions.

Let’s continue to work together to identify the most effective ways to incentivize creators and promote their work. With your support, we can make the Hifi Ecosystem even stronger and more successful.

Thank you again for your efforts and contributions.

Very valid to establish where funding would come from and we may be early on this type of initiative given the DAO is so new but good to get the conversation started.
I wonder if there would be scope for funding to be sourced from the amount the DAO has already approved Hifi Labs for e.g. contractor payment or an extension of marketing budget etc?

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yeah we could, but it would deduct from their runway. Its not a sustainable source, so i’d recommend we dont tap into those funds

What do you have in mind?

The mechanism needs to be well defined and structured to be functional. In your experience what would work?

Some sort of variable fee switch to toggle. Start off easy with a 0.5% fee of every loan taken, with it being split between the 3 wallets.

For sustainability, the Pawn Bots team already seeded deep liquidity with BOTSp/ETH/USDC. I wonder how viable it is for them to do the same with the MFT tokens they controlled pre-token swap. If they had their own liquidity pool on Uniswap, they could ensure they always get arbitraged between kucoin & binance & upbit and they would earn fees on their own Protocol Owned Liquidity. I think BOTSp liquidity is 3x deeper than HIFI’s own token on uniswap, which in an ideal world shouldnt be like that.

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There would be a marketing and growth component to that runway and sourcing an additional revenue stream for similar activities has ‘duplication’ vibes. Without knowing with accuracy how that runway is to be used and allocated makes it challenging. All good conversation and the more it is discussed, the more we all learn.

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