🤝 deals, deals, deals…

tbh, web3 cannot become mainstream without web2… in the end, we need more than just the maniacs on the web3 flow

• one of the many ways this can be resolved is when web3 platforms leverage web2’s long-established infrastructure and sheer size

ftx x reddit

• ftx is a centralized (so it's more like web2.5) crypto exchange that offers many more trading opportunities than most other beginner-facing platforms (i.e. derivatives, leveraged tokens, futures, etc.)

  • recently posted 1,000%+ jump in revenue YoY

• reddit rolled out this feature called community points a couple years back

  • users on r/cryptocurrency and r/fortnitebr would get community points for active engagement, and these points sit on the ethereal blockchain

• community points would be visible next to one’s username, but it would also give the user the opportunity to use up the community points to:

  • earn community-specific memberships

  • vote on decisions

  • reward creators on the platform

  • send tips

the problem: users will incur gas fees to incur transactions on the ethereum blockchain with these community points

• so, users would have to pay gas fees (in gwei) with ethereum

• but not all reddit users are active holders of ethereum, or any cryto wallet for that matter

• this restricts reddit’s future plans as to expanding the community point feature to other subreddits that are not directly blockchain-based communities

enter: ftx

• ftx will let users convert fiat currency (i.e. usd) to ethereum using ftx pay those gas fees, which would make it easy for any redditor to utilize their community points

• imo: though not groundbreaking or historical, this would make it much much easier for all reddit users to benefit from blockchain or web3 broadly

  • without having to understand gas fees, ethereum, blockchain, really, anything, users can just rack up community points and gain voting rights, send tips, earn memberships, etc. – owning a piece of their community

pretty cool stuff!

💡 something im thinking about

that's all, folks 🐒

as always, i’m no financial advisor! (i’m no substitute for professional financial services)

buy me a coffee :)