- Some of the strongest communities in DeFi like Index Coop and Olympus are leveraging Layer3 to increase community contributions to their respective protocols
- Since launch, more than 1,000 contributors have submitted work, earning over $150K in bounties
- Layer3 is building a key piece of the ‘Bounty Economy’ enabled by Web3
According to Linda Xie, “a decentralized autonomous organization (DAO) is a group organized around a mission that coordinates through a shared set of rules enforced on a blockchain.” We strongly believe that DAOs will eventually change the way humans work. However, DAO’s face many challenges in their current form.
Specifically, there can be a high barrier to entry for new members to start contributing to DAO’s:
- DAOs operate across all time zones
- Onboarding funnels are often disorganized
- Working groups can be opaque for new contributors
Above all, it’s often not clear what work needs to get done.
Layer3 & The Future of Web3 Work
Layer3 is a key piece of the DAO infrastructure stack. Their platform acts as marketplace between DAOs and talent, whereby contributors can come to Layer3, complete work, and earn governance tokens across categories:
- Social (tweets, memes, real-world tasks, etc.)
- Content (videos, infographics, figma work, etc.)
- Technical (bug bounties, front-ends, contracts, etc.)
Since launch, Layer3 has onboarded over 20 DAOs.
Layer3 also gives the next generation the funds they need to attend more Web 3 events. Then if we include travel scholarships, total rewards are more significant: more than $150k worth of bounties have been distributed in total.
Communities are crucial to Web3 projects because engaged communities give projects leverage in everything they do. This is evident if you look at the Twitter feeds of projects with engaged communities - every announcement sees a ton of engagement and retweets. That protocols are distributing meaningful ownership to early adopters is something that we are likely just scratching the surface on. Indeed, imagine if early Airbnb hosts or Uber users had earned small chunks of equity in the company. Those companies would likely look very different today.
Layer3 is helping DAO’s and Web3 projects better engage their communities and turn them into cheerleaders. These communities are filled with incredibly passionate early adopters who want to make these projects successful and Layer3 is helping to leverage that energy for marketing purposes. For example, an Index Coop community member claimed a bounty to skydive wearing Index Coop merch (the video was viewed more than 3000 times!)
Layer3 <> The IndexCoop
In early October, we introduced Layer3 to the Index Coop. The Index Coop is widely recognized as one of the most active and well-structured DAO’s in the space. Prior to co-founding Lattice, Regan Bozman had been an active contributor to the Index Coop and was intimately familiar with the logistical challenges of the DAO. By far the biggest challenge was coordinating what needed to get done. A group of insanely talented people wanted to contribute. Nonetheless, onboarding folks, tracking tasks, paying contributors, understanding people's skillsets - all of this was very hard.**
**Enter Layer3. In mid-October, Layer3 launched Index Coop bounties to help simplify even more people join and contribute to their growing community.
More than 340 $INDEX has been paid to 18 winners across 11 bounties. Select bounties:
- Blog Post: How to Create a Leveraged Long-Position on DPI
- Video Tutorial: Provide Liquidity for DATA
- Twitter Thread: Why is DPI the best way to get DeFi exposure?
“Layer3 has proved a powerful platform for our organization to quickly and effectively promote bounties and get contributors involved. Their intuitive and easy to use interface is miles ahead of the competition.” - The Index Coop Team
Layer3 <> Olympus
On October 26th, Layer3 launched Olympus bounties - a big milestone given how active and solid the Olympus community is.
More than 11.22 $OHM has been paid to 30 winners across 4 bounties. Some bounties:
After such success, the 2nd campaign was launched with a boosted budget of 25 $OHM ($15k at current prices).
"Layer3's end-to-end solution for increasing community engagement via bounty incentives has helped mobilize more and more of the Olympus community. Their platform has one of the easiest and most intuitive interfaces for bounty completion, and they take on all aspects of the bounty, from submission-collection to payout. We're excited to find new ways to engage our community with them" - The Olympus Team
We believe that Layer3 is going to become a core building block of the emerging DAO economy. It represents the appropriate tool to lower the barrier to meaningful contribution.
If you're interested in contributing to DAO but not sure where to start, check out Layer3's live bounties. Also, be sure to join their discord and follow them on twitter for exciting updates in the coming weeks!
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