ChainGPT has announced a new approach to token distribution - Buzzdrops and Initial Buzz Offerings (IBOs), which will aid Web3 projects in effectively engaging their communities.
How It Works
The Buzz system is based on a performance-based scoring principle, where each action - post, share, or task completion - earns users Buzz Points. These points are tracked in real-time on leaderboards, and token distributions occur proportionally based on snapshots taken. Key features of the system include:
* Daily quests allowing users to earn extra points by completing various tasks. * Leaderboard rankings that allow participants to boost their share of rewards. * A referral system that enables earning a percentage of their referees' Buzz and staking points. * Quality bonuses that enhance the score of posts with higher engagement. * Fair distribution ensuring no single user can dominate.
Buzzdrops and IBO
Buzzdrops are community-driven token distributions where participants earn tokens by performing active tasks, and distributions occur transparently on-chain. IBOs combine community engagement with early access to token allocations. Participants earn Buzz Points through the same activity system and can commit stablecoins. Token distributions are scaled based on leaderboard impact, blending fundraising with organic visibility.
First Campaigns
The first Buzzdrops and IBOs are set to launch with projects SnowBall Finance, Ekox, and ChainGPT, already gaining attention from Web3 communities. More campaigns are expected to be announced soon.
The launch of Buzzdrops and IBOs by ChainGPT marks a significant step in the evolution of interaction between projects and their communities in the Web3 space, providing fairer and more effective methods for token distribution.
