From Proposals to Implementation: LikeCoin 3.0
The Liker Land team recently held its December monthly call, which takes place every first Monday of the month. These calls serve as a time to catch up on the LikeCoin ecosystem. As this was the last monthly call of the year, it felt particularly brief. The primary agenda item was discussing updates for LikeCoin 3.0, following the passage of a significant signaling proposal, Proposal 86, three days prior. The team dove straight into this proposal and handed it over to the relevant parties to discuss the upcoming months and the involved stakeholders, making for an exciting end to the year with actionable items finally in place.
The signaling proposal focused on allocating a budget for the LikeCoin 3.0 migration. Both William and kin were present to provide insights on the proposals. William began by noting that although the migration items had not officially started, some preliminary experiments with ENS (Ethereum Name Service) had been conducted a few months ago. These experiments successfully integrated Liker ID on the ENS mainnet Ethereum. As a demo, the Liker ID from a colleague named Edmond was showcased, which could be accessed by typing his “Liker ID”.id.like.co, leading to an ENS record derived from his Liker ID information. This setup, while not yet available for all users, was an ad hoc entry in the database.
Looking ahead, as the migration progresses, users will receive new EVM addresses derived from their LikeCoin wallets, making the address format usable for transactions, such as sending Ethereum or ERC-20 tokens through Metamask by using the id.like.coaddress. This string, being DNS on ENS, is auto-resolvable by browsers into the like.coprofile page. Additionally, a version of this, id.liker.land, was mentioned for interested users to try out Edmond’s ENS. However, due to the migration not being fully underway, other users’ EVM wallets are not yet visible.
Once the migration progresses, it should be seamless, although some wallets might not behave normally with these special strings for ENS. Plans for implementing the migration proposal would be formulated with work from Oursky and other Liker Land team members. This marked the end of the update, with kin and William’s collaborative efforts paving the way for future developments.
kin posed a quick question regarding the impact of ENS working on its own L2 chain on the current implementation, wondering if it would either help or add extra workload. William responded that they would have to wait for the details of the chain. He mentioned that what they are doing is similar to Coinbase ID, which probably uses a wildcard resolver on ENS. As long as major parties with the ID service work on the new chain, there would be something to emulate.
kin provided an update on behalf of Tech subDAO, recapping that Proposal 86 had been raised to allocate a budget for the implementation of LikeCoin 3.0 phase one. Previous discussions in community calls had sought support for the migration, with Liker Land and Oursky identified to work on the modules. The tasks required to achieve a functional LikeCoin 3.0 were identified and spread into three phases. Phase one prioritized spending USDT from the community vault rather than LikeCoin to avoid creating sales pressure. The subsequent phases would require finding alternatives as more USDT would be needed. Phase three, in particular, involved a staking app intended to replace the staking mechanism in the LikeCoin chain and would necessitate detailed documentation and community approval.
kin added that there were concerns from community members about governance, app migration, and other details before Proposal 85 was passed. He appreciated these concerns, interpreting them as a sign of care rather than criticism. An article was written to explain that Proposal 85 was a signaling proposal, legitimizing the process to address outstanding questions regarding governance tools, app migration, and more. It was emphasized that any stakeholders with concerns were free to propose solutions, and this process would continue over the next few months to ensure a seamless migration to LikeCoin 3.0.
Phoebe noting that kin had provided a brief Q&A addressing some of the scattered questions from various platforms. These queries appeared across different locations such as Matters, Discord, and Telegram, making them somewhat dispersed. Phoebe thanked kin for his efforts and mentioned that there were some non-technical follow-up items to consider post-migration. These included constructing governance and establishing communication channels, among other things, which could be resolved along the way. Phoebe assured that facilitation would be provided where necessary.
Leveraging Market Conditions, New Proposal for Remaining Numbers Tokens Swap
The next topic is somewhat related but not directly connected. It involves raising a proposal regarding the remaining Numbers token swap. Earlier this year, a portion of the Numbers tokens in the community pool, held by several parties through a multisig wallet, was swapped. Given the current market situation and the availability of sufficient stablecoins in the community pool to fund at least phase one of the migration, it seems opportune to propose swapping the remaining tokens.
The drafting of this proposal will aim to take advantage of the recent market uptick and will be raised as soon as possible, hopefully within the week. Once passed, the process will require seven days and additional time for token withdrawal and swap coordination among multiple parties. The market’s high volatility makes it crucial to act swiftly to ensure cash inflow through the swap.
Currently, there are about 700,000 Numbers tokens in the multisig wallet of the community pool, and swapping them at the right time could yield approximately 48,000 USDC. This substantial amount could significantly fund important aspects of the ecosystem. This proposal seeks to capitalize on the favorable market conditions to secure necessary funding.
New Books, Events, and Future Plans
The next topic is to provide an update on Liker Land, which will be brief. Last month, around 33 new books were published and listed on the site. The team participated in two physical events, one of which supported a new campaign by dungkaicheung, a major supporter. dungkaicheung will be listing one of his own books in the coming year, including many that are currently out of print. These books will be brought back on Liker Land as a collection over the next 10 months. Additionally, one of his books was selected as a featured book by the University of Hong Kong, and there was a great panel with him last week.
However, the transaction volume for Liker Land was not very high last month, partly due to the lack of efficient new affiliates. Efforts will continue in this area, with the objective of growing the organic distribution channel. This channel has grown from almost zero earlier this year to nearly 1,000 followers by last month, marking a good start to maintaining momentum in reaching the audience. Several new features were released last month, and their usage has helped convert customers. An interesting uptrend was also observed in the claiming of free books, partly driven by dungkaicheung’s book, which had a free campaign as an awarded book by the university. This has led to an increase in other free book claims, and follow-up actions will be taken this month to leverage new user data.
Liker Land is also quite active on social media, aiming to reach a broader audience. This is a short recap of the activities in Liker Land last month. Several new partnerships are expected in Q1 in Taiwan, with more good news to share in the next community call. This concludes the prepared update for today, and any questions or ideas for discussion are welcome.
Exploring the Benefits of Rejoining Ethereum
kin raised a small point regarding the benefits of moving back to the Ethereum ecosystem. He explained that a demo video demonstrated one phase of this transition. Returning to an ecosystem with numerous participants and developers collaborating offers many possibilities. For instance, Liker ID becomes part of a larger ecosystem, integrating with other NFT platforms beyond the LikeCoin ecosystem. This shift enables Writing NFTs, including NFT books, to be retrieved, showcased, and traded on platforms such as OpenSea and other NFT markets. These are just some of the benefits of rejoining the Ethereum ecosystem. This topic is frequently brought up by community members.