Bi-weekly LikeCoin update. 2022.03.18
🤖 LikeCoin in Cosmos
After passing LikeCoin proposal #37, which suggests an external incentive of 15,000,000 LIKE for Pool 553 — LIKE/ATOM and Pool 555 -LIKE/OSMO pools on Osmosis, the Osmosis community has also approved proposal #163, which agrees to match the LikeCoin incentives with OSMO. Starting this week, participants who use pool 553 and 555 for liquidity mining can enjoy up to approx. 197.2% APR with a substantial incentive from both OSMO and LIKE! Earn more with your LIKE today. Click here for the tutorial.
Another 10% of the validator commission has been used to purchase LIKE for supporting the delegation of Civic Liker.
The remaining 80% of income will be used as the operating expenditure of relayers to link with the other Cosmos blockchains.
Many thanks to validator Yasu and his colleague Jack Ho for their development of the IBC relayer for Juno channel-69 and LikeCoin channel-11, which fosters the interactions between LikeCoin and the other chains.
Since the LikeCoin airdrop took place on 21st February, LikeCoin wallet addresses surged from 29,154 to 53,495 (as of today), which indicates a continuous increase in LikeCoin users.
Number of wallets that claimed airdrop: 21,700 (as of 13th March)
Distributed LIKE: 9.1 million (as of 13th March)
84% of the users claimed their entitled airdrop reward by completing four required tasks.
👍🏻 Civic Liker Web3
Liker Land initially planned to give away an extra 50,000 LIKE if delegation reached 5 million. Even though the target was slightly missed, a delegation of 4.17 million of LIKE is undoubtedly a great start. Therefore, Liker Land will keep its pledge to give away 50,000 LIKE and share a total of 100,000 LIKE with participants.
All eligible participants should have received an email notification. LIKE reward was also sent to the corresponding Civic Liker wallet address. The rewards are allocated according to the amount of staking reward generated by each user during this campaign. Therefore, participants who staked more and longer will enjoy greater rewards!
POAP NFT Badges
Liker Land will give away POAP NFT badges to the 436 participating civic likers and all previous participants of civic likers. A redemption email will be sent to all eligible user’s email addresses very soon. Stay tuned!
Civic Liker — Web3: Since 21st February 2021, Civic Likers could reward authors by LikeCoin staking reward and enjoyed LikeCoin DAO voting rights, which all took place on-chain. This marked a big step to support creators through decentralizing publishing and reward.
Civic Liker — Classic: On 21st May 2019, several independent media including StandNews, Citizen News, Hong Kong In-media, and Matters joined the Civic Liker Movement, building a communion of contents together with all independent websites and authors.
Civic Liker — Genesis: On 1st January 2019, Civic Liker beta was launched. Dozens of supporters became the pioneers of the Civic Liker movement, which appreciates and rewards creative works.
🗳LikeCoin DAO Updates
Proposal #36 approved the establishment of TechDAO which will actively participate and manage the development of LikeCoin. Its works include:
- Prepare the usage of Cosmovisor in the next upgrade of LikeCoin chain to facilitate validator upgrade; upgrade to Cosmos SDK v0.44 and introduce dual-prefixes of cosmos1 + like1.
- Develop LikeCoin Faucet to help new users.
- Integrate Numbers Protocol.
- Explore NFT modules built on Cosmos SDK. Oursky has already created the spec on GitHub. All are welcome to comment or PR.
- Improve dao.like.co.
- Draft a list of features and DApps wanted by the LikeCoin community.
- Get in touch with developers interested in the development of LikeCoin.
For more information, please visit LikeCoin Discord #tech-subdao channel.
Proposal #38 approved the establishment of Marketing SubDao. UDomain CEO Cheung To and Phoebe from Liker Land were appointed as founding members, who will help identify LikeCoin’s marketing needs. A lot of work has to be done next:
- Raise marketing funds from the community pool to pay vendors such as Irtysh Digital. Proposal #42 is now in the voting period to request 1,000,000 LIKE fund.
- Improving DePub Copywrite and LikeCoin homepage
- Optimize community operations
- brand ambassador campaigns with newly onboard student blockchain club
Creators Fund Committee (CFC)
Creators Fund committee (CFC) held the 3rd meeting on 3rd March, and it approved adjusting the daily allocation for the fund to 13,300 LIKE.
According to the funding principles approved in the 1st meeting, the creator’s fund matches its funding with readers’ actual sponsorship on a 1:1 basis. However, it is estimated that the actual sponsorship would record a drastic drop to 62,500 LIKE last month. In order to avoid income volatility among authors, the committee decided to allocate an extra sum on top of the 1:1 funding match and maintain the monthly sponsorship to 400,000 LIKE (or a daily allocation of 13,3000 LIKE approximately). The allocation will be reviewed next month.
The committee will readjust the funding allocation when the actual sponsorship to the authors (i.e., total delegation rewards of Civic Liker) increases again. It hopes that the supplementary role of the creator’s fund can be played down eventually, and readers’ sponsorship can become authors’ main source of income. Authors can hence develop their own economic cycles independently.
The committee will discuss the re-adjustment again next month. You are welcome to join the discussions on LikeCoin Discord #creators-fund channel.
Community Delegation Committee (CDC)
As of 7th March,
- A total of 101,568,234 LIKE has been delegated.
- A delegation reward of 514,637 LIKE was recorded last month.
- The assets are delegated to 16 validators, 14 of those received basic delegation and 2 received high community delegation.
- JohnShao successfully renewed his community delegation status in the 9th round; and LikerSocial received high community delegation.
- In Proposal 33, Oursky was hired for LikeCoin’s chain development work. This new proposal suggests delegating the newly formed Tech SubDAO to pick up OurSky’s outstanding work, including but not limited to paying the rest of the project fee and managing the developer relationship with the vendors.
- The proposal was submitted on 4th March and is now passed.
- Following proposal #36, a Tech SubDAO was established by kin ko, Firsthand Ventures CEO Dr. Simon Chan as well as OneSky’s co-founder and CEO Grey Sung. A 2-of-3 multi-sig wallet was also created. If this proposal is passed, 2,000,000 LIKE will be allocated to that wallet as the initial tranche of funds for technical development.
- The proposal was submitted on 7th March and is now in the voting period.
- The current LikeCoin chain inflation rate is 25%. When the DEX LP incentive is much higher than the chain staking rewards, it may affect the on-chain staking ratio and the security of the chain. This proposal could therefore speed up the inflation rate and react to the market situation. You are welcome to share your views on the Discord #proposal-discussions channel.
- The proposal was submitted on 7th March and is now in the voting period.
- Following proposal 38, the marketing subdao is formed by Phoebe and Cheung To. A2-of-2 multi-sig wallet was created. If this proposal is passed, 1,000,000 LIKE will be allocated to the Marketing Subdao multisig wallet as the initial fund allocated to the marketing development of LikeCoin.
- The proposal was submitted on 10th March and is now in the voting period.
If you are interested in decentralized publishing, building Web 3 media tools, and NFT economy, LikeCoin is hiring for both tech and non-technical positions with referral bonuses, join us today! Learn more.
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