Please describe your proposed solution
Cardano is considerably behind other blockchains in terms of standard industry metrics such as Daily Active Addresses or DEX Volume. It is difficult to determine why that is, but some reasons might be that ICO Participants don't use the chain or Protocol offerings and Yield opportunities aren't good enough. You can read a full Report for the Background here.
Cardano has always made design choices prioritizing first principles, organic growth and decentralization versus quick growth and catering to the industry’s hottest metrics. In addition, some factors leading to this problem, such as Japanese tax/crypto laws (which is why most ADA ICO participants are hesitant to interact with DeFi), cannot be addressed by the community. However, it is clear Cardano can and should do better to increase the usage of the blockchain. Ultimately, Cardano's security model depends on transaction fees in the long term. Especially with Voltaire coming up and the community having access to the 1.5bn ADA Treasury, projects and community members need to step up, ideate and grow adoption.
This is why we are proposing the Catalyst Funded “Cardano DeFi Onboarding by Minswap”. The aim is to create a framework for a program that is designed to onboard more users to Cardano DeFi. We are starting with a focus on Minswap first, but if successful, the program could in the future be applied to the whole Cardano DeFi ecosystem, with bigger and more attractive incentives.
Such a program should be designed in a way that targets both:
- Current Cardano users and ADA holders who are not using DeFi.
- Wider crypto users familiar with other chains but who have not interacted with Cardano DeFi.
For such a program to be successful, it should be accompanied by a strong Incentive and a Marketing campaign. However, this proposal focuses exclusively on the program's Education campaign.
Our solution involves comprehensive content and a series of Learn 2 Earn-based campaigns around the Minswap DeFi protocol, allowing users to be onboarded to Cardano, learn more about Minswap, engage with the platform and the Cardano ecosystem and earn ADA and Cardano native tokens in the process. The program components are:
1. Minswap V2 Guide
This campaign will consist of a Minswap guide for Beginners. The campaign will go over all aspects of getting started with Cardano DeFi and focus on using the largest DEX on Cardano, Minswap. This includes information on: How to create a Cardano Native wallet and connect it to Minswap, Understanding Minswap Features, Tips for Using Minswap Effectively, Risks involved when trading on a DEX, Security tips, and much more. This new, updated Minswap V2 Guide will follow closely the format of the current Minswap V1 guide by Pete.
2. YouTube Content Campaign
There will be a series of videos by Peter Bui (“Astroboysoup”) focused on onboarding users with little to no DeFi knowledge to Cardano DefI, particularly the largest DEX currently on Cardano, Minswap and the new V2 update. His YouTube channel, Learn Cardano has 20k subscribers, and he posts almost daily updates about anything happening in the Cardano ecosystem. He has also previously worked extensively on a library of educational material such as the following.
3. Work.Courses Campaign
Work.Courses features a highly intuitive interface, with neatly organized courses and instructor categories, facilitating easy navigation. The team has done an excellent job in creating a platform that mirrors the familiarity of WEB2 while incorporating WEB3 technology, targeting both experienced users and newcomers to the WEB3 environment. In the world of WEB3, your wallet serves as your account, eliminating the need for traditional email logins.
Work.Courses offers login options with multiple Cardano wallets. The Platform offers the perfect functionality for our campaign: we can enable it so only users with Cardano wallets can access the courses and the corresponding rewards for completing the course.
Learn more about Work.Courses here.