EarthFund platform update 07/18
A new cause, community rewards and more rollout on Phase 4
Last week, we sent an average of $130 in rewards to every member of the Mental Health and Wellbeing Community. And that’s not all…
👋 We’re EarthFund, the decentralized platform using blockchain, DAOs, and crypto to give you more of a voice in the shape of tomorrow.
This is post #4 in our new weekly update on everything that happens behind the scenes at EarthFund’s (distributed) HQ.
TLDR? Here are the highlights 👇
Product: Finalizing the Phase 4 rollout 🔨
UX: Making the platform even easier to use with notifications
Rewards: sending an average of $130 to every member of the Mental Health and Wellbeing Cause
Marketing: Our Twitter Space with the Chopra Foundation
Finalizing the Phase 4 rollout 🔨
For our development team, last week was about two things:
- Debugging and fine-tuning the ERC-20 donation router
- Deploying the Zodiac + Reality implementation
Getting the ERC-20 donation router 100% ready to go live
As anybody who has read these updates before knows, part of the EarthFund platform’s crowdfunding functionality is converting any ERC-20 donation (and later, any crypto donation) into USDT and automatically adding it to the cause’s treasury.
Why are we converting to USDT?
While we’ve partnered with Coinshift to allow for intuitive treasury management with first-class UX, adding all ERC-20 tokens straight to the wallet still required users to have a good understanding of the crypto market and make collective decisions on when to liquidate.
For example, let’s look at recent events: with a cause treasury with 100 ETH in it, you’d have had a community split between HODL and sell and lots of votes on “shall we liquidate our ETH?” and less focus on actually changing the world.
And so, while we know there are a lot of benefits to DAOs holding many different tokens, ultimately, it makes the treasury management process complicated, bloated and off-putting to non-crypto users.
(And if we’re really going to change the world, we’re going to need everybody, not just cryptoheads.)
So, that’s why every donation made through the platform is automatically converted to a stablecoin pegged to a tangible, familiar currency (the US dollar). That way, you can see exactly how much you still need to raise before you can fund a project without having to decipher the fluctuations of the market.
In other words, it’s just simpler for everybody to understand. And ultimately, that’s our MO at EarthFund.
Putting the finishing touches on the donation router
Like with a lot of things we’re building, the donation contract (AKA the brains of the platform as it also controls things like funding projects) has no frame of reference. The EarthFund team and our partners, labrys.io, are innovating and creating a lot of new technology.
So we want to make sure it works flawlessly before it goes live.
Last week, we found bugs on a few ERC-20 tokens, so our team is investigating and squashing them before it goes live.
Deploying the Zodiac + Reality implementation
We talked about this in the last update, but the EarthFund platform needs to use a decentralized source of truth to move off-chain votes on-chain.
We use Snapshot for votes to make sure that votes are gasless (nobody wants to pay $5 every time they vote) but once the votes are cast, we need to move them on-chain so they’re transparent and verifiable.
Last week, we deployed the implementation, but we’re still fixing the UX for greater transparency. We want everybody to be able to see and understand what’s going on rather than just blindly participating or having to act on faith.
Getting ready for EarthFund’s next chapter
This week, our development team will start spec-ing out EarthFund’s next chapter: automated cause onboarding.
Or, put another way, automatic DAO creation.
That means that whenever any cause wants to get set up on the platform, they’ll submit a proposal to the EarthFund DAO. If they’re approved, they’ll automatically be set up with:
- ERC-20 governance token pegged to 1Earth (that removes 1Earth from circulation)
- ERC-20 smart contract
- Gnosis multi-sig wallet
- Snapshot governance system for gasless voting
- Manifesto and vision
- ENS subdomain
- Subdomain on the EarthFund platform
- Crypto donation page
Plus, we’ll be working on giving cause founders a lot more flexibility and oversight of their cause to run community token drops, list their token on a DEX and much more.
We’ll tell you more information as we progress, but watch this space 👀
Making the platform even easier to use with notifications
Last week, our in-house product team (who have previously worked on projects for small, unknown startups like Discord, GoFundMe, Samsung, Berkshire Hathaway, Futureswap, Adobe, Merck…) got to work on making the platform even more intuitive to use.
And that all starts with notifications for everything on the platform.
Got invited to collaborate on a project? Notification.
Rewards ready to be collected? Notification.
Cause proposal approved? Notification.
That way, using EarthFund is as intuitive as checking all the likes on your carefully staged photo of your dinner.
Building a great rewards experience
As you’ll see in a minute when you scroll down, we’re super excited about the rewards aspect of the EarthFund platform.
Rewarding people for making the world a better place? What’s better than that?
So, our product team is trying to make the rewards process as clean and as simple as possible.
Because, while most people will jump through UX hoops to claim their rewards, we don’t want them to.
Plus, we want you to be able to see the rewards you’ve got coming up too.
That way, at a glance you can be like “Oh, I’ve got $200 to claim and then another $170 once that project gets funded.”
It encourages engagement. It incentivizes the community to push for donations. And, of course, it gives everybody well-earned rewards for doing good.
Do good. Feel good. Earn. That’s the EarthFund model.
And speaking of… 👇
Sending an average of $130 to every member of the Mental Health and Wellbeing Cause
(This section is a recap of this article that we published last week.)
The entire EarthFund platform is built on a simple idea:
You join communities dedicated to causes you’re passionate about. You vote on what projects get the funding they need. And you get rewarded for being part of a better tomorrow.
In practice, that means that every time a fund pays a grant out to a project, you and everybody else who have your governance tokens staked get a share of the community rewards.
And last week, the Mental Health and Wellbeing cause shared $7000 USDT in rewards. 🎉
In the future, you’ll be able to claim your rewards straight to your wallet from the EarthFund platform.
However, we’ve literally just deployed the smart contract that functions as the brains of the whole platform. This innovative, first-of-its-kind contract handles all of the behind-the-scenes cleverness to calculate rewards, distribute grants, automatically calculate the EarthFund platform fee, keep projects in the right order in the queue, etc…
Although it’s been audited thoroughly, we want to run a few more tests on it before we send $110K through it.
So, we decided to airdrop the rewards directly to the wallets of everybody in the NeverAlone community.
How we calculated rewards 🧮
The rewards were calculated on a pro-rata basis based on how many NeverAlone tokens you hold.
Essentially: $7000 rewards pool/26873.22124 NeverAlone tokens = $0.2605 of rewards for every NeverAlone token you had staked.
đź’ˇ We used Etherscan to see all tokens locked in the staking contract.
The vast majority of community members had staked 500 NeverAlone tokens, so the average reward was around $130.24 for each member of the Mental Health and Wellbeing Cause.
Those rewards dropped into everybody’s wallets over the weekend.
This is how we change the world. By rewarding the people that do good.
And while token prices may rise and fall, the EarthFund platform is designed to be as stable as possible. Donations get converted to a stablecoin for simplicity and rewards are given out in stablecoins.
We’re really excited by this model. As we grow and add more causes, even in a bear market, 1Earth becomes an even more attractive proposition:
Buy 500 1Earth during a market downturn, swap it for community tokens and earn $130 as a reward. Then, as more projects are funded, earn more rewards in USDT. As long as the projects get funded, it’s guaranteed yield for everyone in the community.
Rinse and repeat across more and more causes and we’ve created a platform that makes the world a better place and lets you earn substantial rewards for your effort.
For the EarthFund team, this is a huge moment.
With just one cause and one project, we’ve proven out:
- That decentralized crowdfunding is viable and effective (over $100K raised in under 24 hours)
- That decentralized communities for good are the future (a major organization like Chopra Foundation said as much on the Twitter Space last week)
- That you can reward communities for making a difference. ($5 in NeverAlone has yielded $130 in rewards so far. As the cause funds more projects, those rewards will continue to grow.)
And with the Carbon Removal cause launching soon and more causes after that, we’re psyched that we’ve created an ecosystem that not only helps crucial, world-changing projects get the funds they need to make a difference, but a model that rewards everybody for getting involved and using their voice to make the world a better place.
It’s also worth noting that EarthFund has made its first piece of revenue now with a 3% fee from this project. It’s a small figure, but it’s a big milestone. As more causes join and more projects get funded, we’ll have more money to fund further development, which will lead to more causes, more projects getting funded and the world becoming a better place, one project at a time.
Our Twitter Space with the Chopra Foundation
Last week, Dr. Lucy Tweed joined Deepak Chopra, Gabriella Wright and Poonacha Machaiah on our first join Twitter Space to discuss Web3.0 and Mental Health.
However, the conversation quickly became a deep dive into how Web3.0 can revolutionize the way we come together to tackle global problems.
Grab a coffee and give it a listen if you missed it!
A big PR push for the Carbon Removal cause
When we spoke to our PR agency about Dr. Lucy Tweed’s cause, they told us: “We’re in the middle of a bear market and the cause doesn’t have the name recognition of somebody like Deepak Chopra, so it isn’t likely to generate a lot of interest”.
However, EarthFund isn’t a platform exclusively for people with influence to make a difference.
In fact, quite the opposite. We want to give dedicated, determined people the power to make a difference, even if they don’t have a huge platform.
So, we asked them to make a push anyway and see if anybody picks the story up. And we’re really glad we did.
News of Dr. Tweed’s cause hit Investing.com, CoinMarketCap, TechStartups and lots more. 💪
This is another big win for us not just because Dr. Tweed’s cause is exciting for the platform, but because it’s crucial for the planet too.
Help us spread the word
- Join our Telegram community (if you’re not a member already)
- Talk about EarthFund in EarthFund-adjacent spaces (maybe mental health communities or carbon/climate change communities on Twitter)
- Tweet about EarthFund or interact with us on social media (got to feed those social media algorithms!)
- Ask us questions — we’re always available to answer questions in Telegram. (And if our community team doesn’t have the answers, we’ll get them for you.)
- Leave a positive comment and bullish rating on CoinMarketCap
- Like 1Earth on CoinGecko
Until next week, a massive thanks for being part of this journey with us!
Let’s build a better tomorrow, together.
New to EarthFund? Here’s everything you need to know 👇
Start a world-changing DAO with its own token.
Join a community of like-minded people.
Donate crypto to change the world.
All from one place.
EarthFund takes power of centralized organizations like governments and global charities and gives it to communities dedicated to causes.
It allows everyday people like you to affect change. And using crypto and the blockchain, it lets you have a voice in decisions and fund the causes you believe in.
Powering it all is the 1Earth token, an ERC-20 token that can be staked in exchange for governance tokens that give you a voice on the platform.
By buying the token and joining the EarthFund DAO, anybody in the world will have a vote on how the EarthFund treasury is used to fund planet-saving projects around the world.
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