Twitter Space Recap: Token Incentivizing and its Importance in DePIN.
On May 25, 2024, Roam hosted a Twitter Space with 3 special guests: Jeffrey Manner — Co-Founder of Roam, Leo Lin — Founder of Arkreen and Aaron Basi — Head of Product at IoTeX.
During the event, they shared valuable information about their projects and discussed surround the topic “Token Incentivizing and its Importance in DePIN”
This Recap will summarize and highlight the important information during the event.
The AMA included 3 sections:
- Section 1: Introduction
- Section 2: Panel Discussion
- Section 3: Live Community Question
Guests and Project Introduction
Leo Lin: I have worked in high tech, semiconductor, and digital security for more than 10 years. Arkreen started in 2022, focusing on the energy sector. We employ the DePIN model to incentivize the global community and connect renewable energy resources. Our goal is to connect solar panels and aggregate energy duration data on the Arkreen network.
Jeffrey Manner: I’ve been in crypto for many years and I previously worked on some Bitcoin mining operations. As for Roam, our vision is to build one global WiFi roaming network by combining some Wi-Fi protocol technologies with a DID and VC. We also add the token incentivization layer to encourage the buildout of this network and to reward those who add to it.
Aaron BasiI: Hello, I am Aaron. I have a background in AI, specifically in the automobile industry. Currently, I’m managing a wide range of products across IoTeX. In the next couple of weeks, we’re going to be launching IoTeX 2.0, and we’ll have some exciting projects launching their tokens live on IoTeX. I am super excited about this and can’t wait to attend Consensus 2024 to discuss it further.
Panel Discussion
Question 1: Why is DePIN gaining significant attention in this cycle?
Leo Lin: In this cycle, the real-world use case is more important in order to demonstrate how Web3 technology can contribute not only to the crypto world but also to the physical world. Many traditional corporations are already investing in crypto as a liquidity pool for token funds, and many more will likely follow suit.
Aaron Basi: Nowadays, more and more members and projects have been joining the DePIN sector. As for IoTeX, we have DePINscan in order to promote DePIN to more people. DePIN has lowered the entry bar for new users because it provides solutions and applications that can appeal to even the most non-crypto person out there. Crypto can really be secondary when it comes to DePIN and utilizes setup at the forefront.
Jeffrey Manner: I also think of our project as a utility. The big thing about being a DePIN project is that it adds real value and solves real problems every day. I also think that the entry barrier is super important. With Roam, it is a lot easier, as all you have to do is buy a router, plug it in, offer the same WiFi you offer to people for free anyway, and gather rewards for it. Additionally, our app is a fully functioning multi-chain wallet. For a lot of users, it can be the very first crypto wallet they ever have on their phone. This opens up a lot of design avenues for airdropping and so on.
Question 2: What are some key challenges that DePIN is facing today, and how do token incentives contribute to addressing these challenges?
Jeffrey Manner: One of the killer features of crypto is incentivization. The people who are adding to the network, adding value to people, and solving people’s problems will be rewarded. As for Roam, our network is a little bit unique in the fact that we have both the miner side and the user side, and then we have a process in the middle called validation. This validation process is where the miner and the user have interactions. All transaction data
will be available and it will all be on-chain. Right now, Roam is using a point system before TGE. We’re going to have a multiple pool setup after TGE, designed for different types of users, and the Roam Points can then be converted into $ROAM tokens.
Question 3: What are some lessons learned from DePIN projects that struggled with token incentivizing, and what are the most effective strategies for using token incentives to engage and retain users?
Aaron Basi: When you’re getting started and building up to the TGE, it’s better to hold off rather than launch your token too early. Additionally, many times users download an app but don’t return, especially because some of these devices are just plug-and-leave, so adding some gamification to your app will keep the community engaged and stay active.
Question 4: How do your project’s points and tokens work together?
Leo Lin: Arkreen has set up a point mechanism because it is crucial for community builders in the early stages. For Arkreen, the more energy generation data uploaded by the builders, the more incentives they will receive. The earlier you join, the more beneficial it is for you, as you will gain more rewards from the incentive pools
Live Community Question
Listener 1: What’s the best way to survive in the bear market?
Jeffrey Manner: I think the key here is to solve real-world problems and add real value for users. The more people we can help and offer value to, the better the project will be.
Listener 2: What are the benefits of retaining long-term investors? Are you planning to move to another blockchain in the future? Can I invest in your project?
Jeffrey Manner: We’ve decided to go with Solana, so jumping from blockchain to blockchain is not our strategy. For now, public investment is not available. The best way to interact with Roam is by being part of the network and earning rewards by doing in-app activities.
Listener 3: The question is for Roam, as you mentioned, there will be multiple pools. Could you give us more information about that? How would you define those pools?
Jeffrey Manner: Among the tokens released over a period of time, they will be split among the different pools at different ratios. The total amount is 600 million tokens, and they will be allocated to the overall growth pool of the project, then emitted into the ecosystem at an exponentially decaying rate over time. Points earned from the validation process will be in the validation pool. For example: points you get from doing the Check-In quest will be in this pool. Those who have points generated from mining will be in the miner pool. For now, this is all the information I can share with you. Further details will be provided, so make sure to follow and stay active in the community.
