Why Terra Will Reward Users With Community Bounty Program
Before the crash in the crypto market, Terra (LUNA) saw one of the strongest rallies of 2021. This platform’s native token traded under $1 early in the year and reached an all-time high of $22 before dropping to its current price at $5,88. The rally translates into a 2,691% profit in one year.
Terra’s ecosystem is flourishing. Third-party projects are popping up seemingly every day & opportunities for community members to contribute to the growth of TeFi are abundant.
In light of this growth, the protocol has launched this initiative and with-it financial incentives for the users to help spread the benefits of this ecosystem. The program has been created in partnership with Terra Bites, a podcast dedicated to this protocol, and Learn Terra.
The program has the objective of increased the adoption of this protocol and the applications based on its ecosystem. The team behind Terra believes educational content can help bring more users to the platform.
High-level overviews of Terra applications, step-by-step tutorials of how to use apps, and detailed guides on the widening variety of yield farming strategies using Terra assets have helped onboard new users and provided better context on the Terra ecosystem.
How To Contribute With Terra, Its Ecosystem, And Earn Money
Every Friday, users and community members can find 3 “bounty topics” listed on Learn Terra’s official website, in the Bounties section. Participants can submit the bounties, written articles of around 1,500 words that cover different topics and earn rewards in UST, the protocol’s native stablecoin.
The articles can be tutorials, walkthroughs, analyses, and other formats. The program’s first-month bounty will be funded by Terraform Labs (TFL). Later, it will receive funding from a Pylon Protocol deposit contract.
Pylon is comprised of a series of saving and payments DeFi products build on top of Terra’s Anchor Protocol. It has been created for purposes such as the bounty program; to tackle transactions between long-term value provides and consumers.
Each week, TFL and Terra Bites will select 3 bounties. The winner by each category will receive $500, and the other two places will receive $100 and $50, respectively. At first, submissions will be accepted via written articles but will be expanded in the future.
Content bounties will originally be confined to written content from topics selected by TFL and Terra Bites. However, we are exploring expanding the program to include visual content, including video walkthroughs, animated explainer videos, graphics design, and more. Bounty topics will also be open to contributions from the community down the line.
Participants must send their submissions via a Medium post, created from their own accounts, before the Wednesday after the bounty has been posted at 5 PM PST.