Degen News

Motivation:

Keeping track of news and interesting new projects is becoming really hard and most of us have experienced information overload. Social news websites are often facing general decline of content quality as the community grows. We want to explore the possibilities of content curation within ShineDAO and potentially introduce new token utility.

Ideas:

The simplest idea is equivalent to Hacker News for crypto with several possible twists we could explore:

  • Pay per ranking (people could bit to put their news on the top)
  • Paywall for all info (like FWB)
  • Paywall for some info (like HNC)
  • Automated incentives for submitting a post based on popularity
  • Automated incentives for curators (upvoting and downvoting)

We’d like to explore value hypothesis first by using Hacker News fork within ShineDAO community and see what kind of info we find useful.

Main Success Scenario (MVP):

  • User opens the website
  • User sees the curated list of news
  • User presses the news link and gets redirected to source
  • User upvotes or downvotes the news
  • News rank changes accordingly

Some info on Hacker News ranking algorithm.

RICE Prioritisation:

Reach Impact (0-3) Confidence (50% - 100%) Effort (person months) Total Score
1500 1 80% 0.5 2400

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2 Likes

I think this is mostly a good idea!
Definitely agree with the sentiment in this article!
As for the execution that would be the hard part.
For one thing it would require real planning and careful execution.
For another thing who would execute this project?
Would it be a internal SHN project? Or a separate project incubated by SHN?
Thanks!

1 Like

@Nxo did a quick investigation and estimated he could build an MVP within 2 weeks. This would be an internal SHN project for now.

@0xRock I think the RICE score is 2400 (not 600),
“Effort” should be in the denominator (not nominator).

1 Like

Here is the current progress

2 Likes

Oh lol, you are right. Changed! :white_check_mark:

Well that is very nice!
I like the fact that we are doing internal projects!
So long as we are transparent with the treasury that is good!
But we do have to make sure that all is voted on first and that we act responsibly!
Otherwise, thanks!!!

2 Likes

Hello degens, news are almost done.
We hope to have a soft launch in 1-2 days.

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Here is an additional idea for Degen News:

We could have daily meme competitions in discord and the top meme can be shown on the frontpage of Degen news.

Additionally we could even show our latest tweets, which again can be voted on discord.

What do you think?

Hello everyone,

We just soft launched Degen News.

Head over to https://shinedao.finance/news/ to check it out.

Please provide us your feedback if you have any suggestions or ideas for improvement.

1 Like

Some thoughts:

How might we maximize the amount of attention the platform is getting?

To maximize network effects, we could offer DegenBot to other communities. I’ve seen a lot of other discord channels having a news section and I feel they might be interested in using the bot and even submitting the news if they know it’s gonna be shared across other DAOs and they might even get rewarded for it.

Degen bot could be showing only new news when it reached the top 3 rank (to avoid spamming with every new news submitted). We should probably make it clear that a) there is more news if you go to our page directly (because we are just displaying what is hot), and b) that there are some benefits if you submit the news: “Currently :fire: @https://shinedao.finance/news/ :point_left: vote and submit your news, earn rewards“.

How might we incentivize users to submit content and vote on it?

My assumption is that giving some SHN to whatever ranks amongst the Top 3 (or some other incentive) will make people more interested in submitting news. We could even test that manually.

How does this impact SHN buy pressure?

Currently, @Nxo already used SHN as a parameter in the ranking formula. The more SHN you have, the higher is the weight of your votes and submissions. I think if we get to popularity, people might wanna buy some SHN to be able to impact what gets ranked higher. We could even build token gated access for anything that’s not top 3.

1 Like

Yes I think that is correct.
And yes, I think we should be reaching out to as many other communities as possible!

Imo we should look for a Degen News DAO founding team and help them drive this forward. I believe it has a lot of potential…

Degen News V2 & DAO

Motivation:

Keeping track of news and interesting new projects is becoming really hard and most of us have experienced information overload. Social news websites are often facing a general decline in content quality as the community grows. Degen News aims to explore the possibilities of content curation by aligning incentives of content curators and consumers with a battle-tested concept, working prototype, and advanced tokenomics design.

User: Success Scenario

  1. User opens the website
  2. User connects the wallet
  3. If a user has enough $xDEGEN skip to step 7.
  4. If a user does NOT have enough $xDEGEN modal pops out
  5. User has to purchase $DEGEN on SushiSwap
  6. User has to stake and time-lock $DEGEN to get $xDEGEN (see Time-lock Mechanic)
  7. User sees the curated list of news
  8. User presses the news link and gets redirected to the source
  9. User becomes a curator by upvoting or downvoting the news
  10. If $xDEGEN drops below access threshold, user loses the access

Curator: Success Scenario

  1. We give $DEGEN to potential curators
  2. Curators stake their $DEGEN to get $xDEGEN
  3. $xDEGEN gives them access to the platform, the ability to add new and vote on existing content
  4. If curation is useful, more people want to access info and buy + stake $DEGEN
  5. Buy pressure increases, without sell pressure due to the staked $DEGEN
  6. $DEGEN increases in price
  7. Top curators receive an additional $DEGEN reward

Ranking Algorithm

To change news ranking we upgraded Hacker News ranking algorithm (upvotes + recency), by adding $xDEGEN balance as a parameter (the more $xDEGEN user has, the higher will be the impact on the ranking).

Time-lock Mechanic

The longer you lock your $DEGEN, the more $xDEGEN you will receive. You can also get an additional $xDEGEN by locking more $DEGEN or extending the lock period (min. 30 days & max. 4 years). $xDEGEN decays slowly over your locking period, eventually reaching 1-1 with $DEGEN. Users are incentivized to stake $DEGEN for a longer period, to get access at discount (up to 75% with 4-year lock), higher curation power & airdrops.

1 $DEGEN + 4-year lock = 4 $xDEGEN, decaying to 1 $xDEGEN
This mechanic is pioneered by Curve with their veCRV and is currently being adjusted to veSHN at ShineDAO.

Curators Reward

Each week we distribute 10.000 out of 10.000.000 $DEGEN to top curators. Top contributors are ranked by $xDEGEN weighted number of votes on their submitted news within a 7 - day period. This is how we make sure the Degen News keeps coming.

Airdrops

We will partner with projects launched through ShineDAO and other launchpads/incubators. Projects are incentivized to give their tokens to users that are actively trying to learn about new Degen trends. Tokens will be distributed proportionally to the veSHN balance.

Governance

$xDEGEN users can participate in governance where they control ranking algorithm, time-lock mechanic, curator rewards, airdrop approvals, and partnerships.