hedin
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hedin
@e_hedin
Discord: ehedin 🇸🇪 👨👩👧👦 husband, father, research MD 🧪🩺 Making friends in web3 since 2021

Xeet is migrating to a new chain. We will announce which chain soon. But first, we want to thank the team at Abstract. We have a lot of appreciation for the way they welcomed us and supported us since we launched. There are a lot of good people at Abstract who care deeply about what they are building and about the teams building alongside them. In fact, the Xeet team has other projects on Abstract, and they are staying there. As we look at where Xeet is going next, we have to make the decisions that best support the vision of the product. We are grateful for the chapter we had on Abstract, and we have a lot of respect for the team and what they are building. Now it is time for us to take the next step. More information to come.









Since you guys keep QTing this post, I'll address some points here: - We made slight adjustments to the XP given to top NFT collections (by onchain activity, volume, market cap). We updated the calculation for many of the longtail collections because we received many reports of people mass holding super cheap NFTs to farm large amounts of XP. NFT projects that are no longer active were diluting the rewards for active NFT builders - this is not the behavior we want. - We will introduce a more dynamic system for NFT holdings designed to reward the most active collections starting next week. This system will adjust week by week and look at trading volume + onchain activity + overall ecosystem participation (ex. building interesting apps with your IP). - For memecoin holdings, we were basing the XP given based off of inflated trading volume and price data. A lot of this was done to soften the blow from the steep price decreases seen throughout crypto since October. We have since updated our internal values to be up to date which resulted in a decrease in memecoin XP. Starting next week, we will ramp up the XP given to memecoin teams actively building their IP and growing their holder base. - As communicated to our app builders previously, there will be an influx of XP given to teams creating onchain usecases, onboarding new users to Abstract, and building innovative mechanics. Several of these teams will be launching new apps and mechanics in the coming weeks. - We originally didn't want to change the calculation for holdings too much, which is why I tweeted the below tweet 3 weeks ago. However, after doing a deep dive into the XP distributed to inactive projects as well as going through the reports our community had flagged to us about XP abuse, we had to make changes to better reward those that are still active onchain participants in the ecosystem.
















