President Peng
5.6K posts
There’s not a single day that goes by without hearing about @pudgypenguins : mystery boxes, community events, ETF, Abstract, IP, GIFs.
The brand is seriously starting to become unavoidable.
I think the market isn’t pricing this properly…yet.
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I solved the @AbstractChain NFTs problem in about two minutes:
If teams introduce a **daily claim** for holding the NFTs (modeled after streaks), it immediately generates transactions → the chain wins and the NFT holders win too.
The project that launches this “first” will win.
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President Peng retweetledi
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 NFT projects that are no longer active were diluting the rewards for active NFT builders - this is not the behavior we want.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.
cygaar@0xCygaar
Since a couple people have asked - the calculation for holding onchain assets (tokens and NFTs) will not change too much
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Patience will always pay well.
Onchain is quiet rn, and everyone is reading that as bearish when historically its always been the best setup before the bigger moves.
The big players watching BTC rn aren't convinced enough, so they're sitting on their hands instead of rotating into anything.
Retail has been burned way too many times chasing coins that went to zero, so the confidence just isn't there yet.
This is why everything looks dead but what you don't realise is this is also how it played out every other time before things went parabolic.
If you've been around long enough, you've seen this pattern before and aren't stupid enough not to buy earlier.
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@Sanyab111 @AbstractChain Its easy so much drama on my timeline.
There are a lot of founder and builder and nobody thinking …. Hard times .
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Happy to join the elite Obsidian tier!
I can’t fully enjoy the moment because Abstract is in the middle of yet another drama 😂
The team has almost completely removed XP for NFTs, and the community is furious
Was it the right decision?
I think that if the only value your NFTs had to you was XP, then that was a risk you knowingly took
I’m a whale in two of my favorite NFT projects on Abstract - WEB3Playboys and CannaSapiens
I bought these NFTs because I genuinely like the projects, not because they were earning XP. For what it’s worth, their floors barely moved aside from some panic selling via offers
The only thing I’d add is that strong collections with real communities could have XP brought back over time, and this move will help show who actually deserves that
Other than that, I support @0xCygaar and his push for real on-chain app usage on Abstract
XP inflation has been cut significantly, top meme coin holders still have solid XP even after the reductions, and XP for NFT collections can always return later for the ones that truly deserve it
The old system wasn’t effective and didn’t help the network succeed, so changes were necessary whether people like it or not
So take a breath and touch grass.
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🚨The weekly xp just dropped on @AbstractChain🚨
After the XP system update my XP'S are decreasing week by week last week I got 17k→13k this week !
How is your XP day ? 👇🏽
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It was a huge sale today, congrats for the buyer .Grail season is on.
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President Peng retweetledi
i've been a CEO before. the hardest decisions are those which are painful in the short-term and require deep conviction in your vision. Devin’s belief that this is the best path for both opensea and our community reflects his long-term outlook for the company. and there aren't many CEOs who, when presented with the same situation, would decide to give back millions rebuild trust with their users.
i just hit my one year anniversary at opensea. this is one of the few companies in our space that’s truly trying to make an impact at scale. to genuinely change the way the world interacts with digital assets, and to onboard millions more into crypto.
opensea is building incredible things. one place for all of your assets, all of your blockchains, all of your wallets, all in your pocket. and with complexity abstracted away. double click apple pay to convert fiat. pay for anything, with anything, without worrying about bridges or chains. and the technical foundations to grow and scale.
like many of you, i’ve been personally looking forward to $SEA since before I joined. i’m with you. but i also want to see it set up for long-term success and sustainability.
until then, we keep building.
dfinzer.eth | opensea@dfinzer
an update on $SEA. the team has been building at full speed, and the foundation had planned to kick off the first steps as part of our march 30th event. but @openseafdn is pushing back the timeline. a delay is a delay. i’m not going to dress it up, and i know how it lands. the reality is that market conditions are challenging across crypto right now, and $SEA only launches once. @openseafdn could force the original date, or we could ensure every piece is in place and make this moment what this community deserves. we gave a tremendous amount of thought to how to do right here. I’m thankful to @HollanderAdam for bringing the community’s voice into every conversation. we’ll be doing the following: no more waves: the current rewards wave will be our last. optional fee refund: recognizing that we originally committed to a Q1 date, we’re offering refunds of the platform fees we retained while participating in the rewards waves (3 - 6) that followed our timing announcement. if you like, you can receive a refund of those fees, which when combined with treasure chest prizes, essentially means all of your trading during that period was on us. if you opt for a refund, the Treasures you were awarded during these waves will be removed from your account. details on this process will follow. honoring existing Treasures: for Treasures you continue to hold, our prior commitment stands: they will be meaningfully considered by the Foundation at TGE. this is independent from allocations for historical activity. 0% fees for 60 days: starting on march 31st, opensea will reduce our own token trading fees to 0%. we want to make it a no-brainer for everyone to experience our new platform: cross-chain token trading, mobile app, perps and more. after this 60 day period, we will put a new system in place that makes fees significantly more competitive for anyone trading consistently on opensea. product updates: while we’re postponing our march 30th event, we’ll host a separate one in the coming months focused on product updates. it’s been incredible to see the early responses to our mobile app, and we can’t wait to get it into more people’s hands. so if not now, wen? when we announced last year, it was too early. that created unnecessary uncertainty and reactivity. so when the Foundation sets a new timeline, it will be deliberate and specific. here’s why i’m confident that’s the right move: i’ve been building opensea for almost a decade. when this started, we were two people and the only thing you could trade on OS was cryptokitties. i’ve watched this space go from a niche curiosity to billions in volume to where we are today. the thing that’s carried us through every cycle was a willingness to make hard calls when it mattered. when our market crashed, we rebuilt from zero: an entirely new stack, a new product, and a new team culture. that hurt in the short term. but today OS2 is undeniably the strongest marketplace offering, and it’s the foundation everything sits on. we have huge ambitions as a company, and we’re here for the long game. making all of non-custodial crypto delightful on mobile is just the beginning. that means we have to set a very high bar for everything we do, and it’s why i’m so protective of delivering a launch that’s worthy of this community and everything we’re putting into this.
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@macokini @AbstractChain @Gate I think it hasn't been updated yet. Everyone who added LP before is experiencing the same problem. It will be fixed soon.
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✳️ @AbstractChain & @Gate Boost Campaign Guide in 5 Steps
Earn trading fees, additional Abstract XP, and ecosystem badges by providing liquidity to pools related to GTBTC and GUSD.
Because there is an extra XP reward, I explained it using GateWallet. If you want, you can also use your other EVM wallets.
🧵⬇️
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@bycoinraven @AbstractChain @Gate I did every step and still can’t claim is it normal?👀 teşekkür ederim
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