Arena V2 is not a single roll out, but the start of a new chapter in the history of The Arena. V2 is an entire campaign starting with the launch of V2 Beta on April 24, 2024, and a subsequent release of crucial new features not yet seen in the SocialFi space shortly thereafter.
Existing Web2 social media applications do not empower content creators to monetize directly and to the fullest extent. They both extract value from their users and cannot compete with the power of crypto to align incentives and reward users on an ongoing basis. For most web2 platforms, crypto and web3 features are an afterthought, subject to be removed at the whims of the operators.
The Arena combines the best of both worlds. To date, we’ve built one of the strongest communities in Web3, who believes in this vision to the fullest extent, accompanied by:
- One of the cleanest onboarding processes (no crypto or payments required to onboard)
- The ability for smaller content creators to find their voice and rise to their full potential
- A multichain community at the social layer (breaking down the barriers between chains and ecosystems)
- A social distribution system of targeted product launches to users based on on-chain identity
- The ability for users to earn more on this platform than anywhere else
With V2, we expand what’s been built to the mainstream. Through a combination of a vastly superior product, targeted onboarding campaigns and partnerships, and more tools for creators to monetize, discover, and engage on the platform, we are entering a new period of growth and expansion.
No longer will Arena users solely monetize from tipping and the buying and selling of tickets. Now there will be ways for creators to monetize all forms of media (written text, audio, and visual). By enhancing what users love on the social side and combining those features with brand new financial primitives to earn more, the vision is simple: you will never need to go anywhere else outside of The Arena for all of your social or financial needs.
Where We’ve Been (Arena V1)
As a collective, we’ve managed to rebuild the Arena! V1 was defined by rescuing the platform, securing the codebase, fixing bugs, hiring a new team, rewarding loyal gladiators, reestablishing trust through rebranding and strategic partnerships, adding key new product features, and establishing a proper foundation to build out the future vision.
The result?
Since the take over, we’ve managed to achieve the following milestones:
- Rose from the #5 SoFi app to the #2 SoFi app based on TVL
- Became the #1 SoFi app in terms of public user engagement
- Became the #3 dapp on Avalanche in terms of revenue generated
- Reached a total of 175,000+ registered users on the platform
- Introduced multichain tipping with meme coins, sparking a viral movement and facilitating the onboarding of top meme communities on both Avalanche and Solana (including Coq, Bonk, WIF, and more)
- Developed the concept of badges, starting with the OG badge, and in the process onboarded some of the top NFT communities across multiple chains, including DeGods, Sappy Seals, Dokyo, and Steady, with more to come
- Witnessed the successful rise of crypto projects built by native Arena users and initially distributed through The Arena, most notably NOCHILL and GURS
Now that we’ve reestablished The Arena to its most promising position yet, it’s time to shift focus to the future.
Where We’re Going (Arena V2)
With the start of V2, we officially close the first chapter of The Arena and start fresh. Whereas V1 was centered around a rebirth from a dark past, V2 will be defined, first and foremost, by growth — both internally and externally.
The core tenets of V2 are as follows:
- Onboarding a broader and more diverse user base — breaking down barriers between chains and onboarding users from Web2
- New partnerships
- Greater community voice (governance and developer tools)
- Better user retention
- More creator tools
- New and better forms of creator monetization
- Better in-app distribution
- Building a brand around The Arena
The initial phase, known as V2 Beta, is defined by a complete UI/UX overhaul. The Arena must evolve to a point where the product is appealing enough to attract a broader base of users that are accustomed to the usability of mainstream Web2 social apps. We have some targeted Web2 partnerships lined up where new types of creators will be able to onboard onto The Arena from their preferred social app and begin experiencing the benefits offered here. Unfortunately, the V1 product was simply not up to the standard needed to execute on these partnerships and make The Arena the preferred home for these creators.
This is the first key area we are targeting, a product with the interface comparable to a Web2 product but with all of the benefits of Web3 in the backend. With a new, fresh, seamless user experience that removes critical bugs and quality of life issues, we can begin more substantial onboarding efforts and growth campaigns with strategic partners.
Additionally, we can then build more robust and sustainable features on top of a sound product that allows us to offer a rich experience where users never need to leave the app for any reason.
The following features will be released on top of V2 Beta. Keep your eyes peeled as some of these features will be rolled out in the coming days:
- Release of $ARENA — Overview coming
- First governance vote on Arena subnet — Details coming
- New discovery algorithms — Discover new content creators and new forms of content beyond just who you follow
- Public API Access — Access for any developers within the community to build tools on top of The Arena
- Direct Messaging — More intimate messaging for ticket holders
- Lower fees — 7.5% total fees
- Push notifications — Direct notifications of important actions within the app
- Message reactions in private chats — Emojis are coming!
- Expanding login options (Instagram, TikTok, Reddit) — Lets onboard new types of users!
- Expanding tipping options — More user control over tipping coins
- Fiat on-ramp — In-app features for fiat to $AVAX conversion.
- Arena Stages — Enabling Arena content creators to find their voice :)
- The Social Exchange — The most seamless way to buy and sell digital assets on a social feed + new forms of creator monetization
- Direct NFT minting — Create and mint NFTs instantly within the app
- New wallet solution — Improved wallet management solutions, including self custodial wallets.
- Arena Groups — New features and tools to support existing communities (memecoins, NFTs) and launch new ones. Leveraging clever cryptoeconomic incentives to revolutionize existing web2 incumbents, such as Reddit
- Customizable Rooms — Customize the look and feel of your room. Build distribution channels for digital and physical items to your holders
- Ticket Functionality Enhancements — Improvements to ticket accessibility and ticket utility
And we are only getting started! While just a small glimpse into what’s in store, this list provides insight into the most imminent and medium term features that we’ve been working on for the past few months. These features will be rolling out now alongside strategic go-to-market initiatives aimed at onboarding the maximum number of users to The Arena.
Gladiators, here is where we ramp up. The time is now.
Long live the arena.
