Sunsetting Creator Pools: Here’s Why and What’s Next For $SWAY
Two years ago, during the peak of the previous bull market cycle, we introduced an innovative concept that aimed to revolutionize the social media landscape. By incorporating a web3 layer and NFTs into the existing web2 social networking mechanisms, creators would gain the ability to enhance and more efficiently extract value from the content they produce. Simultaneously, their followers evolved into active participants who could stake with them and reap rewards in return.
In essence, “Staking” was poised to replace traditional “Following.”
In 2023, we adopted a different strategy by introducing proxy staking pools (updated whitepaper). Significant developments in the SocialFi landscape, coupled with the remarkable success of projects like friend.tech, affirmed our long-term belief in web3 becoming a vital component in the evolution of social media platforms. This entails introducing a new value layer to an existing and familiar interface.
While we have maintained a relatively low profile on our social media platforms, much has transpired behind the scenes in terms of understanding this transition and identifying areas where our technology can add the most value. Throughout the year, we have actively engaged with various projects, NFT marketplaces, artists, and game publishers to develop pilot cases that would pave the way for our future endeavors.
Creator Pools served as our inaugural dapp and initial proof-of-concept, enabling us to comprehend the dynamics of value when staking is integrated into a web2 social mix. At its peak, over 20% of circulating tokens were staked across various Instagram accounts, with the largest position staked with the account teddysphotos.
With the introduction of proxy staking pools, we entered a new phase, shifting our focus towards the infrastructure side of things. This would allow any wallet to create its own pool. Through soul-bound tokens, your wallet address became your identity, making deploying a staking pool an indispensable community-building tool and a reputation proxy.
As we look ahead to 2024 with new plans and an upcoming roadmap release, we have decided to sunset the existing Creator Pools dapp and concentrate on areas where our technology can have the most impact. Creator Pools will be deactivated by end of January 2024. All existing positions and accrued rewards will be automatically withdrawn and sent to the originating wallets.
Stay tuned as we release more info and an updated roadmap in the coming weeks.
