Effort Economy
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Effort Economy

$700,000+ Raised in Less Than An Hour

Less than a week ago, the Effort Economy opened the portal for an hour to their Discord server. No invite contests, no paid marketing shill, no sponsored posts and no prior announcement about its existence.

The Beginning

The first community activity was to decide if the portal should remain closed or be open for an additional time. The ones who got in first were given roles, “The First”. Right after the discussions from being fun and light in nature shifted to becoming more serious as to what the project aims to be and how it will execute on things the project has been talking about.

The Early

As soon as the portal opened for another few hours, more people went in. The people who came next were the most engaged in hearing what the Effort Economy plans to do and that’s why they were able to enter the portal. The first activity? Contribute to the B.E.E.R. tower. With the goal of making people climb up the tower to see what the project aims to achieve for the different partner projects all building on the Elrond Network.

The Decision

The case where people want to be early with every new promising project out there was definitely evident. The community unanimously decided that a larger liquidity pool is to the benefit of everyone.

Some of the best suggestions from the community:

  • Lock a portion of the tokens so people could not manipulate the market come listing day at the Maiar Exchange.
  • Limiting the maximum amount of $EFFORT to be claimed was also suggested and implemented within minutes the community asked for it.
  • Ensuring safety and fairness above everything else.
Discussion in Effort Economy Discord

The Raise

An article was released about the mechanics of the activity. The team has one main priority and that is to listen to the community and meet their needs, this is not two different priorities but rather one with two actions and that is listen and deliver. This is important because it will set the foundations of a very long lasting culture that will lead to the benefit of many. The participants of the economy we are building will always come first.

The sequence of activities:

  1. Give “The First” one hour to start ahead of the public.
  2. Give “The Early” thirty minutes to start ahead of the public.
  3. Announce in Twitter for public to enter.

All three activities was able to create a fair opportunity for everyone to prepare. By the order of the activities, the public still had time to complete half of the goal set for the community led activity.

The Result

The community goal was to raise a larger amount to be added in the liquidity pool so 4000 $EGLD was targeted, around $700,000–$750,000 from time of writing. All EGLD raised during the activity will go straight to the benefit of the community.

The Next

After all $EFFORT has been distributed and $EGLD returned to suspicious participants and people who did not follow the mechanics, the Liquidity Pool Address will be announced. The process is made easy because of the superior technology of the Elrond Network and Maiar Exchange.

How to add in a liquidity pool: https://docs.maiar.exchange/how-to-guides

Maiar Exchange Pools Example
  1. Log into the Maiar Exchange
  2. Select “Liquidity” from the top menu
  3. Click on +Add Liquidity
  4. Select the tokens you want to add liquidity for
  5. Enter the amount of tokens to add
  6. Select slippage (0.1% by default)
  7. Click on continue
  8. You will be asked to confirm 4 transactions*, as per your login method -> confirm
  9. The 4 transactions will be sent and your new balances will be automatically updated, pending the transactions’ execution

The 4 transactions are: wrap EGLD, deposit token 1, deposit token 2, claim LP token.

The Future

Snapshots will be taken for LP providers that provide liquidity. The first one will happen in the first five days from the beginning of listing. Rewards will allow access to opportunities only offered in the Effort Economy. A possibility of integrating a reward with the upcoming activities of the project like B.E.E.R. (Bengga Elrond Exclusive Release), Effort Gateway launch (Elrond NFT Marketplace), PassFlash early access and many more are being considered. $EFFORT is set to be allocated for these activities.

Head over to our Twitter for announcements such as Liquidity Pool address and upcoming events and activities: https://twitter.com/EffortEconomy

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