GET update August ’20 — What’s mined is yours
We’re back! It’s been another month filled with new events, artists and developments behind the scenes. Here’s what’s covered this month.
Announcing GET liquidity mining
GET Liquidity mining is coming. Get your GET ready.Monthly recap: New events & new signings
New events and organizers are being added left and right.Website update: ‘What we’re working on’-page
More transparency, more insight.Development update
Frans Twisk is back again to show a new feature.
Announcing GET liquidity mining
We are very excited to announce GET liquidity mining. This is a logical and beneficial addition to our current tokenomics, based on both the continuous growth of the GET protocol, as well as the successful results of similar projects with other projects.
Liquidity has and will always be a crucial component for our protocol. In order for it to thrive and process the millions of tickets which we expect it to process, we require a deep and dependable provision of liquidity.
What is happening
Starting on October 1st, we are introducing liquidity mining to GET Protocol.
A periodic reward in GET will be issued to those offering liquidity to the GET/ETH pool on Uniswap.
From October first, those providing Liquidity in the GET/ETH Liquidity pool will be rewarded proportionately to the percentage of their provided liquidity.
For those not sure what the hell this combination of words means, here’s a decent explainer video for how liquidity pools work.
It’s important to state that if all of this seems very complicated or weird, it is probably not a good idea for you to participate. It does require some understanding of liquidity pools and their rewards and risks. It is also in no way required — it doesn’t matter to the protocol if a few larger providers participate, or many hundreds. The system will find an equilibrium. If you would however like to learn more, a good place to start is this blog, which explains the workings of Uniswap.
Why is this happening?
We are introducing this mechanism for several reasons, in order of importance:
- Significant, sustainable liquidity is a crucial component of the protocol, especially as more and more events take place and new ticketing companies begin using the protocol in their own markets. (Please check out the GET tokenomics if this doesn’t make sense.) The rise in popularity of these mechanisms is a great opportunity for us to gain organic liquidity of the token without having to resort to sketchy market makers, of which we have never been fans.
- This move also opens the doors to potential further decentralisation of certain elements of the protocol, for example the buyback mechanism. Pending positive results and technical developments, this could be a great way to automate parts of the protocol’s processes in a transparent way in the future.
- Added liquidity (not just volume) is needed to provide traders a comfortable way to take larger positions of the GET token. This move kills the ‘nice project, too bad no liquidity’ argument of potential GET traders.
We will be monitoring and sharing our findings about the effects of adding liquidity mining to the protocol + token.
Wait, no nodes?
Indeed, at least not right now. We are not ruling out the need for nodes in the future — however the current development of the protocol benefits much more from improved liquidity, as explained above.
We wholeheartedly feel that going with a strategy that rewards liquidity providers in a way that actually benefits the protocol is better than going out of our way to construct a situation where we require nodes, simply for hype reasons. This way we can incentivise and reward GET holders in a way that actively helps the project grow and move forward.
How will it work?
Full details will follow in the coming weeks, but in short, the process is as follows:
- Step 1: Provide liquidity to the GET/ETH pair.
- Step 2: Periodically, the GET Protocol will add GET to the GET/ETH pool. This will raise its GET balance, proportionately rewarding those providing liquidity.
- Step 3: Liquidity Providers in the pool will earn both on fees and the added rewards.
That’s it. There is no necessity to register anywhere or claim your rewards.
Full details such as rewards and timing will be provided on Monday September 14th at the latest.
Monthly recap — What’s been happening
Our founder Maarten Bloemers went on the ‘Moment of Growth’ podcast, an initiative of popular payment service provider ‘Mollie’. In this episode, Maarten discusses all the highs (and lows) that brought GUTS Tickets to where it is now. On top of that, he shines a light on where things are heading with GET Protocol in the time to come. Recommended listen:
On August 8th, the third Livestream event from DI-RECT took place, this time a unique show from the intimate setting of the beautiful Mauritshuis museum in Den Haag.
Great news from Italy! The first tickets from the Italian whitelabel partner have been sold. Wicket — the Italian user of GET Protocol, have announced their first client: the Hostaria wine festival in Verona.
The event will take place from 8–11 October, the ticket sale is currently ongoing. Click on the image above to check out more info or to get your tickets, if you are in the area. Saluti!
Some other cool artists and event organizers have sold GET Protocol-issued tickets this month, many for the first time.
Take for example Sevdaliza, who is having her ‘colors of the night’ livestream event, which takes place tonight! You can still get tickets for the livestream, which are ‘pay-as-you-like’.
GET Protocol user GUTS is ticketing ‘Glue’, A three-day design-tour for Amsterdam designers, architects, brands, showrooms, galleries, academies and other colleagues.
More info & tickets:
https://glue.amsterdam/tickets/
All the way in the USA, singer Dan Croll is hosting a livestream show from Spacebomb Studios. Proceeds from the show go to FeedingAmerica food banks, so you’re doing good while enjoying some tunes. Click on the image below for more info about the show and tickets.
New signings
On top of these events, several new event organizers and managements have signed with GUTS Tickets over the past month.
Responsible for, amongst other things, the very popular Mr. Bright’s Quiz Night, a weekly virtual pubquiz experience played by hundreds of people.
They do both Dutch and English pubquizzes, attended online by people from as far away (from Holland) as Japan.
- Play Productions —An immersive theater experience in Amsterdam.
- Stef Ekkel Entertainment A Dutch folk singer, known from such classics as ‘Liever dik in de kist dan een feestje gemist.’ Translation: ‘I’d rather be fat in my coffin than miss out on a party.’ (It’s called culture sweety, look it up.)
- Wild Child Agency, an agency for the creative sector, taking care of theater programming and artist marketing.
And there are many, many more in the works; our sales team is not taking their foot off the pedal. While COVID might be challenging for event organizers right now, there is plenty of room for creative solutions, as well as room to strategize for the time ahead and keep adding new event organizers to our roster. This way, when events pick up we will be sure to ramp up in ticket volume like never before.
DeFi ReMi
Just a reminder — We are working on bringing DeFi to the ticketing industry. If that sentence doesn’t make you excited, I highly suggest you read this recent blog by our blockchain developer Kasper Keunen, going into detail about the insights and opportunities that are shaping our approach.
If that doesn’t do it, you might be a Russian bot. Have yourself checked. More updates will follow as progress is made.
Speaking of updates and progress…
What we’re working on
Following up on community feedback, we allocated some brainstorm and development efforts into finding ways to share more of what the team is working on. We believe we have done so, with the ‘what we’re working on’ page.
Our beloved jack of all trades Frans Twisk put his keyboard down, picked up his paintbrush and churned out an excellent addition to the GET website:
From now on, we will continuously show the different types of developments our dev teams are working on. These can be in several categories: Blockchain, Token or Feature.
On top of that, we have updated the roadmap up until now, to include the recent integrators of the protocol in markets around the world.
Check out the newly updated roadmap page here, or by clicking on the image above.
Development update
From Product Owner Frans Twisk.
Now that we added ways to batch-edit and update events using our event-templates, as explained in last months blog, we have been working on batch-creation of recurring events. This is done by something we like to call “scheduler”.
An organiser can use one or more event-template(s) and add it to the scheduler together with a set of rules to define on which days of the week events need to be created. Optionally you can specify certain dates which will be ignored, like holidays or exceptions.
Then it’s as simple as setting a start and end date and events will automatically be created for the specified timeframe. You can do this as often as you want, e.g. creating next months events at the start of the month. All events created will be manageable by the template, and changes to this template can be synced to all events. Creating and managing your daily recurring events just got simple!
With the delivery of the scheduling feature, we can almost wrap up all planned features for recurring-events. The last missing key is gate-management. Something you’ll hear more about in next month’s blog!
More about GET Protocol
Feedback
As always, if you have comments, questions or suggestions, please drop in to our active Telegram channel, and be sure to follow us on Twitter.
How to help out
If you are a fan of our system and want to help out, you can do so by leaving a review about GUTS on Google, the iOS app store or Google Play store.
Where to buy GET
Want to get your hands on some GET tokens? Here’s an easy guide.
Korea
Our Korean Telegram channel can be found here, and our Naver page is here.
Learn more
If you want to know more about what we do, read our whitepaper, visit our website, or join the discussion on the GET Protocol Reddit.
Exchanges
If you would like to see the GET token listed on specific exchanges, the best way to do this is to (publicly) let exchanges know about the project. The more they hear about it from actual traders, the better!
