How do you scale up digital basic income?
Hint: Grow the digital ecosystem
In February this year, the GoodDollar global community more than doubled in size and bringing the total number of wallets to 183,000 (!!!). We are thrilled that this was the month that we blasted past the 100,000 wallets mark, a huge milestone for any community. It’s almost surreal — and definitely humbling — that there are now this many GoodDollar users around the world.
Plus, in February a total of 107 million G$s were distributed. And it’s just the beginning…
Fueling this growth was the release of the marketing referral program, that rewards current users for inviting their friends to join GoodDollar. This feature was in the works for quite some time, and was one of the top requests from GoodDollar users. To date, 87,000 users have joined via the the marketing referral program, and 53,000 of those have started claiming G$s as active users.
What does this mean for you? Every day a certain number of GoodDollars are minted, and they are divided equally between all users in the system. As more users join GoodDollar and the number of active claimers increase, it affects the number of GoodDollars each user receives. We refer to this as the “basic income equilibrium” as discussed in the Whitepaper, which is our hypothesis of when the supply of GoodDollar distributed meets the user demand for GoodDollars.
Ultimately, scaling both the supply and demand sides are critical to healthy growth of the ecosystem — and this remains our key focus. We’re working hard to continue to release new ways for people to use and stake with their crypto to increase the supply of GoodDollars distributed, which will enable the system to grow at scale.
GoodDollar grows in India, Indonesia, Nigeria
Excitingly, the release of the referral feature is expanding GoodDollar to new communities across the globe. Over the past few weeks, India, Nigeria and Indonesia emerged as the countries with the highest percentage of G$ users. Are these the new high-growth geographies for new GoodDollar users? It’s too soon tell, but we are looking forward to seeing and sharing more and more use cases that emerge from these new digital communities.
And people are really using GoodDollar, and returning day after day. Do you know that GoodDollar is one of the top projects globally regarding our daily active user count? We are excited that this activity is now being tracked via dapp.com, which shows that there are over 37,000 users returning to the app each and every day to claim.
Read the full monthly update originally published on the GoodDollar blog here.
