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The Oasians

Grape Protocol Analysis — Decentralized Social Networking

GM boys and girls, it’s time for another one of our weekly deep dives. If you’re somewhat active in crypto, you’ve probably joined a project’s Discord at some point. Either voluntarily or against your will, let’s hope it’s the former.

lol

If you’ve joined a Solana project’s Discord, you’ve probably interacted with a Discord bot called Grape. It’s essentially Solana’s version of Collab Land. This week I’ll be going over Grape Protocol and how it positions itself as a decentralized social networking tool for the Solana ecosystem. Let’s eat some grapes, apes! As usual, this is not financial advice but only educational content. Please don’t be dumb and always DYOR on any crypto projects.

Table of Contents
1. Summary
2. Overview of Grape
3. Technical Features
4. Tokenomics
5. Concluding Thoughts

Part 1. Summary

Your TL;DR fix for this one.

  • The Grape Protocol is a tool set for building token-based membership communities on Solana.
  • Grape won second place in the Web3 track of Solana Hackathon 2021.
  • It secured $1.2M seed round funding led by Multicoin Capital.
  • The Grape access tool allows tokenized communities to provide exclusive access to users based on their wallet balances with support for any SPL tokens, LP tokens, and NFTs.
  • Grape DAO’s membership tier grants users exclusive benefits like research, defi strategies, monthly $GRAPE emissions. Specific skill roles will also receive role-specific $GRAPE emissions monthly. Being a participant of the Grape DAO means you are one of the core contributors and will vote on major decisions.
  • $GRAPE token is used to access community tools, community fund, and community participation.
  • Grape’s advantage is that it’s one of the first and biggest player on Solana. With the long term trend of DAOs adopting Solana, Grape is on track to become THE community builder toolkit for the entire Solana ecosystem.

Part 2. Overview of Grape

The Grape Protocol is a tool set for building token-based membership communities on Solana. With the power of Grape you can create, reward, and secure any online community. Its most popular tool is Grape access, where you can create exclusive membership portals for NFT and token holders — this is probably the function that most of you have interacted with.

The main service Grape offers is NFT ownership verification. It queries wallets and confirms the non-fungible token associated with your digital art piece is in your wallet. You can use their website to view your verified NFTs.

Let’s dial back a bit and unpack the Grape community first. The Grape community is a group of talented Solana’s supporters focused on accelerating the adoption and growth of the Solana ecosystem. To accomplish this, the community has adopted a value system where influence and voting are delegated by no one person, it’s by those who are contributing the most and have the greatest influence in the decision making. This is what makes up the Grape DAO. I’ll go over the specific governance features of Grape DAO later on.

Grape won second place in the Web3 track of Solana Hackathon 2021. There’s not too much information about the team behind Grape since most of the members remain anonymous. It’s only known that it was co founded by Dean Pappas and Chris Christodoulou in Austin, Texas. (I swear I’m not making up these names.)

Back in September 2021, Grape popped on everyone’s radar for bringing down the entire Solana network through its much demanded token sale. It raised $600,000, and a week after, it secured $1.2M seed round funding led by Multicoin Capital.

Grape Protocol timeline

Part 3. Technical Features

Grape’s initial clients on Solana were all DeFi products — p2p lending, borrowing, and trading protocols like Saber and Parrot. It wasn’t until the NFT boom on Solana that the DAO business really started to pick up. Most of the blue chip NFT projects you see on Solana right now like Solana MBS, Degenerate Ape Academy, Aurory, etc. all use Grape.

Grape Access
Grape access is connecting members’ social accounts to unique cryptographic keys. In most cases, what this means is that Grape access connects your Discord username to the NFT or token that you hold.

The Grape access tool allows tokenized communities to provide exclusive access to users based on their wallet balances. In other words, it provides direct proof of skin in the game for each and every community member. Grape supports the following token types: SPL tokens, NFTs with metadata on Metaplex, Raydium staked LP tokens, and Orca staked LP tokens.

Grape DAO
Being a participant of the Grape DAO means you are one of the core contributors and will vote on major decisions. The DAO application is available on Discord and users must have at least one skill role and must hold a minimum of 20,000 $GRAPE to enter. There are several subDAO units where members can choose the area they’d like to contribute in to obtain a skill role.

6 subDAOs

To attain any of these roles, you’ll have to show case your talent and capability in the respective field within their Discord. Contributors will be rewarded for their work through $GRAPE emissions.

Grape DAO holds their discussions openly on the server via a live stream, and the duration of the meeting is well documented to prevent the risk of data loss. The DAO makes decisions via a voting system, with the majority of votes deciding what will be put in place.

Members can also participate in the DAO meeting by posting questions, recommendations, and ongoing issues in the ‘Live Questions’ channel, which closes at the conclusion of the live broadcast until the next livestream begins.

Grape has also implemented a membership tier where users can receive exclusive benefits like research, defi strategies, monthly $GRAPE emissions and other prizes. Specific skill roles will also receive role-specific $GRAPE emissions monthly.

Source: Grape Medium

MEDIA Partnership
Grape has teamed up with the MEDIA foundation to further cultivate decentralized social networking. Media Foundation is a decentralized censorship resistance network solution that enables users to make Twitch or YouTube broadcasts without becoming censored by a centralized server.

Users with $MEDIA and $GRAPE tokens will have access to special, censorship-resistant streams, which will be available anywhere a Solana wallet can be validated.

Future Roadmap
Grape sees its product line soon growing beyond just Access. DAO management tools and event planning — token-based ticketing for both virtual and real-life events are all in the works.

Grape’s cofounder Dean says the protocol aspires to create a toolset that lets people create their own digital civilizations. To start from scratch and build within its walls.

Source: Grape Medium

Part 4. Tokenomics

Source: Grape docs

$GRAPE is the currency that powers the ecosystem with three main use cases.

  1. Community Tools
    Used to access a suite of community building features. These features will also be offered to other communities in exchange for project tokens or for burning/spending $GRAPE.
  2. Community Fund
    A managed fund that will purchase assets and invest in other Solana ecosystem projects. The goal of this fund is to have a revenue stream to allow for future buybacks of $GRAPE that will be redistributed through liquidity mining.
  3. Community Participation
    The community will be gated and will require a minimum $GRAPE balance in the users Solana wallet. Recognition of community participation is essential and high output members will benefit more than inactive holders.
Source: coinmarketcap
Source: coingecko

$GRAPE’s IEO price on AcceleRaytor was $0.02, and it began trading on September 15th, 2021 at $0.34, which is also its ATH price. The overall trend of $GRAPE is a downward decrease, with a small price spike at the end of 2021 during the crypto bull market. $GRAPE currently trades at $0.02 at the time of writing.

The current circulating supply of $GRAPE is unknown as a large portion of the token is used for rewards emission. The total supply of $GRAPE is capped at 1 billion.

$GRAPE holder benefits include:
• Monthly liquidity mining rewards
• Voting rights in the Grape DAO for decision making
• Participation in gated events
• Dividends from the community fund

Part 5. Concluding Thoughts

There are 4 major areas that Grape Protocol seem to be active/effective in.

  1. Decentralized Social Networking
    The first Grape idea/product aka The Grape Access can work with any Discord server and with any SPL token, LP token or NFT. Through the use of this tool, you can create not just a community but a system where tokens are the gateway to accessing tools and resources on a server. This essentially adds value back to the community. The grape tool set is specially designed to prevent the use of bots which solves the issue of bots and spamming.
  2. Flexible freelancing
    One of the most appealing things I personally find on the Grape Discord server is its workspace and productivity. Many resource articles, videos, and other contents that has helped the Grape Community grow, all this weren’t created by outsiders but members of this community. What fuels this productivity is that Grape rewards contributors for any recognizable work done in helping to develop the community. The long-term goal is to create a workspace similar to the likes of Upwork or Fiverr or any of the current regular freelancing companies but with better payment system, more efficient communication, and removal of middleman fees.
  3. Community Growth
    Grape holds many event in its Discord server and the winners are rewarded in $GRAPE tokens. There has been Call of Duty Warzone event with a prize pool of 105k GRAPE which was approximately $21,000 at the time the event ended. Several other events like Poker, PUBG, Hearthstone, Chess, Mobile Legends. The idea is that Grape is trying to widen their reach and attract non-crypto users and gamers into Solana.
  4. Information Analysis
    The core concept of Grape is to build Solana from within. To achieve this there’s a private dedicated channel called “Solana Alpha” Accessible to Class A members/Skill role members only. The channel is set up to bring contributions and ideas of new Solana projects, what the project entails, what potentials the project has and how they can seek partnership or help improve these projects. Grape has a roster of researchers dedicated on the discovery of new Solana projects, premium analysis on existing projects, etc.

Building a metaverse verification bridge is definitely not new to crypto at all. A bunch of very mature projects already exist on Ethereum. However, Grape’s advantage is that it’s one of the first and biggest player on Solana. The long term trend will see more and more DAOs onboard Solana for its network features. This will no doubt put Grape in a position to become THE community builder toolkit for the entire Solana ecosystem.

Okey Dokey, that’s it for this week! Make sure to keep an eye on our community announcements since we have an exciting update coming up! Once again, this is not financial advice but merely my own opinion. I’m not a financial expert so always DYOR on any crypto projects.

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Bye bye, my little birdies!
-SixOhFour

Sources:
https://grapes.network/documents/GRAPE_Protocol_Litepaper.pdf
https://docs.grapes.network/what-is-grape/overview
https://medium.com/great-ape

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