Announcement: Konstellation Is Partnering With a DAO!
TL;DR → Konstellation network is funding a series of bounties through Hold My Ledger DAO, a content-creation DAO founded to onboard crypto users from India. We believe this crypto-native marketing push is super important to establishing global awareness for Konstellation and DARC.
What is Hold My Ledger DAO?
Hold My Ledger DAO (HMLDAO) is a burgeoning web3 organization with 100+ members built around a single idea: crypto content creation in India.
The purpose of HMLDAO is to marry…
- India, the sleeping crypto giant, and
- DAOs, the revolutionary metaverse force that is sweeping across the internet at a rapid pace.
HMLDAO aims to become the entry point for crypto market participants in India, allowing users to learn, create, get paid, and own content.
To accomplish this goal, HMLDAO plans to induce people to learn and write about crypto through a bounty program sponsored by other crypto projects, such as Konstellation! This DAO architecture will hopefully funnel new users down the crypto rabbit hole using three pillars:
- #Education — Teaching people about Web3 and crypto
- #Creation — Facilitating creativity and education through a content platform
- #Ownership — Decentralized governance of said content
To put it simply, HMLDAO believes that DAOs are the overarching vehicle of web2 disruption, capable of producing and supporting #NFTs, #cryptocurrencies, and, well, #degens.
Konstellation agrees, which is why we have decided to partner with HMLDAO to fund the first series of bounties.
Why Is Konstellation Interested in India?
While crypto is supposedly borderless, the technology is mainly siloed inside Europe and America. India’s crypto market is prime for disruption as it has only started gaining some traction from the mainstream media. In India, crypto is genuinely in the first inning.
Let’s take India’s largest crypto exchange by volume, WazirX, as an example. A recent report from CoinDesk put WazirX’s yearly trading volume at $38 billion — which averages out to 44% monthly growth. Additionally, the Binance-owned crypto exchange posted 10x growth in its user base — shooting up 10x in less than 12 months to 10 million customers.
These are great numbers… until you put them into perspective.
Data from CoinMarketCap shows that WazirX is the 41st ranked cryptocurrency exchange in the world despite India housing over 1.38 billion people within its tech-savvy borders. And WazirX is really the only place to buy cryptocurrency in India. WazirX is the largest cryptocurrency exchange in India by a factor of roughly 13x (based on the daily trading volume compared to ZebPay, the second-largest exchange).
Additionally, that $38 billion YTD volume statistic mentioned above is also less impressive once put into perspective. Just yesterday, on a Sunday (11/28/2021), Binance, Coinbase, FTX, and Kraken combined to do $39.1 billion in volume over a single 24 hour period — outdoing WazirX in a single day. Furthermore, with only 10 million customers, WazirX has acquired only .72% of India’s population onto its platform.
We. Are. So. Early.
India is still an infant in terms of cryptocurrency (as evidenced by recent regulatory announcements). It should only be #UPONLY from here. Case in point, a September report by NASSCOM indicates that India’s crypto market is ripe to explode:
- The crypto market is expected to reach up to $241 million by 2030 in India.
- This explosion has the potential to add $184 billion of economic value to India.
- There are ~only~ 15 million retail investors in India — a number that should skyrocket.
How Will the Konstellation 🤝 HMLDAO Partnership Work?
Konstellation views its initial HMLDAO funding round via three lenses:
The Konstellation + DARC ecosystem is built to serve and facilitate transactions across a GLOBAL DeFi marketplace. Konstellation views its partnership as a perfect opportunity to start expanding its foothold in both India and among crypto-native DAO members.
HMLDAO will be producing Konstellation-based content via bounties. Example content includes Twitter threads on Konstellation (like this one), making memes (like this one), or completing Konstellation network tasks (like this one). Content is the lifeblood of marketing, and Konstellation is SUPER excited to initiate the expansion of awareness for Konstellation products and DARC via HMLDAO.
As HMLDAO grows and Konstellation begins to trust the content more and more, the bounties will get more complicated. For instance, HMLDAO members will be writing a blog post about Taebit this week, where the best submission will be posted on a Konstellation-hosted social site (either Twitter or Medium).
Talent + Customer Acquisition
By sponsoring deep dives and blogs, Konstellation expects to onboard a new set of users to our projects, such as the Konstellation Bridge, VegaX, Taebit, or Squid Squad OG. In addition, we expect HMLDAO members to spread awareness about their Konstellation experience through their content and word of mouth.
Additionally, the crypto space in India boasts of skilled and experienced individuals that can add value to HMLDAO projects through their contributions. Finding high-performing writers and crypto degens in India could provide a very bountiful opportunity for Konstellation should we ever need to expand our network to India via VegaX.
Konstellation network is all about inter-connectivity. Konstellation’s objective is to build a global, seamless DeFi capital markets network that connects and facilitates transactions across blockchains, protocols, and all things web3.
Investing in a DAO is just another way for Konstellation to entrench itself as a metaverse-native network.
Konstellation is THRILLED to see how HMLDAO will grow. The DAO has already completed and paid out five bounties, grown its Discord to over 100 members, and is in talks with multiple projects to flesh out the bounty program.
Comments and questions? Send the team an email here: email@example.com
✨KONSTELLATION Network is a blockchain protocol built on Cosmos Network’s SDK, creating a global infrastructure for the future of decentralized capital markets.
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