When I saw this topic, I was delighted because this is one of the topics I have noted in my diary and planned to write on it some time in the nearest future. Now that it has come as a contest topic, that is amazing. To go straight to the point, I strongly believe that the Leo team should organize weekly and monthly contests to push us to do more for the project. In the following paragraphs, I will explain why having a community contest periodically would be a great feature of Leofinance.
Existing contests and their benefits to the Leoverse
Right now, Leofinance have some contests that help all members to do more. One of the contests is the Leo Power Up Day which happens on the 15th of every month. We also have Best Author on Leo Finance, which rewards the best writer selected by the community weekly. These contests and many others add value to the ecosystem in many ways. Consider just 5 of them below:
- Promote Investment in Leo: The Leo ecosystem needs members to invest in the project so that it can grow. The more users purchase and hold Leo, the more scarcity we create for the Leo coin, and the more its value grows. Contests such as the LPUD encourages participants to buy and power up more Leo. This is a some solid investment in the Leo project and this is needed for the growth of the coin and the project.
Consider that in the last LPUD, a total of 227,000 Leo was powered up. That is such a solid figure. Imagine where Leo would be if we maintain or increase that amount powered up weekly. In the next few years, that action will positively affect the price of Leo in the market. This is a direct positive impact of the LPUD contest.
- Boost Engagement: the LPUD and author of the week also boost engagement in many ways. Towards the days leading to the 15th of every month, many participants write posts about LPUD. Some even do countdown to 15th. On threads, we talk about LPUD. We create polls and ask other users how much Leo they wish to power up and how they are preparing. These are engagements and more content publishing that happens because of the LPUD.
The Leo Author of the week also expects members to vote for the selected authors. That also creates meaningful talks and engagements both on threads and on the main UI. So in these ways, contests promote engagement in the community.
Encourage setting goals: Contests encourage participants to set goals and reach out to accomplish them. The LPUD has made a lot of participants to set goals on how much LP they wish to accumulate in a given period of time. And setting goals has helped many users to take concrete actions to achieve their goals.
Creates awareness: Contests are very well publicized. We write posts about the contests, talk about them on web2 social media such as Twitter and even invite new users to join the contest. These actions create massive awareness for the Leoverse. A lot of new users get to know about Leofinance through the promotional activity that contests bring about.
Rewards hard-work: When users participate in our contests and win, they receive rewards for their hard work. That is another value which contests bring to the Leoverse. In the last LPUD contest, I won 5000 LP delegation and I was happy for that. many other users also won something. That is great motivation for all of us. And we tend to do more when we win contests in the Leoverse and get rewarded.
LeoFinance contests - why and how?
First of all, why do contests in the Leoverse? Well the reasons for organizing contests are many and I have mentioned some above. Contests motivate users to do more in the Loeverse. Contests help the team to create awareness, test a feature, rewards users, and encourage external investment.
On how to design the contests, the team should insightfully make the contests to promote weak areas of the Leoverse. I think the contests could be weekly and monthly. Ideas for the contest includes:
- Most engaging user
- User that produces most quality threads
- User that recruits and retains most new ones
- A user that powers up the most
- A user that creates most quality articles
- Social media sponsored events, etc
The above are ideas and the Leo team can divide them into weekly and monthly contests.
A new crypto / economy focused weekly contest?
This would be a massive idea from the team. This type of contest will shape the Leoverse into a proper community where members could discover new cryptos and projects. That would be some special attraction to investors and crypto enthusiasts hunting for new projects to explore and invest in. I think this would be a great idea and it would be valuable addition to the leoVerse.
Best contests for the ecosystem?
LPUD is undeniably at the top. A contest that is directly connected with the tokenomics is an important contest. LPUD helps to drive up the price of the Leo token as more people purchase Leo and power up. Usually, the price of leo goes up any time the 15th of each month approaches.
Some of the contests in the just concluded Zeally campaign should be retained. Contests that encourages more pageviews on threads such as the Team threading contest. The black Lion won it last time. A contest like that should always be encouraged. It promoted engagement, teamwork and more pageviews given that the team is planning to implement ads fully.
How I feel about Leofinance contests
I will divide my experience into positive and negative. But there are more positives.
- The positives: The Leo team is so liberal with rewards. No team on Hive has held a contest with such a massive bounty - $10,000. And the number of winners? 40. Thats massive thats a record made by the adoption campaign.
Leofinance contests are not too difficult. They are usually broken down into smaller manageable tasks. Finally, Leofinance contests creates capacity in us to be better investors, better researchers, better content creators, and better collaborators. I have learned so many fundamental content creation skills from Leofinance contests.
- the negatives: Not so much here. There is always room for improvement. I think some contests like the best author of the week could be expanded. There are many quality writers on Leofinance, so I feel that contest should have up to 10 entries, and the community picks the best 3.
How effective are Leofinance contests?
They are very effective. Just look at the MAU's in the community. As at time of writing, the community has more than 1400 active users. That dwarfs all the other communities on Hive. Look at the amount of Leo invested is last months LPUD - a whooping 227k Leo. These are verifiable numbers that illustrate just how much value Leofinance contests bring to the Leoverse.
Leofinance vs Publis0x contests
Other platforms run contests where winners are rewarded in crypto. Well, Leofinance seems to take the day. In terms of:
Contest Reward: Not just on Hive, but in all the crypto platforms I know. I have never seen a $10,000 reward (Adoption campaign) for a contest. This was proudly brought to us by the Leofinance team.
Number of participants: More than 100 persons participated in the adoption campaign. Thats a number I have never seen in Publis0x writing contests.
Value of contest: In terms of value to the ecosystem, Leofinance contests have brought more new users, more investment in Leo, and more engagement in the form of threads. Leofinance is the winner all-round
Conclusion
We need more contests in the community as contests have brought massive value to the ecosystem. If the Leo team considers to design more weekly and monthly contests, the Leoverse will grow at a faster rate.