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#TERRAFORM LABS Partners with LOOP Finance for LOOP Bounties
I've been saying it for a while now that journalism in crypto needs to become decentralised and move away from shills and influencers. An industry born from fighting the system shouldn't be held to one that is extremely costly and based on old world principles.
I recently also jumped across to LOOP Finance on Terra (LUNA) Network and writing over there also which has been fun and helps my reach. But some recent news really caught my eye and there is also a contest or Bounty.
TerraFormLabs (TFL) is working in collaboration with LOOP Finance to enhance their bounties program which each week sets a contest for people to submit articles which are then in turn curated by the community as well as go into the draw for a prize.
First of all, Loop Finance has two tokens which I will split into two layers with Layer one being Loop the main token that powers the decentralised exchange and enables people to participate in decentralised finance on Loop Finance. Layer two which is the Loop community is home to LOOPR which powers the blog and is earned through curation. LOOPR can also be used to participate in the decentralised finance by pairing with LOOP and staking.
LOOP Finance also offers weekly bounties which attract additional LOOPR tokens for producing content that meets the allocated tasks for that week. All writers who participate also go into the draw to win $1000 worth of UST which can be redeemed as long as your wallet address is linked to your official account.
On top of that there are a number of other bounties that run with the most recent one announced for Terra project explainers with the top writer receiving $US300 worth of LOOP tokens which can be found HERE.
LOOP Finance is currently working in collaboration with TFL to establish a community committee to oversee the bounties and developing a number of Pylon pools that will generate income to finance the bounties program. A community committee will be established to oversee the operation of LOOP Bounties.
They are also including a number of Terra Projects to also participate and host their own bounty challenges which will award winning writers with the tokens of the project that the bounty sets. This provides an additional incentive for writers to earn additional income through working hard for the Terra community Source.
This collaboration should be on everyone's radar as it is a move into the decentralised journalism sector and one that projects should be taking note of especially. Luna is well known for its airdrops but airdrops unfortunately mean a lot of people dump them for the project they are aping into which isn't a bad thing, it is their money and they got it for free.
But it quite often has damaging impacts for the project but with many Terra (LUNA) Projects recently drastically reducing their airdrops or completely shutting them down. But this new collaboration is one that could potentially change all that with the ability to host contests in the form of articles which means people need to do research and put work into receiving the airdrops.
This way projects wont be getting 0 out of the airdrops but empowering communities to work for them.
Offering decentralised journalists incentives to write articles is a great way to ensure the right news is reaching the community and a possible reduction in shilly posts that just take your money. With funding and backing from TFL whom in that regard would be the employer decentralised journalists won't be held to produce hype for pay and projects will have more funds to develop their blockchains or projects.
What are your thoughts? would something like this also benefit Leo Finance and Hive? What if a proposal was established and it was to pay decentralised journalists and people reached out to projects. Can you see it working here?
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