Nutbox Walnut - a multi-chain CommunityFi protocol, achieve the world that SMT and Steem-Engine want to achieve.

nutbox.mine (69)in NutBox • 3 years ago (edited)

Steem, as an inspiring social media platform, has grown into dozens of communities. However, due to the lack of support for smart contracts and side chains, the community on Steem has been unable to use the PoB (Proof-of-Brain) mechanism to distribute tokens for its own community like Steem.

Smart Media Token (Steem2.0, SMTs) came in order to achieve this goal, but due to too much changes to the underlying protocol and other reasons, it was finally unable to be launched. Steem-Engine also proposed its own solution, hoping to introduce a smart contract layer for Steem to "empowers communities", which has been universally welcomed. Hundreds of individuals or organizations have created their own communities on Steem-Engine. However, Steem-Engine was launched in 2019, with limited decentralized application scenarios, limiting the development of most of the above communities.

Peanut-A Steem-based SP delegation community

With the development of DeFi, especially the emergence of Dex, we have more tools to unite the community. Nutbox was born under this background.

For Nutbox, we believe that people are the source of value, and maintaining community unity is the most important. In October 2020, we created the Peanut community based on the Steem and Tron blockchain, and promoted the development of the community by building a decentralized financial system for Peanut, and achieved good results.

The Peanut community has become the second largest SP agency platform on the Steem blockchain in just 4 months. The Peanut community token, PNUT, has grown from 0.0002467 USDT to 0.0241343 USDT, which is a 100-fold increase. Peanut community members can not only delegate SP to community accounts to obtain PNUT, but also participate in DeFi, Government, Social, etc.

Peanut belongs to all PNUT holders. Peanut community members can obtain PNUT by delegate SP to Peanut Community, and can also participate in applications such as community DeFi. For PNUT holders, they have the right to participate in community governance and can vote on community proposals to reward community contributors. In addition, PNUT holders can "pay PNUT" for Peanut to like their posts. Peanut has brought the community together through the community token (PNUT), and has grown into a decentralized autonomous community, and it is constantly developing, and the management assets of the community (Peanut.DAO) are also increasing simultaneously.

Walnut- a multi-chain CommunityFi protocol

Base on the experience of Peanut, we developed Walnut — a multi-chain CommunityFi protocol, so everyone can create community like peanut easily. Walnut is made up with three parts as following:

Staking-based Bootstrap

Walnut uses Steem's underlying consensus mechanism to create a new way of "Staking-based Bootstrap" to start the community, which we can call it ISO for short. Anyone can create a community on Walnut, deploy community tokens, add a delegate SP for the community to obtain community tokens, staking transactions to LP tokens to obtain community tokens and other staking pools.

Once the community promoters have created the community and community tokens, they can provide liquidity for trading pairs of community tokens on trading platforms such as Uniswap, and initiate community token transactions. The community can distribute most of the staking rewards to delegate in the same way as the SP delegation platform in the past, or leave part of the staking rewards in the community to buy back community tokens through trading platforms such as Uniswap.

Peanut uses a fixed block distribution method (10 PNUT distributed per block), and part of the pledge reward is left in the community to buy back PNUT. This stimulated Peanut’s forward network cycle and better united the community. Its model is as follows

peanut.staking.png

DAO Governance

The Walnut DAO Governance Factory module allows community sponsors to create their community governance with one click to reward community contributors through the community proposal voting system.

Peanut has also created its own proposal voting system, and when distributing PNUT by block, 10% of PNUT is simultaneously generated and entered into the Peanut DAO fund. Peanut manages this fund through the proposal voting system. Anyone who has made effective contributions to Peanut can write a proposal and submit it to the community for voting. If the vote is passed, the PNUT in the DAO fund will be distributed to the contributors. The development, operation, and marketing teams of the Peanut community all rely on the Peanut proposal voting system to get rewards and work closely with each other.

Community Service

Walnut also provides services such as one-click creation of community blogs, and will build a Community Service Store in the future to provide the community with more community applications. The community can deploy the community applications it needs with one click, provide services to community members or more people, and obtain revenue to further repurchase community tokens. This will build a second positive network cycle for the community and help the community to develop more lastingly.

Peanut first created a community blog and launched the function of paying PNUT to get Peanut likes. At the same time, because the Peanut community has a DAO fund and a proposal voting system, developers can develop rich community applications for Peanut, such as DeFi and NFT applications. These applications support a more healthy development of the Peanut community and also meet the needs of community members. Therefore, the Peanut community has more abundant products, such as PNUT-TRX LP Mining, TSTEEM Stake Mining, TSP Stake Mining and other DeFi applications.

Walnut hopes to bring a capability to any community formed on the Steem blockchain: deploy community tokens on a certain smart contract chain (BSC, Ethereum, etc.), use the SP proxy mechanism to start the community, and build its own with the help of smart contracts Community applications, community governance, promote community construction and the rapid development of community businesses.

Peanut, CubFinance, and YGG have already sampled for CommunityFi. With the widespread use of DeFi and the emergence of GameFi and NFT, Walnut hopes to become the center of Community and realize the explosion of CommunityFi.