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Crypto education is essential for the growth of cryptocurrency and decentralized finance (DeFi.) With new technology populating the ecosystem, it's essential for users to keep up and thrive. RabbitHole crypto strives to elevate users' crypto and blockchain knowledge of web3 through community engagement.
In this article, we'll walk you through the importance of web3 and how it revolutionizes the crypto industry, and we’ll explore the efforts RabbitHole contributes to bridging the educational gap.
Web3 represents a significant shift in how we think about and interact with the internet, and its potential to transform various industries is driving its popularity.
At a glance:
Web3 represents a significant shift in how we interact and connect on the internet using decentralized technologies such as blockchain. We need to keep up with changes and educate ourselves in order to know how to utilize these developments.
RabbitHole is a blockchain, crypto and web3 learning platform that rewards users for engaging with decentralized applications (DApps).
RabbitHole simplifies complicated DApps into gamification tasks for participants to adopt these decentralized utilities, while bootstrapping the network.
Crypto is one of the fastest-growing industries, with new projects, protocols, smart contracts and applications being launched on a daily basis. The evolution of Web 2.0 to web3 is giving users the power to control their data and digital identity, which essentially provides greater privacy and security. However, one key question to ask is whether they’re being utilized.
Creating DApps or protocols that fit in web3 is labor intensive, as it requires a lot of research and development. But educating users on its utilization is an entirely new ball game. Users need to understand not only how to control their data circulation, but how to govern it to make crypto networks more decentralized. This is precisely where crypto education comes in handy — to replace the monopolization of the current financial system by uplifting the adoption of decentralized applications.
RabbitHole is a crypto platform that rewards users for learning and interacting with a blockchain protocol. The goal is to onboard more people to web3 and utilize DApps through fun and interactive gamification. Its vision is to fast-track the growth in the adoption of DApps in the most sustainable way, in order to deter centralized financial domination.
RabbitHole integrates a unique learning experience through expert content curation to guide users in understanding the functionality of a new network. Project participants can acquire XP, based on their learning progress, in exchange for crypto rewards.
As you use this platform you build an on-chain résumé. Additional earning opportunities open up as you progress. For example, crypto networks on RabbitHole reward users with unique tokens whenever they interact with their smart contracts and testnets. As you progress, you'll move up on the leaderboard and accumulate XP in return for rewards.
The learning landscape on RabbitHole is straightforward without neglecting the fun factor. A network project is typically introduced using game-like elements and a video introduction that ease the onboarding journey. Participants must answer questions, perform tasks, interact with the smart contract and identify a bug in order to prove they comprehend the concept to be rewarded.
Some examples of quests that can earn you rewards:
List an NFT on OpenSea
Swap $5 UNI on Uniswap
Stake ETH on Lido
Wrap ETH on Uniswap
Looking ahead, RabbitHole strives to function like a gig economy but one that's more rewarding than the Web 2.0 version. Users will earn more over time, and will be able to accept better jobs through their on-chain résumé.
RabbitHole V2 has introduced new features, improved upon existing processes and upgraded the user interface. A common complaint users had regarding V1 was that it took too long to receive their quest rewards. It's now faster to claim rewards through the new Quest Receipts feature. After you complete a task, you can mint a receipt, which you can redeem for the designated reward or sell on a secondary marketplace like OpenSea.
"Skills" were removed to make the app more accessible to everyone. It's now easier for people who are new to the platform to begin completing quests.
The team has also been working hard on its transition to an on-chain infrastructure. This will increase transparency because everyone can see the status of quests on the blockchain.
You practice what you learn through gamified tasks, referred to as quests. Upon completing each quest, you can mint a receipt. Minting a receipt is unique because you can sell the reward instead of redeeming it. Of course, you can decide if you'd rather redeem the reward or sell it, making it more relevant for users.
You can discover new networks as you complete quests. From the creator's perspective, the platform effectively spreads the word about its application or network. It's a win-win situation for participants looking for extra income, and for developers building web3 DApps.
The RabbitHole platform aims to offer quests to users most interested in them. One of its goals is to make airdrops land in the hands of owners, who are more likely to find them relevant to their interests. App owners on the platform create “allow lists” based on what they're looking for in token holders. As users transact, they unlock more relevant quests, based on what they're doing on the blockchain.
You must connect to the RabbitHole platform with your crypto wallet to access quests and earn rewards upon completion. Wallets that work with the platform include MetaMask, Coinbase Wallet and WalletConnect.
The interface is straightforward to use. At the top, you can toggle between active, completed and expired quests. On the left, you'll see categories for your quests, rewards and settings.
Note: There is no cap to the number of quests in which you can participate daily, but users can't repeat the same quests for double XP.
XP rewards are most relevant to V1. However, XP is obsolete in V2, in which users will instead be rewarded for completing a quest. The reward is usually in the form of cryptocurrency coins or tokens. For instance, if you complete a quest to participate in a USDC draw pool on the Optimism network, your reward may be 0.07 OP (OP is Optimism's native token, valued at $2.45 on Mar 21, 2023.)
You can check the OP coin price here.
RabbitHole is still a relatively new project, which explains why its website lacks information. Even though there are tutorials and educational content posts on their Mirror account, it’s relatively difficult to navigate through their official website for more information about the project and its future projections.
RabbitHole needs to provide more information about how the platform works on their website. It may be more challenging for people new to cryptocurrency to get started. Those already into crypto may need further clarification about the finer details, such as how much compensation they can receive for completing quests.
RabbitHole users have complained about high gas fees in the past. Each network charges its own gas fees. Periods of high activity on the network increase the fees.
RabbitHole offers an opportunity to begin collecting different types of crypto while learning about cryptocurrency and web3. You can discover new networks and web3 projects through the app as well. The team has a big vision, and it could pay off to get in early.
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