July 18, 2024
Permissionless Rewards is a new feature that enable anyone to create a claimable ERC20 token reward directly from a leaderboard on Stack. Permissionless rewards enable partnerships between token-based apps/ecosystems seeking new holders/users and point program managers seeking rewards their users will value.
Reward creation form
One of the greatest challenges loyalty program managers face is procuring and coordinating rewards with partners. At Stack, our goal is to make loyalty programs not just accessible, but valuable - and reward partnerships are one of the most effective and proven means to enrich a program.
Stack has helped distribute over $100K of ERC20 token rewards to over 25K unique users, which have proven to be a win-win for point program managers and token issuers alike.
<aside> 😡 Early partnerships reveal friction points in the reward creation flow:
🔴 Reward providers lack both a place to discover top users within valuable communities they’d like to reach and a contextual, branded experience with which to reach them
🔴 Point program managers often do not want the responsibility and risk of custodying and distributing the token reward to their users themselves
🔴 Users frequently lack context on tokens, why they have received the token, who it is from, or what they can do with it beyond selling
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<aside> 😁 Permissionless rewards help solve these problems by:
🟢 Creating a place to explore programs on Stack and discover the top users within them
🟢 Enabling direct token distribution from the reward provider to the user
🟢 Providing context for the user at every step - including where the reward is claimed, how it is presented, and what the user should do with it
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Quests give users a reward for completing an action, while permissionless rewards provide a surprise-and-delight reward and then invite a user to take an action (e.g. transact with token in an app).
Permissionless rewards prioritize establishing an emotional connection with a potential new user through a memorable, branded experience. Coupling a surprise-and-delight reward with an immediate CTA after the user claims helps the reward provider introduce themselves in the right context and increase the likelihood a user will choose to take a desired action organically.
Users are also more open to trying something new when they feel they are “playing with house money” rather than their own. Tokens are often used as “in-game currency” in apps and ecosystems, so tokens as rewards and them with tokens based on past qualifying behavior (rather than buying the tokens directly) can help make an effective first impression. For example, $DEGEN has been used to both reward Drakula and Rarible users and incentivize new behavior.
Step-by-step instructions