Web3 is booming, and we’re excited to see what the future holds for Web3. However, a team is hard at work ensuring that this future we’re all dreaming about becomes possible. This team, led by Monica Durga is revolutionizing how Web3 projects scale and grow.
We had a chance to catch up with Monica, the founder and CEO of xHashtag, the 360-degree Web3 growth automation suite that we’re currently talking about.
A crypto native, Monica has over 5 years of experience working hands-on for some of the most reputable crypto projects in the industry. She was the founding member and Chief Technical Architect at Dfyn Network and Router Protocol. Her team is no less either. They are some of the best crypto minds in the industry, coming together to achieve a common vision for Web3 adoption, growth and success.
Here are some snippets from our candid chat with Monica:
First of all, thanks for joining us Monica! Can you give us an insight into your project for us?
Thanks, it’s my pleasure! xHashtag is a 360° #Web3 Growth Automation Suite that currently has 4 major features which Web3 projects can utilize to enable sustainable growth of their community and token liquidity.
Pre Launch Community Building – This helps Web3 projects that are yet to launch to build a strong and active community of fans who ultimately become loyal users.
Post Launch Liquidity Building – This enables Web3 projects to own their liquidity through crypto bond sales for their project tokens in exchange for LP tokens.
Single Asset Liquid Staking – This enables users to stake the project tokens in exchange for attractive APRs as well as liquid staked tokens that would have additional utility and can be freely moved around.
Ambassador Program AutoPilot – This allows projects to utilize the xHashtag worker network to complete on-chain or off-chain tasks as per the project needs, while rewarding users through automated threshold based incentive payouts.
However, projects remain in total control of which features they want to include as a part of their growth strategy. For example, a project can choose to have both bonding and staking, or bonding alone or staking alone. In fact, they call the shots with every decision including whether they wish to give a high APY or not. This permissionless nature of our platform is what makes Web3 projects prefer us over other options.
Ultimately, our vision is to enhance the growth paradigm for Web3 projects.
Wow, that’s exciting indeed. Can you tell us how Web3 projects are taking this, and how efficient or successful this model can be?
Our community is our strength. Since our launch, we’ve bootstrapped communities of over 5 projects. The campaigns were largely successful and we were able to boost the community growth by over 3000%.
We’ve received extremely positive reviews from our existing clientele for our Ambassador Programme AutoPilot that comes with automated review of task completion, while also crediting rewards to users based on threshold limits, and have garnered many enquiries for future partnerships. All these point towards just one thing – That this formula works!
What blockchain tech does the xHashtag dApp work on?
Our vision was to build xHashtag as a chain agnostic solution, and we’re constantly working towards achieving that. Although we launched on Solana, we’ve now bridged over to Avalanche, and in the future, we plan to expand to other EVM chains as well.
How does your community help accelerate the Web3 project’s growth?
xHashtag is a community-centric solution. Members of our community can purchase discounted project tokens through bonds that the Web3 project offers, while the xHashtag DAO undertakes the necessary marketing efforts to help increase the available liquidity.
Our Ambassador Program AutoPilot feature lets projects quickly build up a community by setting tokenized incentives for tasks completed by the community members, which is released automatically as per the set threshold.
Can you shed some light on the Own-Your-Liquidity and Liquid Staking parts?
Definitely! The idea of letting projects own their liquidity through bond sales on our platform came when we realized that while projects earlier used to reward users for providing liquidity through a LP pool programme, towards the end as the reward rate diminished, the users tended to withdraw both the liquidity and rewards, thus leaving the project in a fix.
By letting projects take control of liquidity as a result of owning it themselves, they are not subjected to external pressure in critical decision making scenarios. This also solves the earlier mentioned challenge of mercenary liquidity. In order to own the liquidity, the Web3 project issues project tokens at a discounted rate over the prevalent market price to people willing to bond their LP tokens to the project’s treasury. This ensures that it is a win-win situation for both the project and the investors.
Single Asset Liquid Staking is another defining feature that I’d like to highlight, where interested people can stake the project tokens into a vault having a fixed time period and a fixed APR, along with a vesting period. For example, if you choose to withdraw on the 10th day of a 40 day vault, you receive 25% of the deposited amount, and any accumulated rewards.
What makes this staking special however is that in addition to being yield bearing, you also receive an equal amount of Liquid Stake Tokens that can be moved around freely. These liquid stake tokens can have multiple use cases as decided by the project.
It is however important to note again that the project is free to choose to offer either one or both bonding and staking as per their needs. Even the parameters of these features such as APRs, vesting period and maximum limits can be set by the project. Overall, it is totally permissionless.
That’s brilliant. But how do crypto enthusiasts and web3zens benefit from this?
Good question. Crypto fans can benefit from discounted token prices as compared to prevalent market rates of that token if they opt for bonding, and earn benefits in the form of attractive yields for staking, or even do both to earn more. Thirdly, the liquid stake token they receive can be freely moved around, which will in due course have use cases of its own. Thus, it becomes a highly beneficial prospect for crypto fans to participate on our platform.
Additionally, holders of our native token $XTAG get preferential access to campaigns run by partner Web3 projects as a part of their ambassador program.
After the successful release of your testnet, you have now launched your mainnet. Could you give us an insight into this?
We launched the testnet and the subsequent mainnet just recently, but we’ve got a lot of reviews from the users, and everything is going according to our roadmap. Users have appreciated the ease of use of the platform, and have provided us feedback on what features we could improve. Taking all these into consideration, we’ll be making these features available for other projects through permissionless creation of staking vaults and/or bonding vaults. Constant testing and development will continue to ensure that we have an outstanding and continuously improving product that would benefit both the projects and its users.
That’s amazing. We wish you all the very best and thank you for your time. One last thing however. How do people interested in your project stay in touch with you?
Thank you for your kind words. We shall definitely work hard to achieve our vision for the future of Web3. Anyone interested in receiving updates about what we’re doing can visit our social channels, which are constantly buzzing with activity.
And that’s a wrap, people. Thanks for joining us in this exciting and informative interview. We’ll have many more coming up in the next weeks, but until then, do check out xHashtag and you can be on your way to becoming a few bucks richer as well!