RabbitHole Raises $3.6M to Build Crypto Participation Platform
The RabbitHole crypto platform has secured venture capital investments for a project related to tokenizing participation in the latest industry applications.
In an announcement on its blog on June 24, RabbitHole stated that it has received $3.6 million of financing led by Electric Capital. Also participating in the round was ParaFi Capital, Framework Ventures, Edge & Node, Chapter One, Late Checkout, and a number of industry angel investors.
The protocol claims that users can earn crypto by using the latest applications. It aims to foster participation in the crypto industry through a platform that helps individuals “go down the crypto rabbit hole” by rewarding them for using dApps on smart contract blockchains like Ethereum and Polygon.
“Skills entitle users to participate in unique opportunities such as new token distributions and becoming a contributor to a crypto project,” it added.
Down the rabbit hole
Since it launched in December 2020, the project has worked with a number of different crypto industry teams including Matcha, OpenSea, Gnosis, Aave, mStable, Perpetual Protocol, ENS, and PoolTogether.
Its mission has been to help these protocols start spending their treasury money on tailored community discovery. So far, more than 10,000 addresses have completed a task on RabbitHole, and over $100,000 in rewards have been distributed by projects to users who completed tasks.
RabbitHole requires users to interact and engage on-chain with each protocol, satisfying pre-defined requirements before any token rewards are granted. It claims that this is a much better model than retroactive airdrops. The project also collects a fee for providing these services, which is paid in the target platform’s native token.
Crypto wallet becomes a résumé
RabbitHole aims to build an on-chain résumé database using data from participant’s achievements.
“By curating an on-chain graph of a user’s prior achievements, RabbitHole can develop a system of verifiable credentials.”
It added that projects can then use these credentials on RabbitHole to locate the best future participants and contributors.
Participation quests are broken down into four core parts: proposal creation, subgraph development, quest rewards, and content creation.
RabbitHole aims to further decentralize the platform through the creation of a DAO, creating defined roles for participants and platform users in what it labeled a Pathfinder Program. There was no mention of a native token, but one is likely in the pipeline.
On June 17, BeInCrypto reported that Argon had launched the world’s first decentralized freelancer platform on the Binance Smart Chain.