So, the primary goals must be to:
1. Find protocol rules that will bring confidence to users by avoiding ban.
2. Rebrand the protocol: the name XRC20 was apparently shadowbanned.
3. Build rules for nfts.
4. Allow NFT creators to receive royalties from trading activity, limiting the percentage to 8%. As Charlie Munger said, show me the incentives and I will show you the results.
5. Create a launchpad so that artists can publish collections to be minted. Let them charge for mints as well if they want to.
6. Charge all the fees in ETH and nothing else and only charge fees for trading (don’t charge for bridging). Simplicity is key here. Simplicity attracts big investors and long term money. Also facilitates the onboarding of new users. ETH is the real money at the Arbitrum network, its value is well known and every big and well known marketplace works with that currency.
7. Make a very UX driven marketplace for tokens and nfts (based on benchmarks such as Unisat, Magic Eden, Blur, Opensea). Keep the marketplace out of the blockchain. In that way users from X will be able to trade as well as blockchain users (as it is today with XRC20). The bridge should be used just as a means to hold your assets in a trustless way, in your wallet. The goal with that approach is to avoid splitting the liquidity in 2 worlds — offchain and onchain — because that would compromise the already shallow liquidity available.
8. Define a % of the fees destined to development and a % to buyback and burn. For example, 60% to buyback and burn and 40% to product development. Don’t make staking mechanisms, many people don’t understand them and the fees are more evenly distributed among holders if you buyback and burn every week. The only way that a staking mechanism is acceptable is if the fees are paid in ETH to TWTS holders, so that TWTS will become an ETH generator for their holders — but it has the burden of needing to be redeemed by the TWTS holders and there will be network fees for that.
9. The founder must communicate more frequently and in a predictive way with the community. So establishing a pre defined date and time to be available to answer questions, in the form of an AMA, is key to build confidence and onboard contributors, strengthening community.
10. Marketing efforts must be put in place when everything is back on track, but that’s a topic for another article.
The biggest priority
Determine protocol rules that will comply with X rules and guidelines and rebrand XRC20 because of the shadowban. The main goal should be to develop a product that attracts interest from users. The token are interesting and democratic, but lots of value resides in the ability of bringing in creators. So Art is the next natural step for the protocol. But first things first: let’s restore confidence by proposing rules that will actually work on the X environment. The set of rules that we began with is not credible anymore. The protocol must be updated. We need to have adoption in a sustainable way, anything that results in people losing their X Accounts is not sustainable.
Hint 1: through away the # .
Hint 2: change XRC20 name (to TWTS20?) for the reasons stated below.
Example:
{
“p”: “TWTS20”,
“op”: “mint”,
“tick”: “x”,
“amt”: “1000”
}
Instead of:
{
“p”: “#XRC20”,
“op”: “mint”,
“tick”: “x”,
“amt”: “1000”
}
Rebranding
The main reason for the rebranding is the shadowban. We cannot reach tens of thousands of users without being able to Tweet anything related to XRC20. Maybe changing the name of the protocol to TWTS, so we have TWTS20 and TWTS721 (when you search XRC20 on X it appears that this word was shadowbanned and already exist TRC20(Tron), we would make something different breaking the pattern of ERC20/XRC20/SRC20 etc).
Changing the Rules
After the rebranding, we need to make sure we will not be banned again. Maybe taking out the # is sufficient (instead of using #TWTS20, use TWTS20). Because all users are always tweeting something with #XRC20 on it. It may appear to X that we are trying to spam this #.
But we need to make all measures to avoid bans and breaking X rules.
Other ideas:
- Take as inspiration the following:
https://x.com/mikeinspace/status/1740192606376894923?s=20
(@mikeinspace got inspiration from Twitscription to promote the Stamps protocol, a UTXO based protocol in Bitcoin). Notice that there is no # in the minting process and it has not been shadowbanned. Maybe it’s just a coincidence, but who knows…
After that has been done, confidence should be restored. No one wants to lose their accounts that have been built after years of effort.
New Product
The protocol is in a critical situation. Volumes dropped a lot, It is not possible to tweet anything about XRC20 because of the shadowban and community trust is weak. After the rebranding and new rules we need something to bring traction and usage again to the protocol. TWTS721 is the opportunity for that. We need a new product that get everyone’s attention and allow our organic advertising of being the “X Blockchain” to work in our favor.
The ability to mint NFTs and collections using the X Account and a marketplace to trade these assets are the opportunity for that.
Communication
The founder must be present at least once a week at a pre defined time to answer questions to the community. Also, a support channel must be made at the Telegram group to avoid mixing up comments in the general group.
For example: every Wednesday from 8am to 9am UTC Xitoshi will be available to answer community questions. Like an AMA. Transparency and availability are key to build confidence in the project.
That’s a very simple and low effort step to take.
