Solana to get first Kaito-like mindshare leaderboard
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Anybody spending time on Crypto Twitter just lately has been certain to run into customers making an attempt to farm positioning on some type of mindshare leaderboard.
These leaderboards — the preferred of which reside on Kaito — use algorithms to rank customers’ X engagement. Some crypto ecosystems on the lookout for higher engagement will provide monetary incentives to customers who earn engagement factors.
The primary leaderboard to particularly measure Solana mindshare might be launched Monday by Wallchain, the staff solely informed Lightspeed. Influential Solana CT customers will obtain quacks, Wallchain’s offchain factors foreign money. In lots of circumstances, together with Kaito’s, factors are used to find out allocation in a future token. Wallchain co-founder Yuri Yatsenko declined to substantiate whether or not a token is within the works.
Wallchain’s algorithm is constructed to disincentivize spam engagement by making use of “exponential decay” in quack earnings to customers who’re repeatedly flagged for spam, Yatsenko stated.
Based mostly on a pre-launch model of Wallchain’s leaderboard, the highest-mindshare Solana posters over the previous 30 days had been Solana co-founder Anatoly Yakovenko, Helius co-founder (and Lightspeed podcast co-host) Mert Mumtaz, and buying and selling influencer Ansem.
Supply: Wallchain
However whereas the highest of the leaderboard checks out at first look, many in crypto nonetheless complain that tying token incentives to X posts makes CT lower-signal and higher-noise.
“[Y]eah I completely hate it lol,” Blockworks Analysis analyst Boccaccio stated once I requested if he had ideas on the mindshare leaderboard pattern. He added that such leaderboard packages are “unhealthy for [the] advertising and marketing aspect as a result of [they are] clearly being gamed and never helpful anymore” and have “ruined CT’s noise/worth ratio.”
Yatsenko agreed that “poisonous incentives” and “short-term alignment” have turned many current mindshare leaderboards into “spam-to-earn” packages. He added that this may be solved by algorithms prioritizing customers exhibiting “genuine, sustained engagement” round a small variety of tasks.
Whereas the market could also be reaching a saturation level for CT mindshare leaderboards, my view is that there’s an actual enterprise mannequin right here. Till now, crypto ecosystem builders seeking to pay influencers typically needed to undergo middlemen and opaque worth propositions. Typically influencers are allotted tokens for his or her providers, which will be value some huge cash.
