A project that will tokenize participants' access to the most recent industry applications has successfully raised venture capital thanks to the efforts of the RabbitHole cryptocurrency platform.
On June 24, RabbitHole made an announcement regarding the receipt of $3.6 million in funding by stating that it had been led by Electric Capital. In addition, investors such as ParaFi Capital, Framework Ventures, Edge & Node, Chapter One, and Late Checkout participated in the round. There were also a number of industry angel investors.
The protocol asserts that users can earn cryptocurrency simply by utilizing the most recent applications. It wants to encourage more people to take part in the cryptocurrency industry by providing a platform that assists individuals in "going down the crypto rabbit hole" by rewarding them for using decentralized applications (dApps) on smart contract blockchains such as 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. "Skills are a prerequisite for participating in these opportunities."
Since its inception in December 2020, the project has collaborated with a variety of organizations within the cryptocurrency industry, such as Matcha, OpenSea, Gnosis, Aave, mStable, Perpetual Protocol, ENS, and PoolTogether, amongst others.
It has been their mission to assist these protocols in getting their treasury funds spent on community research that is specific to their needs. On RabbitHole, over 10,000 unique IP addresses have successfully finished a task as of this writing, and over $100,000 in rewards have been doled out by projects to users who have successfully finished tasks.
Before any token rewards can be distributed, users of RabbitHole are required to interact and engage on-chain with each protocol and meet the requirements that have been pre-defined. It asserts that this is a significantly more effective model than using backwards-looking airdrops. Additionally, a fee is charged by the project for the provision of these services, and the fee is collected in the native token of the platform that is the focus of the project.
The objective of RabbitHole is to create an on-chain résumé database by compiling information about the participants' accomplishments.
"RabbitHole is able to develop a system of verifiable credentials by coordinating the creation of an on-chain graph that details a user's previous accomplishments,"
In addition, projects are able to make use of these credentials on RabbitHole in order to identify the most qualified potential participants and contributors.
Participation quests can be broken down into four primary categories: developing a proposal, developing a subgraph, developing quest rewards, and developing content.
In order to further decentralize the platform, RabbitHole intends to establish a DAO and, as part of what it refers to as a Pathfinder Program, define the roles that participants and users of the platform will play. Although there was no mention of a native token, it is highly likely that the development of such a token is currently underway.
Argon reportedly launched the world's first decentralized freelancer platform on the Binance Smart Chain on June 17th, according to a report by BeInCrypto.