A glance at 11 IC chain ecosystem projects raised through SNS

The Internet Computer blockchain (hereinafter referred to as IC) was created to bring the concept of the “world computer” to life, enabling smart contracts to run on-chain at network speeds. Its creator, the DFINITY Foundation, wants developers around the world to create large-scale services on the IC chain in a more decentralized way and raise funds directly from the user community.

Last December, the Launchpad infrastructure SNS (Service Nerner) developed by the DFINITY Foundation went live, aiming to provide a DAO governance solution for application developers who cannot implement it themselves, with just one click of deployment. The IC chain ecological project needs a certain threshold to launch SNS, first of all, the white paper and tokenomics need to obtain a majority vote of the ICP staker to go online Swap, and secondly, if the preset ICP number standard cannot be raised in the swap, it will also end in failure.

In the past 10 months, 11 IC ecological projects have completed decentralized token sales on SNS and transformed into DAOs, raising a total of $20.6 million. Investors who buy tokens for a project on SNS and stake them to participate in the voting governance of the project in system upgrades, Canister smart contract upgrades, treasury fund management, and creation activities represent their optimism about the future of the project.

! [List of 11 IC chain ecological projects raised through SNS] (https://img-cdn.gateio.im/webp-social/moments-69a80767fe-8567d37413-dd1a6f-69ad2a.webp)

Let’s take a look at what these projects, which have become DAOs through SNS, are doing and what we can expect in the future. After all, the launch of the project SNS to raise funds in the community is only the first step, and how to grow in the community in the future needs to be further observed.

**SNS1: Transition from Experimental Coin to Game Governance Coin **

Strictly speaking, SNS1 is not really the first project to launch SNS. Because it is just a stress test for SNS by DFINITY Foundation R&D before the official launch.

The total amount of SNS1 is set to 10,000, of which 3141 are used for decentralized sales, and all ICP holders can directly participate in the exchange, 1 SNS1=1 ICP.

Online time:

December 10, 2022

Fundraising:

3141 ICP, which was worth about $13,800 at the time.

Current Governance Review:**

The current SNS1 token has been taken over by the full-chain game Dragginz to become the game’s governance token. The development team owns 52% of the token shares (locked-up) and governance voting rights to ensure 100% control over the game’s content. As a result, the price of SNS1 tokens soared from 47 ICP in early June to a recent all-time high of 999 ICP (about $2,997), an increase of more than 20 times.

! [List of 11 IC chain ecological projects raised through SNS] (https://img-cdn.gateio.im/webp-social/moments-69a80767fe-64d351abb3-dd1a6f-69ad2a.webp)

Dragginz was founded by Adam and Donna Powell, the founders of the classic pet-raising web game Neopets, and was developed by many former colleagues. Dragginz will be a free, full-chain game that blends “pet breeding” and “open world”, built on the Internet Computer blockchain, based on the IC chain Internet identity system and reverse gas model to abstract cryptographic knowledge, attracting mainstream players around the world. The game is expected to be officially released in the second half of 2024 or early 2025. It is worth mentioning that although Dragginz is not a triple-A game that is urgently needed in the Web3 field at present, the development team will participate in various mainstream game exhibitions to promote Dragginz and Web3.

! [List of 11 IC chain ecological projects raised through SNS] (https://img-cdn.gateio.im/webp-social/moments-69a80767fe-9fb50c2733-dd1a6f-69ad2a.webp)

To learn more about Dragginz, check out my recent interview with the founder, “The Founding Couple of 100 Million Player Page Games<尼奥宠物>, Entering Web3 Games.”

Future Outlook:

The Dragginz development team issued an announcement about the design of SNS1 tokenomics two weeks ago, in addition to changing the SNS1 token name to DKP (Dragginz Karma Points), it also hopes to expand the number of tokens by 100,000 times on October 23, from 10,000 to 1 billion.

Recently, they updated on the progress of the token count via Twitter, and due to technical issues, they will not modify the token count for the time being until further notice.

Then the following two points remain:

• Staking SNS-1/DKP to SNS has a voting governance incentive, but not a token reward, but some kind of reward in the game mechanics.

• The team will still retain 52% of the voting rights in order to have full control over the game’s content and avoid the fate of Neopets.

OpenChat: Fully decentralized chat platform, “TG+DC”**

OpenChat, the OG project of the IC ecosystem’s SocialFi track, started development less than a month after the IC mainnet launch. It’s a full-featured decentralized chat app with usage similar to “Telegram+Discord.” On the basis of user conversations, sending pictures and videos, sending token red envelopes and other functions, the server group function similar to Discord was subsequently expanded.

! [List of 11 IC chain ecological projects raised through SNS] (https://img-cdn.gateio.im/webp-social/moments-69a80767fe-6f458d9b34-dd1a6f-69ad2a.webp)

Online time:

March 17, 2023

Fundraising:

OpenChat’s governance token is CHAT, with a total of 100 million tokens. Of these, 25% (25 million) of the tokens were used for decentralized sales on SNS, raising 1 million ICPs, worth about $5.6 million at the time.

Current Governance Review:**

As a decentralized chat application, the basic functions have been developed.

Since OpenChat successfully completed the decentralized sale and became a DAO, many proposals have been submitted and voted, covering website upgrades, Canister smart contract upgrades, creation of marketing campaigns, treasury fund transfers, construction and management of IC ecological project groups, etc.

! [List of 11 IC chain ecological projects raised through SNS] (https://img-cdn.gateio.im/webp-social/moments-69a80767fe-c35ef52e80-dd1a6f-69ad2a.webp)

A very big feature update is that users can initiate SNS proposals and participate in voting governance directly within the OpenChat program without switching to the SNS website. All projects that have SNS live will have this feature in their group.

OpenChat’s user base has grown from about 83,000 before SNS launch to 110,000 today. (Data is queried here:

Future Outlook:

On OpenChat’s roadmap, there are multiple features in the development phase, including voice, video, APIs for other projects to integrate services, NFTs in wallets as profile pictures, and more.

It is worth noting that on its roadmap, “users use CHAT as a recharge diamond member”, “use CHAT to reward users for inviting friends to join the platform”, and “user reputation reward mechanism” (disguised airdrops, motivate users to use it for a long time), which is expected to increase the application scenarios of CHAT and empower CHAT.

Kinic: IC on-chain search engine

Kinic is the first Web3 content search engine running entirely on-chain and can currently search all front-end Canister smart contracts on the IC chain. Kinic’s SEO module is powered by zero-knowledge machine learning (ZKML) technology, so all users can trust that they are getting the best results determined by Kinic’s algorithm and will not receive any advertising content.

! [List of 11 IC chain ecological projects raised through SNS] (https://img-cdn.gateio.im/webp-social/moments-69a80767fe-4b23081dd1-dd1a6f-69ad2a.webp)

Online time:

June 17, 2023

Fundraising:

Kinic’s governance token is KINIC, with a total of 6 million. Of these, 25% (25 million) of the tokens were used for decentralized sales on SNS, raising 509,000 ICPs, worth about $2 million at the time.

Current Governance Review:**

•Currently supports searching for content on the IC chain.

•After SNS goes live, Kiniic is being improved through proposal and voting governance.

! [List of 11 IC chain ecological projects raised through SNS] (https://img-cdn.gateio.im/webp-social/moments-69a80767fe-b65329bac2-dd1a6f-69ad2a.webp)

Future Outlook:

Kinic plans to add more searches for content on blockchain and decentralized storage networks in the future, including IPFS and Arweave.

• Kinic plans to support ad addition in future ad placements in search engines, and advertisers will use KINIC tokens for bidding, and the highest price wins.

Hot or Not：IC 版 Tiktok

Hot or Not is a decentralized short video app similar to TikTok that incorporates GameFi elements and aims to break the monopoly of traditional social media through the gamification and tokenization of content.

There are two types of tokens on the Hot or Not platform, one is the in-platform token COYN (total unlimited) and the other is the governance token HOT. HOT token holders can regulate COYN tokenomics on SNS through governance.

As the name suggests, Hot or Not, users can use COYN to bet on the swiped video, “hot” or “not hot”. If the user bets on the majority side, they win and earn double the COYN. Otherwise, you will lose the COYN of the bet. Regardless of whether the video ends up being popular or not, 10% of all COYNs are rewarded directly to the creator. Users can get COYN every day they log in.

! [List of 11 IC chain ecological projects raised through SNS] (https://img-cdn.gateio.im/webp-social/moments-69a80767fe-edcfb75f90-dd1a6f-69ad2a.webp)

Online time:

July 13, 2023

Fundraising:

Hot or Not’s governance token is HOT, with a total of 1 billion tokens. 33% of the tokens were used for decentralized sales on SNS, raising 1.074 million ICPs, worth about $4.7 million at the time.

Current Governance Review:**

After the launch of SNS, Hot or Not is being improved through proposal and voting governance.

Given that Hot or Not intends to be a replacement for TikTok, as far as the current version is concerned, this goal has been achieved.

! [List of 11 IC chain ecological projects raised through SNS] (https://img-cdn.gateio.im/webp-social/moments-69a80767fe-51c22e8f08-dd1a6f-69ad2a.webp)

Future Outlook:

According to its white paper, Hot or Not plans to introduce the following features:

•Creator DAO - a creator token similar to the SocialFi platform Only1, creators can initiate proposals through SNS, and after approval, they can have their own tokens and pools. Fans can buy creator tokens, the more people who buy, the higher the price, and benefit from the creator’s long-term efforts; Creators benefit from having an initial share.

NPhone NFT – A grade NFT similar to the decentralized short video platform Cheelee’s “glasses NFT”. Each user has one, and you can earn points by swiping videos/participating in popular bets, and use them to increase the level of the NFT. The higher the NFT level, the more stake.

• Mystery Box - A blind box that randomly airdrops when swiping videos, which can open NPhone NFTs, points, etc.

IC Ghost: IC Chain No. 1 Meme Coin

IC Ghost is the first meme coin on the IC chain, and by releasing it on SNS, it has become a meme coin project that is fully governed by the community. Every GHOST holder is a stakeholder, contributing to the development and prosperity of the project.

Online time:

July 27, 2023

Fundraising:

IC Ghost’s governance token is GHOST, with a total of 10 billion. 20% of the tokens were used for decentralized sales on SNS, raising 20,000 ICPs, worth about $84,000 at the time. (Neuron Fund has not been requested)

Current Governance Review:**

Officially becoming a DAO governance, several proposals have been completed on SNS, including airdrops to early NFT holders, token burning, treasury transfers, and more.

However, in terms of marketing, the only marketing activities were joint KOL sweepstakes and offline airdrops in the local communities of development team members.

! [List of 11 IC chain ecological projects raised through SNS] (https://img-cdn.gateio.im/webp-social/moments-69a80767fe-b1fceafa69-dd1a6f-69ad2a.webp)

Future Outlook:

• DEVELOP AN NFT MARKETPLACE THEMED AROUND GHOST.

• Develop a metaverse virtual world with the theme of GHOST.

• Conduct community education programs where community members can be incentivized to spread GHOST.

Modclub: An indispensable decentralized content moderation platform for SocialFi projects

Modclub is a decentralized content moderation platform that provides fast, accurate, and scalable AI-assisted moderation and data labeling solutions for SocialFi projects. The platform uses a proof of humanity verification mechanism designed to ensure the security and privacy of developers and users.

For example, I developed a SocialFi dApp, but there is no content moderation mechanism within the platform. Then I can post a content moderation task in Modclub:

Step 1 - Set the number of “moderators” involved in the review task and the rules for moderation.

Step 2 - Mark and package all the suspected illegal content on my platform and publish the task.

Step 3 – Moderators review content according to the rules. If a majority of moderators fail the vote, the content is ultimately defined as a “violation”. I have to remove these offending content from my platform.

In this process, moderators who participate in the moderation task will be rewarded with tokens if they vote on the majority side.

Online time:

August 25, 2023

Fundraising:

Modclub’s governance token is a MOD with a total of 1 billion tokens. 22.5% of the tokens were used for decentralized sales on SNS, raising 654,000 ICPs, worth about $2.3 million at the time.

Current Governance Review:**

The core functionality is currently available.

Modclub DAO has airdropped early adopters with proposals, upgrading the system and Canister smart contracts several times.

! [List of 11 IC chain ecological projects raised through SNS] (https://img-cdn.gateio.im/webp-social/moments-69a80767fe-87cc94ed75-dd1a6f-69ad2a.webp)

Future Outlook:

Modclub urgently needs to integrate the artificial intelligence mentioned in the white paper. In the second step of the above example of how SocialFi projects use Modclub release tasks, developers still need to manually filter a large amount of content in the platform to filter out suspected “violation” content, which is time-consuming and laborious, and it is better to review them all by themselves. When Modclub integrates AI, developers can use AI to filter out suspected “violation” content, which is more conducive to Modclub being adopted by more projects.

Catalyze: IC version of Discord, decentralized community platform

Catalyze is a SocialFi app designed to provide projects with tools to create communities and manage them, similar to Discord.

! [List of 11 IC chain ecological projects raised through SNS] (https://img-cdn.gateio.im/webp-social/moments-69a80767fe-ddc95a63f2-dd1a6f-69ad2a.webp)

Online time:

September 8, 2023

Fundraising:

Catalyze’s governance token is CAT, with a total of 500 million coins. 22.5% of the tokens were used for decentralized sales on SNS, raising 602,000 ICPs, worth about $1.98 million at the time.

Current Governance Review:**

Catalyze has fulfilled its promise to airdrop NFTs to users who once purchased NFTs through Funded by launching an SNS proposal.

As a pure Discord alternative, basic features such as creating communities, chats, and creating tasks are relatively mature. However, the current Catalyze online chat feature is based on the Matrix protocol, which is a decentralized communication network.

! [List of 11 IC chain ecological projects raised through SNS] (https://img-cdn.gateio.im/webp-social/moments-69a80767fe-bce30ef0a3-dd1a6f-69ad2a.webp)

Future Outlook:

• The Catalyze development team is committed to moving live chat functionality to the IC chain in the third quarter, with beta testing expected later this year.

• Important features not yet implemented in the roadmap but important for community management include: audio and video chat, NFT gated events, NFT gated meetings, agenda management tools, sub-DAOs.

BOOM DAO: IC Full Chain Game Infrastructure

The BOOM DAO attracted a lot of attention when it went live because the lineup of development team and founding partners was strong enough to come from mainstream projects in the IC ecosystem:

Tommy, co-founder of Plethora Games – founding team member

Max, co-founder of Plethora Games and founding team member

• Rick, Founder – Founding Partner of DSCVR

Joey, founder and founding partner of Cubetopia

Other partnerships include: ICP NET, UnfoldVR, Obsidian Tears, Inside Dark Studio, Eimolad, Elementum, Paws Arena, Cosmicrafts, Cthulu, DFINITY Space Academy, Boxy World.

! [List of 11 IC chain ecological projects raised through SNS] (https://img-cdn.gateio.im/webp-social/moments-69a80767fe-5ce7ae4e89-dd1a6f-69ad2a.webp)

BOOM DAO is committed to providing a complete full-chain gaming infrastructure for IC chains. In addition to templates that simplify the game development process, important tools include:

• World Engine: A game server engine built on Canister smart contracts. Using the world engine, chain game developers can store the game’s running logic and database in the Canister smart contract. All games based on the world engine are interoperable, for example, Game A can borrow the character skin of Game B for a quest activity.

• Game Launcher: A platform that simplifies game development and publishing. Game developers can quickly upload games to the world engine through the game launcher and publish them to the game collection of the game launcher, and can also create tokens, NFTs and launch airdrops with one click.

Online time:

September 15, 2023

Fundraising:

The governance token of the BOOM DAO is BOOM, with a total of 1 billion coins. 40% of the tokens were used for decentralized sales on SNS, raising 408,900 ICPs, worth about $1.2 million at the time.

! [List of 11 IC chain ecological projects raised through SNS] (https://img-cdn.gateio.im/webp-social/moments-69a80767fe-297847af42-dd1a6f-69ad2a.webp)

BOOM DAO encountered great resistance when it launched SNS. Opponents argue that BOOM tokenomics is designed unfairly, with a total of 33% of tokens allocated to the founding team (10%) and founding partners (23%), while SNS sells only 40% to the community. Assuming that all of them join forces to do evil, just buy 7% of the tokens in the secondary market, the voting power will go beyond the community, jeopardizing the security of treasury funds. In addition, BOOM DAO has been dubbed by the ICP community as the “second venture of the Plethora Games development team” because both of the founding team members are co-founders of Plethora Games. However, two other Plethora Games employees were included in the list of founding partners, thus appearing to be trying to mislead the real team token share.

Current Governance Review:**

BOOM DAO is upgrading tools and hosting hackathons through proposals and voting governance.

! [List of 11 IC chain ecological projects raised through SNS] (https://img-cdn.gateio.im/webp-social/moments-69a80767fe-6d1c2179dc-dd1a6f-69ad2a.webp)

Future Outlook:

• BOOM Game Makers Alliance: IC on-chain game developers alliance dedicated to supporting all new games and developing ICP’s game ecosystem.

• BOOM Game Guild: On-chain guild system with features including community building, mission gamification, incentives, and cross-game collaboration.

• On-chain multiplayer framework: Simplify the development process of on-chain multiplayer games, providing matching functions and room partitioning functions.

ICX: IC version of Twitter+ Prediction Market

After the first SNS launch failure, Seers changed its name to ICX (“IC” + “X”).

ICX is a SocialFi project. The UI is designed to be more like Twitter(X), adding unique predictive market capabilities.

! [List of 11 IC chain ecological projects raised through SNS] (https://img-cdn.gateio.im/webp-social/moments-69a80767fe-ab16890aa2-dd1a6f-69ad2a.webp)

Online time:

September 27, 2023

Fundraising:

ICX’s governance token is ICX, with a total of 100 million coins. 16% of the tokens were used for decentralized sales on SNS, raising 150,000 ICPs, worth about $440,000 at the time.

Current Governance Review:**

ICX temporarily turns off the prediction market function and will not restart until the DAO decides on the parameters.

In addition, in order to post on ICX, 1 ICP must be deposited in the account, and any misconduct (such as posting offending content) will be deducted ICP. While this is effective in preventing spam, it is not suitable for mass adoption outside the IC chain. Hopefully, future DAOs will discuss this issue.

! [List of 11 IC chain ecological projects raised through SNS] (https://img-cdn.gateio.im/webp-social/moments-69a80767fe-953b1c2017-dd1a6f-69ad2a.webp)

Future Outlook:

There does not seem to be a roadmap for development. Recently, the development team launched a proposal on SNS to transfer 150,000 ICPs from the treasury to support development, which is expected to be supported until June 2024. In the budget breakdown, the only development plans include creating marketing campaigns, upgrading UI/UX, and adding tipping features.

Nuance：IC 版 Medium

Nuance is a decentralized blogging platform and IC Chain OG project. The usage is similar to Medium and aims to empower the Web3 creator economy. The features implemented so far on the platform include:

• Basic functionality – create articles and publish them

• NFT-gated articles – Readers can only read articles after purchasing NFTs.

It’s worth mentioning that Nuance’s content moderation task has been outsourced to Modclub.

! [List of 11 IC chain ecological projects raised through SNS] (https://img-cdn.gateio.im/webp-social/moments-69a80767fe-d052a220a4-dd1a6f-69ad2a.webp)

Online time:

October 2, 2023

Fundraising:

Nuance’s governance token is NUA, with a total of 100 million coins. 16% of the tokens were used for decentralized sales on SNS, raising 262,000 ICPs, worth about $820,000 at the time.

Current Governance Review:**

As a decentralized blog dApp against Medium, the core functionality is complete.

After the SNS launch, the community is improving Nuance through proposal and voting governance.

! [List of 11 IC chain ecological projects raised through SNS] (https://img-cdn.gateio.im/webp-social/moments-69a80767fe-e3b846770f-dd1a6f-69ad2a.webp)

Future Outlook:

• The future revolves around three goals – the highest pay for writers, the most trustworthy content on the platform, and the best experience for both writers and readers.

•Added reader comments as a basic feature.

• Development of tipping features – readers click “applause” to pay the author tokens in their wallets.

Sonic: IC Chain Early DeFi Project

Sonic is one of the first DeFi projects on the IC chain and has been around for more than 2 years. Features currently available include:

• Swap

• Yield farming

• LBP Launch: A decentralized token issuance model that is fairer to participants.

! [List of 11 IC chain ecological projects raised through SNS] (https://img-cdn.gateio.im/webp-social/moments-69a80767fe-bd6d4929b1-dd1a6f-69ad2a.webp)

Sonic introduced the LBP pattern into the IC chain, and the LBP release of 4 projects made a good start. There are 3 projects that promise to redeem LBP holders X times the number after the SNS launch.

For example, Sonic itself ran two rounds of LBP1 and LBP2, selling SONICX tokens, a type of certificate token. Users who buy and hold can exchange 20x and 3x the number of tokens respectively after Sonic’s SNS launch.

Usually, many projects that lack funds but are not well developed and are not enough to launch SNS choose to use Funded for crowdfunding, providing NFT to each crowdfunding participant as proof of airdrop after the official issuance. But Sonic LBP is actually a better choice, and LBP price discovery is more conducive to project parties pricing SNS Swap. Purchasers can trade freely immediately after LBP, liquidity is better than NFT, and if the project party fails to launch SNS, token holders also have the opportunity to withdraw from liquidity.

Online time:

October 9, 2023

Fundraising:

Sonic’s governance token is SONIC, with a total of 125 million coins. 21% of the tokens were used for decentralized sales on SNS, raising 519,000 ICPs, worth about $1.5 million at the time.

Current Governance Review:**

After the SNS went live, the community is improving Sonic through proposal and voting governance.

Before October 22, Beijing time, the Sonic development team will take snapshots of SONICX LBP participants for token exchange. LBP1 holders will receive 20x SONIC and LBP2 holders will receive 3x SONIC.

! [List of 11 IC chain ecological projects raised through SNS] (https://img-cdn.gateio.im/webp-social/moments-69a80767fe-5c2549c831-dd1a6f-69ad2a.webp)

Future Outlook:

According to the roadmap, Sonic will continue to innovate and expand its DeFi product suite, with future additions including:

• Perpetual contracts

• xICP (an LSD protocol that gives liquidity to ICPs that are being staked)

• On-chain dark pool

Concentrate:

The above items and opinions should not constitute investment advice, DYOR. According to the Notice on Further Preventing and Dealing with the Speculation Risk of Virtual Currency Trading issued by the central bank and other departments, the content of this article is only for information sharing, and does not promote and endorse any business and investment behavior, and readers are requested to strictly abide by the laws and regulations of the region where they are located and do not participate in any illegal financial behavior.