Exploring Bonsai’s impact on Web3 communities with MadFi’s founders Exploring Bonsai’s impact on Web3 communities with MadFi’s founders
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Bonsai emerges as Lens Protocol's most successful community token, designed to enhance engagement and reduce complexity in Web3 social interactions.
In a captivating episode of the SlateCast, the co-founders of MadFi, Carlos, Nate, and Marcus, joined Senior Editor Liam “Akiba” Wright and CryptoSlate CEO Nate Whitehill, to delve into the world of Bonsai, the first genuine community token on the Lens Protocol. The discussion shed light on the motivations behind Bonsai’s creation, its unique features, and its potential impact on the future of Web3 social platforms.
The Birth of Bonsai
The idea for Bonsai stemmed from realizing something was missing in the Lens ecosystem. As Carlos explained:
“We knew that there was something missing at Lens, and you know, DGEN was kind of like that, aha moment for everyone. It’s like, Oh, look, you can seed an on-chain community with a token and then kind of just like grow it from there.”
What started as an internal project at MadFi quickly gained traction, evolving into a token with multi-dimensional utility. Carlos emphasized:
“It’s not a meme coin. It’s a lot more than that. It has multiple dimensions to it, right? It’s a token. So it’s tradable. It’s liquid. There’s an NFT association with it because of the DN-404.”
Removing Friction and Fueling Engagement
One of Bonsai’s standout features is its ability to remove friction from the Lens experience. Akiba, a keen observer and participant, shared his perspective:
“I’ve definitely spent way more in collects since Bonsai has come out than I did before, just because you’ve removed the friction.”
By eliminating the need to wrap tokens or navigate complex processes, Bonsai has streamlined collecting and engaging with content on Lens. This has fostered a more vibrant and active community, as Carlos noted:
“If you’re just using Bonsai across all the apps, I think we’re gonna see a lot of activity here.”
Gamification and Incentivization
Combining an ERC-20 token with an ERC-721 NFT under DN-404, Bonsai’s unique model introduces an intriguing layer of gamification and incentivization. Nate from Bonsai explained the rationale behind this approach:
“It gives you a motivation to collect more coins. You have like these milestones. Every time you get a hundred thousand coins, you get like, uh, almost like, uh, like a free, you know, badge or something.”
This gamification aspect encourages active participation and fosters a sense of accomplishment, potentially driving further engagement and adoption.
The Future of SocialFi
As the conversation turned to the broader implications of Bonsai and SocialFi, the panelists shared their optimism and vision for the future. Carlos envisioned a world where users could seamlessly onboard friends, manage community wallets, and engage with apps that abstract away the complexities of crypto:
“Imagine onboarding your five friends to Bonsai and now you all manage like a group chat where you have a wallet and then you can go to Orb and collect stuff together. That’s an extremely powerful, flywheel effect that is only possible now that we have, uh, better, better, better tech stacks.”
Markus highlighted the potential for Bonsai to transcend Lens and Polygon, suggesting that the token could play a role in fueling the growth of the entire SocialFi ecosystem.
As the discussion drew to a close, it was clear that Bonsai represents more than just another token. It is a symbol of the innovative thinking and community-centric approach that is reshaping the Web3 social landscape. With its unique features and the vision of its creators, Bonsai has the potential to pave the way for a more engaging, rewarding, and inclusive digital experience.
Episode Hosts
Also known as “Akiba,” Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate.
Nate Whitehill, a technology entrepreneur with nearly two decades of experience developing web applications, plunged into digital assets upon discovering Bitcoin in 2015.
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Since 2017, CryptoSlate has strived to be an objective authority for the fast-moving and nascent digital assets space
Follow @cryptoslateIn this episode
Bonsai Token
Bonsai is a DN-404 token on Polygon, airdropped to active profiles across the Lens ecosystem.
Mad Finance
Mad Finance is a platform that facilitates the coordination of communities in promoting on-chain media through crypto subscriptions, rewards, and revenue-sharing.
Founded by Stani Kulechov, who is also the founder of AAVE (AAVE), Lens Protocol is a social networking product based on blockchain technology.
