Capx is a cutting-edge token distribution infrastructure designed to help crypto projects capitalize on the potential of their tokens before they hit the market. By facilitating the issuance of IOU tokens prior to the official token launch, Capx empowers projects to build and maintain early engagement, align incentives, and create a strong foundation for growth.
Capx recently integrated the Biconomy SDK into their token distribution platform to support gasless and batch transactions for their community of over 140,000 members
Since going live in May, users have created over 53,000 smart wallets and conducted over 98,000 transactions on Capx
Capx aims to become the incentive layer of Web3, empowering projects to distribute IOU tokens & build strong communities.
In this post, we will explore how Capx utilized Account Abstraction to simplify user transactions.
IOU token utilities
Reward Tokens: act as skin-in-the-game incentives and reward tokens for being a good actor in the community as well as a healthy contributor. As the active community members participate in different activities by putting in their time, effort & reputation in the process, they earn IOU token rewards.
Dapp/Product Test Tokens: projects can use their project IOUs as test tokens for their early community members to test their product at an early stage and even use these IOU tokens to raise on-chain proposals and participate in governance
The problem: onboarding costs and complexities
Token rewards and distribution are important growth levers for any crypto project when it comes to building a community. Therefore, it is crucial that the potential of tokens in the early stages of development is not underestimated. Token incentives and distribution remain complex, however, as community members are still subjected to costly and complicated transaction processes when it comes to claiming tokens.
Solution: smart contract wallet
When Capx began working with Biconomy they wanted to make onboarding AND claiming quest tokens as simple and inexpensive as possible.
Doing so, meant they would first need to create an evolved user experience that was rid of the complexities and costs associated with a traditional EOA onboarding flow.
Thankfully, this is made possible with Account Abstraction and modular features of the Biconomy SDK. To create the ultimate onboarding UX, Capx utilizes social login and smart contract wallets, allowing new members to sign-up and create their unique wallet in less than 30 seconds with an email or social account.
Solution: gasless and batch transactions
Once a member signs up on the Capx platform, they gain access to a plethora of community quests where they can participate and complete various tasks. Upon successful completion of these quests, members are awarded tokens that they can use to redeem rewards. In order to make the token claiming process a hassle-free experience, Capx has designed a Biconomy paymaster. This paymaster not only simplifies the claiming process but also facilitates gasless transactions for hundreds of thousands of members of the app, ensuring that everyone is able to access rewards with ease.
Capx has been able to achieve an impressive growth of over 53,000 smart wallets created and 98,000 transactions made since May, and this is all thanks to its decision to integrate the Biconomy SDK into its token distribution platform. This integration has resulted in an incredibly user-friendly experience for its members, who have been able to navigate the platform with ease.
The Capx App, a learn-to-earn app, has been designed with the user experience in mind. It utilizes the Account Abstraction feature, which simplifies transactions even further, making it even easier for members to navigate through the platform. To incentivize members to use the app, Capx offers IOU tokens as rewards for completing certain tasks and also for product testing.
Capx has also taken measures to ensure that the onboarding process is as seamless as possible for new members. By utilizing social login and smart contract wallets, the platform ensures that members can easily create accounts and begin using the platform without any hiccups. This has resulted in a positive user experience for new and returning members alike.
In conclusion, Capx has successfully created a platform that not only simplifies transactions but also offers a positive user experience. By integrating the Biconomy SDK, utilizing the Account Abstraction feature in the Capx App, and taking measures to simplify the onboarding process, Capx has been able to grow significantly while maintaining a user-friendly platform.
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