Orange Protocol and Aave Grants DAO will be kicking off a reputation-based NFT campaign to reward Aave community members and highlight potential use cases for portable reputation models. The Aave Grants DAO Drop will begin on August 23rd at 10 AM UTC, at which point users will be able to claim their reputation-based NFTs.
The campaign represents a significant use case demonstration of Orange Protocol’s capability of minting NFTs as verifiable credentials (VCs) based on reputation models. These VCs enable cross-chain, portable reputation systems for Web3 projects and communities of all kinds. It’s also the first time that the Aave community can be retroactively rewarded for a variety of activities.
“Aave Grants DAO is excited to support Orange Protocol as they build a trustless, decentralized, and portable reputation system for Web3,” says the Aave Grants team. “Their forthcoming integration with Aave will give the community deeper insights into the borrowing, lending, and repayment behaviors of users at the wallet level. This knowledge will help the Aave ecosystem better tailor its product offerings and marketing messaging more effectively.”
One of the largest DeFi ecosystems in Web3, Aave recognizing the significance of reputation via the Aave Grants DAO Drop is an enormous step in the development of Orange Protocol. The unique ability to mint NFTs as reputation-based verifiable credentials opens up a wide array of potential use cases in for DeFi projects such as Aave.
These reputation-based NFTs are also one of the first to incorporate both on and off-chain data into VCs for use in meaningful models that align individual incentives to the overall benefit of the community. Orange Protocol was a recent fund recipient from Aave Grants DAO, and the campaign symbolizes the recognition of comprehensive reputational models in the future of Web3.
Aave community members will be able to claim on more of the following NFTs retroactively based on their activity and contribution:
This NFT will be based on the Aave Liquidity Provider data model, which measures variables like the value of tokens being lent or borrowed, length of time users have been on the platform, and whether or not users have avoided liquidations. An LP reputation score of 66% or high will be required for this NFT.
Aave community members who have been active in voting, proposals, and governance will be retroactively rewarded with this NFT. The Aave Governance data model rewards higher scores to active governance participants. But what makes this model unique is that Orange Protocol incorporates both Snapshot data as well as the Aave governance portal.
This NFT highlights the unique developments that Orange Protocol is making in terms of comprehensive reputation using both on and off-chain data sources. The Community Champion NFT will reward users who have championed Aave or Aave Grants DAO on platforms like Twitter and Discord.
Each of these NFT drops represents different reputational signals from the Aave community that can act as a primitive for future DeFi use cases on Aave and beyond.
In addition to retroactively rewarding Aave community members with the first data-backed reputation-based drop of its kind, the data models used can provide a glimpse into the future of how reputation can improve DeFi accessibility. Using lending and borrowing reputation history, for example, can potentially help reduce the need for overcollateralized lending and expand the total addressable market.
The Aave Grants DAO Drop is far from the average NFT drop, being backed by both on and off-chain reputational data and representing actual contributions that individuals have made to the Aave community.
Starting on August 23rd at 10 AM UTC, Aave community members can begin claiming their NFTs using the following links:
🌊 Aave Liquidity Provider — https://app.orangeprotocol.io/campaigns/details/8
🗳️ Aave Active Voter — https://app.orangeprotocol.io/campaigns/details/9
🏆 Aave Community Champion — https://app.orangeprotocol.io/campaigns/details/8
Want to learn more about building portable reputation into your DeFi project or Web3 community? Join the conversation now in the Orange Protocol Discord — discord.gg/3eeSYGEU2k
Orange Protocol is both a middleware for dApp builders and a reputation management portal for self-sovereign individuals using data sources and models from across Web3.
Our vision is to create portable reputation systems for users, builders, and developers.
We enable developers to incorporate reputation into dApps, projects, and communities, maximizing the value of each individual’s reputation.
Team Aave Grants