Looking back to what we’ve achieved in 2023
• Launched Train2Earn application on Solana Mainnet
• Launched mobile apps on Google, Apple, and Saga
• Launched Single Sided SNS Staking pool (2nd round)
• Launched NFT lending through the Guild Management System
• Launched Builder and Validator ONLY Single-Sided SNS Staking pool
• Selected for the Solana Foundation RPGF Grant
• $SNS token growth — over 1,300% the last year!
Train2Earn in Numbers
We started the Train2Earn beta in 2022 and launched on Solana Mainnet in July 2023. Here are some cumulative stats:
• The majority of our users are non-crypto native and it was their first time creating a Solana wallet and owning cryptocurrency
• 365,000+ data points crowdsourced for first our client, Mind AI
• Crowdsourced natural language data in 3 languages: English, Korean, Thai
• Over 38,000,000 SNS tokens distributed as rewards
• Train2Earn smart contract has logged over 800,000+ transactions on-chain since we launched on Solana Mainnet in July!
Synesis One selected as Solana grant recipient!
This month, we were selected as a Solana RPGF (Retroactive Public Goods Funding) grant recipient with the support we received from the independent delegates for the RPGF initiative that was run by Openblock Labs. This is a testament of our impact within the Solana ecosystem and the traction we’re seeing.
Revamping of the Synesis One tokenomics
• Platform fee increase — we have implemented an increase in the platform fee charged to AI clients from 10% to 20%. The change will effectively mean that once an AI client sets the campaign budget for its data needs, a 20% charge will be incurred on the budget.
• Burning Unclaimed Rewards Pool — Currently, builders and validators who participate in the micro-tasks need to claim their rewards after the campaigns close. If the participant does not claim within 7 days after campaign closing, the rewards become no longer claimable. The current unclaimed rewards amount to about 5% of the total rewards distributed. We will soon begin sending unclaimed rewards into a burn pool.
• Builder + Validator Rewards Fee — We will be implementing a “tax” on the builder and validator rewards that will go toward SNS token burn. The reason for this is most of the Builder and Validator participants on the platform come to earn a side income to pay for some of their living expenses. We want to foster a healthy ecosystem and incentivize some of these participants to see SNS as a way to further grow financially in the long term. Setting aside a small percentage of the rewards and burning it should provide the incentive since it gives a clear path toward further future token growth, as long as they hold onto their tokens.
These new burning mechanics should give any new supporter or investor a clear understanding of our token economics, and how it can really grow as we scale. AI clients provide the buy pressure when paying for campaigns, and some of these tokens used for campaigns are burned, creating a constant imbalance between buy and sell pressures (when all other factors are constant).
Updates from Mind AI
Throughout the second half of this year, the deal pipeline of Mind AI has been growing and growing with bigger and more prominent companies looking for Mind AI’s technology. In the past three months, Mind AI has signed a contract with the Government of India. Its currently in talks with LG and another large government entity in the MENA region.
These big projects mean large amount of data requirements to service the clients. All of these data sourcing will funnel through Synesis One, meaning there will be more work available. This will help our digital worker community grow in number and earn even more money!
Looking into 2024
• Continued focus on token growth supplemented with marketing and partnerships — We’re currently in talks with various KOLs to keep our momentum going
• Kanon NFT lending pool — This highly requested feature will be next on the list for our development endeavors
• Synesis One DAO and SubDAO system — Once the NFT lending pool is in place, we can begin to transition the Guild system into the SubDAO system to improve its currently capabilities and risk management
• Continued focus on monetizing Mind AI partnership — the big projects in Mind AI’s pipeline all represent huge cash flow and new work opportunities that will flow into Synesis One and we’ll work to capture 100% of the value
