Month in Review: April 2024

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2 May 2024

Introduction

Howdy BULBers,

April 2024 has been an important month for BULB with the official listing of our token marking a key event for our project roadmap. This is a huge milestone particularly for those who were early to discover BULB. On top of our liquidity event, we also shipped a number of important product updates aimed to drive platform value and sustainability in 2024.

So let’s dive into it and unpack all updates one by one💡

Platform Activity Stabilising

Latest BULB Leaderboard

Over the past month, BULB has continued to grow steadily month-on-month, with over 1,200 new users joining the platform. Following the introduction of various bad actor mitigation measures, notably the feature unlock fee for writing and commenting as well as stake-to-earn, we have successfully mitigated over 90% of the bad actor activity from previous months. A huge win for the project’s long term sustainability and our community of epic writers and readers. We expect things to continue to grow as more and more people begin to learn about BULB.

First Token Burning Completed

The First Token Burning: 402,437.5 BULB Tokens Burnt On May 1

402,437.5 BULB Tokens were burned on May 1st under the new token burn mechanism for platform spending. A reminder: 25% of all platform spend is permanently burnt on a monthly basis. Over the long term, consistent platform spending and thereby token burning will be crucial to limiting supply side pressure for BULB and improve the fundamentals of the token economy.

More spending means more burning, more burning leads to a higher token price.

Major Product Releases in April

Token Unlock Fee: Writing & Commenting

BULB Feature Unlock: Writing & Commenting

For those who missed it, we made the tough decision to introduce a one-off token unlock fee for writing and commenting, where new and existing users will have to pay a one-time fee of 2,000 to write and 500 BULB Tokens to comment on the platform. The main purpose of this is to limit spam activity and the presence of sybil attacks, as the bad actor would need to first pay the unlock fee. Since introduction, we have seen a considerable stabilisation of platform activity, so we can safely say this feature is working.

Over the past year, we have come to the very realisation that as a project and more importantly as a community that we must value quality over quantity.

Advertising on BULB (With an Important Twist)

BULB Ads Powered By Bitmedia

We have recently partnered with Bitmedia to integrate crypto-related ads to the BULB platform, mainly for the home page and read pages.

You’re probably thinking “Why the hell is a Web3 blogging platform like BULB introducing ads?”

Well, we did say this comes with a twist!

Effectively we plan to use 50% of all Ad revenue to buy back the token and support liquidity with the aim to channel fiat back into the BULB economy, while the other 50% will continue to support product development.

This means that unlike all other blogging platforms or social media platforms out there, we are actually committing to redistributing the revenue that we generate straight back to where it was generated from: the community.

BULB is in an interesting place at the moment, we realise on one hand that BULB is undoubtedly one of the most innovative and engaging blogging platforms out there, while on the other, our token price isn’t reflective of the platform's value due to a number of factors outside our control. To take matters into our own hands, we are going to be buying back our own token and drive this value alongside your support.

Major Upcoming Features

In terms of the key upcoming features for May and June 2024, we are working around the clock on 3 key features:

+50 Energy Capacity For Moderators

For all new and existing moderators, the energy capacity will be increased by 50 to encourage more moderator activity, as well as give new moderators greater incentive to invest 50,000 tokens to unlock moderator status.

Four New BULBmoji Slots

This one has been a long overdue feature, but it’s finally coming soon! From May 2024 onwards, users can unlock up to 4 extra BULBmoji slots on the existing 3 BULBmoji slots available. This will bring the total number of BULBmojis that can be used simultaneously to 7. For avid BULBers out there, this one's for you.

BULB Threads

The much anticipated BULB Threads feature is designed and now in development, we are expecting to ship this out by June 2024 at the latest. More details on this will come, but we believe this will open up a whole new range of possibilities for the community as we delve into microblogging.

Rewarding Amazing Users on BULB

As usual, we would like to take this opportunity to congratulate the following newly Certified BULB Users:

@Mc77 and @SpecialistOG G have been consistently creating high quality, valuable and entertaining content to the BULB Platform, as well as being active community members from supporting other writers to suggesting new ideas and sharing insightful thoughts. For that, the BULB Team is grateful for your contributions!

Final Remarks

Real talk here… we recognise for many of the OG BULBers out there that our liquidity event didn’t go 100% to plan. We won’t hide away and say otherwise. We encourage everyone to show faith and continue supporting the project. This is not the end game, you are still early and we are just getting started.

The team is more motivated than ever to become the go-to Web3 blogging platform. As a team, we often remind ourselves of Medium’s success story, it took 7 years for them to reach a critical mass. This will happen faster with BULB but we know that building great things can take some time. Day-by-day, we continue building the blocks required to grow this project.