A Review and Outlook on 11 Projects Funded via SNS on-chain

The Internet Computer blockchain ( IC ) aims to realize the concept of a "world computer," allowing smart contracts to run on-chain at internet speed. The DFINITY Foundation hopes that developers can create large-scale services on the IC chain in a decentralized manner and directly raise funds from the user community.

In December 2022, the Launchpad infrastructure developed by the DFINITY Foundation, SNS(Service Nervous System), went live, providing a one-click deployment DAO governance solution for application developers. To launch an SNS on the IC chain, certain conditions must be met, including obtaining majority votes from ICP stakers for the white paper and tokenomics, as well as raising the predetermined amount of ICP in the Swap.

In the past 10 months, 11 IC ecosystem projects have completed decentralized token sales on SNS, transforming into DAOs and raising approximately $20.6 million in funding. Investors participate in voting governance for system upgrades, smart contract upgrades, treasury management, event creation, and more by purchasing and staking project tokens.

This section reviews the current progress of these projects and looks forward to their future development directions.

SNS1: Transforming from Experimental Coin to Game Governance Coin

SNS1 was originally a stress test for SNS by the DFINITY Foundation, and was later taken over by the on-chain game Dragginz, becoming its governance token.

Launch Date: December 10, 2022

Fundraising: 3141 ICP, approximately $13,800

Current Governance:

• The Dragginz development team holds 52% of the token share and voting rights.
• The price of SNS1 rose from 47 ICP at the beginning of June to a peak of 999 ICP, an increase of 20 times.

Future Outlook:

• Change the token name to DKP(Dragginz Karma Points)
• Staking DKP will earn in-game rewards, non-token rewards.
• The team retains 52% of the voting rights to control the game content.

OpenChat: Decentralized Chat Platform, "TG+DC"

OpenChat is an early project in the SocialFi track of the IC ecosystem, a decentralized chat application similar to "Telegram + Discord".

Launch Time: March 17, 2023

Fundraising: 1 million ICP, approximately 5.6 million USD

Current Governance:

• Basic functions have been improved.
• Users can directly initiate SNS proposals and voting within the program.
• The number of users increased from 83,000 to 110,000

Future Outlook:

• Develop voice and video features
• Recharge membership, reward invitations, etc. with CHAT tokens

Kinic: IC on-chain search engine

Kinic is the first fully on-chain Web3 content search engine, currently capable of searching all front-end Canister smart contracts on the IC chain.

Launch Time: June 17, 2023

Funding Raised: 509,000 ICP, approximately 2 million USD

Current Governance:

• Support searching for IC on-chain content
• Improve the platform through proposals and voting

Future Outlook:

• Expand search for IPFS, Arweave and other content
• Support bidding for advertising space using KINIC tokens

Hot or Not: IC Version of TikTok

Hot or Not is a decentralized short video application that integrates GameFi elements.

Launch Time: July 13, 2023

Fundraising: 1.074 million ICP, approximately 4.7 million USD

Current Governance:

• Improve the platform through proposals and voting
• Basic functions have been implemented as a TikTok alternative

Future Outlook:

• Launch Creator DAO tokens
• Launch of the tiered NFT NPhone
• Launch mysterious box feature

IC Ghost: The first meme coin on the IC chain

IC Ghost is the first fully community-governed meme coin project on the IC blockchain.

Launch Time: July 27, 2023

Fundraising: 20,000 ICP, approximately $84,000

Current Governance:

• Complete multiple proposals, including airdrops, token burns, etc.
• Fewer marketing activities

Future Outlook:

• Develop GHOST themed NFT marketplace
• Develop GHOST theme metaverse
• Launch community education programs

Modclub: Decentralized Content Review Platform

Modclub provides a decentralized content review solution for SocialFi projects.

Launch Time: August 25, 2023

Fundraising: 654,000 ICP, approximately 2.3 million USD

Current Governance:

• Core features are now available
• Complete early user airdrop, system upgrade, etc.

Future Outlook:

• Integrate artificial intelligence to improve audit efficiency.

Catalyze: IC Version Discord

Catalyze is a Discord-like decentralized community platform.

Launch Time: September 8, 2023

Fundraising: 602,000 ICP, approximately 1.98 million USD

Current Governance:

• Complete airdrop for early NFT holders
• The basic community functions are relatively mature.

Future Outlook:

• Transfer the chat function to the IC on-chain
• Develop voice video chat, NFT gated features, etc.

BOOM DAO: IC On-chain Game Infrastructure

BOOM DAO is committed to providing a complete on-chain gaming infrastructure for the IC chain.

Launch Date: September 15, 2023

Fundraising: 408,900 ICP, approximately 1.2 million USD

Current Governance:

• Upgrade tools through proposals, hold hackathons

Future Outlook:

• Establish a game developer alliance
• Develop on-chain guild system
• Develop on-chain multiplayer game framework

ICX: IC Version of Twitter + Prediction Market

ICX is a SocialFi project similar to Twitter, with added prediction market features.

Launch Time: September 27, 2023

Fundraising: 150,000 ICP, approximately $440,000

Current Governance:

• Temporarily disable the prediction market feature
• A deposit of 1 ICP is required to post to prevent spam.

Future Outlook:

• Create marketing campaign
• Upgrade UI/UX
• Add a tip reward feature

Nuance: IC Version Medium

Nuance is a decentralized blogging platform, similar to Medium.

Launch Time: October 2, 2023

Fundraising: 262,000 ICP, approximately 820,000 USD

Current Governance:

• Core functions are complete.
• Improve the platform through proposals and voting

Future Outlook:

• Increase writer compensation and content quality
• Add reader comment feature
• Develop tipping feature

Sonic: Early DeFi Project on IC Chain

Sonic is one of the early DeFi projects on the IC chain, providing functions such as Swap and liquidity mining.

Launch Time: October 9, 2023

Fundraising: 519,000 ICP, approximately 1.5 million USD

Current Governance:

• Improve the platform through proposals and voting
• Will exchange tokens for early LBP participants

Future Outlook:

• Develop perpetual contracts
• Launch xICP (LSD protocol )
• Develop on-chain dark pool