Among its wide range of applications, there’s a core mission that defines the Web3 movement as the next evolution of the internet: to empower communities, to distribute control from centralizing entities.
Although the arrival of this technology made it possible, there was no straightforward approach to guarantee a rewarding community in blockchain. Several Web3 projects failed to create enough value-generating elements for their ecosystem other than distributing transaction fee revenue among members. As soon as the new member inflow reduced, these projects found their market positioning at stake, often crashing without recovery despite their technological aspects.
On the other side of the spectrum, there are projects without enough rewards or utility, at least from the perspective of everyday users. Whether Web3 platforms generated real value or none, without enticing rewards the outcome was the same. The community reward promise fails.
One way token-based projects and NFTs attempted to overcome the second challenge was with digital-based assets and rewards. Without a tangible rewards ecosystem, digital assets only diluted market value over time. This approach neither allowed these projects to attract the vast majority of non-Web3 users that wouldn’t recognize the value of their digital assets to begin with.
After decades of blockchain iterations and regulations, however, Web3 ecosystems have expanded their use cases to apply to Real-World Assets (RWAs), which can be leveraged to solve the two mentioned challenges: value-generating elements and real, tangible rewards.
Thus, the mission of Lingo to merge the best of community-driven Web3 models with the stability of the RWAs to offer tangible benefits that genuinely enhance daily life of our community, which isn’t limited to blockchain adopters but also includes users from traditional loyalty programs and ultimately the Web2 mass market. Lingo aims to redefine the way people claim rewards and essentially create a new category in the space: the world’s first mainstream Web3 community rewards token.