Content Bounties
Create a content bounty for Lens or X
The MadFi protocol lets you create bounties for Lens and X (formerly Twitter) to promote content/services and engage your community. Each bounty requires:
A description of what you're promoting
A budget denominated in USDC or WMATIC - or - an NFT to be minted to winners as a reward
And can optionally include:
Minimum follower count
The option to automatically follow up to 5 accounts
The option to quote or mirror another lens post
Tags for discoverability
Private - invite only for the accounts you specify
How it works
When you create a bounty you will escrow the budget into the bounties contract along with the protocol fee (10%). If you decide not to use the whole budget or end the bounty early you can close the bounty and any unused funds that haven't been paid out will be returned.
When a user bids on your bounty they will include the entire content of their post - all text and media - and a signature that authorizes the contract to create the post on their behalf. Any other actions they choose such as follows, quotes or mirrors will be included in the signature also.
As the sponsor you can select the bids that you like and finalize them at any time. To do this you will select the bids you want to payout and send a transaction that pays the creator out of your escrowed funds and puts their post live on Lens at the same time and enacts any actions they've selected. The protocol fee for that payout will be subtracted from your remaining budget along with the payouts.
If you choose NFT mint as the reward then you'll be prompted to upload an image and it will be created as a reward NFT collection on the MadFi contract.
Bidding
The first time someone bids on a bounty they will need to authorize the bounties contract as a Lens profile manager. This allows the contract to perform Lens actions on their behalf. The contract is only able to perform actions when it has a verified signature from the user for that action and the appropriate reward has been disbursed. If there is not enough funds remaining in the contract for that bounty the signature is invalid or has already been used or the bounty has been closed then the contract will revert.
MadFi Social Clubs integration
All bounty sponsors and winning bidders will earn points on the MadFi Genesis Badge collection. If they haven't minted a badge yet these points will be redeemed automatically when they claim one. If the sponsor has a social club then winning bidders will earn points on that badge also.
If the sponsor chooses the NFT mint as the reward option then the new NFT collection created will go into their sticker collection that can be viewed from the sticker manager on the settings modal of their social club.
Privacy
Only the sponsor can view all the bids that have been created on a bounty. Other users will only be able to view the total amount of bids that have been submitted.
If you create a private bounty only the accounts you specify will be allowed to view the bounty and bid on it. You can also send them an invitation - this will send a DM over the XMTP network to their address inviting them to bid on the bounty.
Available Networks
Right now bounties are only available on Lens and X.
X bounties are more limited and only offer rewards for creating a post. The bidder will need to authorize the MadFi app to post to Twitter on their behalf. This authorization will only be used for bounties and will only be enacted after the reward has been disbursed. Users can revoke that authorization at any time if they wish.
Bounties will be brought to other platforms such as Farcaster as we see demand.
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