Claim SUI Rewards: Quest 1 Complete!

Couple of weeks back I had written a post about the BullShark quest that was launched by SUI networks. I had talked about what was the eligibility criteria to participate in the quest and what was the rewards structure going to be like.

In case you missed that article you can acmes it here- https://medium.com/@sambtc/get-sui-rewards-bullshark-quests-3fa2ae96fabc

The key eligibility was having a BullShark NFT in your wallet. That NFT was airdropped to all members in SUI discord who had filled the registration form. In total more than 350,000 NFTs were airdropped so it was more or less the entire SUI community.

The top 10,000 participants in the quest were going to get higher share of rewards and the remaining NFT holders who participated in all quests will receive an equal share of the 2.5 million SUI token pool.

There were about 120,000 eligible participants so everyone got 24 SUI rewarded.

If you hold the BullShark NFT and participated in the quest then you can claim your reward here- https://quests.mystenlabs.com/

Why Is this Quest Reward a Big Deal for SUI Networks?

Overall I think giving out these rewards a good move by SUI Networs team for several reasons as I see them after the initial debacle they did by not giving a proper airdrop to their users and just giving a preferred option to buy their tokens at launch.

Many in the community were not happy about it as they had done a lot of grind before the token launch and were expecting a better reward.

What SUI has achieved through this Quest Reward system is the following:

Utility of their NFT- When they had airdropped the NFT many users just threw it away and some sold it for as low as $4, now that people know that just owning that NFT can get you rewards worth $15 the price of that NFT has more than doubled and it worth close to $10 now.

Community Trust- $15 reward is not a huge amount in the world where $1,000 airdrops keep happening but it is better than $0 and as SUI team has mentioned they will keep holding regular quests they have managed to calm down a part of the community who is now moving back to the events.

Raising Engagement- In the First Quest only 120,000 NFT holders from a total of 350,000 participated. It was one-third of the eligible users and it was perhaps as people were not sure if these quests were legit and will give any real rewards. Now that Sui has actually given out the rewards I think the participation level in future Quests will be much higher and there will be more people grinding to reach higher levels for the rewards.

What Next by the SUI Team?

They have already launched the second Quest and the difference is that the first quest involved playing Gaming dApps running on SUI and the new Quest involves interacting with the DeFI projects running on SUI.

They have not released at the moment what will be the scoring mechanism to get a higher piece of the reward pool but I expect that the higher number of transactions and bigger volume of transactions will get you a bigger piece of the pie.

Another improvement they have done from last Quest is that eligibility for this quest will be extended to SUIfrens NFT holders as well. The Capy NFT from SUIfrens was an OG project on the testnet of SUI and people using it were not happy that they were not eligible for first quest.

This time as they will be included it means the eligible participant number will be higher. This might reduce the reward per head but lets see how it shapes up. I am going to participate for sure as any free token for 5 - 10 mins of transactions is more than welcome in these tough times of low liquidity.

Let me know if you are aware of any good quests or contests running at the moment.

Cheers,

Sam