My Ideas - Creating multi-blockchain applications for Steemit and Solana

Note: Whatever you're about reading is an idea I came up with after some calculative reasonings has been made. It's still an hypothesis until it has been tested to fitness

There's one intriguing thing about Solana projects that attracts many investors to expand its Blockchain. Its ability to be versatile. On X, you see many people post about coins that pumps and dumps. These schemes are people's projects or ways of scamming others in a rug pull and the interesting part is that solana is invested as per solana memes which is still a trend.

This has allowed the expansion of its Blockchain and also the introduction of projects like Jupiter, Phantom, solfare which are wallets to send and receive solana and also carryout some staking or buying activities makes it unique. So with the capacity this Blockchain has in terms of investors, can steem be accommodated to serve as a mechanism where solana Investors must pass through the steem Blockchain to earn free solana rewards?

Can Solana also be staked to get steem directly or wrapped steem since the Blockchain doesn't support smart contracts? Everyone wants to be a Sol owner is a great way of utilizing Steem tokens where solana Investors can earn in diverse ways from the steem Blockchain, hold and use in earning more.

I wanted reasoning airdrop lines because airdrops are a great way of attracting Investors to a particular Blockchain if utilisation is done. Let's come to think of Tom Blockchain. It's expanding gradually because of the Airdrop projects that runs on telegram.

The investment of ton tokens to get these airdrops using an eligibility system or the direct connection of the ton Blockchain to tokens deposit are ways of expanding the Blockchain.

But since we're creating an application like the Jupiter project, I'll give ideas on how steemit can go about this if the collaboration is done.

Sol too has various ways of attracting investors which makes it a trend. What does steemit have to offer if an application is created? The following are ideas I offer to the development of this project and monetisation models.

Project Name SteemSol Nexus
Status Hypothesis
Aim: Interacting two Blockchains - Solana and Steem
Ecosystems: Crypto and Web 3

Logo

This application would be one that is based on Web 3 as Steemit is a web 3.0 social media platform which the web 3 ecosystem has lot of features including smart contracts, Defi, social finance and lot more. Some of these features are integrated by solana Blockchain. You can be a content writer on Web 3 ecosystem and an investor as well, earning crypto assets and other forms in return.

I see the ecosystem as a bridge where Steem and Solana can collaborate and allow users to swap, stake and earn rewards using both steem and sol including other Solana assets if applicable. The idea I have for this application is that it would be designed to do a lot of things.

• To create utility for steem on Solana Blockchain by leveraging Defi, smart contracts and cross-chain staking.

• Users can stake steem or Solana tokens to earn rewards.

• Users can convert their pictures or arts to NFTs.

• It's designed to attract solana Investors and build a bridge between both ecosystems

• Users on Steemit can access Defi applications which provides them with new opportunities to earn rewards both in steem and other assets.

• Liquidity pool for steem tokens are increased with certain applicable features like staking, locking, trading, yield farming and other utilities accompanying solana-based utilities.

• Users can earn by sharing contents of promotional materials on the app. This would be possible as it's a steemit feature where social connections and writing are integrated. Investors on Solana Blockchain can develop incentives for themselves educationally.

The question is, how can steems be used directly? I saw a post by @justyy who promoted steem Blockchain and its unique features of steem being converted to solana. This is a screenshot of the post he made on how steemit users can convert their steems to solana. Let's look at something from this angle.

screenshot of @justyy post

Stake STEEM and Earn Sol

There'll be a feature where investors can buy and deposit steems for use. Steemit users can use their steems linked on steemit and send to this application. Why? They earn solana by staking and holding. This gives investors a reason to buy and hold steem to earn solana assets and other sol-based assets through staking.

This is how it will work?

• There'll be a token swap feature where users can swap their Solana assets or other assets if they have to steem token since it would be used for staking.

• Since steem has no smart contracts, the leveraging of Solana Blockchain will make it possible for Wrapped steem to be created which allows users to use STEEM coin for swap and can swap back to steem if they unstake.

• There'll be a yield vault for steem deposition. Staking pools will have a good percentage APY based on the staking period put. The more Steems you stake, the more solana you have. The APY would be very attractive.

Many are looking for an opportunity to be holders of Solana. It would also take a dual nature where most solana Investors who have solana assets can stake their assets and receive steems as part of their holdings. This would attract more people to the Blockchain because they earn steems by staking sol and also stake steems and earn solana.

Converting Steem and staking it.

Steems: 10000
wSteem : 10000
Staking period: 6 months
APY: 80%

Trading system rewards

A liquidity system is created for steem where liquidity stakers can stake and earn rewards in sol or other assets. They can add liquidity to steem-sol pair and earn trading fees from swaps on decentralised exchanges of Solana which is beneficial for investors as they can trade steems easily without needing to go to centralised exchanges.

Canva

Content Creation and Promotional Activities

Most solana users love creating contents on X where they can get visibility as well and attract users to participate in projects and some Defi jobs if any. This is where steemit comes to play as it has that audience of capable writers and promoters. Asides from this, they can also earn curation rewards from contents or monetize their contents to earn NFTs or special rewards.

Learning and earning strategies from steemit. Users can read articles, comments and create articles to earn steems as rewards for learning. Smart contracts would be used to automate reward distribution based on how engaged a user is or how many tokens he's staking and holding. What's the benefits of both ecosystem collaborating?

Steem users

Steemit users can explore earning opportunities from solana's Defi space. Steems liquidity pool would also be increased as there's a feature where you can add to Steems liquidity pool which drives the price up. Users can earn Sol by farming and staking.

Solana investors
They are introduced to steem coin to be part of their holdings in terms of portfolio. They stake steem coins and earn solana which is a form of passive income. It also attract them to steemit which is a large community of engaged users.

Why web 3 integration?
Steemit is web3 and that decentralisation features prevents central authority. It also gives room for social rewards through content creation but both solana Investors who monetize contents and Steem users who can convert their pictures and arts to NFTs and also benefit from the Defi space.

These are the few ideas I've got. If these features are embedded in this application, it can help a lot and attract both steem users to solana and Solana investors to Steem. The duality is just there.

Refer and Earn scheme

Solana users can receive Steem tokens when they bring new investors that would stake steems and earn solana as rewards. The higher the referrals, the higher the rewards in Steems. Users can also be rewarded if they actively provide liquidity to steem. They earn rewards in several ways.

Monetisation

Monetisation can be done in various ways through this application. One of such is Staking rewards.
A small fee would be extensively charged on rewards earned by users through staking their steems. Premium subscription can be applied with higher APY for those who last a certain amount of token . These premium users would be opportune to stake and earn higher than those who stake normally.

A percentage charge or fee would be made for swapping though it would be very small. Trading and minting of NFTs made would be changed. Sponsored contents for advertisement by Crypto enthusiast who pay to support contents that are educational. Withdrawal fees can be placed when users wants to send out their tokens to external wallets but would be a small fee.

My willingness to work for the Project

With these, I think I can pick the application in my mind even though I'm not developer who can create such. The idea is just there but have little knowledge in mobile development. To my able host, I give you accolades. @alexmove.witness. As much as I'm not really grounded in web development, connecting with techs and sharing knowledge can help make this project run smoothly while maintaining sustainability.

I can also promote the project and take it to a height in X especially and telegram where these users are flooded. I'll do my best to see this doesn't just end up being an hypothesis.

All pictures are gotten from canva.