💸The easiest way to earn money in Web3🤑
💸The easiest way to earn money in Web3🤑
How to earn money in web3 through your skills- Bounties, Grants and more
Diwali bonuses are around the corner👀, and I’ve got something special: it’s the bonus post for Bits n Bytes this week. Read on to find out more👇👇
Today's newsletter is a complete guide to bounties in web3 + a starter pack to help you:
🛠 Work in web3
💸 Earn in web3
Y'all must have heard about bug bounties in tech space, especially in the cyber security domain.
But tf are bug bounties?🤔
Bug bounty programs are offered by websites and organizations where coders are incentivized to detect and report bugs, particularly those related to security weaknesses.
The purpose of these programs is to find and fix bugs before the greater public is aware of them and prevent large-scale hacking abuse.🧐
When it comes to web3, bounties are rewards given in exchange for work done by
👨💻 Devs
✍️Content writers
🎥Creators
And anybody who contributes to the ecosystem and are typically rewarded in the form of tokens🤩
Web3 is still in its native stage and onboarding more and more users everyday. Experts such as blockchain devs & content creators, who can help drive a protocol's adoption, technical experts who can simplify the documentation are still scarce. 😐
Bounties have provided a way to recognize the work that these folks do in a manner similar to how “Freelancing” works.
The only difference being, you’re rewarded in tokens instead of fiat in most cases!🧐🧐
Bounties are an excellent way to get started in this space. You can get involved while still working a regular job. Say you’re a developer who loves to create content. You can get started in web3 by helping protocols create audio/video/text based learning modules and organizing weekly AMA with the community to help drive the adoption and bring in more users.
Now web3 is evolving and expanding rapidly.
With rapid development comes rapid growth and a need to spread awareness about all the new things a Defi protocol/ analytics solution or any web3 startup is doing.
Hiring talent is obviously hard 😕😕
And in web 3, it can be harder😭
To address these issues, organizations use bounties to outsource development rather than hiring a large staff, given the mode in which these companies operate.
And honestly, web3 bounties are an excellent choice for blockchain projects, such as DAOs or DeFi, and even for professionals.
It can practically take any form, but they typically relate to problems and features on a project's backlog — anything from improving the interface, to easing the process of installation & setup to managing the community discord🤩🤩
Why do web3 bounties even matter?🤔
Bounties were started as a medium to incentivize/reward people to do something/contribute to the web3 ecosystem in any way possible.
Early on, there used to be Ambassador programs for protocols, DAOs where folks used to enroll and get compensated for doing tasks. Bounties became a part of the bigger program and today it’s a part of the web3 culture.
All those who seek such opportunities and provide services in exchange of tokens are commonly referred as bounty hunters - sounds like a treasure hunt much ?😛
NGL, web3 can be intimidating for absolute beginners.
So, to make things easier for people, Work2Earn model was introduced, where you could be a part of the community by contributing in any aspect from bug bounties to creating content for the socials to running a social media campaign.
Web3 has a seat at the table for anyone who wants one!
You’ve convinced me, so
How do I get started?
There are numerous bounties listed on the web, such as bug bounty programs, bounties for reviewing smart contracts, content creation and so on.
Let’s understand a bit more about these opportunities before I get to the real deal - the platforms, tips and tricks to find bounties and much more😁
Bug bounties🤑
📌Before projects are released, developers and researchers search for bugs and are rewarded for each bug found. The reward may vary depending on the security level of the bug. A critical-level bug would pay a bigger prize rather than a low-level one.
Web3 developer bounty for smart contracts: 📃🔍💲
📌Organizations publish a smart contract code for developers to review and identify flaws. Commonly known as smart contract Audits. Such bounties are generally more long term and help you build a proof of Work for yourself on the chain
New features🛠️🛠️💲
📌A good chunk of web3 bounty programs seek blockchain devs, designers, and UX writers to help them expand blockchain[Get more users for their L1/L2 solution] and web3 with new features.
You’ll see these bounties under protocol integration. Think of it as using your skills to help a protocol while being incentivized.
Does it get any better? Truly, web3 is powered by the community. 💁♀️
New to web3 and looking for resources to learn the concepts while still not lose your mind around jargons? 🤔
Content Bounties🔣💰
When a new protocol/L2/ L1 solution is launched, you wouldn’t know until you read about it somewhere or you watch a tutorial about it or just randomly find a repository around it.
Boosting the discoverability and awareness about new projects is really important in web3. That’s where Content bounties come in place:
It can be anything - writing a blog to help people install and setup your SDK, create a learning module around the utilities of your platform, create video content [podcasts, tutorial or even an AMA], manage social media handles and create content for twitter, Instagram etc.🤩🤩
Clearly, there's a lot of opportunity.👀
So, let’s put our Dora Explorer hats on and go bounty hunting on the web. Umm, just kidding. When there are problems, there are solutions
Honestly, finding your first bounty can be daunting and challenging, but I’ve got you covered with some really sought after platforms
Time to look at some bounty aggregator platforms that will help you find the right opportunities:
📌SuperteamDAO: Find bounties to earn crypto and get community membership for SuperteamDAO.
📌Chainwiz: Instantly start earning crypto by discovering amazing bounties.
📌Immunefi: Secure Web3, save funds from theft, and get paid the world's largest bug bounties. All aspiring whitehat hackers - this is your time!
This reminds me of the news I read yesterday:
TempleDAO exploited for $2mn
QANPlatform bridge exploited
Mango markets on Solana was exploited, a potential loss of over $100mn
And all this happened in 1 day.😵 Still thinking about where to get started?
📌Layer3: Explore bounties through Quests. All you need is a wallet to get started
For protocol specific bounties, Keep an eye out on their website, Discord, Telegram and Twitter.👀
Also, when we talk about web3, we can’t not talk about communities.
Lots of DAOs and communities like The Phoenix Guild, SuperteamDAO have a treasure lying for ya’ll.
Be a part the communities offering bounties, learn, work and earn and most importantly → give back to the community
Pro tip💡 If you’re looking to venture into web3, continue researching more about the bounty and propose a pragmatic solution - this will help build a PoW for you.
And as they say, victory comes from finding opportunities in problems😇
Bounty Benefits - Let’s talk money and opportunities
Bounties a great way to build connections with protocols, DAOs, orgs building in web3.
Starting with smaller bounties, you can become an integral part of the community and contribute to long-term projects, and even find work opportunities.
Pro tip 💡Be super active on Discord and have proof of your work on GitHub for easy access. Discord and Twitter are the holy grail in web3.
More so, when an organization sets the reward for a bounty, it will always pay the same amount when the work is done.
This enables a truly global economy, whether a person is in the United States, India, Brazil, or even on Mars. 🪐
Payment methods in Web3 - Token, Fiat?
Coming to the REAL QUESTION → How do I get paid?🥶
I don’t get all these crypto transactions.😫
I want to work in web3 but paisa apun ko USD mein hi chahiye 🤪
Well, that’s the whole essence of the decentralized web.
I have seen people struggle with crypto in wallet, unsure about how to swap it with fiat or at times even with stablecoins and ask “How do I make real money out of this “crypto money”.
Some tips that’ll help you navigate the rewards and payouts in the web3 space:
Always ask for help, the community is always there for you
Have enough options to claim stablecoins: if you’re getting paid in a native token — make sure it’s listed on a DEX and you can swap it
You can sometimes be incentivized in fiat: happens very seldom in web3
To make things easier for people, DAOs, and protocols have started paying out bounties in the form of their own tokens/or more easily swappable tokens, ETH, stablecoins like USDC, or other ERC-20 tokens.
Are bounties the ONLY WAY to earn in crypto?🤔
Absolutely not, you’ve grants if you're working on a long-term project.
Grants are a key source of non-repayable funds, and they're especially popular in the Web3 ecosystem. Many protocols and foundations like Web3, the Ethereum Foundation, Polygon, etc. grant program funds for software dev and research in web3. 🤩
From my personal experience: Don't ❌ apply for grants unless you know the ideas are implementable — always think of long-term plans since grants come with milestones and opportunities to be turned into a product.
Whether you’re a designer, a developer, or a creator looking to step into the web3 world, bounties are one of the best ways to enter the ecosystem and learn while you earn.
Does it get any better? 🤗🤗
Now, what are you waiting for? Let’s get to bounty hunting, shall we?🏃♀️
And that’s a wrap for today! ☺️
Adios Amigos 👋
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