Diving Into Quest Platforms on Web3: My Galxe Analysis
Been diving deep into the world of quest platforms lately, and thought I’d share some insights, especially around Galxe, which has been catching a lot of eyes. For those out of the loop, these platforms are where you can complete tasks for projects (think following on social, clicking links, or doing some specific actions) and snag rewards ranging from tokens and NFTs to Discord roles.
Despite the mixed feelings about the traffic quality on these platforms, they're a hotspot for those looking to inflate their numbers.
Finding direct data on how much cash actually flows through these platforms was a challenge, so I did a bit of digging myself, especially focusing on Galxe, which seems to be leading the pack.
Platform Popularity Insights:
A review of monthly audience figures via SimilarWeb revealed:
1. Galxe.com: Leading with nearly 11M monthly visitors.
2. Zealy.io: Following with 5.5M monthly active users (MAU) as of January 2024.
3. Layer3.xyz: Ranking third with 2M users.
4. Questn.com and Taskon.xyz: Tied for the fourth and fifth spots, each drawing close to 1M MAU.
Data Extraction Methodology:
The lack of a comprehensive listing of campaigns, especially on platforms like Zealy, presented initial challenges in gathering data. To circumvent this, I employed Octoparse, a no-code parser, to extract detailed information on active campaigns on Galxe.com as of February 19, 2024. My analysis focused on campaigns offering direct monetary rewards, excluding those providing whitelists, NFTs, or project-specific points to simplify the analysis. View the original data table here.
Refined Analysis:
From the outset, 196 active campaigns were identified on Galxe. A closer scrutiny led to the exclusion of 21 campaigns due to minimal participant engagement, possibly due to Galxe bugs or complex hidden conditions. An additional 16 campaigns were removed where the average prize exceeded the guaranteed prize, suggesting a lower participant interest or potential system glitches. I also removed the biggest campaign with $20K prize pool and only 344 participants.
These exclusions aim to present a more accurate representation of active engagement and reward distribution, but you can try to participate in such campaigns and give as some feedback: you'll either be able to make some easy bucks from them or you'll tell us what's wrong with these campaigns. The main thing is don’t lose money on them 😅
Rewards:
The refined dataset included 158 active campaigns, with a total reward pool of $51,265, averaging $325 per campaign. However, the median campaign reward was $100, pointing to significant variability in reward sizes.
Participants and Duration:
The total number of participants in all active campaigns is 4.3 million users, averaging 27.3K participants per campaign, though the median campaign had only 567 participants. This discrepancy suggests that a few highly popular campaigns significantly skew the average. Campaigns typically last an average of 26 days (23 median days).
Economic Implications:
One of the challenges in analyzing the monthly data from these platforms is the dynamic nature of campaigns; they can start and finish at any point within a month. To navigate this, let's work under the assumption that the structure, duration, and reward sizes of campaigns remain relatively consistent. This allows us to estimate the daily rewards being distributed by each campaign and then project these figures across a standard 30-day month.
By dividing the total rewards offered by each campaign by its duration, we find that Galxe is distributing roughly $2,876 daily across all active campaigns. This amounts to an estimated total of $86,290 in rewards each month. It prompts the question: is this figure significant?
Breaking it down further, the average payout from each active campaign amounts to approximately $18.20 per day. Yet, when we consider the median value of these payouts, the figure drops to $5.75 per day. This median figure provides a more realistic view of daily rewards from the platform's campaigns.
How much can you earn on Galxe?
To calculate the average earnings for participants on Galxe, we divide the total rewards of each campaign by the number of participants. This calculation shows that the average participant can earn $1.23 per campaign. However, looking at the median campaign, the earnings drop significantly to just $0.09. This disparity likely stems from the variance in campaign difficulties.
![](data:image/svg+xml;utf-8,<svg xmlns="http://www.w3.org/2000/svg" width="900" height="560" />)
Galxe hosts numerous simple campaigns with a high number of participants (or bots), resulting in very small rewards per participant. On the other hand, more complex campaigns (or just campaigns with a poor marketing) with fewer participants tend to offer higher average rewards.
Engaging in all 158 viable campaigns on Galxe could lead to an average earning of $194, and actively participating in new campaigns as they launch could increase monthly earnings to about $288. A lot, right? However, accessing the most rewarding campaigns might not be straightforward and could involve additional costs like swaps, purchases, staking, and fees. Considering median rewards, the expected monthly earnings could be as low as $22.
What about your experience?
What has been your experience with quest platforms like Galxe? Have you found them to be a worthwhile investment of your time and resources?
For those who have participated in multiple campaigns, how do your earnings compare to the averages mentioned here? Do you have any strategies or tips for maximizing rewards?
And finally, considering the potential costs associated with participating in the more lucrative campaigns, do you believe the effort is justified by the rewards? Have you encountered any hidden gems among the less popular campaigns that turned out to be quite profitable?
I'm eager to hear your thoughts and experiences.
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