Rabbithole is a website that helps you learn about crypto by completing tasks and earnings experience points. They claim to be a way to build up your crypto resume by learning by doing and being able to prove that you have completed certain skills.
The Rabbithole platform partners with crypto projects to develop tasks provide rewards to their users. There are some tasks that can be completed without cost and there are some tasks that involve layer 2 networks that have low costs, but the majority of the tasks currently on Rabbithole are based on the Ethereum network and will costs $40+ in gas fees. So unless you planned on doing that task anyway for some other reason, many of the tasks will likely be cost prohibitive for the average user, IMHO.
To give you an idea of what they offer, here is a look at the current skills offered and my status:
You connect your MetaMask wallet to the Rabbithole website and that is how it keeps track of your progress. In the screen shot above, you can see that I have completed 1 of 2 skills in token swapping and 1 of 2 in identity pro.
Taking a closer look at the Token Swapping skill, we see there are two tasks.
I completed the second one, which entails swapping a token on SushiSwap Polygon. The transaction fees on Polygon are very low so this is an inexpensive task to complete. The first task, swap a token on Uniswap Optimism, is more expensive. The transaction fees on Optimism are actually very low, but you have to pay Ethereum gas fees to bridge assets from Ethereum to the Optimism network. That would probably cost at least $40.
As a second example, let’s take a look at the Identity Pro skill. Again, there are two skills.
The first task, Get Verified on BrightID, is no cost, so that is pretty simple. You just have to download the app and attend a live webinar to verify your identity (without use of any government documents).
I have used Unstoppable Domains to buy a domain name ending with .zil because I like the Zilliqa blockchain and I wanted to support it, but buying a domain name on ENS would be a lot more expensive because it is on the Ethereum network.
I could have described the tasks above in more detail, but the idea behind Rabbithole is to learn by doing. So instead of reading a bunch of stuff, I suggest playing around with all these protocols and projects and learn about them as you go.
Rabbithole is a great idea and I will continue to try to perform skills on the platform. However, as discussed above, most of the tasks are based on the Ethereum network and will be very expensive to perform due to the high gas costs.
The posts I write on this site are examples of what I am doing to learn more about crypto and most of what I am doing is taking place on layer 2 networks with very low transaction costs, such as Polygon and Fantom. There are many avenues to learning about crypto and I would caution again spend a ton of money on ETH gas fees just to complete a task and get a few XP points. I with the Rabbithole platform would be more cost conscious about their tasks.
These posts are for informational and educational purposes only and should not be construed as investment advice or a recommendation to buy or sell any tokens. In this series I am just outlining what I am doing to learn more about the crypto space. Just because I am comfortable doing this, that does not necessarily mean these activities are suitable for you. I have not received any compensation from any of the products or services mentioned herein. Please do your own research and stay skeptical. These markets are not normal.