Web3 art-focused social network Rodeo has transitioned away from Ethereum (ETH) payments in an effort to make the platform more accessible, removing volatility and simplifying transactions without changing its on-chain structure.
In its latest update, the platform replaced ETH transactions with a standardised USD-based credit system. Users will now pay a flat rate of 25 US cents, instead of fluctuating ETH fees, for collecting posts on the platform.
Existing users are being asked to upgrade their accounts by converting their ETH balances and legacy credits to the new system.
What is Rodeo?
Rodeo is a social network that brings together artists, makers, and creators to share and celebrate their work. Users can post works-in-progress and finished pieces, follow other creators, like and comment on posts, and build connections within a creative community.
A key feature of Rodeo is the ability to collect posts, each of which becomes an NFT on the Base blockchain. The platform rewards both creators, who earn from collected posts, and collectors, who can benefit from helping surface notable content.
Rodeo positions itself as a space designed to foster meaningful engagement around creative work, with an emphasis on ensuring creators are fairly rewarded for their contributions.
What does this update mean to its users?
Users who still have ETH or older credits in their Rodeo wallets are required to convert these assets into the new credit system. Collecting posts, making offers, and earning rewards on Rodeo will now all be conducted exclusively through credits.
The change is intended to eliminate the need for users to calculate fluctuating ETH prices, making it easier to understand costs and participate without exposure to cryptocurrency price movements.
Despite moving away from ETH-based payments, Rodeo remains to be an on-chain platform and all posts and collections continue to be minted as NFTs on the Base network. Users can still deposit USDC into their wallets and cash out earned rewards in USDC.
Rodeo also plans to introduce direct bank transfers for cashing out rewards in the near future.
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