A new coin and Faucet idea to Airdrop and stake

In light of Luigi’s response let’s drop this proposal idea and write a separate non-Faucet-related proposal including these ideas. Doge has volunteered to outline the idea for the devs and we’ll have something up to hash over and comment on by Wednesday Feb 3.

We’ve been debating on and off what to do with the Faucet.
The payout is dwindling.
It’s been gamed.
We just aren’t that into it any more.

Blazar created the 1Hive Welcome Bounty, for new users, which awards 1 xDai.
This has saved us all a lot of time and energy explaining to new people to go introduce themselves, what the wiki is, and what even am Honey, as well as sparing us constantly sending new people xDai to run their transactions.

If we have a separate token that operates the Faucet we can encourage involvement and interaction with the platform more than just the Faucet drip. We could create Quests, which I see is something already happening, and the Quests, instead of paying Honey directly could pay in Nectar, I’m thinking a plain erc20, which then could be traded, staked, HODLed, or used to get Honey from the Faucet. I don’t think it would be crazy hard to modify the Faucet to have a variable payout. This would add an element of chance to the Faucet, which would encourage speculation in Nectar and create more excitement for Honey.

This would give us an exciting new token to play with.
We could use Nectar to reward liquidity poolers of Honey on Main in rather substantial airdrops, then loop back and pay Nectar on staked Nectar, for example.

We could use this same coin as a reward for various Quests and Bounties.
Since it will be redeemable for at least a certain amount of Honey it will always have a base value relative to Honey. The speculation would come from its variable value at the faucet. Sure it’s always worth .01 Honey, for example, but maybe it will pay .05, or .1, or maybe even more. This token can be raffled, airdropped, paid as staking rewards, and otherwise distributed without directly impacting the value of Honey, other than to generate excitement and active trading.

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i like this idea. though i have warned about this exploit for a long time. this would encourage interaction and save the faucet from malicious actors

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I intend to improve the faucet into using social media rather than a captcha for the main public to get their drops. Allied with the possibility of projects claiming a specific message to cater their audience that used the faucet.

Drops can be made variable/adjustable. But that should be only available for the people using the API. I don’t want to turn the faucet into something bigger than it should be. All i really wanted is that it could be as reliable as it should be.
I think we can work on a different project within maybe the scope of Quests to have a lottery or game of chance around newcomers that used the faucet.

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Thank-you Luigi.
So we still need to brainstorm the Faucet as well.

I can’t seem to edit.
We all got highly distracted by Agave.
Now @Stonky is looking at Faucet ideas.
I’m down to help.
I’m not sure how much of what I was thinking is already being done in Tulip.

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@metaverde love the idea of refreshing the faucet drip as it has been really not interesting at all. I really like the idea of quests to earn Nectar and then staking Nectar to may be extract HNY which shows that you are committed and willing to learn. I would love to see some technical quests as well for those who would like to participate where you could have a quiz about 1Hive, Celelste, Solidity and other tech topics with some advanced material to read. It just makes the audience and new users of 1Hive more technical and give back more to the DAO. Just a thought. Let me know where you guys discuss these ideas, would like to contribute and be part of these discussions.

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Yes… we need to go through and look at all the different projects on Discord and see if we can’t create something to tie them together instead of reinventing the same things

The faucet was a great idea to start with, but I have a feeling a lot of people only bookmark the faucet and go there to claim their HNY. If they then go directly to honeyswap, and don’t go to the Honey Pot, they have very little interaction, which defeats the purpose. Having a quiz or task to complete in order to claim HNY would be a great idea. You could even have multiple levels so some more who’s been participating for a long time could earn more HNY per claim. Or you could gamify it using experience points. More tasks, quizzes, or quests you complete the higher level you achieve, the more HNY you claim.
Maybe we could team up with rabbithole to help out.

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I really like the idea of using Rabbithole. I have used Rabbithole before and it’s pretty cool to have tasks assigned that then let you claim rewards that can be traded.

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I would like this concept of free money and faucet to be alive in some form this is what pulled many like minded individuals so far and having bright I’d meets has helped a bit to avoid sybil’s. Saying that having tasks would really motivate people to complete and claim rewards by tieing to bit of social media tasks or our platform related tasks.

Not sure a sourcecred kind of framework is available to track these and incentivize