Implement lottery for honeyswap users

Proposal Title

Implement lottery for honeyswap users

Proposal Information

Proposal description:
Once a day a lottery will be held for all metamask wallets that traded in the past 24h on honeyswap. A total of 10 winners will get 0.2HNY each.

Proposal Rationale
The xDai chain and the Honeyswap exchange are great, but we need to attract new users to it. This requires an incentive for non-xDai users to get over the adoption curve and start using the exchange. Once they start trading and experience the low fees and fast tx times many will be hooked and we can get the first L2 adopter advantage.

Expected duration or delivery date
Duration can be 50 days, which requires 100HNY total

Funding Information

100HNY

4 Likes

Wow! I think this is a brilliant idea. I totally support this. But then how do we tackle the problem of a single owner creating multiple accounts to increase chances since trading on Honeyswap is almost free?

We don’t :slightly_smiling_face:
Let them create wallets, they will need to make a trade with each to enter the lottery. There is no sure win, so it’s their risk to put in the work.

It’s better to start a competition in my opinion. What do you say?

1 Like

The point is to make it easy for a new person to enter the lottery, incentivise them to jump onto the xDai network and try honeyswap. Nothing more, should be simple for them.

Great proposal! Few accounts won’t help you much.

I like the idea but we have to be careful of people gaming the lottery.

Can a limit on the creation date of the wallet be implemented? like “wallets created before oct.15”

yeah, i get your point.

yes its good id to limit fraud

If we are to do lottery,also i think there should be a small fee involved for the participation and this by itself will eliminate the multi accounts threat cause you will have to buy in your ticket for the lottery. Other than that i guess we would need some kind of app or Oracle like Chainlink offers its Verifiable Random Function (VRF) .

2 Likes

Personally I’m not a big fan. Like @Kryptobi said there are no real incentives for this other than increasing volume. There are better ways to do this like an arbitrage bot competition for example.

4 Likes

I also think it’s a little bit difficult to make sure that it is not being gamed, especially once the number of users start to increase. Might be hard to keep track of. I think better ways of attracting more users could possibly be for example topping the faucet up more. Increase faucet rewards a little bit. That way everyone wins a bit, so people might be more inclined to join.

7 Likes

I definitely prefer your idea of topping up the faucet. Making a lottery would only benefits a few lucky ones and the risks of people/bots creating hundreds of wallets is real.

There could also be some promotions with the faucet, bonus days with more HNY for example.

1 Like

I love the idea but I also agree with @omahs I prefer funding the faucet now to attract new user. Maybe in the future I think then use Chainlink VRF, but for now devs has a lot more on their plate.

1 Like

I really like this idea and see it as pretty distinct from the faucet as it would encourage people to engage directly with honeyswap, though not sure when a good time to actually execute on it would be. There are a lot of considerations that I would want to see figured out before really judging it though:

  1. how is randomness for the lottery implemented (is it both transparent and fair)?
  2. what are the eligibility criteria (could we use brightid such that bot accounts are excluded)?

Additionally I think if we figure out a good sybil resistant lottery mechanism it might be a useful primitive for other sorts of promotions in the future.

8 Likes

Implementing Chainlink VRF for proof of randomness as one i know and If you have to pay for the lottery isnt that already Sybil resistant ? Small part of the lottery could go back into the 1hive common pool.

1 Like

Hi, could you please elaborate a bit on your proposal?

  • How is the lottery expected to function? Is it a smart contract, if so, how would it work?
  • If it’s not a smart contract, then what would make you trustworthy to handle the funds? Please do not see this as an attack - it’s just a very important aspect of proposals in my opinion
  • If it’s a smart contract, then how would it work on a technical level? I don’t expect you to write up the smart contract immediately, but a high level overview would be nice
  • Is it only you on the “team” for this proposal?

Some of these questions might echo Luke a bit, but it’s important! I also echo Luke’s sentiment on whether it is a good time to execute such a proposal now, or if we should wait a bit. For example, there might be more value in if the lottery only starts after people have known it will be a thing for a while (if it will be a thing).

I would also tend to lean against a lottery that runs every day - I think it would give us more “bang for the buck” if the lottery was once or twice a week, but with a higher prize for each winner. This would reduce the requested amount for the proposal while (in my mind) being more attractive for the end user.

Thanks :honeybee:

5 Likes

That makes sense man.

This is not a techical implementation proposal, as a matter of fact I believe it could have much more impact if done outside of smart contracts, for instance on a regular (can be weekly) Honey YouTube livestream where people could put in their addresses in the comments, which could also act as a ‘real person’ filter. Of course, the winning addresses must have txs in the blockscout.

The point is in creating an incentive for people to dip their toes into honeyswap.