Funding initial pools on PoolTogether xDAI implementation
Proposal Information
Proposal description: PoolTogether is a successful ‘No loss’ lottery DAPP that has had widespread success on the ETH main net and has now evolved into a protocol that has close to $165 Million locked in its pools (Source: https://defillama.com/protocol/pooltogether). The concept is very simple, users stake the tokens ( stable coins or others) into a pool which are then used to generate yield. As an example on the ETH main net, DAI tokens are used in Compound protocol and the generated yield are then distributed weekly as a lottery pick for which the probability is based on your share of the DAI pool for that week. This protocol develops good economic behaviour by encouraging users to save and also reward users for it with a chance of earning a reward without losing the original staked asset.
PoolTogther have now implemented their protocol to work on the xDAI network and its ready to be used. If you are interested in the technical details please see https://docs.pooltogether.com/resources-1/networks/xdai
To access the DAPP please use this link https://community.pooltogether.com/
As it can be noted, currently there are no prize pools as it is currently up to the community to initialise a pool and award a prize to the ‘poolers’. At the moment as there is a lack of yield generating protocols on xDAI/1Hive there is no way to generate a consistent prize for the poolers except directly funding the prize.
My proposal is to fund the initial prize pools for one or more of these tokens – xDAI or HNY or AGAVE pool. Each pool could have 0.25 to 0.5 HNY/AGAVE as a total prize per week to incentivise staking into the protocol and bring in liquidity. There could also be a weekly loot box for each week where tokens such as AGAVE or other interesting projects on 1Hive/ xDAI could gain marketing/ distro options by providing tokens into the loot box.
I want to use this forum post to start a discussion and gather more information before making a formal proposal on HoneyPot if there is widespread engagement and support from the community.
Proposal Rationale
Detailed rationale for why this proposal exists and should matter to HNY holders, the 1Hive community, and/or DAO ecosystem
This is a list of why I think this proposal should be funded:
- Will encourage users to lock HNY which is good for the HNY economy.
- Locked HNY and xDAI could be used as money legos in other protocols such as AGAVE and xBAL.
- The loot box every week offers an innovative marketing/discovery platform for other protocol tokens on xDAI.
Expected duration or delivery date (if applicable):
How long do you think it will take to deliver on your proposal
TBA -
Team Information (For Funding Proposals)
Names, usernames, and/or relevant social links for team members (Twitter, Github, 1Hive Forum, etc.):
Currently this is a signalling only proposal and I do not have the technical abilities to understand what/ who are required to implement. I have the ‘Growth’ team from Pool Together DAO that are also interested in this proposal and may provide some additional support if this proposal gets the right support.
Skills and previous experience in related or similar work:
What are some of your skills or related experience that might help inform HNY holders about your ability to execute on your proposal
As advised above, currenlty no techical skills available. If propsal gets support, will need to investigate team and skills required to implement it.
Funding Information (For Funding Proposals)
Amount of HNY requested:
I want to request a total of 10 HNY/ 10AGAVE from the common pool or DAO treasury. I propose for this to be used as follows:
- Weekly Prize for stakers for each pool from a total of 2 pools (Pool asset TBA)
- 1st random pick - 0.3 HNY + 0.3 AGAVE + (LOOT BOX - Random giveaway that any project can contribute into and get exposure to 1Hive and PoolTogether xDAI userbase)
- 2nd random pick - 0.2 HNY + 0.2 AGAVE
- If we are able to attract liquidity above 500k, we could then look at funding this proposal again in 10 weeks.
Ethereum address where funds shall be transferred:
TBA
More detailed description of how funds will be handled and used:
If supported the funds will be locked in the PoolTogether Smart Contract to be disbursed as detailed above. Assumption - Funds will not be required to be handled by individuals but the SC should automatically distribute the prizes as agreed on a weekly basis.
Big thanks to @befitsandpiper @Monstrosity @CurlyBracketEffect @zedkai @solarmkd for their support and feedback on this proposal during the DAO rush week presentation of AGAVE. Would like the community to provide more constructive feedback and any improvement ideas that could make this proposal better. I do not have the technical skills to get this proposal posted onto Honeypot and implement if supported. Any support on this would be great if you think this proposal will help both 1Hive and PoolTogether DAOs.
