Happy Holidays 1Hive.
Proposal Stage 1: Bring Reddit /r/ethtrader subreddit DONUT microtipping to xDAI.
cost estimated 10-15HNY
I have been working on an initiative to get reddit /r/ethrader DONUT infrastructure on to xDAI.
Some history for those who are unfamiliar. Almost 2 years ago Reddit /r/ethtrader began an experiment to create a subreddit token specifically for their sub called the DONUT, this led to DONUTs being created and distributed based on contributions to the sub and then a bridge was created to bring DONUTs to main net. I am not extremely familiar with the details of the first DONUT incarnation so I hope /u/carlslarson will fill in any historical gaps and correct any errors. About 1 year ago now the /r/ethtrader community decided to resurrect DONUTs in a second incarnation air dropping a chunk of the first 50M or so DONUTs based on previous contributions to r/ethtrader and allocating a distribution of 2M/week (or 200% inflation) now 1M/week. DONUTs were distributed via an aragon contract via ETH mainnet weekly. Once mainnet fees increased this caused DONUT distributions to drop to monthly. Carl came up with a 2 token system for governance coupling a non transferrable CONTRIB token with the DONUT token when distributed as a /r/ethtrader reward. A users governance vote = minimum(CONTRIB,DONUT). So you can see the unmovable CONTRIB has to be paired 1:1 to give the user a 1 vote.
The implications of this model are that to have a vote in governance.
- A user must have some CONTRIB by participating in a positive way in the subreddit
- A user must not sell all their DONUTs or at a minimum have re-purchased them when governance puts up proposals to vote on.
Voting is handled by reddit using on-chain wallet CONTRIB and DONUTs data when they vote.
As everyone knows mainnet transaction fees have skyrocketed over the past 6 months and this has limited DONUT distributions as well as subreddit DONUT tipping.
Reddit itself took the initiative via /r/ethtrader and DONUTs to create their own model for subreddit token associations, governance, etc. The other subreddits while similar do NOT have the same implementation that /r/ethtrader does. /r/ethtrader created most of the infrastructure for this on the main net with Aragon itself (mostly due to Carl Larson).
The upshot here is that there is a community already built to use the main net and with a Aragon distribution system (1Hive uses Aragon as well except it runs on xDAI) and carl has already indicated it would be straightforward to begin to migrate parts of the /r/ethtrader infrastructure to xDAI in stages.
The stages of bringing the entire /r/ethtrader infrastructure over to xDAI still have to be laid out in detail but they basically look like the following:
- Create a /r/ethtrader bot so users with DONUTs bridged on xDAI can microtip other reddit users.
- Move the DONUT distribution system on Aragon to xDAI - this has implications for voting and CONTRIB/DONUT pair as I think technically we’d have to mirror the wallets CONTRIB on xDAI before beginning DONUT distributions on xDAI and doing governance on-chain on xDAI.
- Enable on-chain governance voting via aragon (since fees would be cheap enough)
What this proposal covers is funding of at least 5-10HNY (still waiting for word from carl on this) to pay carl for the work to accomplish Stage (1). In conjunction with this and to encourage /r/ethtrader governance to support the initiative is a request for another 5HNY to fund a Honeyswap LP farm for 1 month on the HNY-DONUT pair provided /r/ethtrader governance commits to at least 50K DONUTs/week of LP on the DONUT-xDAI pair say.
The goals here are multifold.
- Get r/ethtrader to begin to move their DONUT infrastructure to xDAI via microtipping
- Allow r/ethtrader to lead the way for reddit and all the subreddits in terms of a proven scaling solution. IF we can get reddit to come here via r/ethtrader leading the way for all the subreddits this would be a huge win for xDAI and 1Hive generally.
- Bring the community of 300k+ /r/ethtrader eyes to xDAI and 1Hive which invariably means more money and people in the ecosystem.
- Bring the entire infrastructure of /r/ethtrader DONUT economy, governance and distrubtion on to xDAI
- Bring in more trading on Honeyswap on these low volume, low priced tokens, make xDAI the reddit hub for subreddit Token trading and distribution.
The issues right now are me getting a definitive word from carl on:
- how much compensation he would want and
- a go ahead from him that he is willing to take this job on.
If 1Hive does this itself there is nothing the /r/ethtrader community needs to do because they will get new functionality for free. The only downside is reddit possibly stepping in here to have some say or deciding the redit scaling competition (which was supposed to be decided 2 months ago) but I think this is a low hazard and low probability event.
Frankly, I only see upside with this proposal and the roughly 5HNY to get the Stage 1 job done and set up a 5HNY matching DONUT-HNY for > 50K DONUT DONUT-xDAI LP /r/ethtrader match for a month seems cheap for the possible upside. Normally I would include in this proposal some HNY for my time as I have been slowly and steadily working towards this goal in small ways for a while now. I will reconsider adding this in once we hear from carl and my intial work getting this to a real proposal stage is completed. I probably have maybe 10hours or so in on this so far. (various reddit posts, and noodling, discord, and this post) There is no guarantee governance will go for the subsequent steps but I think even if xDAI only gets the micro-tipping side of the /r/ethrader DONUT economy that itself will be worth 1-2K to 1Hive in the long run.
Once I get a firm amount and commitment from carl I will put this up for a forum poll and make a formal 1Hive proposal.
reddit post announcing this initiative:
and in the daily
Reply from carl from a discussion thread in /r/ethtrader that started this:
EDIT ADD: Also pre-apologies to carl on this - my intention was/is to get discussion going around possible 1Hive and /r/ethtrader support for a proposal to fund the work…
Should I offer more if carl declines for 5-10HNY?
Should I unbundle the coupled 5HNY LP reward for matching 50K/week DONUTs LP on HOneyswap?