Proposal to top up the faucet

🌿 Proposals
#1

Topping up the faucet

Proposal Information

Proposal description:
*Over the past few weeks, the amount received from the faucet has dropped significantly. This has resulted in quite an amount of users complaining that the faucet rewards are not satisfactory enough, and not worth all the trouble. Due to this observance, I had made a discussion post prior to this proposal. See Topping up the faucet and changing the claim period?. The general consensus is that topping up the faucet slightly is not a bad idea. There has however been a split divide when it comes to how much this top up should be; Some finding a starting amount of 10 $ in HNY being a valid start with the new faucet distributions, whilst others fearing that this might be too high and that it could negatively impact the price of Honey. One final remark is related to the length of each period, being 48 hours. Based on discussions I propose to top up the faucet enough so that each user gets a value of 0.0057 HNY, which roughly equals to 6$ per 48 hours. This is an increase of roughly 2x as of now. EDIT: I’m adding a poll where you can choose how much HNY you would like to get in $, per week, as a start from the faucet. Do note that this will drop off as 5% is taken from the faucet each distribution. Do note I write on a weekly basis in the poll, this does NOT mean that the faucet will payout once every week. It’s just a metric being used to figure out how much every user would get every week in HNY from the faucet, regardless of the period time.

How much HNY should the topped up faucet give as a start, on a weekly basis?

  • 0$ in HNY per week as start distribution
  • 5$ in HNY per week as a start distribution
  • 7.50$ in HNY per week as start distribution
  • 10.50$ in HNY per week as start distribution (Current faucet rewards)
  • 15$ in HNY per week as start distribution
  • 18.75$ in HNY per week as start distribution
  • 25$ in HNY per week as start distribution
  • Other (please explain in comments below)
  • Abstain

0 voters

Proposal Rationale
The reason to top up the faucet is to attract potential new users to 1Hive. Users might be more inclined to opt into the faucet knowing that the reward has nearly doubled. Furthermore, as the price of HNY increases the rewards received from the faucet add up, potentially being more than the initial value. By keeping the 48 hours period, users are more often exposed to 1hive.org, as they have to visit more often on a monthly basis. The new amount distributed sounds like the sweet spot to me, as by not bumping the reward too much, growth can remain organic.

Expected duration or delivery date (if applicable):
-

Team Information (For Funding Proposals)

Names, usernames, and/or relevant social links for team members (Twitter, Github, 1Hive Forum, etc.): Rayne

Skills and previous experience in related or similar work:
None

Funding Information (For Funding Proposals)

Amount of HNY requested:
Not really sure what to put here actually, if this is how much HNY is required to top up the faucet, it is equal to 163.55 HNY. If this is about funding for me coming up with the proposal, I would say 0.
Ethereum address where funds shall be transferred:
Faucet address, which I think is 0x967ebb4343c442d19a47b9196d121bd600600911
More detailed description of how funds will be handled and used:
The funds will be used to top up the faucet, resulting in a higher payout per user.

Let me know what you guys think!

EDIT: Polls have been closed, due to the fact that some suspicious accounts have been voting on the highest amount, I think it’s logical to go with 15$ a week. Meaning that the faucet will start with a payout of 4$ in HNY every two days. This equates to a top up of 123.52 HNY, as the total amount in the Faucet will equate to 257.2 HNY. On the first distribution this means that 0.05 * 257.2 HNY will be distributed, equating to 12.86 HNY, over 3215 users. (=0.004 HNY per person).
https://1hive.org/#/proposal/21

27 Likes
Request to fund Rabbithole campaign
Discussion: Potential Faucet Improvement
#2

Nice one @Rayne. Thanks for your efforts to make this happen! :honeybee: :honey_pot: It’s better than before and it’s also free. :money_with_wings:

2 Likes
#3

i support this proposal 100%, good stuff as always @Rayne the machayne (lol i know my pun sucks leave me alone)
Also, 6$ is double the actual ammount but i think its pretty conservative given that last week was giving out 7$ per period.
I agree that dropping too much into the faucet or airdropping can cause the price to dump, so sounds reasonable enough, we need to distribute the honey to the community! so that Honeyswap can take advantage of the strong network effect this creates

4 Likes
#4

Hey Rayne,

Nice proposal idea :slight_smile: I have to say that i still think the faucet amount is pretty generous. Most of the faucets I have seen have been vastly lower amounts so people getting in now are still gaining a lot. I would be in support of continuing to fund the faucet (as i still believe its bringing in a lot of new people), and to try to keep it around a reasonable $3-$5 worth of honey per use.

8 Likes
#5

I support it. It is clear the faucet has been the big reason for late explosive growth. If it is sustainable I believe it is worth increasing it to the proposed amount for a while and keep a close eye on the growth evolution and metrics.

5 Likes
#6

I second @Blazar on this, 3$-5$ worth of honey, which equal to bassically 10-17$ per week, which is 40-67$ per month is way more than needed. Once you’re verify, it legit takes 10 seconds to get the faucet.

4 Likes
#7

Alright guys, I made a poll so that we can come to a consensus. Curious to see which period you guys prefer. Vote away!

5 Likes
#8

Yeap indeed. There is no faucet in World which gonna give you like 3/5$ on every 2 days. From my start in crypto I didn’t see anything like this and I think this is reasonable amount everyone getting right now and everyone need to be thankfull for this.

1 Like
#9

I voted 25$ per week as it is considered to be start distribution as it will probably go down to 15$ per week in probably two weeks. This is my rationale for voting 25. And I believe the faucet is bringing valuable contribution to the community. I, myself, have come here for the faucet, and learning about the pollen, I decided to stay as I thought I had something to offer, which in my case is the translation of guides into my native language. I am trying my best to contribute to the community in my free times for now. But I’ll probably stick around and dedicate more time, and possible will try to join the marketing efforts as well, as I really like the community and truly want other valuable people to be a part of this community, which already consists of rather valuable contributors.

4 Likes
#10

This is one of the instances where we have to consider how much HNY we want to spend in terms of its worth in fiat rather than what percentage of the honeypot it translates to since we want to incentivize outsiders to participate in the 1Hive ecosytem.

The way i see it, it is impossible to for this task to be a one time thing since we have to keep adjusting the faucet to reflect and keep up with the growth of its participants which will inevitably keep increasing, until of course we decide that the faucet has run its course. Based on this and the fact that we might need to top up the faucet again in the future, plus considering what the free HNY might do to price, i don’t think 10 dollar ish for everyone as a start for the next round of faucet topup is a bad idea as it will also motivate and attract new participants. It’ll start to drop after every 48 hrs anyway and its free money right? Plus people won’t be that motivated to sell immediately if they are getting less than $10, they might want to accumulate. But the sweetest of all is that going by the current number of participants, to achieve this we need only top up the faucet to closely match its original quantity of 521HNY

Edit
I did not read this post carefully, i totally forgot that the vote was based on weekly claims i don’t know what i was thinking. if i could withdraw my vote and vote again i’ll vote for $25 because incoming participants and the fact that it’ll gradually decrease every 48 hrs will come into play.

5 Likes
#11

I support 100% the proposal. The faucet has been incredible in terms of user growth. HNY has getting a lot of exposure due to this and it’s been a success. I myself found out about Honeyswap because of the faucet and after getting $10 or so I decided to throw $1k myself into the proyect and so far it has worked wonderfully, let’s keep it that way.

1 Like
#12

I know we all agree that the faucet did its job to attract new people. the current faucet rewards are already attractive. So I guess this proposal is a very good idea and it is also timely to attract more people.

I don’t know this but maybe our dev teams can do this set-up, In a week duration or every other 6days can we make the reward claim exponential but the claim is not pegged to HNY and fiat value but rather a % of the% (LOL) .I know the current funding is 5% of allocated fund.
Can we make it like .01% during 1st claim then .02 then .04 for the last. With this setup the new members are always excited and are sure to come back because of the bigger claim next time. example 1st claim will be worth 3 then 2nd claim w / 6 and the 3rd will 12 and then it will reset. With this setup we only have a total of 21 dollars / week reward which is double the current week reward rate.

1 Like
#13

Thanks for the proposal @Rayne. It’s really very good to attract more people and i support it 100%.

I just voted to $15 and $18.5 distribution per week. I thought these distributions are good. But the concept @wafey123 says is pretty good with starting claim of $2.5 for the new claimer. If possible add the point into the proposal.

As usual you are doing a great work for the community. Appreciate your help Mate.

2 Likes
#14

I selected $15. It’s not much above current so it won’t break the bank but just enough to give a slight boost.

I am concerned if we raise it too much we will grow too quickly possibly brining it’s own problems. Do we need that right now? I think we need quality over quantity of members in the beginning.

We have three types of incentives:
Faucet - attracting more people
Pollen - work/contribution incentive
Farm - token use case incentive

Counterbalance:
When printer go brrr price drops.

#15

It seems like the community is mainly between $15 and $25. Whenever you want @Rayne or as soon as this gains a little bit of more traction submit the proposal to the actual voting page.

#16

I agree 100% for the propsoal to honestly say keeping in once in 2 days is apt as Rayne pointed to keep visting the 1hive and also be active in discord. I would suggest even making proposal participation as once in a month criteria to recieve I dont see all HONEY holders participating though. May be they need guidance honestly.

I feel video recordings coming from seeds or pinned posts are good to drive proposal participation.

#17

hello guys,

i think faucet claim should be pegged to the dollar…xdai.
i’m not a smart contract expert ,not sure if this is doable.
but in order not to affect the price,when we peg to the dollar then we garantee a constant value being given to the verified people.
suppose the price goes up,hny amount being given goes down…so this would not affect the price and make it dump…since generally people handle free money with not so much care
for example we can go for 6$ in hny value

#18

There is a related thread here about potential changes to the Faucet that I encourage people to check out: Discussion: Potential Faucet Improvement

3 Likes
#19

I support it a 100%. The faucet got me really deeper in HNY. After a few claim periods, I started holding and buying even more. It was not that much but enough to completely bring my attention. Lots of my friends are talking about it rn.
I think it’s a completely success.

2 Likes
#20

Interesting! Point well taking.