Temporarily Suspend the Faucet?

Monstrosity · December 3, 2020, 1:39pm

See UPDATE at the bottom of the forum post

The purpose of the faucet originally I believe was to attract new users to the 1hive. With number of users collecting honey being flat at 3,600 for weeks now, is it attracting any new users?

I propose we submit a proposal to temporarily suspend the faucet.

The Faucet is currently supplying about 3HNY per day (6HNY / 48hrs) at about 0.0016 / user. A buy back or burn of the current honey reserve in the faucet would benefit everyone here who holds honey. Those that feel they need the faucet will benefit from the buy back indirectly.

Submit a proposal to temporarily suspend the faucet

Temporarily Suspend
Keep Faucet going

0 voters

berserk · December 3, 2020, 2:01pm

In my opinion, we shouldn’t suspend the faucet. This was a decision made by the community and we all have to stand for what we thought was good back then.

I agree that the faucet may not attract as many new people as before, when HNY price was higher, but we have learned from our mistakes and probably a new faucet top-up won’t happen.

Kryptobi · December 3, 2020, 2:06pm

I don’t see what benefit suspending the faucet will yield. We voted for that faucet barely a month ago and it should be allowed to continue to run even if all the spots are taken. Right now there are still over 800 open spots. it does not matter how much in fiat it is currently distributing per person, it all depends on the value of HNY. I believe the faucet is still useful although i wouldn’t top it further.

Monstrosity · December 3, 2020, 5:09pm

Due to the function for how honey distributes (a percent of the whole) it technically will distribute forever therefore at some point we may need to vote on stopping the faucet. Maybe the question should be at what hny amount should we stop hny faucet? 0.0015, 0.001, 0.0005, 0.0001, 0.00001, never?

Rayne · December 3, 2020, 5:19pm

I think one has mentioned before that we could have one final ‘faucet drop’. For example, we could discuss that if the HNY payout gets extremely low, e.g 0.00005 , we could just do a huge final faucet claim. This could perhaps even attract new people.

Slinky · December 3, 2020, 6:16pm

I think the faucet is still attracting about 25 new users a day based on the available subscriptions still decreasing. The total number of users collecting is not representative of new users coming in since current users might stop claiming at some point.

The faucet is one of the few things that’s still attracting new users to Honeyswap, and also provides some free marketing, which is something we could really use right now. For example, in the Reddit daily discussions I see people reminding others to claim the faucet regularly. I don’t think we should throw this away so easily and just let it run out over time. If there is something we should suspend it should be the farms.

Kryptobi · December 3, 2020, 6:44pm

Totally agree with you on that one. Its just too early to suspend it now. We might think that its probably dripping out next to nothing right now but thats because of the fall in HNY value.

theJeweler · December 3, 2020, 6:50pm

I agree that keeping it going for now is beneficial to bringing in new people. Is there a way to find out how many of the registered users are actually collecting consistently? 50%, 75%, more?

Monstrosity · December 3, 2020, 10:06pm

You could pull maybe last weeks data and see which are the same and compare how many are new.

You can also figure out how many eth addresses are collecting and you could potentially do 1 hop chain analysis to see if any are related. I don’t know how to do the hop without manually recording. For 3,000 addresses that’s a bit of work.

Kryptobi · December 4, 2020, 7:53am

I think tweaking the mechanics will be a good idea. If possible we can alter the faucet so that when faucet rewards mature every 48 hrs everyone registered for it has 6 hrs to claim, the rewards of all those that fail to claim after 6 hrs automatically gets redistributed to those that claimed instead of going back to the faucet pool. and cycle repeats every 48 hrs.

We can take advantage of the increased engagement this will bring as people will more frequently visit the faucet. I remember someone already proposed providing info on the faucet page designed to increase engagement with 1Hive.

Felix · December 4, 2020, 3:59pm

Right, but 6 hours to claim isn’t enough. People don’t have the same timezone, therefore, some people will be sleeping when the faucet is been distributed.

Kryptobi · December 4, 2020, 4:24pm

Good point. I think 9 or 10 hrs should be ok. The whole point is to intentionally make it easy to miss so as to more profitably reward those that are committed to it. You can miss it today but claim at the next round.

currico · December 4, 2020, 6:49pm

For me it is a tool that allows to keep the distribution a little more decentralized, as reflected in the faucet itself.
We could maybe improve the faucet by adding ‘’ bonus ‘’ if you meet certain requirements or penalize if not, but I don’t think eliminating it will improve anything.

metaverde · December 4, 2020, 11:42pm

Even if we make it 24…
That will give the full 24 hour cycle and of someone has a regular habitual time it won’t interfere.

metaverde · December 4, 2020, 11:44pm

There was also an idea of randomized bigger drips to encourage participation.

Monstrosity · December 5, 2020, 3:18am

What problem are we trying to solve by reducing claim time? Or put a different way, what do we gain by reducing the claim time? Those who claim get air dropped remaining so it’s an excitement piece? If we make a change, I would like to require those who claim be discord verified users + brightID but maybe this gets away from intent of honey for everyone… either way, when are we going to see some Ads on honeyswap and the faucet?

Kryptobi · December 5, 2020, 4:04am

By reducing claim time we bump up claimable hny amount without a need to top up the faucet since there is an increased chance of more people missing out and their share redistributed to those who claim. It solves the problem of the tiny hny amount the faucet currently dispenses which is the main reason there is a loss of interest and hence no much new users. Plus it weeds out unserious or non-active participants occupying spots and diminishing the returns of active users. Also it puts value back to the hands of those who actively participate and the increased reward will attract new users.

@metaverde that idea also works.

Feltip · December 6, 2020, 3:33am

I second this. It’s not worth keeping open of 0.0000001 HNY.

mrtdlgc · December 14, 2020, 7:21am

I’m bumping the thread, I know. I’m not sure if we have reached any consensus, but I should also say that we should be consistent and follow the already passed proposal.

However, I have come across with https://rabbithole.gg/ which is also using BrightID for verification. Now, they have an ongoing quest for using Matcha, and the users who complete the quests will be rewarded 30 zrx. But I’ve seen some people complaining about the fees on the mainnetwork are higher than the reward. So, I think maybe we might reallocate some of the funds in the faucet to something action based like this. And it would also create a good opportunity of partnership between projects under BrightId.

I just wanted to hear your opinions about this. We can turn this into a proposal if the community thinks it’s a good opportunity.

solarmkd · December 14, 2020, 8:52am

I was thinking something similar, We can have weekly tasks and those who perform the task should be given their part of the HNY to claim on the faucet., which u can then stake and earn monthly interest in HNY . We were discussing to add educational context to the faucet and this idea should fit well. Maybe some of the developers we have on 1hive can implement a reward script like that.