To Faucet or Not To Faucet?

Good evening Bees :honeybee:

I hope everyone is doing ok. Lately the price action of HNY is not what we are all expecting and hoping for, but that should not mean that we don’t have to look at the future in an optimistic way, as I believe we will eventually get the deserved spotlight.

I am in 1Hive since almost 1year and, although I came for some rumors about an airdrop, the reality is that whats made me stick around was the Faucet. Many of today’s contributors have claimed from the faucet for several months and, wondering what to do with HNY, started to get involved in the DAO. Out of many ideas and plans worked by 1Hive, I still believe the faucet is one of the most brilliant ones. (and, correct me if I’m wrong, it doesn’t look like a forked idea from another project)

At the time of writing there is 0.14 HNY left. That is $40. Roughly 1000 users claim 5% ($2) of it every 48h. So $2 are divided among 1000 users, who therefore receive $0.002 in HNY.

Clearly, this doesn’t work. The faucet has not been a priority for a very long time - I myself stopped claiming last January - but maybe, in a moment where we are looking for new solution to onboard new members, we should take advantage of something that was, in my opinion, very successful. Yes, it was gamed around, but by now we could be able to find ways to fix that issue, one way or another.

I came up with a few possible solutions, and I’d love to hear the community’s feedback on these.
Disclaimer: In no way I imagine the proposed solution the best ones. I just want to get the ball rolling and see where this will lead us. (if anywhere…!)

These considerations start from the idea that we are expanding to Arbitrum. The idea was not to rush the launch, so we may as well consider doing something truly special in order to attract some more liquidity. Here a list of possibilities:

Option 1 Restore the Faucet on Arbitrum, as it is on xDai, eventually ending with a similar outcome as now.

Option 2 Restore the Faucet on Arbitrum, with a limited amount of claims (i.e., 10 times); That may be long enough to inspire people to check out our ecosystem and getting involved.

Option 3 Restore the Faucet on Arbitrum, with a limited amount of claims, which are locked and released only at the end of the last claiming window. (10 x 2 = 20 days, or 10 x 3 = 30 days) This could be ideal if Arbitrum fee’s are too high. One single big claim at the end would immediately solve this issue.

Option 4 Create a Faucet with a possibility to boost the claimed amount. Users could claim up to 10 times, but boost their claims if they successful do certain tasks. For example: Add Liquidity on a Top Pair on Honeyswap/Arbitrum (+20%) - Stake HNY on Celeste for at least 30 days (which requires them buying .5HNY) (+20%) - Vote on a Proposal (+10%) - Follow all Social Media Accounts and so on.

Option 5 Reversed Faucet on Arbitrum. Instead of a draining faucet, we could think of a reversed faucet where the last claim is the highest in amount compared to the first. It the user misses the claiming window, he can continue from where he left, but won’t be able to claim the highest amount.

Option 6 We close the faucet, avoiding the frustration of users who may spend time to realize only in a second moment that such time was wasted.

Option 7, 8, 9… Whatever is missing here and will come up from this thread.

Faucet Options on Arbitrum
  • Option 1 - xDai’s Faucet on Arbitrum
  • Option 2 - Limited Claim Faucet
  • Option 3 - Limited Claim - Locked Fund Faucet
  • Option 4 - Faucet with Boost
  • Option 5 - Reversed Faucet
  • Option 6 - Close the Faucet
  • Other - Please specify in the comment section

0 voters

I hope this will be useful to get the ball rolling on this topic and share some thoughts about this. Hopefully we’ll come up with a plan that will make the community happy and, most importantly, that will attract new users once we will expand on Arbitrum.

I am looking forward to hearing your opinions, and thanks for reading so far.

Stay safe everyone,
Stonky :honeybee:

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Are there any metrics to how the HNY received from the faucet was used?

Like was 50% of the Hny from faucet immediately dumped for another coin?
Was the HNY put back into the ecosystem. Liquidity, voting, etc?

I’ve seen the telegram and discord complains… ultimately, it’s people complaining about not getting enough “free money.” As if people didn’t have something else to complain about, lol. Yes, you had to get BrightID verified… .but you also need it for the new Rabbithole quests, you can use it for Gitcoin, you can use it to claim Rare coin… and whatever projects they expand to. Creating “quests” or tasks to make a claim seems like a good way to teach people about HNY as is pretty much in the realm of what Rabbithole is doing. According to their metrics, seems to be successful.

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Im a big fan of quests and/or any way to combine “free money” with learning about our ecosystem :honey_pot:

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A combination of locked claims, boost and quests seems to be the best approach. It would would circumvent the issue of higher Arbitrum fees, it would teach people about the ecosystem and 1hive and if the boost is paired with the quests, it would have users come on a recurrent basis.

Why not try to have the quests directly on rabbithole?

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What’s the main reason of shifting the faucet to arbitrum…no issues with the gas fees so please can we kindly know why… what benefits does it give taking it to arbitrum

Yeah sure, but I’ll just share my opinion, in no wya this is the definitive answer.

If we leave things as of now we may as well close it as it’s 99.% drained. If we restore it on xDai we are betting on having lots of new users on this network, which I hope would be true, but it’s a long assumption.

Since Arbitrum has a network TVL superior to Polygon and it’s only 1month old, and since we have plans to expands there, rather than just landing there we could think of something special in order to attract more liquidity and interest. As we know, fomo is irrational and by doing just a little more than the competitors, we can go a long way. Sure, we may not get big investors with the faucet, but we need the 1Hive and Honeyswap’s name to “steal” some market from the Sushi, the Uniswap and so on.

About the benefits of Arbitrum… I’d say that you’d expand in the same network where the most money is. (there are also security issues)

Hope that answers your question.

@sadhiq I agree that locked claims + boost would be ideal. I divided in the choice just to get a more clear direction of what the community suggests, but one wouldn’t exclude the other.

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I also like the Quest idea! Especially now that there’s so much you can do with HNY.

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Thanks for the update

Great work pulling the community together (and all the info) to address the issue Stonky. I like the faucet myself. I’ve wasted way too many seconds there than I care to admit.

Seems like all the big respectable Cryptos have a faucet. The $hny faucet did initially draw me to the community. If it is a choice between faucet or no-faucet I would choose the first. But is that really the question?

But I think 1hive has limited developer capacity, and those developers are probably working hard to deal with the priorities. Do we have enough human resources to pull this off right now? I like the idea but I believe it is too far down the priority list for attention.

To land in Arbitrum with a big publicity-generating splash is a great idea. I don’t know if a faucet will create much media attention. I don’t think another yield farm is going to get much attention either. This is a topic diverging into another thread so I will stop there. No faucet, unless we can integrate it in some quests or some other way to boost publicity. We must put the Arbitrum expansion and Celeste integrations first imo. (unless surplus devs).

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Thanks for the answer!

Yes, I feel you. But in the grand scheme of things…the faucet worked well (you and I are a proof of that) so it has already brought 1hive something good out of it.
Indeed, it is too far down the priority list, but this is the same since January or February (I wrote the FAQ back in that period, and I mentioned that it was not a priority, 9 months ago. But then if it’s never going to be…maybe better close it so people don’t waste time using it to claim 0.002$, which is a bad user experience and it only does harm, certainly no good.

I also don’t know if a faucet would create much media attention, but honeyswap by itself wouldn’t as there are other dexes. Celeste probably wouldn’t as after 6 months from its release only 1hivers know about it.

I agree on the shortage of devs, but I feel that indeed, there needs to be some priority down the line, and new users are needed, there is no way around that in my opinion especially after months of bad price action while every is popping out. no killing project is successful if there’s no users enjoying that cool project.

Bottom line, whether it happens or now, having 1000people claiming 0 looks to me like having a potential 1000 people being unhappy of 1hive.

Appreciate the feedback!

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This seems like a very good option, however we need to weigh the dev hours involved in setting this up vs current priority needs.

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@Stonky thanks for starting this poll. I currently claim HNY every period because I am committed to the DAO in at least the menial way of being active regularly, and showing it is worth it for me to pay xDAI fees for HNY even if the amount of HNY per claim is small. I am essentially regularly betting on the future success of this DAO and its governance token.

That being said I voted for Option #5 although I definitely liked Option #4 for similar reasoning - they invoke success (or most HNY possible per claim(s) of a DAO member) by continuing/continued commitment of the member claiming HNY as well as being as active as possible to maximize the amount of HNY one can gain through the faucet claim/re-registering process.

I chose 5 because its simple to understand and would be a lot easier for the less technically inclined user to maximize their rewards. This is very much like the claiming of “CoinMarketCap” Diamonds and “CoinGecko” Candy rewards points. The period for each is 7 days with a progression to where the next successive period is > than or = to the previous period with the last day of consecutive claims (Day 7 of 7 days in a row) being the highest amount of points one can claim in a day. I realize this is different than just points but if I’m inspired to regularly participate for “points” with no value for potential rewards purchases that may or may not be currently offered from each site, I imagine I would be inspired to claim REAL “money” as Honey states it is on the faucet page. It’s a no brainer for me. I would be very lucky if currently my consecutive claims were more and more for each period/consecutive claim and likewise (if there is time wasted claiming now… I don’t believe I’m wasting time or xDAI currently) - save me from wasting time by having an “end” of the claiming process (limited claiming to 10 or whatever as discussed).

Sorry if that’s too wordy but I wanted to provide all of my thoughts as to why I like Option 5 the most, as well as Option 4 for similar reasons… for anyone interested in one dummy’s opinion on the matter :slight_smile: It is not greed I wish to show by claiming HNY with my BrightID verified account, but continuing commitment to the DAO. Sometimes I like to spend my HNY from Pollen as its tied with an account I trade with on Honeyswap, but not to my BrightID verified/linked account. That account I save all the collected HNY from the faucet as a proof of my continued committal to the DAO in an active form as well as my willingness to spend xDAI for HNY despite the current price dips in dollar per HNY. I don’t care for dollars much. But I love crypto after 5 years of continued hodling and investing :wink: - and I love 1Hive!

Note: Here is a link to my total claims with my BrightID address for the DAO faucet. Apparently only claiming since 8/11 though it feels like more than just 2 months! All that for just over 0.0003 HNY :roll_eyes: :wink: :heart_eyes:

honeyismoney

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Hello everyone how about we let the faucet alone for now… instead of draining it completely…my opinion :slightly_smiling_face:

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Well, it is basically drained already. The point of this post is more to figure out if there’s the intention to move forward the current (useless) state

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Option 4 is leading for obvious reasons. This is the best option that helps incentivize learning about the 1hive ecosystem. Engagement is the only thing that will stop an instant selloff of faucet earnings. I like the idea of tying this into the Arbitrum launch as well.
Looking forward to hearing more!

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I’d vote for either Option 4, taking some queues from the Quest system that Bankless has. If our goal is to bring more people to 1Hive, having them perform some task is significantly more worthwhile than just getting a small bit of HNY to dump.

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me too voted to Option 4.
Doing some quests are always good and bring benefits to a system.
Nice topic and discussion. thank you @Stonky and everyone else shared their ideas.

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I really like that you brought some attention on the faucet. We all know how people are, they are very motivated by $. A lot of us began their journey in crypto(and later 1Hive) because of the $ and we got more educated only afterwards.

The faucet has done it’s job until now and it brought a lot of new members to 1hive, including you, me and many many others. I personally onboarded 11 beez and they were clearly more interested in 1Hive because of the faucet. Only 3 of them got further involved here, but that’s a different discussion(one about how to keep and maybe onboard them better)

This is a very complicated discussion because I don’t believe we have a lot of data or metrics in order to measure the impact of the faucet for 1Hive, but one thing is certain:

The faucet clearly makes the new beez feel more welcomed and more valuable(you feel like you’re lucky that you found 1Hive, a community that pays you before you actually contribute). This goes to show that 1Hive considers new people valuable!

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The faucet is actually a brilliant concept. Would rather want it to keep running. It might actually advance in the nearest future.