Good evening Bees
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.
- 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
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,