Topping up the faucet and changing the claim period?

Hi guys! There has been several discussions going on related to the faucet, which I wanted to address in this thread.

Topping up the faucet
One of the discussions I’ve mainly been partaking on Discord is on how topping up the faucet could be beneficial to attract more users. When I say bumping up I don’t mean by a substantial amount, perhaps just enough HNY so that each user gets more like 10$ per payout as it might be an attractive incentive for new users.

Changing the claim period?
There also has been discussion going on related to perhaps turning the claim period from 2 days to say 7 days, while increasing the reward. This would means 4 faucet claims per month rather than 15. I personally think that it makes more sense to keep it at 2 days with smaller rewards, as it makes people visit 1hive.org more frequently. Having it be a shorter period means that users are exposed more often to the project. Making it even shorter, for example have it be once every day would however not make sense to me as people not always have the time to claim something on the same day. Hence, 48 hours seems like the sweet spot.

I didn’t want to put up a proposal yet as I want to get an opinion from the community. What do you guys think? Does upping the rewards a bit make sense? And what about the 48 hour claim period.

EDIT: One thing to note, as jasper said before is that the faucet distributes 5% of its allocated funds to users. Meaning that the amount is not restricted to being 10$; Based on the price of HNY and the total amount in the faucet this number can differentiate.

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I think that lowering the claim period to every 24 hours is the way to go. Obviously not all the people are going to be able to claim it within that 24 hours period, but as you said, that would mean that they will be more exposed to the project.

Maybe keeping the same amount of HNY that the faucet is giving right now and reducing the time to 24 hours should be the way to go.

That is just my opinion :grin:

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In my opinion, as you said, keep the rewards every two days to make people engage more. Once you have connected to claim your hny for sure you are going to check what else is going on with the project.

On the actual amount, it will be more attractive to get at least 5-10$ value in hny.

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Thanks for the idea! To me the current claim period is pretty good (but we could adjust the time of the day). I would be fine with a period of 24 hours too.

10$ sounds good, at the moment the value is close to 1.5$ per day. I read some comments of people not bothering to do the BrightID verification for a low reward.

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Anything we do to incentivize users by increasing the value or reducing time will end up having them visit more often the faucet page. We should leverage from that by adding a more impactful banner pushing them to take action on the other areas we would like them to try, as honeyswap, farm, discord, forum, etc.

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Thats true, its just not worth it

Absolutely agree with this.

Great thread @Rayne, we needed to adress this, ive seen a lot of talk about it on discord

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I would not be opposed to creating a new faucet. Perhaps there can be different faucet tiers.

For example, those who entered the original faucet are Tier 1 investors and they would benefit from both the original faucet and any subsequent faucets.

Tier 2 investors missed the original faucet, but registered for the newer faucet, however they would only receive HNY from the Tier 2 faucet.

Subsequent faucets should obviously give out less HNY than those faucets that came before it.

As far as the claim period - every 48 hours is reasonable. It’s long enough to keep you waiting and antsy, but short enough that you aren’t waiting a year for funds. It’s free money, and we should thank the community for allowing this proposal and not try to unethically milk it for more than we’re already getting.

tl;dr - Adding another faucet period would be OK, as long as it is for less total HNY than the facuets that come before it. Keep the claim period at 48 hours.

I vote for a bit higher reward, will make it more attractive and keep the 48 hours!

EMonty

$10 per payout will definitely be more attractive to get new users on board. So I vote for this, yes.

Putting the claim period to every 48h is the way to go in my opinion.

hello~~ (´ ∀ ` *)

i think 48 h claim period is good ~ not low or high ~

increase the rewards is good idea but it should not be that high ( we have around 2500 user ~ if we do 10$ each 2 days ~ thats 25,000 ) for a month going be 375,000 ~ the effect wont be much notice :ok_hand:

^.^/
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isn’t 10$ way too much? If the amount of people doubles for example to 5K users your giving away 750 000$ a month? Which is around 625 HNY right now…

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I think every 48 hours is like you said “the sweet spot”. Although increasing the amount given in hny would attract more users, would it not also increase the rate of circulating supply? If circulating supply increased too fast, would the price suffer? Incentivising more popular pairs would attract better quality users imo. I like the faucet, that’s why I started down this rabbit hole. The amount given isn’t really the point, at least not for me, it’s the journey you take finding and learning how to partake in this project and community. The honey might be free but the knowledge isn’t obtained easily without dyor! My two cents

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The faucet distributes 5% of its allocated funds every 48 hours, it’s not a flat rate.

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I’ve changed my mind. I’m all for more registrations for the faucet, since it seems to bring in a ton of new interested investors without depreciating the value of HNY too much!

Just keep the claim period to 48 hrs, don’t change it.

And about the reward everyone saying $5 or $10 like, how it is possible because we are distributing HNY the price will change daily. We are distributing 5% from the available faucet funds to all.

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Right, which is why made an edit to make it more clear :). Thanks though for clarifying again

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i agree. faucet is the second viral idea from here. Once people begin to have the ability to buy a meal at the retail level. coming next year… and once inflation kicks in. Not only will this drive adoption amongst crypto community. But telling someone at the foodbank theres $10 they can get a day. Or a church. or a school. If it can be sustainable $10 is a lot of money at the retail level. If its a family of 4 that is of age thats crazy to think about

5% of the allocated funds or 5% of the remaining funds?

It’s 5% of the allocated funds.

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Yes i know i like it that way. But the proposal/discussion was to change it so that each person gets a minimum of 10$, which i wasn’t in favor of.