March 16th Update.
BIP42 has gone to snapshot.
If it passes Badger Dao will contribute 2400 Badger over 12 weeks from Badger Treasury to the Badger Pool on Pooltogether. The prizes will be won by Badger community members who deposit Badger.
In return Pooltogether treasury will reward Badgers deposited to the Badger pool with POOL tokens at a rate of 50 POOL per day for the 12 week period.
Benefits of proposal:
-Introduces Badger to a new community.
-Prizes will go to Badger holders who deposit.
-Yield to Badger depositors in POOL tokens.
-Increases Badger utility.
-Tests for a longer term integration.
Roadmap to building a longer term collaboration:
In a perfect world.
1-BIP 42 goes to snapshot and passes.
2-Pool proposal goes to snapshot and passes.
3-Badger pool funded and 12 week trial begins.
4- Yield source bounty created.
5-Pool grows as Badger holders earn pool and have fun winning prizes. Hopefully helps create some demand for unstaked Badger that is flowing around exchanges.
6-Yield source added before end of 12 weeks and users stay in the pool.
7-Pool rewards extended.
8- More Badger products added.
Badger commits approx $100,000 in Badger tokens in exchange for Pooltogether committing approx $100,000 in POOL tokens.
March 14th Update.
Amendment to proposal: After great feedback from members of the Badger and Pooltogether communities I have amended my proposal to make this funding to the Badger pool contingent on the Pooltogether community agreeing to provide the POOL token funding to the Badger pool.
1-Terms of agreement between the Badger and Pooltogether community:
Badger treasury will fund the Badger pool prize with total 2400 Badger tokens split 200 Badger per week for 12 weeks.
Pooltogether treasury will fund the Badger pool with rewards to depositors for the 12-week period at a rate of 50 POOL per day. For this trial period the Badger pool will be included on the main page as a governance pool.
There is no commitment required beyond 12 weeks from either community, but the hope is that if this pool is successful, we will be able to discuss how we can further collaborate. In future we should be able to set this pool up with a yield source and it would not rely on any financial contribution.
2-Steps to execute from the Badger team.
- Badger Multi-sig can transfer it to PoolTogether Multi-sig address and Pooltogether team can set it up. That’s this address: PoolTogether: MultiSig | 0x98ea2d8438f70ce876c2db26fc494cfed10b4cd7
- Badger team can follow the directions here and send it directly to the prize pool and it will be disbursed: 🌊 Add a Sablier Stream - PoolTogether 3.0
These are the same steps that the Pooltogether team would be using in option 1.
I’ve also been asked to post contacts on the Pooltogether team to collaborate with. These contacts are active on the pooltogether discord and I can provide more contact info if requested.
Get community approval to contribute 2400 Badger (200 Badger per week for 12 weeks) to the Badger Pool on Pooltogether from the Badger Treasury.
**Edit: Just to clarify, this proposal is just for the contribution from Badger Treasury. It is not requiring a commitment from the developers. If we want to continue further beyond 3 months it will require a commitment from either a community member to step up or developers to add the yield source. This will buy us time for either a community member to step up and put the work in or the developers to decide if it is worth their time when they find the time.
Eventually my hope is for Badger developers to add the Badger app as a yield source on Pooltogether and then the pool prize will accumulate weekly from deposit interest/rewards. Since Badger developers have a heavy workload this contribution will allow us to have a Badger Prize pool now and buy the developers some time to at some point implement the yield source on the Pooltogether app.
Badger holders would have an opportunity to deposit Badger for the chance to win a prize and can withdraw their Badger whenever they like. My goal if this contribution is made would be to put it before Pooltogether governance to have the Badger Pool added as a governance run pool which will mean depositors to the Badger pool will not only have a chance to win a prize but also be earning POOL just for depositing.
What is Pooltogether?
Pooltogether is a platform for “no-loss” lotteries. Users deposit a cryptocurrency such as DAI which is deposited to compound to earn interest. That interest feeds the prize and users can withdraw their funds whenever they decide. Being deposited in a pool makes you eligible to win that prize. Usually pools have an early exit fee that decays over time to prevent users from depositing right before the draw and exiting right after. Early exit fee is usually set at 1-2% and decays to 0% over the course of a set number of days. Pooltogether is looking to add more yield sources(hopefully Badger will be one of these) and will soon become a marketplace of “no-loss” lotteries as more pools are added.
Edit: Check out the pooltogether app for yourself app.pooltogether.com
If you are in support of this proposal vote “For”;if you don’t support this proposal vote “Against.”