BIP 42: Contribution from Treasury to Badger Pool on Pooltogether

Category: Other/Treasury

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.
-Brand awareness.
-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.

  1. 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

OR

  1. 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.
Leighton (Founder)
Brendan (Developer)
Torgin(Community leader)

Original post:

Objective:

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.

Overview:

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

Implementation
If you are in support of this proposal vote “For”;if you don’t support this proposal vote “Against.”

Contribute 2400 Badger from Treasury to the Pooltogether Badger Prize Pool on Pooltogether
  • For
  • Against
  • Abstain

0 voters

I’ve spoken with @TheRealTuna about this BIP and have decided to approve posting this thread to allow for additional discussions around implications, next steps, and general community feedback.

Disclaimer: If the quorum is reached but these details are not hashed out, this will not move to snapshot. Hoping the community comes together to help shape this up further

2 Likes

This means losing money, both for the treasury and for the members of the dao who are going to participate, they should make contributions based on what the members of the dao as a whole can potentially earn.

200 badger per week, this seems too much to me … I would say about 50 per week

I did a poll yesterday and it was almost split between 2000 and 3000 Badger. That is why I chose this number.
I’m not sure what you mean by members of the dao who participate would be losing money as it is a"no-loss" lottery and they will have a chance to win the Badger.

My hope is that this is a first step in our relationship with Pooltogether and we can later have a pool that accumulates it’s own prize via rewards at no additional cost to the Badger community.
Once we establish this prize pool we can try and push for the pool to be a governance pool earning POOL tokens which will be a nice benefit for Badgers who want to participate.

1 Like

An example of losses for dao members:

I withdraw 100 Badger from the sett (I lose badger + digg rewards, I lose my bBadger position, I lose my next % for badger boost in non-native setts, I lose the next collateral $ claws) + ~ 100 $ fee

Lots of people have a claimable balance kicking around that they can use, or they can buy Badger on an exchange to play. Doesn’t have to result in the loss you are mentioning. I personally would be participating and I won’t be going the route you are concerned about.

1 Like

It’s just my opinion, so why does the Treasury need to finance a lottery? There is no benefit for the dao members (people with the right to vote) so I can buy badger and deposit it, well, I would also participate but this does not happen within the dao, it happens externally without any direct benefit for the dao members

I’m all for it. Smaller Badger holders might not have enough to stake to yield anything meaningful, but this would allow for people to have a chance at a more meaningful prize. Plus, it’s fun!

1 Like

I respect your opinion and your intentions are to not unnecessarily waste Badger treasury funds which is very important. Pooltogether is as much a savings account as it is a lottery. I see a benefit in getting the Badger brand involved in as many crypto communities as we can. It’s a way of advertising as well and might grow into something of great benefit to the Badger community. I hope the relationship between Pooltogether and Badger can develop into something more. Fingers crossed that Badgers can soon be earning POOL!!

1 Like

I like this proposal. PoolTogether is fun and profitable and has a huge potential.

Benefits for us?
-Marketing and utility for $BADGER, a token that is dumping hard.
-Badger holders could eventually earn $POOL if the $BADGER pool becomes a “core” pool.

2 Likes

Pooltogether is actually a game for whales / big stakers, “no loss” is also “no win” for the little ones, why using $BADGER from treasury for the pool prize?
just for the benefit of a few whales?

2 Likes

team need to concentrate on the true production,not such game.it will only consume people patiences.

1 Like

WRONG. Little ones win.

1 Like

The treasury’s input could easily be compensated over the weeks they contribute, as I already mentioned a certain percentage of each weekly prize winning could be allocated to be returned to the treasury. In which case, essentially free marketing for badger at the very least

1 Like

@tacocat
Unfortunately the pools are not setup in a way to provide any revenue. But this could be a good idea if the pooltogether community was willing to implement. I will bring this up.

2 Likes

maybe a shot in the dark here, but wasn’t bbadger very recently listed as a source of collateral on cream finance? hypothetically speaking if this were a bbadger pool instead of a badger pool, could that potentially solve the problem of bbadger deposits having no yield source? while at the same time giving the treasury at least some return on the investment, without any implementation internally from the pool community?

You don’t analyze results. You pick the results that you desire to see.

People do not take this seriously , 22 voters and very few comments.

I still defend Badger Dao → “Bringing bitcoin to defi”

In my opinion, BIP42 it is like wanting to build a ship to make it sail on land.

Not really a true or constructive comment JD. If people didn’t take it seriously there would be more votes against it. I think the amount of votes and comments is sufficient for something 21 hours old. I am fine with your previous comments but don’t see what the last one adds to the conversation. I don’t think you’ve looked into Pooltogether at all to understand the potential behind it. No need to try and suppress the discussion.

1 Like

If BIPs are not announced to everyone in Discord and other social media, little people will come and discuss them.

That being said, regarding this BIP, I don’t really see the benefit for the DAO. Treasury needs to be used in a strategic way outlining clear and measurable benefits, and a strong case. I don’t see that, therefore I cannot support this BIP.

1 Like