It’s been a while since I posted on this forum - but glad to see this effort be driven from the community! Think this is super important to keep PT sustainable and help craft the creation of a pool of community talent that can keep helping PT on the development front, but also think about understanding the benefits of providing funding to something that may not have immediately visible/tangible benefits. I’m also adding a couple of points that I’d discussed with @Leighton, @Brendan and Ken from the EF for what might look to be something to consider as part of the motivation to have a broader mandate/generic committee.
Pooltogether has made a huge leap in enabling and empowering the community to own and govern the protocol and its parameters. It is evident that the community has displayed a lot of energy and enthusiasm with regards to proposing some nifty ideas to make Pooltogether more appealing, interesting and applicable for a larger class of users - and it is imperative that as stewards of the protocol, we should strive to making some of these tangible. As with UGP, the idea is to reward early ideas and talent with incentives, bounties and technical support - and ultimately act as a catalyst towards seeding a much more syncretic Pooltogether - and support teams working on critical ideas to expand Pooltogheter’s functionality and scope.
Note that this could start as a pilot program aimed at addressing some of the low-hanging fruit, in the form of addressing three areas:
i) funding core development - addressing implementation around technical updates and optimization, security audits, and assisting with data-driven designs and decision-making
ii) funding for community-driven ideas - could enable the creation and implementation of new designs and innovations driven from community needs and ideas that could progressively seek to expand goodwill, engagement and utilization of Pooltogether
iii) funding for ideas that could strengthen Pooltogether’s ecosystem proposition - it is important for Pooltogether to focus on driving integrations and BD efforts that could stand to enhance the liquidity and utilization of Pooltogether’s no-loss primitives in other protocols - and this category would seek to address work being done on these aspects
Note that in all of this, the program’s purview would extend only to those projects which could materially and directly benefit/impact Pooltogether’s overall accessibility, engagement and ecosystem focus - and this would not be applicable to those outside the same. We would like the program to have a broad enough mandate that it could choose to provide milestone-based funding and additionally provide for partial disbursement/provisional grants to enable potential grantees to work on their proposals.
What would be extremely helpful to get the community’s feedback on is creating benchmarks that could be used to track the efficacy and efficiency of the program - and do so in a manner that is suitably transparent. A starting point for such metrics could include:
- Number of projects reviewed and funded (will just be tracking this as per Ken’s point)
- Additional customer engagement/ease of usage (lowered gas, simpler interfaces, increased onboarding numbers, more pools)
- Increase in number of applications (over a longer time span)
- Project engagement over time with PT protocol
- Additional integrations for Pooltogether
A few examples of specific ideas grants could fund
- Development of new prize strategies with different winner selection mechanisms or ways of distributing the prize
- Development of integrations with new yield sources
- Development of new web or mobile application interfaces to access the protocol
- Development of a referral incentive program
With that in mind, a proposed framework for funding ecosystem development could work directly from the POOL treasury - which would hold 58% of the supply of tokens post liquidity mining incentives.
Would be up to the community to provide feedback on the starting amount ($250k or so?) towards the initial program over the course of two quarters (with the capability to extend this as decided by community votes) - which would represent 9-11k POOL tokens towards this activity; if there is a need for more, we could certainly bring up another wave of applications forward. This % is inline with some of the allocations across the board (for Uniswap, Synthetix and Index)
- YFI: Treasury committee to distribute rewards, with ideas around a rotating committee. Monthly payroll and bounty payments (adhoc payments in yUSD)
- Synthetix: Treasury committee in the form of a grantsDAO, assessing additional proposals in the form of SIP’s
- Maker: Extended Sourcecred trial for additional incentivization around participation in forums
- IndexCoop: Monthly allocation of 1000-3000 native tokens (worth $15k at time of proposal) for bounties, product and biz dev work along with governance discussions
- PowerIndex: Additional grants to external community participants in order to include usage of other protocol assets/thought leadership and get that reflected in index management (1% of supply)
- Uniswap: Uniswap Grants program for $750k per quarter
Note: Any additional funding could work in conjunction with other public goods funding mechanisms in place for our ecosystem + the community would be able to vote on an extension towards the same.
Assuming the successful launch of this program, applications are intended to be rolling admits, with the application process ending up on three weeks prior to the closing date of 6 months for this program.
Any thoughts on the same would be highly appreciated! Would be helpful to see how we can build up additional development resources that could easily complement some of the great ideas being floated in the community!