First up, the biggest issue (that many others have covered) at the moment are high gas fees. I don’t foresee this going away and as such, it should be one of the highest priorities to solve. I will let smarter people than me work through that. However, until that occurs, I believe a way to offset the high gas fees is to increase the size (and consistency) of the jackpots.
How to increase the consistency of the prize pool?
For the time being, the incentive of ‘farming’ POOL tokens seems to be serving its purpose. However, I don’t believe this is a long term solution. What I propose is randomly selling off a percentage of the governed POOL tokens over a time period of (to be determined) to build up a ‘war chest’ of stable coins that are permanently deposited to ensure prize pools are always generated.
Additionally, there needs to be an incentive for people to keep their coins deposited. Unfortunately, I do not have a proposed solution to this other than multiplying an individuals ability to win the longer their coins are staked.
How to increase the size?
I somewhat covered this before, if a ‘war chest’ of stable coins is built up. There will always be a pool and there will (hopefully) always be interest.
To make the jackpots larger (and thus naturally create a lot more interest) I propose a portion of the governed POOL tokens are put up every week as part of the jackpot. For example, 5000 POOL tokens (~$200,000) every week would ensure interest. Now, obviously, the winners will probably want to dump that straight away. The potential solution to that problem is to pay it over a number of weeks or months.
Just a couple of thoughts, let me know what you think.