Coordinape Q3 2022

[Lonser]

Hello everyone, Lonser here,
our second quarter of Coordinape in 2022 is nearly over. (It is ending July 08, 10 pm UTC to be precisely)
In total we distributed (or will be distributing after this quarter ends) 39215 POOL Tokens (in $ terms we planned to distribute $38k, at current prices $26k) to our active contributors.

At the start of this gov post a little recap of Coordinape Q2:

Epoch 24
Our Top 3 GIVE receivers this Epoch are:

1. Our Quiz and now even real daddy @DaBoom with 170 GIVE
2. @Noxe with 146 GIVE
3. @hotmike with 130 GIVE
   In the pic you can see our Epoch 24 map!
   In total we distributed 1810 GIVE this Epoch!
   
   

Epoch 25
Our Top 3 GIVE receivers this Epoch are:

1. @Noxe with 380 GIVE
2. @underthesea with 324 GIVE
3. @Lonser with 289 GIVE
   In the pic you can see our Epoch 25 map!
   In total we distributed 1576 GIVE this Epoch!
   
   

Epoch 26
Our Top 3 GIVE receivers this Epoch are:

1. @hotmike with 206 GIVE
2. @underthesea with 175 GIVE
3. @McOso with 131 GIVE
   In the pic you can see our Epoch 26 map!
   In total we distributed 1642 GIVE this Epoch!
   
   

Epoch 27

1. @underthesea with 192 GIVE
2. @Noxe with 150 GIVE
3. @Mon​:ocean: with 112 GIVE
   In the pic you can see our Epoch 27 map!
   In total we distributed 1642 GIVE this Epoch!
   
   

Epoch 28
Our Top 3 GIVE receivers for Epoch 28 are:

1. @underthesea with 143 GIVE
2. @DaBoom with 94 GIVE
3. @McOso with 94 GIVE
   
   

Here a table with all circle members (that received uGMI):

	Epoch 24	Epoch 25	Epoch 26	Epoch 27	Epoch 28	Total
underthesea	271,8232044	324,8730964	613,6190621	652,9474306	914,6428571	2777,905651
Tim	287,2928177	241,1167513	722,317296	374,0844654	569,2532468	2194,064577
Noxe	322,6519337	380,7106599	280,5115713	510,1151802	466,9155844	1960,904929
DaBoom	375,6906077	284,2639594	284,0179659	329,8744832	601,2337662	1875,080782
Lonser	265,1933702	289,3401015	333,1074909	272,0614294	562,8571429	1722,559535
Mon	243,0939227	233,5025381	150,7749695	380,8860012	479,7077922	1487,965224
McOso		43,14720812	459,3376979	214,2483757	601,2337662	1317,967048
drcpu	223,2044199	88,83248731	143,7621803	234,6529829	550,0649351	1240,517005
Bronder		248,7309645	319,0819123	200,6453042	422,1428571	1190,601038
Oops	70,71823204	180,2030457	294,5371498	176,8399291	441,3311688	1163,629525
Ncookie#1619			340,1202801	166,6376255	550,0649351	1056,822841
Loitering_Sean	223,2044199	154,822335	161,2941535	234,6529829	243,0519481	1017,025839
Max’	99,44751381	76,14213198	119,2174178	153,034554	550,0649351	997,9065527
Neken	223,2044199	142,1319797	133,2429963	136,0307147	313,4090909	948,0192015
Taliskye	92,81767956	131,9796954	266,4859927	224,4506793	191,8831169	907,6171638
Gonbatfire	220,9944751	162,4365482	80,64707674	207,4468399	179,0909091	850,6158491
Torgin	72,9281768	91,37055838	150,7749695	139,4314826	319,8051948	774,3103821
Andy Kaufman	39,77900552	78,68020305	147,2685749	173,4391613	230,2597403	669,426685
gus123gustavo.x穴醇虫	97,23756906	96,44670051	101,6854446	105,4238039	262,2402597	663,0337778
LiviuC	95,02762431	53,29949239	28,05115713	81,61842882	268,6363636	526,6330663
thumbsupfinance	141,4364641	76,14213198		88,41996456	204,6753247	510,6738853
Smartinvestor	57,45856354	58,37563452	73,63428745	64,61458949	198,2792208	452,3622958
therealtuna	90,60773481	50,76142132	56,10231425	51,01151802	115,1298701	363,6128585
Folgsta	156,9060773		112,2046285	54,41228588	19,18831169	342,7113034
StarTreeTV	46,40883978	60,91370558	91,16626066	68,01535735	63,96103896	330,4652023
Leo AR	97,23756906	35,53299492	42,07673569	40,80921441	44,77272727	260,4292414
Pedro	26,51933702	40,60913706	63,11510353	61,21382162	51,16883117	242,6262304
Gabor		131,9796954		61,21382162	44,77272727	237,9662443
Anita348		55,83756345	49,08952497	95,2215003	6,396103896	206,5446926
insidetrader		58,37563452	35,06394641	30,60691081	76,75324675	200,7997385
Nico_A				51,01151802	121,525974	172,537492
jengajojo.eth	30,93922652	43,14720812	35,06394641	17,00383934	31,98051948	158,1347399
Coordinape	28,72928177	17,76649746	38,57034105	27,20614294	44,77272727	157,0449905
AidenBlvd			31,55755177	34,00767868	83,14935065	148,7145811
gambrill	46,40883978	50,76142132		23,80537507	12,79220779	133,767844
gio.eth	53,03867403	17,76649746		20,40460721	12,79220779	104,0019865
Total	4000	4000	5757,5	5757,5	9850	29365

People that newly joined our Coordinape circle during the first Quarter:
Nico_A
Ncookie
AidenBlvd
Livster
Bab

After the last distribution we have ~100 uGMI left from GIVE that was allocated to inactive people which I haven’t sent. I propose I distribute them via a Giveaway to all Coordinape circle members.
Also we have ~150 Tokens that were allocated to the Coordinape tipping circle member. I’m not sure if it is worth it to sent them to Coordinape, cause it’s such a small amount. It’s maybe easier to also just distribute them via a Giveaway.

So, after that little recap (sorry for the info dump ^^ ).

Here the plan for Coordinape Q2.
I don’t think we need to change much regarding the overall structure.
The funding would like last time come from the Grants Committee. I think (because we are in a bear market) it could make sense to lower the Coordinape budget a bit. Last time we distributed (or panned to) $38.000 worth in uGMI (In total we distributed 39215 uGMI, currently worth $26k) over 3 months. I propose we cut the budget to ~$30k.
The compensation for running Coordinape would be 1500$ for 3 months.

With the help @therealtuna Grants will mint new uGMI Options (approx. parameters: Face value 1 based on 0.9 + 50MM TVL, up to 1.4 with 250MM, redeemable in ~ 6 months).
Regarding distribution we stay with on chain distributions through something like Disperse.

Please check your Coordinape if the Polygon address that you use there, is the Polygon address that you want to receive the uGMI!!! It’s important that you make sure it’s the right address.
(Some sidenotes here: In the future we will, if possible, probably switch to using Coordinape Vaults, their in-built feature for distributing Tokens but that is still work in progress)

Last but not least, here the site where you can redeem your uGMI at the end of August.
https://projects.umaproject.org/polygon/0xC1632F450abC1d5E3998341DA845D4E0ED2FF3e0

After these formalities, also here a little Pitch why I think Coordinape in general is important:
Coordinape is a great tool to reward people for all things where they contribute to the protocol, don’t expect a reward for that themselves but definitely deserve it.
This can be general Discord activity, speaking during the swim meet, writing something in the GOV forum. Stuff like people translating or even Neken doing a Chinese Community Call or all the great stuff the MWG Group is doing. In all that cases Coordinape gives people the option to reward other community members for their contributions.

I hope people are happy with the way I have ran Coordinape in Q2 and want to continue. I hope with things like my weekly updates people were able to use Coordinape more and better than before.
I think the community and its contributors are the core of the Pooltogether protocol and Coordinape is a great way to reward their contributions!

Do you support continuing Coordinape in Q3 with a reduced Budget of 31.500$ worth of uGMI Tokens for 3 months ?

• YES
• NO

[tim]

This is incredible, @Lonser!! Thanks so much for putting this together. I love transparent compensation.

Everyone, be sure to also check out PoolGrants distributions to see how community members are compensated for their projects: PoolGrants

[gabor]

Thanks Lonser, I continue to believe that Coordinape is a strong tool to reward a broad base of contributors and equally it helps to throw a ton of POOL to those rockstars who do significant contributions as well. Keep up the great work :)!

[Leighton]

Sorry for being a bit late on feedback here.

@Lonser thank you for the write up, as you know I’m a big fan of cordinape!

However, I voted “no” on this for the following reason.

Given 1) that the market value of POOL is (in my opinion) extremely low and 2) that we are distributing this solely in POOL I think we are giving away too much POOL. 30,000 POOL per quarter is a lot! It adds up to 1.2% of all POOL in supply over the course of a year.

I’ve mentioned my opinion on this in other formats but I do not believe that POOL should be treated as money. I believe it should be viewed as control of the protocol and therefore distributed judiciously.

I do think people in the cordinape circle absolutely should be getting some POOL but I do not think it should be primarily pegged to the current price of POOL. Instead, I’d like to see something in a smaller allocation of POOL and if we don’t believe that is enough incentive than augment it with USDC. Maybe something like 10,000 POOL as a maximum.

[Lonser]

Hey, thx @Leighton for you input and feedback!
I definitely agree with you that we should determine how we value POOL especially during the bear market! I personally would be open to try something like 50% POOL, 50% USDC.
Just some info to maybe reduce your concerns a bit.

• We distribute uGMI instead of POOL Tokens directly. That means at 50 million TVL people get 1 POOL Token, at less TVL less and more TVL more. The graphic explains that nicely:
  
  
• We only distribute uGMI to active contributors
• Coordinape helps to decentralize the protocol more
• In Coordinape Q1 2022 we only distributed 13k uGMI (in POOL less because we didn’t reach the TVL goal), in Q4 2021 even only 3000 POOL and in the first Coordinape Quarter we started with 1500 POOL.
• We already reduced the Coordinape budget by over 20% from $38k to $30k. At the same time, the circle also grew quite a bit, so the uGMI per contributor is even less.
• Also something I didn’t mention in the gov post, the uGMI is send by Grants in monthly batches and value calculated at the market price then. So at the moment it is not fixed how many uGMI Tokens we distribute. If POOL price goes up next month, the uGMI amount could be much less than now.

All in all, it’s the important discussion about how we value POOL and how we want to reward our active contributors. I think, looking at the past Coordinape Quarters and also at the circle size (30k POOL for 35 people is on average “only” 850 POOL per person total over 3 months) and so I think even 30k POOL for this quarter is still reasonable but I agree with you that we probably have to look how we want to handle this in the future but that’s probably a topic for other groups in the DAO too, e.g. we spent 52k POOL in the last PTIP-74: Treasury Working Group Third Quarter Renewal.

[Leighton]

Thanks for all the extra info! I do agree with your closing remark, as a group we need to determine a framework for using POOL… and I don’t think that framework should be viewing it primarily as money.

This is a view I’ve been trying to advocate for awhile but I think it has more urgency given the current market pricing of POOL. We risk seriously limiting our long term growth options by distributing large amounts of POOL right now.

So it might be too late now but I would advocate asking for both POOL and USDC for this next coordinape cycle (I would suggest the same to Treasury working group). Perhaps something like 10k in POOL and rest in USDC? That would still be a good bit more than previous cycles.