First Activation for OP Incentives Launch!

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Summary:

450,000 OP tokens are being distributed for phase 1 rewards on Optimism!

The goal of these tokens is to drive growth of the PoolTogether Protocol on Optimism! The target is to distribute these incentives over a 70 day period with the goal of reaching 10,000 unique depositors and $20,000,000 million in deposits on Optimism!

More broadly than the numbers, our primary goal is to prove to Optimism governance that distributing OP tokens via the PoolTogether protocol is the most effective growth mechanism for Optimism! This will ensure more rewards come.

First Activation:

  • 4 week “Pool Party” TWAB campaign
  • 25,000 OP tokens distributed in 7 day weekly epochs, 100,000 OP tokens total
  • Assuming $0.80 per OP token, effective APR at campaign start will be 41% + prizes, at $20 million deposit goal effective APR will be 5.2% + prizes
  • This first activation will use 120,000 of the initially allocated tokens

Success Metrics:

  • Prove to Optimism governance that distributing OP tokens via the PoolTogether protocol is the most effective growth mechanism for them
  • Reach next incentive unlock @ $20 million + 10k depositors
  • Growth in Optimism TVL
  • Growth in Optimism unique depositors
  • Growth in prize network TVL
  • Growth in prize network unique depositors

Timeline:

  • Launch week 1 activation at 3pm EST, July 26th
  • Evaluate data after 3 weeks August 16th
  • Announce second activation on August 19th

Weekly Themes:

  • Week 1: Using Optimism & PoolTogether
  • Week 2: Bringing your friends to DeFi
  • Week 3: How to use the OP token
  • Week 4: Phase 2 (if we can do it :muscle:)
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The chance of winning prizes plus guaranteed rewards for saving. I like the weekly theme concept a lot. This will help the community to focus on the right actions & content to support the narrative.

Let’s grow!

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Although happy about it as a depositor I nearly wonder if the start point is too high :smile:?
Like could we skew it a little to 22,27,33,38 k or something?

Themes look awesome. I will try and convince my normy friends with these incentives :metal:

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I made a last minute change to reduce the weekly to 25,000 instead of 30,000, this was based on a few factors:

  • @GandalfsDad’s feedback
  • OP token price has risen, changing price assumption fro $0.70 to $0.80 means effective APRs are about the same with less OP distributed
  • This keeps the value of OP LESS than the value of prizes (3,571 OP per day @ 0.80 = $2,857). This should be important to ensure the OP doesn’t become the primary reason people use the protocol
  • lower distribution should mean less whale deposits and therefore better chances to win for smaller depositors we are trying to reach!
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Thanks for heading this up @Leighton !

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Thanks for all your work Leighton!

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