PoolTogether

POOL Utility - SWIM Points

I have intentions of making this into an RFP but wanted to get community input first.

NOTES:

  • PoolTogether is uniquely qualified for gamification where other protocols are not
  • POOL token utility is lacking ( especially on Polygon )
  • Current mainnet POOL utility in pPOOL is inflationary
  • PoolTogether v4 specific actions are underleveraged
  • PoolTogether has over 4 million USDC

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ABSTRACT:

Staking POOL tokens earns players SWIM points per POOL token staked per day. These SWIM tokens can then be used at the PoolTogether Marketplace ( Concession Stand? ) to acquire extra chances of winning in the upcoming daily draw.

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REMARKS:

  • The protocol will deposit USDC into v4
  • The amount of chance to acquire will be fixed amount per day based on the amount the protocol deposits
  • This adds a game utility to the POOL token and specific to v4 new delegate action
  • This is not inflationary where staking more POOL gets you more POOL is
  • Adds POOL token utility to Polygon

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TECHNICAL CONSIDERATIONS:

Limitations of delegate action -

As far as I understand the delegate action is limited in a way that it only allows delegation to one address. If true this is a obvious problem since the idea would be to allow multiple addresses (players) to acquire a specific amount of chance, say 10,000 PTaUS worth of chance boost, from the protocols deposit.

SWIM points: centralized vs decentralized -

There are pros and cons to each. The centralized way would be more of a traditional backend and the SWIM points are internal to the system only. Whereas, the decentralized way is SWIM points are their own erc20 token that can be claimed.

6 Likes

Maybe they could also be used to purchase NFT’s from the marketplace. Not sure if this was mentioned on the call as I arrived late.

4 Likes

This is interesting, although I am not a fan of creating a SWIM token. I think @Brendan mentioned that using the delegate feature, linking POOL to odds of winning could be possible without reworking the entire architecture of the protocol.

Personally, I do not see an issue with some POOL inflation. I think your idea requires a bit of work like, for example, the concession stand, creating SWIM, and so on. You don’t want to add over-complexity.

Not totally opposed, but still not seeing it yet. Just my opinion, of course :slight_smile:

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There are a lot of ideas swirling, and development happening in the #PT NFT Brainstorm? thread on Discord right now. I think, jump into the conversation over there, and lets see where this all goes.

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I think you are correct about the delegate feature-currently the entire contents of the wallet will be delegated upon calling the function. So that may kill the idea INITIALLY, but some hybrid of SWIM tokens / staking POOL / using the TWAB to calculate rewards or increased chances / NFT marketplace is in the air and I think we are all circling it.

Thanks for the post McOso

2 Likes

Well I’m not sure if it kills the idea even initially. Just because there is this limitation of delegation right now doesn’t mean there can’t be a solution for it. I think it is just up to us to figure out if this general idea is worth pursuing, and then we might find out this isn’t that big of a speed bump anyway.

My initial thought of a solution to this would be to create a contract that spawns sub-delegations. So let’s say there is 1,000,000 PTaUSDC boost every draw available to be acquired by players. If player X uses his SWIM points to acquire say 1,000 PTaUSDC boost then the contract would spawn a sub-delegate contract that would hold these 1,000 PTaUSDC and delegate them to the player. These 1,000 PTaUSDC would then be returned to the main contract after the draw.
Would like to get @Brendan feedback on this.

I just think the delegate feature of V4 is very unique and and not utilized. This seems like low hanging fruit that has HUGE value add.

4 Likes

A thought I’ve had similar to this would be to run a liquidity mining event for a $1MM prize where we create a token called “chances” or something along those lines. Chances could later be deposited to a pool for the Million Dollar Draw. We could control the drip of chances to go to places that most benefit Pooltogether. If we want more Liquidity on Avax we boost the drip to an Avax LP, want more deposits on Avax we drip to V4 Avax depositors. Would be a fun game for everyone trying to win the million dollars and could be done so in a way that we maximize the benefit to the protocol. If successful we could repeat regularly. Launch on a new chain and the first 2 weeks could have a really strong drip to maximize deposits. I know I would mine chances if I could have a shot at $1MM.

2 Likes

Yeah sorry I didn’t mean kill it, I meant the current system needs a solution as you said. So a sub delegation contract would:

A. Need a separate wallet to delegate from?

Or

B. Reconfigure the initial delegation to break it up into 1000 like in your example?

I feel like B is ideal, but I kind of assumed that wasn’t possible based off the prior discussions. Would also love Brendan or another dev to weigh in because this “sub delegation” would help with onboarding by allowing users to delegate portions of what they already have deposited instead of setting up another wallet, etc.

2 Likes

I agree that delegating chance is a powerful feature we need to explore. We’ve already seen demand for the feature from different grants committee efforts. A “multi-delegator” contract that allows someone to delegate to multiple addresses is essential. This is a PT primitive that we need to build. After the holidays I’m going to kick-off a spec on a MultiDelegator contract. We’ll be able to use the contract as a building block for different features.

NFTs tie-in to the above contract quite naturally. Each delegated position will be unique and non-fungible, so representing that as an NFT makes a ton of sense. This will become clearer once we have the spec, I believe.

I think SWIM Points are interesting and soon it will be possible for anyone to mint a token and distribute it to ticket holders. Our TWAB Rewards contract will be useful for that. However, I don’t like the idea of users essentially buying chance with a token. This would effectively turn PT into a lottery, which I’m not a fan of. I’d want to be very cautious about designing that feature.

All that being said, my focus is to make sure we have the tooling to support deeper integrations. The two touch points that McOso has described include:

  • ability to distribute tokens to ticket holders (we will have that with the TWAB Rewards contract)
  • ability to delegate chance (this is what I’m going to look into).

These two features will allow anyone to create a program like McOso describes, or another kind of integration.

6 Likes

Great idea, McOso. I love the idea of finding additional utility for POOL in ways that are complement the protocol and make it more fun.

Another piece that can be added to this is to compound the staking effects, where not only can you stake POOL to gain additional chances of winning, but also pPOOL. This creates a positive flywheel where you can get two unique benefits in one (where pPOOL gives you gasless snapshot voting, the ability to win in the pPOOL, and also additional chances to win either in the pPOOL or other tickets that you may hold like USDC).

That said, any increased chance of winning should be carefully balanced, so that the staker is given a fair “boost” to win, but also not given such an advantage over normal depositors that it will dissuade non-staker deposits.

2 Likes

Just a thought: we could also allow users to “flip” their prizes in exchange for SWIM points.

Like let’s say someone on ETH wins a $50 prize, and because of gas fees, the user decides to not claim it, what if we could offer that user to receive SWIM points instead?

2 Likes

This makes sense, good thinking!

1 Like

I’m not sure I fully understand the proposal, but after reading it, I find interesting the idea that POOL holders or stakers can accumulate points that can be delegated to other wallets. They could increase the chances of winning in a particular draw, or we could even coordinate and delgar part to some special wallet that can finance donations or some project that is interesting for the community. I think this can add great value to the POOL. I do not know if it is technically possible, but I think it is a beginning of an interesting idea.