PTIP-66: Prize Adjustment #3

Governance PT Improvement Proposals
1

PTIP-66

Adjust Prize distribution on PoolTogether V4

We are targeting a net reduction in total prize distribution to bring the protocol closer to prize sustainability. These reductions were discussed here.

Motivation

We need to bring the prize distribution closer to sustainability to avoid depletion of treasury resources. Prize distribution can be boosted again around specific goals / campaigns.

Options

OPTION A: $7,180 daily

1 - $1000

3 - $100

12 - $50

48 - $10

192 - $5

768 - $5

Total number of prizes: 1024

  • Small improvement to current odds.
  • APR is evenly distributed in different chains - Distribution is optimized in consideration for gas on Avalanche.
  • Overall balanced structure (more prize tiers than current distribution).

SMALL FISH ON POLYGON

8.27 % APR

WHALE ON POLYGON

3.09 % APR

SMALL FISH ON AVALANCHE

7.17 % APR

.

OPTION B: $7,212 daily

1 - $1500

3 - $200

12 - $50

48 - $10

192 - $5

3072 - $1

Total number of prizes: 3328

  • Highest number of prizes (over 3,000 $1 prizes).
  • $1 prizes reduce the APR in chains with higher gas costs (see Avalanche example).
  • Overall balanced structure (more prize tiers than current distribution).

SMALL FISH ON POLYGON

8.17 % APR

WHALE ON POLYGON

4.03 % APR

SMALL FISH ON AVALANCHE

4.43 % APR

.

OPTION C (no change): $11,160 daily

3 - $1000

48 - $50

192 - $10

768 - $5

Total number of prizes: 1011

  • Keeping this APR is roughly costing $6K daily to the PT treasury.

SMALL FISH ON POLYGON

12.92 % APR

WHALE ON POLYGON

7.01 % APR

SMALL FISH ON AVALANCHE

11.85 % APR

Status

Voting will be live for 72 hours, once voting completes, the new distribution will be implemented by the executive-team.

Vote: Snapshot

4 Likes
2

It is good that we review our prizes periodically, I still think that the more prizes we have the more participants are winning and talking about PoolTogether, regardless of the amount of the prize.

3

Question- Is it possible to do a progressive prize?

ie- Say there is a daily draw for the $1,000 prize, every day that prize is not won/claimed, it gets added to the jackpot so it grows.

I imagine this would involve changing the odds of winning to make it a ‘grand prize winner’ less often, but it could be a fun way to have a daily chance of winning AND a growing ‘jackpot’.

2 Likes
4

Have you seen the post on DPR? PT v4.1: Draw Percentage Rate (DPR)

This will let us target prizes that occur at frequencies other than once per day.

5

I suggested this idea also, some time ago. Also, with the possibility of having multiple tiers of progressive prize pools. Like, grand prize, super grand prize, mega prize, etc…

6

@Loitering_Gorilla @StarTreeTV that is not possible today but there has been a lot of work over the last couple months to enable that – essentially larger less frequent prizes. That will be done soon!

1 Like
7

I did see this and it’s super exciting and thanks @Leighton . But what I’m asking, I think is slightly different…it’s a progressive prize, you you get a chance to win every day, but every day it is not won, the unclaimed prizes get added to the prize pool for the next day.

I’m pretty sure I have my answer…not yet

8

Yes, so that specific implementation is not possible. But the general idea behind it is… we can have larger prizes that are awarded less frequently than daily.