[RFC] Polygon POOL Pool Funding through Grants

Hey everyone, Lonser here,
as some of you know we currently have the Polygon POOL Pool with a weekly prize of 50 POOL!

So far the funding from it came from Leighton and occasionally from myself if needed (like the last prize and the current one because Leighton had some problems bridging the POOL from ETH).

I talked with Leighton and the idea now is to continue the Polygon POOL Pool with funding from Grants instead of funding through him or me. I would continue filling up the Pool and awarding the prize weekly. Also I will try to increase awareness of the Polygon POOL Pool to new users cause I have the feeling still some people don’t know it even exists.

I would propose we keep the 50 POOL per week. With the current TVL of 30.000, that’s ~9% APR.
That roughly the same APR we have on ETH. Also I would like to ask for a one time reimbursement of 100 POOL for me filling up the POOL last week and this week from my own funds and a monthly 10 POOL reward for maintaining the POOL. (The last point is not so important, I will still keep doing it like I did the last months but I would appreciate it as a little reward).

I’m a big supporter of the Polygon POOL Pool and I think with people being able to vote with it through snapshot (Snapshot), thx to PTIP-60 (Snapshot) and to give people that bought it during this weeks NFT mission (https://pooltogether.com/pool-party) a place to store their POOL while experiencing the fun of weekly prizes we have to continue it!

The total cost would be 430 POOL over 3 months. Like I said, the easiest would probably be funding this through Grants and I’m doing this GOV post see what other Community members think and ofc hope that you also support this :slight_smile:
I would say we do it like this for 3 months and then look what PT INC generally plans to do with the POOL token and L2 Chains like Polygon and others :slight_smile:

Do you support Grants funding the Polygon POOL with a weekly 50 POOL prize?
  • YES
  • NO

0 voters

2 Likes

The amount being small is a good argument for funding it through Grants in my opinion.

I think it would be good to have a snapshot vote in addition to the poll here though. Since this will make the POOL pool on Polygon official, which it isn’t so far (although one could argue it already is through PTIP-60).

@Leighton would it be hard to add it to the v4 UI? As Lonser said, most people don’t know about it.

Thanks for taking the initiative here Lonser. I am FOR the POOL Pool on Polygon. I also think it should be funded by Governance.

I agree with Torgin, for this to make sense we need to have it on app.pooltogether. I think then we should expect more deposits and budget a bit more POOL per week for prize. Perhaps up to 100. Let’s hype it!

I also agree a pooltogether.eth Snapshot is appropriate.

A couple of questions I have

Is v4 an option?

Who is putting the prize in the v3 pPOOL?

2 Likes

Deeply opposed to this.

The POOL Pool was a band-aid for tokenomics; intended to distribute ownership to those that simply hold the token.

The POOL Pool has two major problems:

  1. It dilutes the POOL token with emissions that accomplish nothing
  2. It centralizes voting power (on Ethereum)

In my opinion, integrating the POOL pools in the v4 app would encourage growth for a mechanic that serves no purpose.

Better tokenomics are coming! Let’s keep our eyes on the future.

2 Likes

I don’t think it would be hard to add to the UI. Although, we’d really want to add a drip if it was added to the V4 UI… as that is what is primarily emphasized.

My initial thought is that if POOL voters approve it, then it should be added to the UI.

Thx everyone for the comments and votes so far. I understand Brendans critic and also think that long term the POOL Pools in their current forms (ETH and Polygon) are probably not the ideal solution.

Still I think keeping the Polygon POOL Pool funded and running for some more time is the right choice until some other ways are implemented to utilize the POOL Token.

With the upcoming plan for more liquidity on Polygon from TWG it will be even easier for people to buy POOL Tokens and deposit them into the POOL Pool.

Last but not least: Holding the POOL Token should be fun and exciting! Every week myself and probably other people are looking forward if they have won some POOL Tokens there. Pooltogether isn‘t just a yield farm, our core principle are prizes and giving POOL Holders a place to store their tokens and win prizes is important.

That‘s my little pitch for the Polygon POOL Pool :slight_smile: We can also do a snapshot vote about it if people wish, if someone knows how to and could assist that would be great.
The next prize will be awarded next Saturday, so if we could come up with a decision until then that would be great :slight_smile: If needed I can fill up them POOL with my own funds one or two more times with later reimbursement

@Torgin @Brendan @Leighton @underthesea

3 Likes

100% on board with you being reimbursed. Thank you and Leighton for keeping this going!

I think there is a ton of value of having something other than voting to do with a purchased POOL token. I think the majority of the token value lies within the power to vote, I also believes it takes a while to get to that standpoint…this seems like a small/temporary and appropriate ask while we wait on a new tokenomics plan.

I’m on board with this for this time frame. I think it should be strongly re-evaluated once the new tokenomics are released.

I don’t think this should be on the site, I think people should need to ask about it. If it were published on site, then 2 things happen. More depositors that are likely collecting the token for non-governance related would deposit → POOL doesn’t go into the hands of the people working, building, and believing in the protocol. And if this POOL Pool gets a chance to operate as a proxy like the ETH one, we’ll run into the same issue of low turn out because people aren’t there for governance, they are there for farming.

We, as a protocol, need to become critically aware and cautious of token farming, we have extremely active governance with extremely inactive voter turn out. We need more tokens going to the people that are building and those that can and will vote.

1 Like

I voted in support of the question “Do you support Grants funding the Polygon POOL with a weekly 50 POOL prize?” with the assumption it will only run for 3 months.

I think this should NOT be added to the main app UI though. To Brendan’s point, we have new tokenomics coming so we dont need to promote this pool. But it is such a small amount of POOL to fund the prize pool for 3 months, I think it is beneficial to keep the depositor’s POOL in the pool.

3 Likes

Yes to funding it and keeping it going, no to integrating it in the main app / promoting it.

The pool is still in V3, with the disadvantages that implies: withdrawal fees, perceived as whale’s only, difficulty to scale…

Do we want to greet new users with that experience?

3 Likes

Great, thx for all the comments :slight_smile:

As it seems most people also support continuing the Polygon POOL Pool for 3 more months and then we can look how what other Options we have :slight_smile:

Also with so many people opposed to adding the Pool to the UI and I myself not being the biggest fan of it, I think we just don’t do it.
Without that step, we probably also don’t have to do a snapshot vote about the Polygon POOL Pool and can just fund it through Grants. @Torgin in Discord you said something about a Community vote, did you mean the vote here in the Gov forum or do you still want to do a snapshot vote?

Btw. I already submitted a Grant application, my math above was a bit off, 3 months are 12 weeks, so 630 POOL + 150 POOL one time reimbursement for filling up the POOL the last 3 weeks. (@Torgin That’s 50 more than I mentioned in the Grant cause I filled up the Pool one more time in the meantime)

2 Likes

780 POOL definitely seems like an amount that fits a grant. Since without adding it to the UI nothing will change about “how official” the Polygon pPOOL is, I’d be fine with just using the poll on this post as signal that the community thinks it’s a good idea. @Brendan would you prefer an additional snapshot vote?

No need for another vote. I think the sentiment to fund the pPOOL is clear!

1 Like