PoolTogether strives to make saving money fun and rewarding. One way to do this is by having lots of rewards, whether those are explicitly financial or simply fun.
We’ve seen PoolTogether depositors get really excited about receiving NFTs and historically one of the largest drivers of deposits has been fixed token distribution combined with prizes.
In the past, many different tokens have been distributed to depositors, such as OP, CELO, POOL, MATIC, SUSHI. This post outlines the creation of a new SWIM POINTS token that can be distributed to depositors on all networks. The goal is to drive growth and engagement by making the protocol more fun!
The idea of creating a SWIM POINTS token is not new. @McOso originally wrote about it over 1 year ago on the forum. However, there are a few factors that make this moment well suited for SWIM POINTS
David, the artist behind Pooly and Pfers has created a new NFT collection which he would like to make redeemable based on protocol usage. $SWIM tokens are the perfect way to make this possible.
The “TWAB Rewards” contract makes it simple and permissionless to setup SWIM POINT distributions to all depositors on all networks
The $OP Token rewards to depositors are ending in 6 weeks, although not monetarily equal, $SWIM distribution would create a better transition as those rewards end
$SWIM would provide a baseline primitive that anyone in the community could build upon (think merch give-aways, discord roles, etc.). It would quantify someones usage of the protocol.
To be clear, the intention is that these tokens would have zero financial value. They would exist to further gamify the experience of using the protocol and being in the community.
Implementation & Suggested Parameters
Technically, implementation of this is completely permissionless and does not need to involve $POOL governance. However, I think it would be ideal to have a social layer agreement (and perhaps even vote) to ratify $SWIM as a community reward token. Here are a few thoughts on initial parameters.
Initial mint supply of one billion $SWIM. This ensures people can earn SWIM quickly which is more fun. POOL governance can be empowered to mint more if voted on.
“First Season” distribution of ten million, this will allow us to design around a specific distribution number and then adjust for a second season, etc.
$SWIM distribution setup on Ethereum, Polygon, and Optimism with distribution rates tailored to drive the most optimum protocol usage. I would look heavily to the finance team to help with thinking through the specific rates and target TVL’s on each chain,
Technically, implementing this is very simple! I’m posting this to draw ideas from the community and feedback on starting parameters. Please post yours below!