Because POOL governance has not yet been formally bridged to Polygon. Control of the initial parameter setting will be with PoolTogether Inc. and then transferred to the Polygon Operations Team.
Suggested Initial Parameters
Prize Period: 7 days
Number of winners: 7
Early Exit Fee: 1% & 10 days
Reserve rate: 0% (protocol will accrue Matic rewards, effective reserve rate of 25%)
The main strategy here is to have a longer prize period yielding a larger headline prize. The increased number of winners means the odds of winning will be the same as the daily prize pool. The winners just picked less often.
I’d love to get this initially up on app.pooltogether.com in the next 24 hours so please give your feedback! We will cover any incentives separately!
I like the proposed parameters. I would like to see a small reserve(5-10%) in addition to the Matic as accruing USDC to the perpetual growth machine is more useful to us then the Matic. I also think more farming to sell will occur on Polygon, so I don’t feel bad taking a bit extra for treasury to fund future jackpots and help with growth(maybe it would be fun to sell some Matic and supplement the prizes). All that being said I just want to see this come together whatever the parameters. I see this pool filling pretty quickly as USDC is abundant on Polygon.
I agree with these parameters. good compromise with 7 winners. I agree with the zero percent reserve. The effective rate will be close to the rate on mainnet.
I think it is good to get the pool built and ready to go. that way when the ops team is ready we PT inc can just transfer ownership to governance by proxy.
I agree, this should be done. We’ll need to have a governance vote on this aspect of it though. So step one is to get the pool setup and step two will be to get the incentives!
1 week and 7 winners sounds good
Good compromise, not daily but still the same amount of winners as daily would be.
Withdraw fee 10 days and 1% sounds good too. That’s the same like most pools have
Effective 25% reserve with the wmatic we get is good too, anything more is not needed in my opinion.
I’m not sure if the really should put the pool on main page without any incentive or better wait before putting it on main page.
We are 25% worse than aave directly, I see no reason why people would join that at this point.
Announcing it would be suboptimal in my opinion.
People can still join from Community UI if they want to.
But having a dead pool on main page doesn‘t look that great I think.
Ah, cool, yeah, that makes sense.
Just doesn‘t expect too much „organic grow“.
Whales and people with medium deposits (which I would count myself) will probably not join.
But yeah, if small depositors or other people want, no problem
Flagship pool, need to hold it to the standards of its Ethereum big brother, this makes sense.
Number of winners: 7
Assuming that the average person has smaller bags on polygon, and there is this trend in the PT community that suggest more winners is beneficial to the smaller bags, I think this makes sense.
Early Exit Fee: 1% & 10 days
A large part of the Polygon community is chasing yield farms, so I am expecting that they will use PT to park their stablecoin reserved (I know I will). We should monitor the exit activity for the first month and then possibly tweak this parameter to squeeze a little more out of the exit fees. Maybe there is a way to do this using the contracts and Polygonscan, I can look into it. I think this is a good starting point though.
Reserve rate: 0% (protocol will accrue Matic rewards, effective reserve rate of 25%)
Yea, I think this makes a lot of sense to get started. You could even turn it to something super small like 2-5% and I don’t think it would have any impact on the amount of participation.
Completely in favor of the proposed parameters. Definitely would keep the reserve rate at 0% for starters.
Two questions:
I assume we don’t need a governance vote for setting the parameters because there are no real governance owned pools on Polygon?
At some point there was a mention of transfering some sponsorship USDC to Polygon which could be used to bootstrap the pool. This could be a good idea to alleviate the issue @Lonser mentions that we are straight up worse than Aave?
