V4 worked as intended in solving several issues.
- The issue of whales winning the bulk of the prizes
- Having several prize pools meant that instead of generating one big grand prize we generated several smaller prizes so there was concern we were fragmenting the prize.
- We cut operational costs by making it so the protocol did not have to pay to distribute the prizes and instead users claimed them.
- We became multichain.
Drawbacks of V4
- Switching to and being stuck on daily prizes as opposed to weekly was a mistake as it ensured we were not presenting a nice headliner prize and there is no opportunity to win life changing money depositing on Pooltogether currently.
- Having no means of collecting a reserve and instead actually subsidizing the prizes going out from the treasury added to negative impact to POOL holders. Pool depositors were doing just fine but anyone invested in POOL had little to look forward to. V3 was subsidized by whales while V4 was subsidizes by POOL holders.
- One of the original plans for V4 was swappable yield source but in the end that was too much of a security risk and not having that included really eliminated the benefits of having one single pool in order to not fragment the prize. If we had stuck to the V3 model of multiple pools then users would have had the chance to migrate to the pools generating the most yield and also fits their own comfort level.
- Switching to V4 made pods obsolete and was a missed an opportunity where we could have created no loss games.
- V4 eliminated a lot of partnership opportunities as creating pools for other protocols via the pool builder was no longer an option. Partnerships with other crypto communities is a fantastic way to grow our own community and I feel V4 isolated Pooltogether from working with a lot of other defi communities.
What’s missing for me is.
- Life changing prizes
- Income to treasury
- Partnership opportunities
- More yield sources
- More assets
- POOL holders included in the fun.