Background: 2 weeks ago the community approved a proposal to set aside RLY from the community treasury for the purpose of incentivizing holders to participate in voting. Days later, the Rally team found a snapshot solution that allowed RLY holders to vote with their staked RLY. Additionally, quadratic voting was also implemented as a way of leveling the playing field. This quickly resulted in more voters and votes being cast, and the community has determined that the voting incentives are no longer necessary. See the current (or looks like forthcoming) snapshot for the proposal to fulfill those obligations and end the program.
Redistribution of voting rewards pool: This leaves us with approximately 200k RLY earmarked for “Community rewards.” We can opt to return this to the treasury, or consider this alternative proposal that I ask you to weigh in on.
Proposal: Earmark these funds to incentivize the creation of proposals that improve the Rally network, while retroactively rewarding the authors of successful proposals to this end. Whereas we’ve seen a number of excellent proposals that have solved challenges and improved the network to date, we should reward those contributors and continue to incentive community members to make meaningful contributions to the network in the form of proposals.
In the spirit of collaboration, I generally would err on the side of splitting rewards among multiple authors for a given proposal. I would also consider submission of a given proposal in the broader context of the discussion. Calling out that not all community members are authorized to submit proposals, so the mere submission of a proposal should not determine who gets the reward. Nor would I limit this to successful proposals.
I suggest we trial this through Jan. 1, and freeze or return to the treasury un-used funds while we determine if it remains valuable as a positive incentive for community participation.
To limit abuse of the system and keep it flexible without the need for further proposals to modify it, I would opt to have a Rally admin or community mod / ambassador to oversee the distribution of rewards. @phelpsgg would be my first choice given his exposure to the conversations between parties that lead to proposals.
Amount? Could leave this open to admin with some cap per proposal or set a flat amount per proposal. Again, I prefer erring towards some flexibility in the administration of the grants but at a minimum some cap would be beneficial. I’d suggest a max of 5k RLY for starters.
Probably more to consider, but will pause here and let others weigh in! I’ll only add that it would be great if someone could pull up a curated list of past discussions and contributors for consideration of the retroactive rewards.
Shortlist off the top of my head for folks to consider here would include:
@bflynn, cryptolitica, Grand (myself), Soul of Jacobeh…
For contributions to: voting (governance), YDV improvements, Liquidity pool depth and LM reward ratios in particular order. I’m unfamiliar with contributions on the developer side such as bots and bounties, so would welcome appropriate additions on that front.