Proposal - Redistributing voting rewards towards a community rewards for proposals

Community Treasury
#1

Rally Community,

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.

Cheers,
Grand

2 Likes
#2

I love the idea of using the 200,000 $RLY as a discretionary reward folks who contributed to meaningful proposals. It’s more impactful from a governance standpoint than just rewarding voters who click a button. Instituting a max of 5k $RLY is smart.

I’d also be in favor of the administrator looking at all the addresses that have voted to date, and calculating some sort of one-time reward. This could be a flat amount per address, or a calculation can be done looking at proportional voting power.

1 Like
#3

Thanks for doing a write up on reward redistribution, I appreciate you brother!

Some things to note:

  1. A proposal will likely be passed tomorrow taking an unknown # of the 200,000 to reward voters that did vote.

  2. Whatever new reward programs come from these discussions will be eligible to request new grants from the treasury. (We don’t have to worry about only using what’s left over after voting rewards are emitted)

Some Ideas to Reward the Community:

  • Proposal Reward: Whoever authored a successful proposal would be eligible to collect X RLY reward. (author can split reward as they choose)

  • Discord Rewards:

  1. Reward users who Boost the server
  2. Reward users who “level up” via the bot system for being active
  3. Pool of funds that the Community Ambassador (me) can use to tip users for being helpful, !makeitrain to reward users who were active over the last hour, etc…
  4. Faucet to increase traffic into the discord

I feel like more input from the community is necessary before moving forward on any 1 particular thing right now.

1 Like
#4

Thanks for sharing this:

Some Ideas to Reward the Community:

  • Proposal Reward: Whoever authored a successful proposal would be eligible to collect X RLY reward. (author can split reward as they choose)
  • Discord Rewards:
  1. Reward users who Boost the server
  2. Reward users who “level up” via the bot system for being active
  3. Pool of funds that the Community Ambassador (me) can use to tip users for being helpful, !makeitrain to reward users who were active over the last hour, etc…
  4. Faucet to increase traffic into the discord
1 Like
#6

Thanks for the feedback, we’re going to move forward and submit proposals on some of these ideas. Stay tuned! :smiley: