An idea on how we could allocate some the "20% of supply to defi users" outlined in medium post via sourcecred

Governance
#1

This post will outline some reasons for allocating based on community engagement in Discord Discourse (this forum) & Github via sourcecred.

I will continue to add some stuff here over coming days to make this into a proper complete proposal…

Firstly…

NDX Token Distribution

NDX is the governance token for Indexed. The initial supply of 10,000,000 NDX will be distributed as follows:

  • 20% will go to the founders, investors and future team members, subject to vesting periods.
  • 5% will be used to reward keepers who update the Uniswap oracle and trigger periodic updates on the pool controller.
    *** 25% will be available for liquidity mining beginning in late December 2020.**
  • 20% will be distributed to DeFi users after January 22, 2021.
  • 30% will be made available to the NDX treasury over the course of 9 months, beginning March 1, 2021.

So we would have 20% of x NDX available - with potentially more that can be minted every 90 days (subject to vote etc).

sourcecred ( https://sourcecred.io/ ) is a tool for communities to measure and reward value creation.
It us currently used by the likes of MakerDAO & MetaGame.

You end up with something like this: GitHub - Adept-Camp/cred: See whats up with Adept Camps cred that can be used to split rewards prorata as well as for everyone to check to make sure there is no gaming or as a starting point to show what you have done.

We could create a plan to use x% of the 20% as a way to encourage contributions on the 3 platforms mentioned according to some guidlines. There are several communites already using this system so we would save time on creating a way to organise the community to allow recognition of contributions in a permission-less and verifiably fair manner.

Some things that can be incentivised in this way are:
Informal / community audits
Code reviews
Pull requests
Being helpful and answering questions in discord
Creating tutorials, shilling videos, etc
Index suggestions and discussion, design, strategy (this is really important! A higher % of total “cred” could be allocated here!)
Research
Bridgebuilding - integrations legwork etc
Artwork
Mechanism design feedback
Moderating platforms
Loads more :slight_smile:

5 Likes
Governance Mining
#2

You got my support. I feel this would be the best way to use the funds to create a strong community and help the project grow. The only thing I would disagree with would be incentivizing “shilling videos” and suggest that the video has to educate on the project for the creator to receive rewards.

2 Likes
#3

Agreed that “shilling” isn’t the right word. Content should be honest and provide value. What % of the total available should we allocate to sourcecred?

2 Likes
#4

I think this sounds like a great idea. We could distribute the rewards with a merkle distributor as other projects have been doing. We should try to figure out a structure for this, including which actions on which platforms to reward and in what amounts. I’ll try to contribute to that this weekend.

1 Like
#5

I like this idea! This sounds very much like what “Keep Network” did in the form of “Play for KEEP”. Basically participants are rewarded based on the their contribution to the project and the focus can be changed on a periodic basis depending on existing need. For example, the first month could be focused on finding bugs and the following month could be on dashboard building.

As for the airdrop to DeFi users, I actually quite like what Rabbithole.gg is doing. Perhaps we can consider a collaboration with them.

2 Likes
#6

See how they did it: How To Claim Your $BADGER Airdrop🦡 | by Badger DAO 🦡 | Dec, 2020 | Medium

Big Query and Google stuff: How to Query Balances for all Ethereum Addresses in BigQuery | by Evgeny Medvedev | Google Cloud - Community | Medium

Merkle airdrop, obviously, not paying for gas.

I would suggest that the aidrop is valid forever and even if someone arrives 5 years from now, they can still get some tokens… Smaller amount. Vested to avoid dumps but still… Otherwise like this: Better late than never 😇 - General Discussion - BadgerDAO

I would specify 50+ tools, protocols, tokens… The more the better, skewed towards smaller wallets, maybe quadratic? So the guy who used 16 protocols will get 4x tokens the guy who used only 1.

2 Likes
#7

This is kind of a different thing. Badger airdropped to people who contributed to to a range of protocols in various ways. My proposal is about using sourcecred to track contributions that happening in discord / discourse and github for Indexed.Finance. Love what Badger did though! But since we already have traction I don’t think we need to give away tokens in that way.

1 Like