BeetsDAO Lottery

Summary

After getting feedback from printholders, we hear they are looking for something that can provide consistent value. Internally, we want to make sure we can keep printholders engaged as part of our community. By offering a series of lotteries, we can gamify the royalty distribution process, and make it a regular event people can look forward to. Lottery tickets can be traded and will have a real monetary value. Each of the lotteries listed below serve a different objective. We will initially run this for an 8 week period, and then re-evaluate.

Lottery 1: Weeky Minters

• once per week
• tickets distributed to those who have minted in the previous week
• one ticket per mint (if one address mints 2, they get 2 tickets)
• 5% of all royalties
• 2 winners

Lottery 2: HODL’ers

• once every 2 weeks
• tickets distributed according to these rules:
  • 1 lottery ticket to those who hold for 0-4 weeks (including those who bought at initial mint)
  • 2 tickets for 8 weeks
  • 3 tickets for 12 weeks
  • 4 tickets for 16 weeks 8% of all royalties in past 2 weeks (plus initial catch up lottery) 50% of all tickets are winners

Lottery 3: Jackpot

• seed 3 ETH
• once every 8 weeks
• all addresses are entered equally
• 3% of all royalties
• one winner
• this will be a surprise announcement, and can only be triggered if there have been at least 15 prints minted after 4 weeks

Lottery 4: Full Beets Collection (02,04,17,20)

• only addresses holding all 4 LPs
• once every 4 weeks
• 4% of all royalties
• one winner

How

Using pooltogether.com we can set up the lottery pools: https://builder.pooltogether.com/

• Lottery runs on Polygon, so we can use the same Ethereum wallet addresses.
• BeetsDAO creates a ticket ERC20 token for each lottery which needs functionality to recall the token after the lottery (else the winner wins all of the lottery tickets/tokens in the pot)
• We can play around with how we announce the lotteries, like announce a new one each day or every couple days.
• In order to join the lottery, printholders must stake their lottery tickets. Pooltogether requires this, and also it gives better odds because inactive printholders are out of the running.
• We can create some automation around setting up the lotteries with some code/scripting.
• Cost to create the token needs to be verified, but expect it to be around 150 USD (low confidence estimate, but likely not higher than this) on Polygon

ROI

As this will probably be one of the first printholder incentives we offer, the best way to measure ROI is the number of added mints we see when we start running the lotteries.

Funding

Upfront costs go into seeding the jackpot lottery, as well as paying out the outstanding balance of royalties for the initial HODL’er lottery. After that it is all just a percentage of our revenues.

https://docs.google.com/document/d/1YRk0xT_EVKXeXkFaAKlnELH-ecHivEquwOqa9Si5P4I