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Bumper Prize and New Fee Split

Voting ended over 1 year agoSucceeded

This proposal is to get approval from DAO to start development work on improving the core protocol in the following two areas so it gives us more flexibility in how we manage the fees earned and also make the lottery attractive with an additional bumper prize with lower odds which rolls over until it is hit.

1> Bumper Prize: Currently we only have one prize per week and it restarts each week. Introducing bumper prize with customizable odds where if prize is not hit that week it gets rolled over to the following week until it is hit. Bumper prize can be seeded by Treasury if needed. A portion of fees every week go to bumper prize.

2> New Fee Splits: Current fee split we have is 80% of ETH and 20% of INT going to lottery winner and 20% of ETH going to treasury and 80% of INT getting burned. Proposal is to improve this logic with additional split options so we can support the bumper prize and also give flexibility for DAO on how to use the ETH and INT. parameters would be WETH -> Treasury, Bumper, Winner INT -> Winner, Treasury, burn

Some of the long standing community members have come forward to support building, reviewing and deploying these changes internally instead of going for external hired contractors for development and auditing to save costs for DAO.

The current estimated budget for this effort is only 2 ETH.

This vote is to get initial approval from DAO regarding the solution and budget so we can start the development work, there will be a separate vote on tally for actual deployment and funds transfer. There will be also separate vote around how to market the bumper prize and seeding strategy etc once we go-live.

Off-Chain Vote

Yes
23.67M VP100%
No
0 VP0%
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Timeline

Oct 02, 2024Proposal created
Oct 02, 2024Proposal vote started
Oct 07, 2024Proposal vote ended
Oct 07, 2024Proposal updated