End Ricochet Rewards Program and Adopt Improvement Proposal System

Introduction:

The Ricochet Rewards Program, which includes monthly rewards and task bounties, has been successful in incentivizing development and community participation. However, there is a lack of clarity on how each task fits into the overall protocol, and the rewards program may not be the most efficient use of resources. Thus, the proposal is to end the Ricochet Rewards Program and adopt an Improvement Proposal System, similar to those used by most top DeFi projects. The purpose of the Improvement Proposal System is to focus on improvement requests and effectively communicate them to token holders.

Benefits:

Ending the Ricochet Rewards Program and adopting an Improvement Proposal System would provide the following benefits:

*Improved efficiency: The Improvement Proposal System will ensure that resources are allocated towards projects that add value to the overall protocol, potentially leading to faster development and better prioritization of tasks.

• Clarity: Improvement Proposals will provide a clear understanding of the proposed improvement and the resources required to implement it. This will help token holders make informed decisions.
• Increased community engagement: Improvement Proposals provide an opportunity for community members to suggest and vote on potential improvements, which can help increase engagement and support for the project.
• Better allocation of resources: By ending the rewards program, resources can be reallocated towards the most important tasks, leading to more efficient use of resources.

Implementation:

The proposal can be implemented in the following way:

1. End the existing Ricochet Rewards program which includes monthly rewards and task bounties.
2. Any bounties created before today will still be paid out using the rewards system, as these tasks were important at one time and were assigned a bounty.
3. Implement an Improvement Proposal System, similar to grant proposals, that focuses on improvement requests.
4. Improvement Proposals will be submitted and reviewed by a designated team to ensure they align with the overall protocol goals and objectives.
5. Once approved, Improvement Proposals will be communicated to the community through various channels, including social media and newsletters.
6. Token holders will have the opportunity to vote on approved Improvement Proposals, and resources will be allocated based on the community vote.

Conclusion:

In conclusion, ending the Ricochet Rewards Program and adopting an Improvement Proposal System can lead to more efficient use of resources, increased community engagement, and better prioritization of tasks. With a clear understanding of the proposed improvements and the resources required, token holders can make informed decisions and contribute to the overall success of the Ricochet protocol.