Create an incentive program that gifts small pieces of fractionalized doodles to contributors that have helped Champions push their proposals forward.
What: A community focused tip jar using Coordinape with fractionalized doodles to be used as rewards and incentives for active, contributing community teams.
- Coordinape, although not necessary, presents users with a system to form community circles, post individual epochs (topics), record participation, and reward contributors.
- Allow individual Champions to reward those who have helped them along the way.
- Community Tip Jar to reward involved community members, creators, helpers, etc.
- Fractionalized doodles allow for some extra distribution of ownership and cheap exposure to Doodles.
- NFTx fractionalization for easy tipping of general DOODLE tokens rather than specific fractionalized doodles.
- Allows rewarded tokens to be multi-use and more liquid.
- Can be integrated with discord bot for community members to tip others with their own obtained DOODLE tokens.
- Use Doodlebank to buy X amount of doodles under a set Y price then fractionalize.
- Set up Coordinape and begin onboarding proposal leaders and members.
- Allow proposal leaders to choose who to reward.
- Use Doodlebank to buy DOODLE token on nftx.io, or doodles to throw into nftx vault.
- Set up Coordinape + Collab.land’s tipping bot.
- Allow proposal leaders an allotment of DOODLE token to reward their contributors.
3a. Allow community members to buy tokens from nftx.io to gift each other or to purchase the needed amount to trade for a full doodle.
Why: Incentivizes more hands-on involvement in the Doodlebank and reward the community.
When: Can be shipped quickly after critical decisions and details are decided.
Budget: Stacks or Racks, can start small to test or start with a bunch.
- Need to determine which method of fractionalization would work best.
- Need to determine what budget to start off with.
- Might need to determine how to properly allocate community tip jar.
Prior relevant discussion: NFTx proposal (was focused on providing instant liquidity).
Ooo I really like this idea! I’m a big believer of fractionalization and find this to be a really unique application that would benefit our community. Would there be a possibility of awarding non-Doodle members who make similar contributions like Zimaty or Sushi? Besides, who wouldn’t want some Doodle Dust?
Yup, one of the side-goals would be to allow the community to use it as a tip-jar for situations exactly like this!
I really like this idea, I think anything that promotes engagement is good for the community!
Very into this. I had proposed earlier the idea of incentivizing voting through POAPs that could be used to obtain some sort of reward. By incentivizing work on proposals we’d come closer to fixing the central engagement issue and the voting would follow. Well done @Mushy !
Into the idea. Would want it to either be liquid tokens tied to specific fractional doodles or illiquid social tokens which could be redeemed. Would worry about a liquid social token that was multi use. Could see an entire ecosystem forming around the token and we’d want to make sure to fully understand the ramifications of doing so.
POAPs as voting incentive is still something I want to incorporate, even if stealthily done so for the future…
Agreed, while I prefer the multi-use token to not restrict anyone’s earnings, hoping someone with knowledge over NFTx can chime in on ramifications/costs/important details before we move forward.
I can imagine the preliminary proposal to be a multi-vote between different forms of fractionalization.
I think it’s an amazing and innovative concept and keen to see it come together.
I like this, very unique idea that we haven’t seen from other projects (that I’m aware of). We of course want Doodles to be an aspirational brand/project, while at the same time allowing those who are passionate about it to join in.
I really like this idea - finding ways that we can incentivize positive community contributing. The token idea is a good one so long as it’s liquid.
That said, there is theory around intrinsic vs. extrinsic rewards (i.e. money can sometimes sour people’s value of a reward). I love the POAP idea or wonder if there are other ways that we can use it to reinforce people’s contributions to the community. A few ideas that I’ve seen from other communities:
- award additional discord badges for participation (fwb gives badges for each “season” they participate in as well as working groups for those that participate in DAO activity)
- POAP drops for contribution or participation. Collection of X amount of POAPs grant temporary access to locked channels
I would be interested in the doodlebank paying for the creation of POAPs that were rewarded for community activities like discussion, proposal submission, voting, and overall contributing to the community.
Maybe this is too far of a riff away from the original idea bur either way love the direction!
If possible we want to avoid moving from social norms to market norms. We don’t want people asking is this financial incentive worth my time.
A helpful framework here for effective extrinsic rewards is SNAP - Status, Networking, Access, Perks
Status - Social Status (awarding roles, badges, POAPs, public acknowledgment)
Networking - creating experiences to help connect members with the right people who will be interesting and useful (e.g. host a special dinner for those who contribute to proposals and bring in other high bar people in the space)
Access - make those that invest the time feel heard and appreciated. Invite them to special events, channels, etc
Perks - free tickets, stickers, merch, discounts, SWAG.
That being said financial incentives have their place if used sparingly.
Spot on. I tried to expand on these points after you.
Haven’t seen this framework before but really like it!
I like the idea of incentives to help increase doodlebank engagement, as a way to further develop the community. This sounds like an interesting way to go about it. The POAP idea that was mentioned in comments would also be good. Might help motivate people to hop in more often to check out what’s going on. Could also mention it on twitter that a POAP is available for checking in and commenting or interacting with a proposal.
On it. I’ve pinged Gaus from NFTx to share his opinions using NFTx. Pros, Cons and to-dos to ensure it works they way we want it to.
Hey @ayhth, Caps from NFTX here (product lead) just stepping in here for Gaus.
It’s an awesome idea, and the first time we’ve seen a community want to use NFTX for tipping.
Depending on the size of the tip, the main drawback I see is gas, although I’m not sure how Coordinape handles tipping and perhaps there’s efficiencies there I’m not aware of.
That said, you could bridge the DOODLE token to an L2 and provide liquidity there. This would allow for very low gas tipping.
To redeem a Doodle from the vault they’d have to go back to L1, but given the value of the item the gas would not be prohibitive to do this. All in all a very cool use case for a community token imo.
I’m also cross posting some other benefits that I mentioned in a previous thread by poopie:
Other benefits of an NFTX vault:
- Instant liquidity for buyers, sellers and swappers.
- 100% of trading fees go to liquidity providers, and with this proposal it would be the project itself that LPs (and takes rewards). Community members can then also join and share in those rewards.
- Price discovery, buy back mechanisms, a CoinGecko page (if you like) and all the other perks of having an ERC20 represent the floor value of your collection.
- Liquid projects can become composable with DeFi. We think that combining NFTs and DeFi leads to incredible new products that benefit all stakeholders. PUNK, for example, was recently added to the Rari Fuse Pool which allows people to earn interest or borrow against CryptoPunks.
- In the next couple of months we will enable “single-sided staking” which will allow users to stake their DOODLE without any need to pair with ETH for liquidity and earn 20% of the rewards.
- The Doods will get their own Dune Analytics dashboard for the vault with historical prices/volumes/fees etc.
Hope that helps!
@Caps thank you for the response! Good points on the gas.
- Based on the current Doodle vault in NFTx, what’s your advice on bringing it to ‘sufficient’ liquidity and to execute this purpose?
Example: Deposit X Doodles to mint Doodle tokens or Deposit X Doodles and Y ETH.
- How many Doodles or how much ETH should be ‘maintained’ in the vault to ensure Doodle claim or Sushiswap fractional conversions are able to transact with lower price impact?
P.s. Been waiting for single side staking…can the DEVs do something?
What’s great about dust is you really don’t need much liquidity.
Doodlebank could “mint and stake” (0% mint fee) any number of Doodles and then withdraw some (e.g. 50%) to use for dust payments.
Number of Doodles to add really depends on scale of the tipping.
Single sided staking is close. Code review finishing this week and front end is ready, just need contracts deployed which should happen in the next 7 days.
I think this could be a great way to give back to those who are active and helping the community.