Lottery for rETH holders
General Information
What is the nature of the proposed bounty?
The proposal seeks to establish monthly (every reward checkpoint, to be precise) lottery among rETH holders, allowing to win ETH prize.
pDAO sponsors and executes it. Implementation does not require any SC or reward tree spec work and raffle process is transparent.
Why are you writing this bounty proposal?
Currenty, RP experiences shortage in rETH minters. If rETH comes with a chance to win a solid money prize this would incentivize people to mint and hold rETH.
Benefit
| Group | Benefits |
|---|---|
| Potential rETH holders | Increases appeal of minting and holding rETH |
| rETH holders | With the possibility of winning ETH prizes perceived appeal of holding rETH increases |
| Potential NOs | With (expected) increased rETH minting minipool queue will move faster or totally disappears |
| NOs | With (expected) increased rETH minting minipool queue will move faster or totally disappears allowing to deploy more minipools |
| Community | Adds one more entertaining regular activity |
| RPL holders | With (expected) increased rETH minting RPL holders might expect higher RPL ratio due to TVL growth |
Which other non-RPL protocols, DAOs, projects, or individuals would stand to benefit from the bounty being successfully completed?
None
Work
What steps would be entailed in completing the bounty? Do successful examples of such work exist elsewhere? What skillsets or knowledge will be required?
Bounty completion requires writing a piece of software which aids a raffle process, i.e., generating lottery tickets, finding the winning ticket, finding the winner. The skills required for this kind of work are comparable to those required in writing reward tree spec implementation.
Additionally pDAO needs to establish special roles responsible for executing and supporting a regular process of the raffle. No special skill set is required in these roles.
Futher details (for bounty definition)
- A prize must be big enough to lure big fish even under the thread of rETH depeg;
- Every holder with rETH above some threshold is automatically taking part in a lottery;
- Individual chance to win is proportional to an amount of rETH holding;
- pDAO generates lottery tickets just before the checkpoint and determines the winning ticket using the new reward tree merkle root;
- It is possible to distribute a prize automatically but due to the nature of lottery it is similar to airdrop and we know that airdrops are prohibited in certain states. So to solve this legal obstacle it is possible to create Safe contracts for distributing prizes.
- This Safe contracts shall have a winning account as one of owners, allowing it to take a prize;
- If the winner does not take a prize in a designated time window, the winner account shall be removed from Safe owners and prize money to be used as a prize for the next lottery;
Below is the high level spec for the software:
What advice would you give a bounty hunter working on this bounty?
Read the spec.
Should the output of this bounty be available under an open source license?
It may.
Costs
How much do you think the completion of this bounty worth to Rocket Pool (in USD)?
Estimated software development cost is 200-1000 USD per implementation.
How much work will be needed to verify this bounty has been completed? What skillsets or knowledge will be required?
To verify the correctness of software it’s possible to produce an independent implementation.
Structure
How would you structure this bounty, and why?
- A single payout to single implementer on completion.
- If there are more than 1 implementation, than completion means verified correctness of software.
Is this bounty repeatable?
No.
Are there any reasonable circumstances under which this bounty should be withdrawn? Should it expire?
If there is a stable inflow of rETH mints sufficient for liquidating a minipool queue, than the bounty shall be deemed expired.
Conflicts of Interest
Does the person or persons proposing the bounty have any conflicts of interest to disclose? (Please disclose here if you are a member of the GMC or if any member of the GMC would benefit directly financially from the successful completion of the bounty).
I am willing to be an implementer of software for this bounty.
Will the applicant, or any protocol or project in which the applicant has a vested interest (other than Rocket Pool), benefit financially if the bounty is successfully completed?
No.