IDLE Launch - Now the hard work begins

🗂 Proposals 💡 Ideas & Improvements
1

Building an IDLE community

With the recent launch of the idle governance token, the start of a new era of the idle protocol is about to begin.

To me, one of the most important aspects for the future of the protocol is fostering a strong community with active participation in the protocol. There are a number of suggestions I would like to make to help bootstrap the community and the forum. I’ve been closely following the indexcoop forum Link, and I think they have a good model on how to build up community engagement.

  1. Create a uniswap staking incentive program.

This will help bootstrap liquidity of $IDLE on uniswap, making it more accessible to new users. Perhaps a goal should be, be able to purchase $X on uniswap for less than 1% slippage. Where we can decide a good value for X, perhaps it can start small at $1000, and increase from there. Perhaps there could be a mechanism to reduce fees based on how much you stake, or give extra $IDLE rewards to stakers.

  1. Create community participation incentives.

Some sort of incentive program for community members to propose new ideas to improve the idle protocol, or contribute their thoughts to the protocol. The goal should be to welcome new participants in the discussion, but also to retain existing users. Perhaps there should also be some incentives for crypto influences to discuss the idle protocol, and create guides on how to use it. At the early stages of the $IDLE launch, I think this is one of the key moments for building up the community, we should be as encouraging and as open as possible to new members.

  1. Create some regular community discussion.

As $IDLE holders we should have a clear picture of the roadmap for the idle protocol in the future, and what is being worked on at the moment by the developers. There already exists a monthly newsletter, but that doesn’t necessarily allow new participants to see what’s happening in $IDLE if they are not already subscribed. Perhaps a monthly forum post updating us on progress, what has been achieved, and what is being worked on. This gives the community a chance to provide some sort of input and increases community engagement.

There are probably more things that can be done, and I’m looking forward to hearing what the rest of the community thinks, on how we can bootstrap community engagement in $IDLE.

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Hi Asaf, interesting proposals, but I think we have to be careful with the incentives so as not to inflate the token too much.
It is also necessary to understand where to find the necessary funds to be able to carry out the incentive campaigns. We probably need to create a dedicated fund, fueled by a percentage of the Governance Treasury, in order to have the funds available to pay the incentives.

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Well, I was thinking that the funds could come from the community fund. Inflation shouldn’t be an issue since we’re not printing more tokens than those that already exists. However there are other incentives that we could offer, such as fee discounts.

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Definitely need to improve liquidity, liquidity is the foundation for making any token usable. I think it would be a great way to use some of the current treasury funds in a positive way.

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Just as a reminder these are the funds already available to the community to use at it’s own discretion:

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@8bitporkchop Regarding the number 2. this is incetivized in some other protocols in this way: if you are able to create a proposal (so the full process) and that proposal passes and gets implementeded then a bounty is given to the creator, even if no code on his side was required. This may be a viable option.
For 3. seems a good idea to me.
Regarding n°1. I’m refraining to express my opinion right now because don’t want to influence others and see what’s the real opinion about this instead :slight_smile:

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Nice ideas @8bitporkchop. The second proposal might be a good starting point, to encourage idea generation.
Yearn Finance and Synthetix proposed and approved similar initiatives, here I list some references:



The majority voted in favor in the poll, but some members pointed out that this might incentivize spam from people that post many superficial ideas at the early stage just to secure some bounties.
A guy proposed to add a slashing mechanism, but this will disincentivize members to share ideas, I don’t think that this will work. There are no evidences in those forums that show a decrease of proposals’ quality, so it seems to be effective without penalties.

Both protocols implemented a $500 bounty in token, it’s a balanced amount. I see that in YFI the initial proposal consisted of redirecting part of the performance fees in a dedicated fund. As Idle has not a cash flow that is comparable to the Yearn’s one, I think that the use of a small portion of the Ecosystem Fund would be the proper solution at this time (and it can be changed in the future).

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@8bitporkchop, these are great suggestions.

Regarding (2), as @Davide reported, a valid approach would be to set up a Contributors Bounty. Love the idea and I think is a fundamental component in community-based governance. Although, I’m wondering if this might be somehow bypassed/tricked; I think it’d be worth to set up a framework for a meritocratic peer-review for sharing rewards among contributors. SourceCred might be an option, would love to hear feedback if someone here ever tried it.

About (3), I fully endorse it. As Idle’s stakeholders, our community needs to be kept in the loop about what’s being worked on, achieved, and in progress. I think we can start from a monthly post here in the forum, and then iterate to more community’ activities to increase engagement (eg quarterly performance reports, weekly post/call).

On (1), I’d love to hear the opinion of other community members.

It might be a good idea to split your points into dedicated posts to let the community better express its opinion on them.

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1- yes, an incentive would help boost liquidity. My opinion is that community could decide about a pool size value (target) and reward liquidity providers that do the heavy lifting until that value is reached.

2- +1 with William. Someone’s proposal is approved then reward them.

3- my favorite is a bi-weekly fast (30m) zoom/YouTube ama with community members. Or longer (1h) monthly.

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Continuing discussion of Uniswap liquidity incentives here: [Temperature Check] - Should Uniswap LP's be incentivised?

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