Overview
$Bright ETH mainnet rewards have come to an end, and we have the opportunity to renew them with approximately the same level of funding.
Rationale
The last two reward periods were funded with pre-allocated supplies of $Bright from the initial mint. Each reward period lasted 2 months and rewarded 350,000 $Bright for an average APR of about 200%.
This continuation will require a vote of BrightDAO.
We’ve discovered that with uniswap v3 rewards, each user holding farming NFTs must transfer them to the new rewards pool. This requires interacting with the farms page and costs gas. Because of this hassle for farmers when there’s a new reward period, @UBIpromoter @Serge @Triplespeeder @GriffGreen @bitsikka and I propose having a longer reward period this time.
Description
To continue rewards at the same rate, we will create a series of funding proposals of 175,000 Bright each. Once all the proposals pass, we will create the new farming rewards pool. We should pass a minimum of four such proposals–to ensure at least a 4 month rewards period. We will number the proposals to make it clear they’re related.
Expected duration or delivery date
One funded, we expect the multisig to fund the rewards pool within 2 days and the farms page to be updated within one week.
Team Information
Names, usernames, and/or relevant social links for team members (Twitter, Github, BrightDAO Forum, etc.)
List of signing members of the multisig that will be receiving the funds from this proposal:
@castall @monomesa @bitsikka @Serge @Paslar @UBIpromoter @Triplespeeder @yazdaaniam @CurlyBracketEffect
Skills and previous experience in related or similar work
What are some of your skills or related experience that might help inform BRIGHT holders about your ability to execute on your proposal
The people that will be responsible for carrying out this proposal are the same people that have funded the incentive contract before. They were also the same people that took care of funding and managing the Fairdrop campaign.
Funding Information
Ethereum address where funds shall be transferred
0x81360A0a15710A64d0b921122660e287BeB7743F
More detailed description of how funds will be handled and used
The requested funds will be sent to a 5 of 9 multisig that is controlled by some of the founding team and long-term contributors to the project. Once received, a transaction will be submitted to send the tokens into the incentive contract.