Community Coin Contest Rule Change Proposal

Proposal
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1

The Folks Team and partner DEXs have gathered feedback from Round 1 of the Community Contest and constructed a proposal to adjust the rules outlined in the initial contest announcement, which can be found at the link below.

https://folksfinance.medium.com/community-coin-contest-100-000-algo-in-rewards-c3b5426ca3bd

Identified Areas for Improvement:

  • Large projects taking most of winning spots and rewards
  • Smaller projects feel they need a better chance to win

Goals:

  • Keep the incentive to grow max TVL
  • Protect the right of larger projects to earn the most rewards

Proposed Rule Changes:

  1. Projects can only win on one DEX, as opposed to across multiple DEXs.

  2. Adjust the split of prizes for 1st, 2nd, 3rd place:

From:

  • 50%, 35%, 15%

To:

  • 65%, 25%, 10%

These changes are simple enough to be easily understood by all and The results of them will:

  • Free up 5 winning positions, greatly diversifying the range of winning projects.
  • Still reward the largest prizes to the biggest projects

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Please leave your thoughts on the proposal below.

3 Likes
2

I like the sentiment of wanting to include more projects in the rewards. But, it is unfair to change the rules in the middle of a game. People locked themselves in galgo for a quarter thinking they knew the rules. They would have to take a hit on DEXs to swap out at this point. This new proposal should be for next quarter. Additionally, I think you have to consider what your aim is. Is this a community coin contest or an ASA contest? If it is a CCC then I don’t think a project like Algorand Casino should be included.

6 Likes
3

I like the changes. My suggestion is to implement them at the beginning of next governance when galgo is open for governance. I’d let this ride and call it a huge success for the first time competition.

3 Likes
4

It’s a nice proposal, but It just be done for the next governance…

3 Likes
5

+1 for not changing the rules mid-period.

I don’t mind the proposed changes: diversifying the opportunities to more projects is good.

The “community coin” aspect does need to be disambiguated - including a private company’s token ($CHIP) is strange and seems to be contrary to most people’s definition of a community coin. Their funding status (bootstrapped or invested) doesn’t factor in much for me.

3 Likes