| id | Title | Status | Author | Description | Discussions to | Created |
|---|---|---|---|---|---|---|
| TIP-81 | Continuation of Overtime OP incentives program | Draft | padzank (@padzank) | Prolong the program for 4 more weeks and switch from incentivizing negative PnL to incentivizing based on sum of all sUSD losses | https://discord.gg/8bzFdpGTrp | 2022-08-29 |
This TIP proposes to further incentivize trading on Overtime by awarding pro-rata incentives based on sum of all losses per wallet for two additional 2-week rounds with 8,000 OP + 8,000 THALES per round.
Since the launch of 4-week Overtime incentives that awarded traders pro-rata based on total negative PnL per wallet, Overtime growth metrics started increasing significantly on all fields and not just pure incentive driven volume.
To keep up the momentum, this TIP proposes a new incentives program for additional 4 weeks but with few key differences from previous program:
- Total Duration: 4 weeks divided into two biweekly rounds
- Round 1: 00:00 UTC August 29 - 00:00 UTC September 12
- Round 2: 00:00 UTC September 12 - 00:00 UTC September 26
- Amount: Increased to 8,000 THALES + 8,000 OP per round (Total of 16,000 OP + 16,000 THALES)
- Distribution: Changed to pro-rata based on sum of all finalized position losses in sUSD during the ongoing 2-week round
Token incentives proved to have a significantly positive effect of bootstrapping the early growth phase of Overtime Markets and were a major tool of bringing in a lot of new users to discover and try out Overtime. Initial incentives design of incentivizing based on total wallet PnL gave a bit too much leeway for pariticapnts aiming to risklessly accrue the token rewards. With this new design of incentivizing pro-rata based on sum of all losses per wallet, it will be much less economically viable to deploy a riskless strategy while additionally including much more regular user wallets to be eligible for rewards. Reasoning behind increasing the rewards to 8,000 OP and 8,000 THALES from 5,000 respectively, is so to keep up the growth momentum and be that much more inviting. After 4 weeks of this design of incentives, the results are to be evaluated in regards to continuing with the program further.
This TIP entails the Thales Treasury DAO to distribute 8,000 OP + 8,000 THALES every 2 weeks for the total duration of 4 weeks pro-rata towards wallets that have accrued losses on Overtime Markets (that have realized sUSD losses on resolved positions/games) during the ongoing 2-week round.
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