Launching DappRadar Prediction Markets with RADAR rewards

General
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#21

@vandynathan @bayar @SkirmantasJ @Alex-Mammoth @dragos @ayseguls ??? what u think of above this possible and and low risk? cuz it does sound like a good idea and i feel i made it worth while while keeping risks low? he wants a pass so i feel this is good but is it possible?
Also maybe a little more Radar to the prize? say possibly 240,000 Radar for the 3 months. Doubles up that way if 200 people play that’s 200 radar nfts sold 200 betfolio nfts sold which add to both projects. And the winners would get 100 Radar each if 200 people won… say they all guessed right. (which is highly unlikely but still) other wise at 10,000 they only win 50 radar a week >.> the winners if everyone won >.> that aient worth it nope. the xp boost is tho thats fine way it is but say double up again 100 xp per winner. but the prize at moment 100 radar is worth £0.55p per winner if they all won and the tickets gonna cost $6 so >.>

I mean yer it is alot of radar to me but $£$£$£ wise thats £1381 at current price right now. we would recover that over the months due to nft sales. i increased xp to double as well because it will run for 3 months and then go back to forums and hes been agreeable if it needs to get lowered it can do but yer makes everything a little more worth it if it does turn out a success.

and same im happy to move it foward as well yeps.

personally i expect 50 to 120 nft sales a month (which in 3 months if that is right we should get most the money back) £1080 back if its 360 nfts sold. £450 back if its 150 might be more, and this looks like a profit loss but it might possibly bring new users again and promote a bit more engagement and if more nfts get sold then it turns into a profit for us in all 3 areas.

#22

Hello! It was a long but a good read :slight_smile: It’s great to see a mind opening brainstorming here. Before having this as a proposal I think we should first clarify;

  • The amount of RADAR that can be allocated to such initiative. I think @bayar can guide us here. It makes sense to me to make a test run first by allocating a small amount. Then we can evaluate the results and decide on the next steps.

  • Structure &KPIs: It sounds good to me having exclusive features for PRO users and using the Quests as well. There are so much ideas in the discussion. This should be worked and well defined in the proposal. KPIs should also be clearly set for the first round.

  • Marketing of this collaboration: this is a betting platform. What would be our restrictions for the marketing @Andrius ?

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#23

Thanks @ayseguls! These are great points :slight_smile:
Just a small point of clarification regarding the 3rd point: While our brand is positioned as a betting/prediction platform, we actually no longer offer traditional ‘paid’ bets where users wager their own money. All predictions are ‘risk-free’ in the sense that users only need to pay a gas fee on Polygon and/or mint an NFT in order to place a $0 bet (in the future we may just call these ‘votes’) and win rewards from the prize pool.

Hopefully this helps as you consider any potential marketing restrictions.

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#24

Sounds safe to me but better to have the comment of our legal counsel Andrius. :blush:

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#25

Hey everyone, I mirror Aysegul’s comment that it’s a long read, but I prefer it this way.

Quests are an open product for anybody to create, manage and use quests as a means to create user engagement and user aquisition for their own dapps. At this moment, it’s still free to use, so you can go and create quests, buy RADAR and provide them as rewards - and afterwards check the KPIs of that i.e. what traffic the quests got you and did you get a positive business case compared to the cost. We actually encourage all developers and founders to use quests as we begin to see the impact it can have, and we analyze the data ourselves.

What I’m trying to understand is what the benefits for the DAO would be to allocate a budget for the prediction games, apart from the obvious RADAR distribution to some of the community members. Is it a free mint of the BetFolio one month access NFTs? @tj0x maybe you can summarize in one place so we can align. What I can understand so far is that we’d be sending a lot of traffic to BetFolio AND pay for it with RADAR. Not only PRO members will complete the quests.

After we have a good understanding of the benefits for our DAO community, we can discuss budgets. For that discussion, if we estimate 100 NFTs will be minted by our DAO members, that’s a benefit ot $5000, but what is the cost value, so we can refer to the baseline?

The RADAR budget has to make sense from that perspective i.e. we allocate X RADAR = Value for DAO - Value of incremental new users for BetFolio.

Or we could do a referral link on DappRadar and a revenue share @tj0x?

Happy to take this discussion forward when clarity improves.

Cheers,
B.

1 Like
#26

Thanks @bayar . Regarding the benefits to the DAO, there are 3 that I see:

  1. Increase consistent usage of DappRadar’s data platform by engaging both DappRadar and BetFolio communities through prediction games:
  • While the partnership will direct traffic to BetFolio, DappRadar-focused predictions will redirect much of that traffic back to DappRadar as users need to access dapp stats to help make informed predictions. Additionally, we’ll fund Quests to encourage more participation in these predictions.
  • Of the 400+ unique wallets that use BetFolio today, about 300 bets/votes are submitted weekly, with our recent tournament attracting 336 votes from 74 unique wallets across 6 predictions, each with a $50 token prize pool. This should give you a sense of the minimum level of engagement you can expect when allocating RADAR to prize pools.

  1. Create additional demand for RADAR tokens by requiring them for access to certain DappRadar predictions, potentially attracting new buyers from our community.

  2. Enhance the value of Pro memberships by offering Pro NFT owners access to exclusive prediction games with RADAR rewards and access to unique data/insights from these predictions.

Regarding budgets, a potentially more sustainability approach could be to include non-monetary rewards in the prize pools, such as a token (created by us) that would only be redeemable for XP on DappRadar. This allows you to better manage costs by controlling the XP conversion rate and reward prediction winners with tokens that can only be used on DappRadar.

If there’s enough demand for XP within the community then it may be possible to generate 100 PRO NFT mints using mostly tokens redeemable for XP, and some RADAR as rewards for prediction games.

Lastly, we’re open to exploring a revenue share from PRO NFTs mints in place of requiring users to also mint our BetFolio NFTs.

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DappRadar DAO Newsletter - May 2024
#27

It makes sense, @tj0x.

I would keep it simple to implement, no new tokens, no new NFTs for the time being. Let’s see the response and engagement we get without complicating the message.

But what I’m mostly focused on is that you’re already using DappRadar data to define the prediction and this is something that we’re considering worth rewarding. We encourage any web3 player to use DappRadar data as an independent, single point of contact for web3 data.

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#28

Thanks @bayar I agree simplicity is key. I think a slight modification of @madeafterdeath’s earlier proposal would be the simplest test case for this potential partnership:

  • 6 week trial
  • 2 DappRadar predictions a week
  • Prize pools per prediction: 10k RADAR (winners receive an equal share of the prize pool)
  • Participation criteria: Hold 1 valid BetFolio NFT ($3) & 1,000 RADAR (~$7)
  • Total budget: 120,000 RADAR
  • Predictions will be promoted via Quests on DappRadar (funded by us) and on DappRadar’s social channels.

Measurable benefits for DappRadar:

  • Growth in new wallet ownership of RADAR tokens
  • Increase in web traffic and retention for select pages on the DappRadar platform.
  • Increase in community engagement on social channels

If the group is onboard, I would like to publish a proposal on Snapshot to receive the 120k RADAR needed to carry out this trial. I will highlight examples of prediction’s we’ve launched so far using DappRadar’s data, as well as some examples of DappRadar community members using BetFolio to vote on predictions and earn RADAR.

Please let me know if you have any other questions/concerns and thanks everyone for all the helpful feedback you’ve shared so far!

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#29

still sounds good to me. =D

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#30

I think it seems okay to go with the forum proposal. Wdyt @vandynathan ?

@tj0x the first step is the forum proposal, not the snapshot. What we have here is the discussion that gives you a chance to understand the community opinion and shape your proposal aligned with it. Then you need to create a proposal like those here: Proposal Discussions - DappRadar Governance The format is important. It needs to be aligned with others and include YES/NO voting.

If the forum proposal passes, you can proceed with the snapshot.

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#31

Yeah, sounds good to move forward.

Some additional advice @tjj0x. Following on from what Aysegul said, on top of the link shared Proposal Discussions - DappRadar Governance, please also look at other previous Proposals to get a better understanding of the format we use. It would need to be posted in the Proposal Discussions category too.

The Forum Proposal will be live for 7 days to give community members a chance to give feedback and perhaps amend the Proposal. If there are 20 votes with an overall positive sentiment (more positive than negative votes) then we will go to the Snapshot.

The Snapshot is the final vote where RADAR holders use their tokens to decide whether to pass the vote or not. This voting process will take 72 hours.

To make it easy, proposers usually edit the Proposal in a Word or Google Document first so that the format is clear, before they officially post the Proposal into the Forum.

Very much looking forward to your Proposal!

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#32

Thanks @vandynathan and @ayseguls for the additional guidance on next steps! I’ll proceed with drafting a proposal for the proposal discussion forum as instructed.

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#33

@vandynathan @ayseguls @madeafterdeath Proposal submitted :slight_smile: :

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