For the last Personal Talkens, nearly three weeks ago, we tweaked the meetup economics to account for high gas prices.
The original idea behind Personal Talkens was to give people a reason to use $joon. This was done by requiring people to stake $joon on Kickback to attend.
However, a gas price boom meant it became too costly for people to buy small quantities of $joon on Uniswap, plus pay gas to stake and withdraw from Kickback.
So I tried to host meetups on the xDai sidechain, since Kickback has a version that works on that. This would mean lower gas prices.
However, the problem remains that it was costly for users to cross their mainnet Dai to xDai anyway. Additionally, there was no easy way for them to swap xDai for xJoon once they had crossed.
So the idea behind the new incentives was to encourage people to first cross some Dai to xDai. Once in possession of xDai, people would at least be able to operate on the sidechain. Projects like Honeyswap on xDai will (hopefully) eventually allow personal tokens minted by Roll to be correctly listed with the right decimal points.
The new incentives were the following:
- Users crossed their own Dai to xDai, paying the mainnet gas
- They stake their xDai on the event
- If they attend, they receive their stake back, plus a 5 xDai subsidy from the xDai team.
- Additionally, they get 1,000 $xjoon.
- Lastly, users who donate their xDai stakes to me can earn more $xJoon from a pot of 4,500 $xJoon.
So what were the results? Here’s a table:
|Total staked in xDai||$140|
|RSVP stakes distributed to each attendee…||$13|
|…With xDai subsidy||$18|
|…With 1,000 xJoon at $0.0365||$54|
|No. xJoon Yield Farmers (people who donated part of their stakes to me)||4|
|Return for each Farmer, on average||$95|