Final Results & Observations
Hey everyone! We have completed our 2nd round, and 3rd/final round of the GIVbacks V2 Experiment, and we’re ready to share findings, collect feedback and move this forward through GIVernance!
This post is a summary of the progress made, the winners, and observations on the results.
GIVbacks Round 71 (September 3-17, 2024) Raffle
- GIVbacks V2 - Round 71 winners announcement X space - 76 tuned in
- Round 71 Raffle Picks Video
- Total USD value donated from GIVbacks-eligible donations: $18,576
- Total raffle entries: 10,705
All GIVbacks won from this raffle have already been added to these winners’ GIVstreams (and can be claimed by the winners on the GIVbacks page.
GIVbacks Round 72 (September 17-Oct 1, 2024) Raffle Results
- Round 72 Summary of winners tweet
- Round 72 Winners X space - 137 tuned in
- Round 72 Raffle Picks Video
- Total USD value donated from GIVbacks-eligible donations: $9,928
- Total raffle entries: 6,926
| GIVbacks | Donor | Project | Donation Amount | Currency | Donation USD Value | Project GIVbacks % | Raffle Entires | Odds of Winning |
|---|---|---|---|---|---|---|---|---|
| 250000 | Kauri Hero | Defend Roman Storm | 486 | MATIC | $198.47 | 79.51% | 158 | 2.28% |
| 125000 | No Name | The 5am Society | 0.009291 | ETH | $24.58 | 50.00% | 12 | 0.18% |
| 75000 | Philip Wilson | Whispers Magical Childrens Hospital & Maternity | 10812.404 | GIV | $63.68 | 73.28% | 47 | 0.67% |
| 25000 | Dav vv | Giveth House | 0.053675 | ETH | $141.99 | 78.85% | 112 | 1.62% |
| 25000 | plasmacorral.eth | Token Engineering Commons | 0.00475 | ETH | $12.57 | 72.62% | 9 | 0.13% |
All GIVbacks won from this raffle have already been added to these winners’ GIVstreams (and can be claimed by the winners on the GIVbacks page.
GIVbacks round 73 (October 1-15, 2024) Raffle Results
- Round 73 Summary of winners tweet
- Round 73 Winners X Space - 59 tuned in
- Round 73 Raffle Picks Video
- Total USD value donated from GIVbacks-eligible donations: $319,763
- Total raffle entries: 254,689
| GIVbacks | Donor | Project | Donation Amount | Currency | Donation USD Value | Project GIVbacks % | Raffle Entires | Odds of Winning |
|---|---|---|---|---|---|---|---|---|
| 250,000 | No Name | PCRF | 48 | ETH | $119,222.40 | 79.67% | 94987 | 37.30% |
| 125,000 | xali.eth | PCRF | 1005 | USDC | $1,004.88 | 79.67% | 801 | 0.31% |
| 75,000 | No Name | Emprende DAO | 89 | USDT | $89.00 | 68.20% | 61 | 0.02% |
| 25,000 | nicholashu.eth | Giveth | 0.0316 | ETH | $76.71 | 79.84% | 61 | 0.02% |
| 25,000 | @cquinterom096 | Giveth House | 50 | USDT | $50.00 | 79.02% | 40 | 0.02% |
GIVbacks won from this raffle are queued and will be added to these winners’ GIVstreams within a few days. They will be able to be claimed by the winners on the GIVbacks page.
Data Reports
1. Social Media Stats
The performance of social media content & X Space interactions can be found here
h/t @aubree for preparing this doc
2. High level Rounds Comparison
| Round 71 | Round 72 | Round 73 | |
|---|---|---|---|
| Dates | 9/3/24-9/17/24 | 9/17/24-10/1/24 | 10/1/24-10/15/24 |
| USD Donated in the Round | $18,576 | $9,928 | $319,763 |
| Total Raffle Entries | 10,705 | 6,926 | 254,689 |
| X Space Attendees | 76 | 137 | 59 |
3. V1 vs. V2
| GIVbacks V1 Only | GIVbacks V2 Only | All Time | |
|---|---|---|---|
| Median Total Round USD Value Donated | $28,831 | $18,576 | $14,942 |
| Average Total Round USD Value Donated | $14,830 | $116,089 | $32,416 |
| Average Single Donation USD value | $55 | $70 | - |
| Median Single Donation USD value | $1.40 | $0.13 | - |
*GIVbacks V1 only considers Rounds 1-70, and GIVbacks V2 considers Rounds 71-73
h/t @mohammad for helping me grab this data!
4. All GIVbacks V2 Winners
| Winner from Round | Donor | Donation USD Value | USD from V2 winnings | V2 % back | GIV from V2 | V1 % back | GIV from V1 |
|---|---|---|---|---|---|---|---|
| 71 | Unknown | $2,580.65 | $1450 | 56% | 250,000 | 14% | 63,032 |
| 71 | Unknown | $1,041.40 | $725 | 70% | 125,000 | 14% | 25,590 |
| 71 | Anonymous | $457.24 | $435 | 95% | 75,000 | 17% | 13,405 |
| 71 | Anonymous | $4,724.30 | $145 | 3.07% | 25,000 | 14% | 112,049 |
| 71 | Anonymous | $255.11 | $145 | 57% | 25,000 | 14% | 6,051 |
| 72 | Kauri Hero | $198.47 | $1,450 | 731% | 250,000 | 32% | 10,901 |
| 72 | No Name | $24.58 | $725 | 2950% | 125,000 | 21% | 903 |
| 72 | Philip Wilson | $63.68 | $435 | 683% | 75,000 | 30% | 3,344 |
| 72 | Dav vv | $141.99 | $145 | 102% | 25,000 | 33% | 7,994 |
| 72 | plasmacorral.eth | $12.57 | $145 | 1154% | 25,000 | 29% | 630 |
| 73 | No Name | $119,222.40 | $1,450 | 1.22% | 250,000 | 0.91% | 186,461 |
| 73 | xali.eth | $1,004.88 | $725 | 72% | 125,000 | 0.91% | 1,572 |
| 73 | No Name | $89.00 | $435 | 489% | 75,000 | 0.78% | 119 |
| 73 | nicholashu.eth | $76.71 | $145 | 189% | 25,000 | 0.91% | 120 |
| 73 | Carlos Q | $50.00 | $145 | 290% | 25,000 | 0.90% | 78 |
h/t @WhyldWanderer for helping me put together this data!
5. QF Round Donation Size Comparison
| GIV-a-Palooza | GIV-Earth | Galactic Giving | |
|---|---|---|---|
| Total No. donations | 2393 | 3249 | 4859 |
| No. of Donations over $4 | 783 | 1276 | 1107 |
| % over $4 | 32.7% | 39.3% | 22.8% |
| No. of Donations b/w $0.90 and $4 | 471 | 1118 | 1998 |
| % b/w $0.90 and $4 | 19.7% | 34.4% | 41.1% |
Note: GIV-a-Palooza happened during this V2 experiment. The other 2 QF rounds were prior to there being an incentive to donate over $5.
Observations
Donors getting more than they give
- 8/15 Winners through the experiment received more back in GIV than they donated.
- Every winner in Round 72 got back more GIV than the USD they donated.
- The “luckiest” donor gave $24.58 and received back 2950% of that in GIV.
- The largest donor gave $119,222, getting back 1.22% from GIVbacks V2 vs. the approx. 1.8% they would have received for that donation if we had distributed the entire pool proportionally (as with GIVbacks V1).
More money going to projects
- GIVbacks Round 73 (the last round of the experiment) had the largest USD value donated in any GIVbacks round.
- The average donated for a round in the raffle experiment was $116,089 vs. an average of $32,415 throughout all GIVbacks rounds.
- The average donated in a GIVbacks V2 Round 71-73 round was $70 vs. $55 donated in rounds 1-70 with GIVbacks V1.
More GIV going to more people - benefitting smaller donors among whales!
- As mentioned previously, when a large donation happens in a GIVbacks round using our proportional GIVbacks V2 method, that donor ends up getting the vast majority of the GIV allocated for that round, and all other donors get very little back.
- You can see this effect in Round 73, when one donor donated 128 ETH to PCRF.
- Refer to data table 4 (all GIVbacks V2 winners), you can see that the large donor did indeed win the 1st prize of the lottery (winning 250k GIV for their 48 ETH donation), but another 250k GIV was distributed to other donors, rewarding them with great %s back and large amounts of GIV.
- If you compare that to the [results from GIVbacks Round 73 proportional GIVbacks, you can see that of the 500k GIV allocated for everyone, that donor took 497k, leaving small amounts for everyone else.
More people increasing donations size from $1 to $5 = more funding to projects
- Refer to table 5. QF Round Donation size comparison, you can see that in GIV-a-Palooza (the only QF round we ran during the V2 experiment) saw only about 19% of donations between $0.90 and $4, vs the prior 2 QF rounds where 34% and 41% of donations were $0.90 and $4.
- There is a general trend of most real donors bumping up their donation size a little in the presence of V2, leading to more funding going to projects
X Spaces Building Donor Community
- From our three announcement X spaces, the winners who were able to attend (and who were not anonymous) were really excited about the experiment.
- They mentioned intentions to bring their GIV winnings back into the ecosystem (i.e. donate it to projects, leading to more funds for projects).
Internal team operations work decrease
- Execution of GIVbacks V2 has gotten quicker with each round, cutting down the time significantly compared to V1 execution (estimated approx. 4x less time per round on recirc checks alone for the core team).
Conclusions
The V2 Raffle experiment was a big success. We saw a more engaged donor community, a big increase in donations to GIVbacks eligible projects, better distributions of GIV tokens to a more diverse set of donors (especially when large donations are present), and a nice decrease in operations overhead.
This experiment has proved to be a very promising alternative that solves our problems of scalability, deprecated tech, costly maintenance, and seems to have already broadened our donor community while increasing funding for public goods.
Next Steps
With the successful completion of 3 rounds of this experiment, we are ready to collect informed feedback and start the governance process!
Next week on October 30, we will be hosting an X space to discuss observations and have an AMA with the community.
We also have this GIVbacks V2 Feedback Form where you can share your thoughts. I will summarize general feedback collected via this form (anonymously) and will provide an update here, and after some advice process, this will move to Snapshot for a vote.