GIVbacks V2 - Scaling the way we reward public goods donors - UPDATE Oct 2024

Giveth Proposals
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The Snapshot for GIVbacks v2 trial has passed! We’re excited to try this out for the next 2-4 GIVbacks rounds (with half the pool distributed according to V1, and half according to V2).

Will report back after the trial with findings, feedback and results to continue the conversation.

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Would like to share here my understanding of GIVbacks Raffle Entries.

First, to get a GIV Raffle entry, you have to donate at least $5 to Verified Projects. It does not matter if is during a QF Round or not, you have to follow up the calendar of our GIVbacks Program..

Second, you have to have in mind that there is a correlation between Donation Size and % GIVBacks of the projects and the odds to win the raffle:

Higher size donation + Higher %GIVbacks Project = Higher odds to win.

Therefore, the Odds depend on:

  • Sizes of the donation. : Bigger donation will increase your odds.
  • GIVpower of the projects that you donated: Donations to Projects with higher % GIVbacks will increase your odds.

Advice on my Behalf

  • Remind that GIVpower is the main driver to increase % GIVbacks of the projects. It means: Projects with more GIVpower will reward better your donations. In few words, You get more GIV with your donations.

  • So, encourage your community to get $GIV on Optimism and Gnosis and stake in GIVfarm to get GIVPower. Remind that GIV stakers have the option to lock their stakes to multiply their GIVpower.

  • Invite users to go to Giveth donation Platform and can “stake” their GIVpower on a Project to increase their % GIVbacks and their visibility on Giveth. You can change your GIVpower Allocations anytime you want.

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Report 1 - GIVbacks Round 71 Raffle | September 3-17, 2024

Hey everyone! Want to provide an update on the GIVbacks V2 trial findings so far. We kicked off the program and so far have one a complete round.

Here are some resources created so far:

Raffle entries explainer

Remember that we are selecting winning donations not winning donor addresses. Each donation has an associated number of “raffle entries”:

  • The number of raffle entries a particular donation is the product of the USD value donated and the “GIVbacks %” of the project.
  • The GIVbacks % can be found on a project’s page beneath the banner picture. E.g. 79% here:
    image
    image1774×684 138 KB
  • The total number of raffle entries is only known once the round ends.

Round 71 Results

Total USD value donated from GIVbacks-eligible donations: $18,576
Total raffle entries: 10,705

GIVbacks Donor Name Project Donation Amount Currency Donation Value Project GIVbacks % Raffle Entries Odds of winning
250,000 GIV Unknown Defend Roman Storm 1.0925 ETH $2,580.65 50.00% 1290 12.05%
125,000 GIV Unknown Masq network 0.44175 ETH $1,041.40 50.36% 524 4.90%
75,000 GIV Anonymous Electronic Frontier Foundation 0.2 ETH $457.24 76.45% 350 3.27%
25,000 GIV Anonymous Defend Roman Storm 2 ETH $4,724.30 50.00% 2362 22.07%
25,000 GIV Anonymous Defend Roman Storm 0.108 ETH $255.11 50.00% 128 1.19%

Note: all the winners in this rounds were “anonymous” or “unknown” because they either chose to have their profile information hidden from the UI (there is a checkbox option for this you can choose when donating), or they did not fill out their profile with a human-readable name. All GIVbacks rewards for this 1st raffle have already been distributed to these winners.

Recirculation Check Results & Notes

  • We had to run the GIVbacks picker twice because in the 1st set of winning transactions, two were found to be ineligible from our recirculation analysis.
  • Winning donors were kept in the order that they were selected (so the donor who made the 1st tx they is more entitled to the 1st prize than the second tx, for example, as long as the donation was eligible for GIVbacks).
  • The anonymous donor who won 3rd prize actually came up in the first and second runs with 2 different donations (to Roman Storm and to EFF). We chose to celebrate the donation to EFF for more diversity of projects in this 1st round.
  • To avoid this repetition in the future, we will improve the picker to show 10 random txs, which we will review in sequence next time.

Next steps

  • We are currently part way through GIVbacks Round 72 - which will be the 2nd round we use in this raffle experiment, and which is set to end October 1.
  • The winners for the second round will be announced in our next X space on October 2. Add the Giveth Events Google Calendar to join the next space. We will have time towards the end to answer any questions about the raffle experiment so far!
  • After the 2nd experimental run through, we’ll be distributing a feedback form to collect your thoughts & ideas on the experiment so far, so stay tuned for that.
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Hello, greetings to everyone in the community, on this occasion I would like to give my opinion, I participate little but I read a lot, these giveaways were live, why was it not published on discord?

I cannot enter x to see the draws or listen to them because they cannot be seen in We encourage you to make it more transparent, thank you for your attention.

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All you need to do to enter is to donate $5 to a GIVbacks eligible project. If you win, the GIV will be distributed to your address (the one you donated with) and you can claim it from GIVbacks: Get rewarded for donating to verified projects - you don’t need to enter the X space to qualify or win.

The videos of the draw after posted on youtube after, so you can check the results there, and I also posted the winners here in this forum.

We can make an annoucement post in discord too after the X space to show the winners.

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Hello! The recording of the draw is here on X and there was also an event in Giveth discord

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This is our recording on YouTube for transparency for GIVbacks Round 71 - Raffle #1: https://www.youtube.com/watch?v=TNf1H19rSq4

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I like the idea yo increase the amount of Winners

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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

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

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

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.

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Hey folks!

I’ve gone through the (7 responses) of feedback you submitted through the forms (and added some details shared in yesterday’s Retrospective & AMA Twitter space) and can share some high level summaries:

  1. Donation Frequency & Motivation:
  • Most respondents donate on Giveth either “once a month” or “once a quarter.”
  • 3/7 respondents indicated that raffle impacted has a strong influence on their decision to donate.
  • 5/7 respondents indicated getting regular GIVbacks had a stronger impact on their decision to donate.
  1. Impact of the Raffle:
  • Some participants appreciated the raffle’s unique approach, combining incentives with community values to attract more donors.
  • Several respondents enjoyed the fairness aspect, like donation amounts affecting odds, though a few expressed frustration that larger donations seemed necessary to win.
  • Suggestions included more winners, smaller required donations to enter, and offering other rewards like swag.
  • One contributor mentioned the raffle changed the way they donated, making fewers larger donations (over $5) instead of more smaller donations (i.e. $1)
  • Giveth contributors were pleased with the decreased overhead and better management of recirculation checks.
  1. Improvements Suggested:
  • Better promotion on social media platforms like Twitter.
  • Ideas for a simpler non-raffle system with capped GIVbacks amounts and minimum thresholds tomaintain fairness across donors.
  • Collaboration with LottoPGF and Anyrand to bring the raffle selection on-chain.

Conclusions & Vote

I want to thank everyone for their participation and feedback throughout this process! I think there are some great ideas in here that we could definitely talk more about adding if we migrate to the raffle - like adding more winners who could win additional prizes like swag or NFTs - but before we finalize the details, we need to decide if we are going to adopt the raffle, or not!

The vote is now live on Snapshot!

I hope you take the time to consider the above summary data and feedback before casting your vote :pray:

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