NICE Token - Rewarding those who donate to Giveth

The Giveth Platform
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As per - Giveth Austerity Measures

We got a clear signal to begin exploring the NICE token as a token that would reward those who donated DAI, xDAI or other whiteliested tokens with $NICE.

The purpose of this post is to begin collecting ideas and create an initial plan to launch this token. I’ll begin with some reiterations and some of my own ideas to get the ball rolling.

Minting

Users who donate to Giveth via Giveth.io in Stables (DAI, xDAI) on mainnet or Gnosis Chain will have their donations recorded and filtered by an API. Every 2 weeks we will collect this info and mint NICE manually using the nrGIV DAO, similar to how the Commons Stack mints $TRUST, this can be done with about 4 lines of code thanks to @sem and EVMcrispr.

NICE will be a transferable token and matched 1:1 per $1 worth of stable donated.

Utility

Many, MANY options. We can pick a few solid ones and add more in over time as features.

  1. Buy Giveth Swag with NICE on Gnosis Chain
  2. Create a NICE Farm, rewarding NICE stakers with GIV when GIV Market Cap reaches $8 Million
  3. Create a “NICE Lounge” in Discord using Collab.land, access for token holders of +500 NICE
  4. Purchase Giveth PFPs with NICE
  5. Mint POAPs for different tiers of NICE holders

Marketing

Not my area of expertise but a few ideas to chomp on:

  1. Create Top cumulative leaderboard of biggest donors to Giveth
  2. Bi-weekly promotion of top donors
  3. ??? Santa/Griff = NICE list, are you naughty or NICE?

Purposes of Funding

Defining this part shouldn’t be a blocker for launch, let’s see how successful the first months are and we can make the smartest decision based on funding received.

  1. Save for emergency funding
  2. Create GIV/DAI liquidity
  3. Buyback GIV from OTC desk
  4. Lend it on open market for APY%

WDYT?

Please I want feedback and ideas here! I’ll leave this up for feedback and especially technical validation. This is super exciting that a great amount of you supported my idea and I’m stoked to see what we can cook up for Giveth with the NICE token!

6 Likes
2

Great! Wheels are turning…

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I took some time to think more concretely about all the options I laid out last week for the NICE token and I would like to propose an initial spec to get the ball rolling.

Minting

We add a new token and token-manager to the nrGIV DAO, allowing nrGIV holders to approve bi-weekly distributions of NICE. NICE is matched 1:1 per $1 of DAI or xDAI (more stables could be whitelisted later) and is minted for Nicers on Gnosis Chain. NICE is minted using the Transactions App, via the token manager.

Utility

We can always add more utility features later but here’s a couple feasible ideas to start with:

  • Buy Giveth Swag with NICE on Gnosis Chain
    • Swag Store needs to be redployed on Gnosis Chain
    • NICE token is only accepted token to buy swag (apart from gLOVE on rinkeby)
    • Each item costs 80 NICE, shipping is 50 NICE
  • Mint POAPS for Eligible Giveth Donors after each round
    • You need to have donated at least 50 DAI/xDAI across the bi-weekly round to receive the first POAP
    • Subsequent rounds will take the average value of eligible donations from the previous round +20 DAI/xDAI as the threshold to receive the POAP
  • NICE Farm when the GIV market cap goes over $6.5 Million ($GIV price at $0.20 at current Circulating Supply)

Marketing

Again, not my area of expertise but here’s some basic ideas to promote NICE:

  • Twitter promotion of top bi-weekly eligible donors (using profile name on Giveth or address(incentive to have a complete giveth profile!))
    • Announce at the same time new donation threshold to receive POAP
  • Banner on Giveth homepage promoting NICE token
  • Modal on Giveth project showing top 10 NICE holders (using profile info)

Purposes of Funding

I would like to propose a 50/50 split of donations received, going to these two initiatives:

  • Create GIV/DAI (or xDAI) liquidity
  • Buyback GIV from OTC Desk

We’ll calculate the donation values on both chains monthly or bi-monthly, depending on volume, and make the appropriate allocations.

It will be important to have a clear end result that could increase the GIV market cap, thus getting NICE holders closer to the market cap goal to initiate the NICE farming program.

WDYT?

  • Looks good!
  • No, I have comments or concerns
  • Abstain!

0 voters

4 Likes
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Not sure if it helps to anything but I hold the verynice.eth domain and it’s available for us, maybe some marketing strategy dunno :smiley:

5 Likes
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hey @mitch! Awesome proposal, sorry it took me so long to dive into it.

Things I think are great:

  • set up for biweekly distributions from nrGIV
  • 1:1 ratio for donations in DAI or xDAI, option to whitelist later
  • POAPs
  • promotion banner on Givethio
  • leaderboard modal on the giveth project

Things I want to discuss some more…

Swag Shop

Right now, purchase from the swag shop come out of Griff’s card… and he gets reimbursed in GIV from nrGIV - I don’t think touches the OTC desk (can you confirm @Griff or @freshelle ?). It’s not sustainable for us to depend so heavily on Griff as our USD sugar daddy.

As I proposed in the Austerity forum proposal, I think allowing people to buy swag with a credit card might be better for cutting the middle man. The way this proposal is setup… it’s like… we mint NICE for DAI donations to Giveth and then send people swag and printful charges USD Griff and then we reimburse him in GIV? It’s still messy and still means that somehow we are creating some system to sustain Giveth at Griff’s expense.

I’m not even sure we could deploy the shop so you can use Rinkeby to pay gLove & Gnosis to pay w/ NICE. We should probably discuss w/ Kristofer.

I think perhaps it would just be easier to keep NICE out of the swag shop and convert the swag shop to accept credit card payments, and then use that to cover the expenses on Griff’s card for swag bought via gLove, but open to further conversation.

NICE farm

Keep in mind that are market cap is also likely rise (provided the token doesn’t dump much) just with time because of the GIVstream, so it may be sooner than you think.

I’d like to do some analysis on how much GIV we want to provide for these staking incentives & if the extra sell pressure on GIV is really justified by the amount of stablecoin donations we get.

Twitter promo

What are you imagining? Something like this?

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I don’t really know if donors would really want this. I will ask Stee - our twitter specialist - for any ideas/input on this part.

Use of Funds

I love this idea, but I wonder if we should keep the end use of funds somewhat more open to be more flexible and use them where appropriate as-needed.

One more thing

Do you think that people would dump GIV for xDAI to get NICE? We have to consider this when choosing the params for setup, because that wouldn’t be so nice. that it actually negatively impacts the GIVeconomy…

2 Likes
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Thanks for the feedback!

I think a few things can be addressed in the system with some tweaks.

Swag Shop

First of all with the swag shop. If we assume that we decide to use 50% of the received donations to buyback OTC GIV I think this can be a net profit for Griff.

Assuming items cost $10 and we have a 800% markup, making them cost 80 NICE or effectively 80 DAI worth of donations. We would then use 50% of that to buy OTC GIV, so $40 worth of GIV would be bought back and the OTC Desk manager (griff :astonished: ) would receive $40 for the $10 spent on his CC, with a similar markup on the shipping charges, still a tidy profit.

NICE Farm

Definitely we can look at some numbers, but a market cap metric I think is the best measure of health for the GIV token.

Twitter Promo

Maybe we add an optional field for twitter handles in our giveth.io dapp profiles?
Based on information available we could then show in the tweet

  • twitter handles
    OR
  • profile name
    OR
  • eth address

Use of funds

I think those two use cases would benefit the most the entire system of NICE token, we can add more things or perhaps change the LP pair with GIV

Selling GIV for DAI for NICE

Yeah this is really tough to say what users will do. We can say though if we assume to take 50% of donations to make the GIV/DAI LP then for every $1 of GIV sold for DAI that is donated to Giveth we would recollateralize it with $0.50 worth of DAI with GIV.

To that end we could modify the minting ratio to 2:1 - This would make 1 NICE worth 2 DAI, taking 50% for a GIV/DAI LP every NICE minted we would add $1 worth of DAI paired with GIV for the LP .

If we make a change in the minting ratio we can adjust swag shop prices to match.

The GIV for the LP would be acquired from what we buy back from the OTC.

1 Like
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I would love to add much more utility to the token. It may need some extra work but I like the idea Coingecko launched with their “candy” rewards. They give you some candy every day you log in and you can use it to get discounts from third-party services.

We may need to contact some of those partners but considering that we are a donations platform I believe we might get a good response. It is a win-win solution as we will get utility from the discounted promotions from the merchants and they will get visibility and sales.

You can take a look at the rewards (basically discounts) you can get from Coningecko candy in this link

Adding new partners will also give us an excuse to communicate in Giveth the social media accounts about the new utility NICE token is adding.

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We can also create an NFT collection representing GIVETH icons (flower, smile, GIV token, NICE token, Givbaks,) wich could be purchased with NICE tokens. In the future, once we launch our PFP collection, we could introduce “blends” where you can “upgrade” your PFP by adding one or several of these NFT icons.

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Yes! I definitely want to add PFP or NFT purchases with NICE, but I’m not sure how soon they will be ready to offer.

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Hey friends! Coming back to this to provide a one year update and some proposed next steps.

It’s been about a year since the program launched and we’ve collected around ~15k in $nice eligible donations from over 200 unique addresses.

The $nice token and related stats can be found here:

I would like to suggest we move forward with the second part of the process, buying back GIV for DAI and creating DAO owned liquidity.

The OTC desk mentioned above isn’t a thing anymore, and I think we should focus on buying back GIV from the open market.

I would propose we do 2 rounds of purchases of 3250 DAI worth of GIV from CowSwap about 2 weeks apart. After the purchases are made we will bridge it all over to Optimism (7500 DAI and 7500 DAI worth of GIV) and create a DAI/GIV LP on Velodrome.

Following that we’ll continue to monitor new $nice eligible donations and make more buybacks on a 6 week basis (after every 3rd GIVbacks round) and only bridge to Optimism and LP when there is $10k or over total of tokens accrued eligible to be LP’d and gas is reasonable.

We’ll also announce via Twitter and Discord one week before and one week after with a simple message letting users know the dollar amount of GIV we will/have buy/bought back.

WDYT?

  • Yes
  • No
  • Abstain

0 voters

1 Like