Rabbithole Quest

CPix18 · July 25, 2021, 10:55pm

Instadapp Governace Proposal: Rabbithole Quest

Summary

Rabbithole (rabbithole.gg) is a crypto project created by Brian Flynn with a mission to onboard the next wave of Ethereum/DeFi users. The Rabbithole product has a couple components. There are “Projects”, “Quests”, and “Skills” for users who connect their Ethereum wallet to complete in order to gain XP. Projects include Uniswap, Compound, ENS, OpenSea, Aave, Superfluid, mStable, Perpetual, Yearn, Matcha, BrightID, and Gnosis. Previous “Quests” have been sponsored by the PoolTogether, ENS, and Uniswap teams/DAOs. While “Skills” are a combination of some of these projects such as “Identity” which is verifying your identity on BrightID and linking an ENS (.eth) name to your Ethereum wallet. The last quest was for Uniswap which included two tasks, one was to swap on Uniswap V3 and the other was to add liquidity to Uniswap V3. Any user who linked their wallet, completed BrightID verification (sybil resistant), and completed those two tasks were rewarded with 2 $UNI tokens and a NFT. Rabbithole will be launching a new quest for The Graph Network sometime in the near future but is always open to new “Quests”.

Proposal

I propose the Instadapp Treasury/Community Growth Fund allocate 3,000 $INST to award 1,000 new Instadapp users who complete 3 Instadapp tasks through the Rabbithole app. Each verified user through BrightID who completes these 3 tasks within a given timeframe will receive 2 $INST and a NFT created by an Instadapp community member. Remaining 1,000 $INST will be given to Rabbithole team for building the Instadapp Quest, incorporating Instadapp into the “Projects” and “Skills” webpage.

The 3 tasks will be as follows:

Task 1: Create an Instadapp DSA v.2 smart contract wallet

Task 2: Migrate an existing MakerDAO, Compound, Aave V2 position OR create a new MakerDAO, Compound, Aave V2 position

Task 3: Add liquidity to the $INST Uniswap V3 Pool

Reasons

This treasury allocation and community partnership will not only add 1000 new DSA v.2 accounts within a given timeframe (typically 1 week) but it will also create a dedicated page on the Rabbithole “Projects” webpage where Instadapp will get thousands of new Ethereum/DeFi users attention for years to come. This initiative will also create 1,000 new $INST holders and 1,000 more liquidity providers on Uniswap V3. I also expect Instadapp to be added to the “Asset Management” Skill on Rabbithole’s Skill webpage.

Result

Instadapp Treasury/Community Growth Fund allocates 3,000 $INST to a multisig address which will be managed by 1 Rabbithole team members and 2 Instadapp team members to pay quest rewards and Rabbithole team payment.

Instadapp will gain a minimum of 1,000 new DSA v.2 accounts, $INST holders, and $INST LPs.

Links:

https://rabbithole.gg/

https://twitter.com/rabbithole_gg

Miscellaneous

I am more than happy to reconfigure parameters such as $INST token allocation and the tasks to complete.

I have not yet reached out to the Rabbithole team but if there is enough interest in the vote below, I can open a line of communication.

In Favor
Against

0 voters

Pcapital · July 26, 2021, 3:42am

Great suggestion. I support your opinion. This will promote the community to interact with Instadapp more (y)

miscao · July 26, 2021, 9:19pm

I’m in support of this effort as well. We will onboard future users and grow the ecosystem at the same time.

Using the original proposal, I’m curious what happens if we don’t get 1,000 users to complete the quest within the given time frame? I would be in favor of not having a timeframe and letting the quest play out over time or somehow attributing Rabbit’s payout to performance.

While I don’t see this being an issue, it would be a bummer to pay in full and receive low participation. This would encourage the team to market the quests appropriately.

CPix18 · July 26, 2021, 11:25pm

I appreciate your support! You bring up a very valid point. We can monitor the quest that just went live today (The Graph) which is aiming for 1000 participants in the course of 7 days. I think Rabbithole requires a timeframe but maybe they’d be open to change that. You can follow the progress here- Follow the Rabbit

I think 1000 should be attainable but it might be a good conversation to have with the Rabbithole team and take a look at the 1000 users who redeem The Graph quest to see how many of them have used Instadapp before.

Neal · July 27, 2021, 12:09am

Hi CPix18, I support your proposal, thanks for taking the time to put it together. Bringing new Instadapp users to the space should be a primary goal (along with attracting developers and generating revenue streams) and this is a practical way of achieving this.

Some questions and thoughts, mainly to learn and to generate discussion:

You say that adding 1,000 new accounts typically takes a week. Is there a place I can see this and gain an understanding of Instadapp uptake over a period of time?
NFT giveaway - there should be a callout to community members to see who could do this.
If the proposal goes ahead, I feel like we should make it really easy for potential users by making a youtube video or pdf to provide a step-by-step guide for each task. This would be useful information anyway (not just for the promo) and though it might seem like spoonfeeding, the whole point of the exercise is onboarding users. What do you think?
3000 $INST doesn’t sound unreasonable but I’m glad there’s flexibility on numbers and the community can decide on that.

I’ll add more thoughts if any come. Lets keep expanding the idea and see where it goes to from here.

CPix18 · July 27, 2021, 1:22am

Hey Neal, thanks for the questions and thoughts!

I was referencing the participation Rabbithole has seen from their past quest which was Uniswap. They made it available to the first 500 users (maximum of 1 week time period) and hit that goal within a few days. The Graph quest, which is going on right now, is for 1000 users and is available for 1 week. I will monitor how long it takes to hit that 1000 user mark. To check the progress on the graph quest you can go to this webpage and check the rewards remaining box. Follow the Rabbit
Here is the address where the distribution of the UNI rewards came from as a reference on the number of users from the Uniswap quest - https://etherscan.io/address/0x0b3e056a588aac2913cc98232496ccf28de62f31#tokentxns
Most definitely! Given the responses thus far, I will reach out to the Rabbithole team to get more details to lock down the reward and timeframe situation then after this goes through a snapshot/on-chain vote I can see if the team can post something in Discord/Twitter about it.
I agree, this is vital to helping the Rabbithole community achieve the tasks/quest with relative ease while participating and adding value to the overall DeFi community. Rabbithole has a Mirror account where they create tutorials to show users how to do the quests as seen here - https://rabbithole.mirror.xyz/h_Nm9M3Do6-GzRG6jHlkxEKbkuthju__yTWGaEOzBiw
I’d be more than happy to create/compile some resources from the team to help Rabbithole put it all into one place.
Yeah, so for example the last quest (Uniswap) each user was given about $35 (2 UNI) in value while the current quest (The Graph) users are given $75 in value (125 GRT). We may need to evaluate the reward amount as the event gets closer because I’m sure the INST price will vary. Also not sure if the team requires an allocation for doing this or not (my guess is they do).

muyangren5 · July 27, 2021, 1:58am

2 $INST is a bit less, and it is not enough for the gas fees. Maybe we should consider increasing the amount of rewards

CPix18 · July 27, 2021, 2:24am

Agree. After messaging Brian from Rabbithole, he let me know the minimum is $25k. Rabbithole takes a 20% cut which is locked for 1 year and they plan to participate in governance. $20k goes to users and $5k goes to Rabbithole (if community fund allocates $25k). So at current INST price of ~$6, community fund would need to allocate ~4200 INST. This would mean 3,360 would go to users (3.36 each if 1000 users) and 840 to the Rabbithole team.

I also think changing number of tasks from 3 to 2 is a good idea.
Instead of:

create dsa v.2
import/create MakerDAO, Compound, Aave V2 position
Add INST to Uniswap V3 Pool

Do this instead:

create dsa v.2
import/create MakerDAO, Compound, Aave V2 position

Then the user can decide if they want to use the INST reward for voting or LP when they receive the tokens

Neal · July 27, 2021, 4:05am

Hi CPix18, thanks for the detailed explanations and look forward to your next update

infamousdegen · July 27, 2021, 5:29am

It would be better if the quest happens on polygon network , the rewards will barely cover the gas fees that is going to spent on ethereum network .

CPix18 · July 27, 2021, 2:28pm

Very good point! Since the two main tasks - create dsa v.2 and import/create defi position is possible on Polygon this could work. However we do need a subgraph created for whichever network we decide to go with. The subgraph allows Rabbithole to check user’s wallet for completed tasks. There is currently a bounty for an Instadapp subgraph on mainnet but not sure if there is one for Polygon.

CPix18 · July 27, 2021, 8:40pm

Here is a DuneAnalytics Dashboard displaying the “Rabbithole Effect” for The Graph Curation participation. Dune Analytics

benschecter · July 27, 2021, 9:15pm

Hey everyone! My name is Ben and I am the Operations Lead at RabbitHole. Thank you to @CPix18 for the OP and the idea.

I thought I would drop in here to say that we would be incredibly excited to work with Instadapp! We view ourselves as the best crypto native tool to find users, participants, and contributors for your community, and we would love to help drive new users to the Instadapp platform.

If you have any thoughts or questions, please don’t hesitate to reach out. Excited to see how this conversation progresses, and please let me know if there is any way that I can help!

CPix18 · July 27, 2021, 9:42pm

Welcome Ben! @infamousdegen brought up doing the quest on Polygon, is that something we can work out? Would there just need to be an Instadapp subgraph on Polygon network? Maybe even giving the user the option to do the quest on mainnet or polygon would be cool, if it’s not too much extra work.

infamousdegen · July 28, 2021, 2:33am

The pool together quest was done on polygon chain so I think instadapp can also be done on polygon

Seb_EthMonk · July 28, 2021, 5:12am

Hey good work everyone on building up this proposal @CPix18 really awesome seeing you take a lead on this!
Thank you @benschecter for jumping in on the forum and making yourself available to us! We are excited at the potential collaboration!

Let’s get on a channel where we can get the developers involved on the specifics; I believe there may be some additional infrastructure needed to make the quest available on Polygon. If possible, we could create a second quest for the Polygon side perhaps when we have more DApps integrated on Polygon.

I think it may be better if we allocate INST from our Treasury vs. our Growth Fund but both are viable.

CPix18 · July 28, 2021, 2:04pm

Good point, I forgot about that

benschecter · July 28, 2021, 2:16pm

@CPix18 - we can do Polygon or mainnet, but we do need a subgraph deployed so we can query the activity to confirm that users have completed the quest.

@Seb_EthMonk thanks for jumping in! would love to discuss specifics and make this collaboration happen!

mehdi · July 30, 2021, 10:47pm

Hey buddy, also i think still that amount is not interesting for many users, i think maybe its better to allocate 500 users but with minimum of 1k position which will bring $500,000 to the Dapp and also users will get 7INST which will be around $42. I did the last two Rabbithole quests and minimum it was &30 each which is reasonable … i think 500 new customers with minimum $1k position will be nice

CPix18 · July 31, 2021, 4:01pm

I think that is a fair point, so we could allocate 5000 INST (4000 INST to 500 users & 1000 INST to Rabbithole Team) to increase the reward and add the parameter a user needs to create or import a position of at least $1000 to qualify