[RR-5] [Draft] Proposal: Designing New Liquidity Mining Program

Summary:

Since Rarible introduced $RARI governance token in July and liquidity mining program kicked off, it helped platform to build a community full of creators and collectors and with the recent crypto boom, platform started to open up to celebrities from Mark Cuban to Lindsay Lohan and to skilled digital artists such as Pak, Archangel and even to interesting NFT experiments such as Crypto Trees, Crypto Cubes and many more.

Abstract:

Existing liquidity mining program for creators&collectors proven to be working well, and it helped Rarible to establish a base of users incentivized to transact on the platform.

With verified/unverified separation between creators, artists who excel at digital art area recognized and verified to establish a certain level of quality at the platform.

The DAO is on the agenda and with establishment of DAO, current reward scheme to be split in three as treasury, DAO and continuing rewarding creators/collectors. Now that Rarible has an existing user base, I believe re-designing liquidity mining program oriented to preserving the current artist/collector base and incentivizing the onboarding of new users bearing creator and/or collector roles will be major leap forward.

New liquidity mining program proposal takes few points into consideration and also introduces a new mining concept called “creation mining”;

  • Creation mining is designed to onboard new artists who are not verified yet but incentivized to create material on Rarible and %5 from the reward amount allocated to creators for such purpose.

  • Establishing a distinct quality difference between verified & unverified artists and to incentivize unverified artists who are at a certain level to be verified, basically to create a gradual shift for artist community to onboard to verified side of the Rarible, (and this is the key: Community managers who take the responsibility of verifying artists needs to maintain/preserve a degree of quality to be met so artists can be verified, this way the word “verified” and verified profiles encouraged to maintain that degree and be rewarded for their work in most fair way among all verified creators) %75 of the reward allocated to verified creators who sold their art and collectors who purchased from the verified ones.

  • While incentivizing the verified side of the Rarible, unverified community of creators&collectors will continue to be at a size so maintaining those community by allocating %20 of the rewards will also help Rarible to continue incentivizing unverified side and not completely cut it out.

Proposal:

Change Rarible liquidity mining program from %50 to creators and %50 to collectors whether unverified or verified to %5 to creation mining for unverified artists, %20 to unverified creators/collectors and %75 to verified artists and collectors who purchase from the verified artists.

You can not offend buyers. everything rests on them. my 99% of buyers are unverified.
In general, we need to decide - we are fighting with those who spin money for tokens or they bring profit to the project and you can close your eyes to them. From here you can already think to whom and how many tokens to give. Among the proven artists, there are people who spin big money for tokens. If you give all the tokens to them, it can have a bad effect on the entire system.
If this issue is resolved, then yes. all tokens only to verified artists and any buyers.
Like this:
15% to unverified artists, the rest to verified artists and any buyers.

2 Likes

It is %75 verified artists and any buyers. There is no seperation for buyers :slight_smile:

I suppose we need to analyze what we want to incentivize, I tend to believe that buyers are more important, if there are buys artists will come… in this sense I would suggest shifting the balance of the liquidity mining (the verified and unverified) to 60-40% towards buyers

but in general, if something works, then it is better not to touch it. so let it remain as it is. after staking, changes can be made.