LEGO Proposal: Fund stETH Rabbithole Campaign

The following is a LEGO proposal to fund a Lido Rabbithole quest with the objective to grow the active Ethereum staking community, drive participants towards Lido and grow awareness surrounding Lido’s ETH staking capabilities.

Rabbithole is a crypto ‘learn-to-earn’ platform through which users can earn token rewards by accomplishing certain tasks. More info available on rabbithole.gg.

Proposal

Our suggestion is to allocate 25,000 LDO equivalent for the task, with the goal to reward 2,500 unique users with 10 LDO for completing the following task: Stake a minimum of 0.025 ETH with Lido via stake.lido.fi.

An additional 20% in LDO is allocated to the Rabbithole team to cover development expenses which will see a one-year lockup and see Rabbithole become an active governance member of the Lido DAO. As such the total amount of LDO proposed comes out to 30,000 LDO.

The quest launch will be marketed in collaboration with the Rabbithole team/community to further grow awareness surrounding Lido.

Timeline

A 5-day Snapshot vote will follow the publishing of this proposal to gauge DAO sentiment. If passed, tokens will be transferred to Rabbithole as part of the weekly omnibus vote. If approved, technical configuration is estimated to take 3-4 weeks after which the quest goes live.

As such, we’re looking at a projected launch date 4-5 weeks from today.

Considerations

A few considerations exist which need to be kept in mind in order for the proposed initiative to be a success.

  1. We need to ensure that the proposed LDO reward incentivizes users to try Lido. We should consider the projected gas fees associated with user’s staking with Lido and whether this reward size is adequate as an incentive.
  2. Steps must be taken to ensure that currently active Lido stakers do not empty the prize pool, thus ruining the objective of growing awareness outside the existing Lido community.
  3. Safeguards must be put in place to ensure the quest is not exploited by a few individuals collecting multiple rewards. This safeguard is to be put in place by the Rabbithole team using BrightID for Sybil protection.

Next Steps

Following 48 hours of discussion on this proposal a Snapshot vote will be launched to determine whether or not the initiative has been approved. If approved, we will proceed as per the steps outlined in the Timeline section of this proposal.

6 Likes

Thanks for posting @krasmussen! My name is Ben and I am the Operations Lead at RabbitHole. I work with communities like Lido to create quests on RabbitHole and ultimately, help you find and engage the best users for your community.

We have worked with some of the top projects in crypto including Uniswap, Compound, Aave, The Graph, Pool Together, Polygon, and more, and would love to help Lido grow the staking community and the awareness around Lido’s capabilities.

I will be around here if you have any questions over the next few days!

4 Likes

This is an awesome initiative, not only because RabbitHole is a great entry-point for a lot of newcomer crypto users, but also as an LDO diversification mechanism, boosted by the fact that these activities are conducted via more sybil-resistant mechanisms thanks to RabbitHole’s integration with platforms such as BrightID.

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Would absolutely love to see the initiative going live! The more proud stETH holders are out there, the more ETH is used to secure the Beacon chain! RabbitHole’s onboarding & user education model aligns with this objective greatly.

3 Likes

Very cool! +1 to Izzy and kadmil’s comments :slight_smile:

2 Likes