L1 Channeling Competition


This proposal is for a new Alchemica Spending Competition via Channelling


We need a way to have competition that is self funded instead of relying on Alchemica “buy back” using GHST from player reward pool or other treasury sources

Solution / Competition Detail

  • subjects to adjustment based on discussion

  • wallet based

  • ranked, same prize distribution ratio as alchemica competiton (Top 50, poker)

  • point reward: for each alch sent to spillover via channeling a gotchi on L1 (100% spillover)

  • point system: same point ratio as alch comp for each alch type

  • prize pool: 69% of all alch generated to spillover (100%)

  • competition period: 1 week

  • non competition period: weekly hangout hours(2)

Concern about Rentals

  • What one does with rentals has always been up to the borrower.

  • GHST upfront was suppose to be a “safe guard” against idle borrowers but has been reduced to 0.1 upfront lately.

  • Owner should hire trusted scholar if this is an issue

Prize Pool
Base on assumption:
L9 = 80% (20% spillover) * 80% (20% cut) +5% (to make it 69)

Current Scholar Rate is about 25%
69/80 = 14%

If you return 69% of the spill as rewards arent you really turning all tbe l1s into l8s? All the stuff currently being channeled on 7 and below earns more this way.

Doesn’t help with the 10k 0.1 matic transactions a day, either.

I agree, I think this competition makes more sense gas wise when gotchichain goes live. Right now this would create significant waste.

Yes, the assumption is most people are using L9.

Since it is like alch competition, one don’t necessary earn more unless they end up in a winning rank so L8 seems fair if the currently the lowest level in use is L7

We can adjust the prize distribution model / % of prize pool if 69% is too much

(I took the model from alch comp because it seems to be already working)