Excellent analysis! I hope other teams learn from this as well. Personally, I think there would be a greater overall impact if even just a small percentage of the $85m was set aside to incentivise small to mid-sized teams (or even indie devs) to build new projects.
I think hackathons would be a great way to start. For example, look at Solana's Colosseum hackathons, which occur regularly every six months or so (building trust and credibility).
The recent Renaissance Hackathon in April had a huge $1m+ prize pool, though small compared to the $85m spent on incentives. Yet, it saw 8000+ builders with over 1,000 projects submitted. That's a ton of potential builders, developers, and designers for any ecosystem. Even if only 10% stick around at the end, it will still be a big boost.
Now imagine if just $10m from the $85m incentives pool was used to run ten hackathons of a similar scale to the Renaissance Hackathon instead!
That’s a very good point! I think that’s where thoughtfulness, planning and creativity come into the fold. I think the ArbDAO has a lot to get right given it’s a free for all loot at the moment.
This is such a great read and I appreciate the use of data to make your point. However, I wonder if there is any system that can be put in place to retain farmers, and what such system might have to compromise on if need be.
Thank you! I don't think the point is to retain farmers but rather identify the most aligned users and paying them the appropriate amount to get their attention.
Excellent analysis! I hope other teams learn from this as well. Personally, I think there would be a greater overall impact if even just a small percentage of the $85m was set aside to incentivise small to mid-sized teams (or even indie devs) to build new projects.
100%. Although the q is what attracts high quality teams to work with you in the first place?
I think hackathons would be a great way to start. For example, look at Solana's Colosseum hackathons, which occur regularly every six months or so (building trust and credibility).
The recent Renaissance Hackathon in April had a huge $1m+ prize pool, though small compared to the $85m spent on incentives. Yet, it saw 8000+ builders with over 1,000 projects submitted. That's a ton of potential builders, developers, and designers for any ecosystem. Even if only 10% stick around at the end, it will still be a big boost.
Now imagine if just $10m from the $85m incentives pool was used to run ten hackathons of a similar scale to the Renaissance Hackathon instead!
That’s a very good point! I think that’s where thoughtfulness, planning and creativity come into the fold. I think the ArbDAO has a lot to get right given it’s a free for all loot at the moment.
This is such a great read and I appreciate the use of data to make your point. However, I wonder if there is any system that can be put in place to retain farmers, and what such system might have to compromise on if need be.
Thank you! I don't think the point is to retain farmers but rather identify the most aligned users and paying them the appropriate amount to get their attention.