Should contributed $DOT that exceed Bifrost Polkadot Crowdloan's 300,000 soft cap be rewarded?

:raised_hand_with_fingers_splayed:Dear Bifrosters,

Thank you very much for your contribution on Bifrost’s first Polkadot Parachain Crowdloan! Bifrost was one of the first projects to successfully bid on the Kusama canary network, and has already gone live with SLP, SALP and other protocols on Kusama, accumulating up to Over $180M in derivative minting volume. During the next 2 years parachain lease term, Bifrost will run both Polkadot and Kusama parachains to further expand the adoption of derivatives protocols. Governance modules such as council.

The soft-cap to reach during the Bifrost Polkadot Crowdloan was 300,000 DOTs, but there were many Bifrosters who gave us their support even after reaching the soft-cap. At the end of the successful bidding period, 403,658.1592 DOTs have been locked into Bifrost Polkadot Crowdloan, and 103,658.159 DOTs have been over-contributed via Polkadot.JS.

About this extra DOTs contribution, our Team would like to interrogate the community and decide how to reward this 103,658.1592 DOT contributors.
If you agree on a reward distribution for these contributors, please provide a reward proposal even with a proper compensation plan, involving the distribution of a number of BNCs per individual DOT locked.

If you do not agree on this, please explain why and come up with an alternative solution for these DOTs.

The current post is open for discussion, and we would be more than happy to hear some ideas from our community!

7 Likes

Hi everybody, I’m one who supported the project after 300,000 DOTs. It has been my first auction and was very excited for it. Unfortunatley didnt know rewards were closed at the moment I contributed. I would love to participate in this new and exciting world to me so please maybe would bea good solution to reward with 50% or something similar. I know (now) its my mistake but it wasnt in bad faith. Thank you all.

4 Likes

Boa tarde ,Na minha humilde opinião todos estávamos cientes que não teria recompensa… Sendo assim poderia ter uma recompensa de 5 bnc por dot ,
Porém a ser liberada gradualmente no período de 2 anos .

3 Likes

Personally, I used to participate in crowdloans but I found the situation a bit ambiguous at one point because the status of the CL for Bifrost was not really clear.
So I think it’s normal to “compensate”, exceptionally those who participated after the fixed cap.
On the other hand, I confess to not knowing in what proportions :sweat_smile:

Thanks to you Bifrost, strength and honor!! Expect Chaos :wink:

3 Likes

Hi All,

Here is my detailed proposal:

On my side i respected the rules, I didn’t have time to contribute i was caught by the massive whale drop, so i didn’t do it once soft cap was reached.
It won’t be normal for the people who followed the guidelines to see people contributing after 1 month to get full BNC rewards.

So considering this and the fact some people missed the news in the early days and considering some got shifted due to the massive 200k DOT sudden whale drop, here is a solution to be discussed:

Solution 1:
We can make a decreasing linear BNC rewards distribution for contribution over the soft cap.
The later you contributed, the less you have.

Solution 2:
With thresholds (for instance):
Before soft cap: 100% rewards → Crowdloan rules
300k to 310k: 100% → Taking account the very first moment of the news the soft cap was reached
310k to 325k: 80% → The news was spread on all Bifrost channels (Twitter, Telegram and Discord)
325k to 350k: 60% → People continued to contribute even after SALP was closed.
350k to 375k: 40% → Too late bro
375k to 400k: 20% → You should really follow the project news at some point
Over 400k: 5% → Are you kidding me ?

Solution 3:
Same idea with thresholds but in time, not in DOT amount.
T0 = moment the soft cap was reached.
Until T0 → 100% rewards (crowdloan rules)
T0 + 3 days → 100%
T0 + 3d → T0 + 7d → 80%
T0 + 7d → T0 + 14d → 60%
T0 + 14d → T0 + 21d → 40%
T0 + 21d → T0 + 28d → 20%
After T0 + 28d → 5%

4 Likes

Penalizing community members for participating in crowdloan is not a great start for the comunity, you should show good faith and reward the 300k+, reward per Dot is not that much buy you get more members HODLing BNC and promoting it to family/friend/social media, that is a cheap price to pay for bigger exposure.
You can have a great project, but if the community is small the project will not take off. We need more people talking about BNC so rewarding the crowdloan members is a great thing.

We can spin this crowdloan in a story to be told on social media that will create a great exposure for BNC that Bifrost take care of its community members, that it is a community driven project!

3 Likes

I think in order to build a strong and good community you should distribute reward somehow. Everyone should get a chance to profit in this difficult times. They are many that want to support bifrost and and there will be more :wink:

1 Like

I think we agree unanimously that contributors post soft cap should be compensated.
As for the decision of how, it’s not necessarily clear to us what are the variables at play. If you can compensate those contributors the same in BNC, no reason not to. I think all contributors should be rewarded fairly, especially when this makes up a quarter of contributions.

IMPORTANT EDIT
I tried to ask admins on the Bifrost chat about rewards being given to contributions post soft cap and couldn’t get a conclusive response.

Basically I’m arguing that from the perspective of the community, there isn’t an interest not to compensate them with the same rate, especially since they are a quarter of Bifrost’s Polkadot community.

I asked the admins for any practical reasons not to do so, but the response was only that Bifrost is not obligated to compensate those contributors in any particular way.

I think the matter of practical reasons is important, especially in the context of this thread. I believe Bifrost claiming lack of obligation as the sole reason for not providing equal rewards would be an act of bad faith. Would like to hear a response from the team.

2 Likes

Achei muito valido seu posicionamento Bruno

1 Like

Epic response, very detailed :star_struck:

1 Like

I agree post 300k crowdloan should be rewarded, it is the right thing to do! Mabey some of the noobs found out about Bifrost and wanted to try parachain crowdloan, we would bring a lot of negative sentiment also by not rewarding!

1 Like

I prefer to believe that most users who exceed the soft cap are because they are unaware of the limitations of the soft cap. So I don’t think there should be too much punishment on this part of users in terms of the number of rewards. However, the over-issued reward is not fair enough for the early contributors, so I think the method of extending the reward release period can be used to solve this contradiction. The following is my proposal:

  1. The DOT contribution that exceeds the soft top portion will be rewarded according to 1 DOT : 10 BNC (users exceeding the soft top portion will not enjoy the early bird reward)
  2. The linear release time of DOT rewards that exceed the soft top portion has been extended from 96 weeks to 192 weeks (in the long run, for users who are willing to be optimistic about Bifrost, the rewards they receive have not decreased, but compared to the contribution within the soft top, When all the contribution rewards in the soft top are released, the users who exceed the soft top will release half of the rewards)
    Compared with reducing rewards, this scheme allows users who exceed the soft cap to receive non-destructive rewards. At the same time, it can also guarantee the rights and interests of users in the soft top within the 96-cycle release period.

We have collected 4 executable proposals from the community for partial reward compensation in excess of 300k $DOT soft cap, and now they have launched a $BNC snapshot voting via @OpensquareN, the deadline is June 16th, we need your options!