Title: Reward token holders based on ranking system
Related Discussions: [MIP-8] Ranking system for token holders
Submission Date: 17/11/2022
Create a user ranking system that can be used to reward the well token holders that have well tokens staked in the safety module.
- Increase the utility of the well token
- Reward the most dedicated token holders and at the same time
- Increase the amount of well tokens in the safety module.
Currently there are 3 types of rewards when we supply an asset to moonwell:
- Supply APY
- Well rewards
- GLMR rewards
I think it makes sense for the GLMR rewards calculation to take in account the amount of well token the user is staking in well safety module.
I propose 4 different rankings:
Base Ranking (0 - 100000 well staked in safety module):
GLMR rewards = Current GLMR rewards*0.5
Beginner Ranking (1000 00 – 300000 well staked in safety module):
GLMR rewards = Current GLMR rewards*0.8
Intermediary Ranking (300000 - 600000 well staked in safety module):
GLMR rewards = Current GLMR rewards*1.1
Advanced Ranking (more than 600000 well staked in safety module)
GLMR rewards = Current GLMR rewards*1.3
There’s also the possibility instead of having these fixed tiers, have this ranking based on a percentage. I don’t agree with that because of two reasons:
- If we go by percentage the users with more well tokens can spread their well tokens between multiple wallets and monopolize the top tiers.
- This would make the implementation more complex
I think we should go with fixed tiers that can be easily adjusted in the future based on how this feature is being used.
In terms of UI I would suggest two changes:
- One new button placed on the below menu where the user could click and then see the all the possible tiers and which is the tier he belongs
- When he clicks on rewards, next to GLMR rewards we could add the tier that the user belongs so he knows he’s getting those GLMR rewards based on his ranking
I think this proposal will benefit the project, increasing the token utility and adding a little bit of “gamification” to the system and by that attract more users.