Following the result of the snapshot “Add more utility to the $well token” where 99.7% of the community said they would like to add more utility to the $well token I would like to start the discussion of some possible alternatives.
Since there are multiple ideas on how to increase the utility of the well token and we cannot do everything in one-go, the idea behind this snapshot is to choose one to start. My idea is to do this in 2-steps, in a first step the community should choose what’s the best option to start adding utility to the $well token and a second step we will go into more detail with the option that the community selected. We will then create a new snapshot with all the details and logic of the implementation of the option selected, so then someone with technical knowledge can implement it(for that probably we will need support from someone from Lunar Labs, for example Luke). On this 2nd phase I can help with creating some mockups and technical diagrams (user flows, architecture, etc…), since I have a bit of technical knowledge, since I was a developer in the beginning of my career, even though currently I’m a Product Owner in a traditional company.
Find below the options I suggest to increase the utility of the well token:
- Tier system :
We can create different tiers based on the amount of well staked. I suggest 3 tiers:
Base tier : <400000 well
Intermediate tier : >400000 well and <1000000 well
Advanced tier : >1000000 well
If we are in a lower tier we would receive less rewards when lending and pay more when borrowing, but if we are for example in advanced tier we would receive more rewards and pay less when borrowing
Exclusive markets for token holders
We can expose specific markets for users that are above a certain threshold of staking, or BETA markets with high rewards before exposing them to all the audience. I would suggest above >400000 well, since this is the threshold to create a governance proposal.
Option to stake for 1 year with the possibility of withdrawal.
We would provide the option of staking for 1year without the possibility of withdrawing the funds. The minimum of staked well should be 400000 well. The advantage of the user is with this option we would give more well rewards compared to the currently withdrawal period (10 days)
None of the above, I have a better idea
Please write your idea in the comments