YAM Lottery proposal
Elasticity token with a treasury created by YAM can be a valid fundamental model for a lottery system. Token price is relatively stable, treasury can accumulate a prize pool for the lottery. So, I propose a Yam lottery protocol alongside the Yam protocol. I am also volunteering to implement the protocol (but I don’t have solidity background even I am an experienced software engineer, need some mentoring from the community experienced solidity software engineer).
The lottery project will be a new elasticity token YAM lottery token (YLT) with its own treasury (prize pool). Yam treasury provides a reasonable amount of yUSD (propose for 50k-100k yUSD for now, can be altered according to discussions, but needs to be attractive for people) as the seed lottery prize fool to kick off the project. After that, the rebase system can collect stable tokens for the treasury and draw the prize. People can mint YLT to get NFT ticket for the lottery, the NFT ticket will be destroyed after the prize draw. To avoid legal issues, the new protocol will be named as YAM airdrop. Please advise me if there is anything technically impossible.
- It can be a very interesting marketing point to attract people to join the YAM community.
- Make a simply usage of the treasury.
- Can bring some values to YAM holders.
Numbers in this section may not be thoughtful.
- 10% YLT will be airdropped to all YAM holders.
- Long term ETH/YLT and USDT/YLT incentive LP pools will be created.
There will be a minter to burn YLT to NFT lottery tickets.
YAM lottery will have a high frequency rate (rebase each hour) of rebase for:
- Avoid get listed on CEX to make CEX wallet a whale.
- Dilute the selling pressure from each rebase time.
- Each rebase will take 1% of the printed tokens to buy USDT as the treasury.
- The max slippage of each buying is also up to 1%.
The treasury will store mainly USDT. Lottery project don’t have any money gain requirement for the treasury, so just use the most widely used stable token.
To avoid whales to hold all the tickets to empty the treasury, YAM lottery will use quadratic or other nonlinear formulas to nerf the tickets number in to the price draw for each account.
There will be also a protection function when people have more than 15% of the change to win will be excluded from the prize draw
Prize draw will happen on prize pool reaches a curtain number, 20K USDT may be a good starting point.
50% of the pool will be evenly distributed to 5 lottery ticket holders.
When prize draw happens, 1% of the prize pool will be sent to YAM treasury.
When prize draw happens, 5% of the prize pool will be airdropped to YAM holders.
Online lottery can have some Legal issues, We may make the project an airdrop project.
Poll to Measure Sentiment