[Grant Application] $ICX Lossless lottery v2

$ICX Lossless Lottery

Project category

Development: Staking, Gambling, Gaming

Project description

Current Situation

The Staking Lossless Lottery is a fun saving game built on the ICON Blockchain, where nobody loses their initial bets. With Proof-of-Stake, interests are generated by locking-up digital assets and participating in consensus. Participants buy tickets by locking $ICX tokens in a smart contract deployed on the ICON blockchain. The locked-up tokens then generate interests through staking. Each week, a random draw is organized, and a lucky winner wins the whole pot of generated interests, but none of the initial bets from other participants. Thus, at any time, it is possible for participants to leave the lottery and redeem their tickets for the $ICX face value.

For the ones reading this post who are not yet familiar with the Staking Lossless Lottery, you may find the links below helpful:

About 1 month ago, we released the first version of the Staking Lossless Lottery Dapp, which can be accessed on https://lottery.stakin.com/. These 2 months have been the opportunity to measure the performance of the Dapp and gather feedbacks for future enhancements. We believe this Dapp can integrate with the larger ICON Ecosystem, for example with NFT projects such as Project Nebula, and with future stablecoin related projects such as Balanced DAO and OMM.

During this initial first month, the Dapp generated the below KPIs:

  • 305 unique participants
  • 751 transactions
  • $ICX 8,356 in rewards across 6 draws (including $ICX 7,800 in sponsored rewards so far)
  • $ICX 50,000+ in value locked in smart-contract
  • 3rd rank in StateOfTheDapps in ICON category, 4th on DappReview, 4th on Dapp.com

The Dapp generated some media attention:

What’s next?

Our view is that the ICON Network now has a solid blockchain lossless lottery MVP that can be further enhanced and improved in order to prepare for the future and compete with existing solutions on other blockchain networks. We would like to keep iterating on this great product which can then integrate with larger ecosystem projects such as Balanced DAO and OMM, and offer stablecoin lotteries based on lending interest.

During this first month, Stakin has gathered multiple feedback from the community of early lottery joiners. The company is planning to use these feedback to release the ICON Lossless Lottery v2 Dapp. Below are the key features and projects that will be developed thanks to the grant.

Consolation Prizes

In order to attract a larger number of participants, the prize structure will be modified. Instead of having 1 random winner winning the whole amount of rewards, there will now be 3 winners per week, including 1 large prize winner and 2 small fixed value prizes. This increases the overall % chance of winning at least some ICX in the lottery.

Sponsorship with NFTs, IRC-2 and IRC-3 tokens

The goal is to improve the sponsorship functionality of the smart contract which already supports sponsoring rewards with native $ICX tokens. With an improved sponsorship, we envision that it will be possible to add NFTs such as Nebula planets to the prize, or IRC-2 tokens such as TAPs, for example, bringing the Dapp closer to other community initiatives. It will also make the experience funnier for all and give a chance for sponsors to increase their audience and use the Dapp as a marketing channel.

Better Data Display and analytics

Many users are asking for more data to be available immediately from the UI. We would like to improve the UI and include information such as the number of tickets in circulation, total value locked in smart-contract, number of tickets in withdrawal state, position in withdrawal queue, and winning probability % as the primary data while buying.

Monthly giveaways

In order to increase the number of users, we will organize 3 giveaways in the next 3 months, offering items such as ICON Swag, NFTs, and ICX tokens. We believe giveaways are a solid and efficient way to increase awareness, community, and attract new users.

Project Duration

The goal of this grant application is to finance the v2 of the ICON Lossless Lottery Dapp as well as the marketing activities. We estimate that we will need 4 months to complete these phase 2 developments.

Project Milestones

  • Month 1 (most likely December 2020): Design improvements for better data display, Giveaway #1: Christmas giveaway
  • Month 2: Smart-contract modifications to include IRC-2 and IRC-3 sponsorship features and smaller prizes, front-end development for better data display, Giveaway #2: Lunar New Year’s giveaway
  • Month 3: Testing and improvements
  • Month 4: Launch of the v2, Marketing of the v2 of the Dapp, Giveaway #3: v2 Relaunch, reward sponsoring

Funding Amount Requested

We estimate that we will need $11,000 to successfully complete this project.

  • 1 Full-stack developer: $3,000
  • 1 Smart-contract developer: $4,000
  • 1 Designer: $1,000
  • Giveaways and reward sponsoring: $3,000

Total funding requested: $11,000 (4 months x $2,750)

Official team name

Stakin

Contact information

Email: hello@stakin.com

Telegram: @EdouardLvdl

Twitter: @StakinOfficial

Public address

hx9780bfcd8d33c50f56e37f5b27313433c28eb8d8

Initial Review Result Comments

Review Result

Approval pending on revised conditions

Review Comments

  • We like your idea about prize sponsorships and improvements to UI
  • We think that giveaways and things like this should be sponsored by other Projects (such as Project Nebula) or other funding sources, this does not need to come from a grant
  • We also suggest finding a way to make this project more self-sustaining to create future features
  • We accept only $6,000 for this project.

Next Procedure

ICON Foundation provided the Initial Review Result Comments on the proposal. Grants recipients will respond to the Foundation’s response. Depending on your comments, the foundation will provide the Final Review Result Comments.

Plus, all grant recipients should do KYC in order to receive grants from the Foundation. Once your proposal is fully accepted, we’ll guide the next procedure for the KYC.

1 Like

Thank you @Bongan

Stakin will cover the rest of the developments with its own funds, and will evaluate the opportunity of having other community projects taking part in the giveaways and rewards.

We accept this opportunity and look forward to the KYC procedure.

Final Review Result Comments

Review Result

Approved

Reporting Period

Grant recipients should produce Periodic Reports in order to continue to receive grant funding. If the Periodic Report is showing that the initiative is not meeting expectations, the ICON Foundation has the option to halt continued funding. Please check the link (ICON Community Grant Program (“ICON CGP”)) and leave reports on this page (https://forum.icon.community/c/g/pr )

The team must submit the Periodic Report by the timeframes below (UTC):

  • 2020/12/15 02:00 AM (UTC)
  • 2021/01/13 02:00 AM (UTC)
  • 2021/02/13 02:00 AM (UTC)
  • 2021/03/13 02:00 AM (UTC)

Funding Amount

The ICON Foundation is going to give out $6,000 in 4 monthly installments based on the Periodic Report. The amount of ICX will be determined and paid according to the price at 02:00 AM (UTC) on the day of payment.

  • 2020/12/16 02:00 AM (UTC) - $2,000
  • 2021/01/15 02:00 AM (UTC) - $2,000
  • 2021/02/15 02:00 AM (UTC) - $2,000
  • 2021/03/15 02:00 AM (UTC) - $2,000
1 Like