[Grant Application] $ICX Staking Lossless lottery

Staking Lossless Lottery

Project category

Development: Staking, Gambling, Gaming

Project description

As most of you already know, Stakin has been working on the first staking lossless lottery since April 2020. More specifically, we received 1 million ICX delegation from Velic Financial for 3 months in order to kickstart this project.

Through this project, we are building a DApp for a lossless staking lottery on ICON. For more information on our staking lottery project, you can refer to these Medium post:

There are numerous gaming DApps on blockchains, but few have managed to successfully integrate with the Decentralized Finance (DeFi) landscape. Staking on ICON offers a very attractive yield, representing a massive opportunity to attract more crypto-enthusiasts to the protocol.

Built on the model of Pool Together, we are building the first staking lottery DApp, and we are building it on ICON. Now, anybody can reinvest its I-score into lottery tickets, and get the chance to win a whole pool of ICX. You don’t lose any ICX that you used as a capital if you do not win. Instead, you will be instantly included to the next round of the lottery. Hence, it is called lossless.

With the staking lottery, ICX token holders will benefit from a new option to stake their assets. ICON might gain some additional press coverage, and non-ICX investors may even buy some ICXs in order to take part in the game. Our hope is that this will encourage more community involvement and become a valuable marketing tool for the ICON blockchain.

Project Duration

The goal of this grant application is to finance the latest developments and testing of the ICX risk-free lottery, as well as the marketing activities around the launch scheduled for September. We estimate that we will need 3 more months to complete the latest developments and initiate a successful launch.

Project Milestones

  • An extensive set of tasks has been completed since this project started in April 2020: Specs, Design, Front-end, and Back-end have all been developed at 90%+. A current version of the DApp (used for testing!) is available on https://dev-lottery.netlify.app/home. The project has already gathered solid interest with 1,515 waitlisted users on https://lottery.stakin.com/. The next 3 months will be focused on finishing the smart-contract, testing it, polishing the back-end and front-end, and launching this revolutionary product.
  • Month 1 (most likely August 2020): Smart-contract final developments and testing
  • Month 2: Launch and initial improvements based on feedback
  • Month 3: Focus on marketing activities and new functionalities (e.g. fiat on-ramp integration), with the goal to have at least 1,000 users by Month 3.

Funding Amount Requested

We estimate that we will need $9,000 to successfully complete this project and reach our goal to onboard at least 1,000 users in the next 3 months:

  • 1 Full-stack developer: $1,000 for the remaining tasks and polishing
  • 1 Smart-contract developer: $2,000 for the remaining tasks
  • 1 Growth marketing intern $1,500 per month x 2 months
  • Initial reward sponsoring: $1,500 per month x 2 months

Total funding requested: $9,000 (3 months x $3,000)

Official team name

Stakin

Contact information

Email: hello@stakin.com

Telegram: @EdouardLvdl

Twitter: @StakinOfficial

Public address

hx9780bfcd8d33c50f56e37f5b27313433c28eb8d8

@Bongan is on vacation this week.

Review Result

Approved

Review Comments

Thank you for submitting your grant application. We believe this is an interesting use case for proof of stake protocol tokens and could also inspire more similar projects. This project directly contributes to our KPIs of getting more transactions on the ICON Network with the potential to get more people involved in staking. This is a proven model through PoolTogether and we are excited to see a similar project provide additional utility for the ICX token.

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.

1 Like

Thank you @minhx !

Very excited to get the support of the Foundation on this project, looking forward to bringing it to market and having a successful launch.

Interesting design, thanks!
The Medium article mentions the staked ICX will be used to “vote for a P-Rep”, but doesn’t mention which one, nor how it will be selected. I previously assumed all the votes would be for Stakin, but nothing is mentionned about that. Can you clarify this point please ?

Good question, thanks for asking @Spl3en.

In this first release, all the votes would be for Stakin.

In future iterations, we will have a range of P-Reps and the splitting of the votes will be decided by the community.

2 Likes

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):

  • 2020/09/27 02:00 AM (UTC)
  • 2020/10/28 02:00 AM (UTC)
  • 2020/11/28 02:00 AM (UTC)

Funding Amount

The ICON Foundation is going to give out $9,000 in 3 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.

  • 2020/09/28 02:00 AM (UTC) - $3,000
  • 2020/10/30 02:00 AM (UTC) - $3,000
  • 2020/11/30 02:00 AM (UTC) - $3,000
1 Like