For those who don’t know, RabbitHole is a platform where users can earn crypto by using new crypto applications. For projects like Aave, we provide the best tool to find new users and to incentivize them to interact with certain parts of your product.
We recently received a $50k grant from the Aave Grants DAO and we wanted to post about how we were thinking about using our grant so that we could get the community’s input.
We would like to use our Aave grant to create a “Quest” on rabbithole.gg that rewards RabbitHole users for depositing tokens into any of the Polygon markets on the Aave app. Each user that RabbitHole verifies, up to the first 2k, will split $40k in rewards paid out in Aave (approximately .09 Aave as of 6/23).
Our quest will help increase the TVL of the Aave Polygon markets and will introduce new users to the Aave community, who will hopefully meaningfully contribute to the community long-term.
We are proposing incentivizing users to deposit funds in the Polygon markets because:
- Low gas prices on Polygon will help new users get the most bang for their buck
- Polygon liquidity is lower so we can drive more relative value by focusing there
We will launch a new quest on the RabbitHole website that rewards users for depositing funds into Aave Polygon markets.
- Connect wallet to Aave on Polygon.
- Deposit funds into any of the Polygon markets on Aave.
- Confirm completion on RabbitHole to claim prize at the end of the quest.
Users who need more guidance with tasks such as transferring funds to Polygon will be given relevant guides and materials.
- The $50k grant that RabbitHole received will be split 80% to the users as rewards and 20% to the RabbitHole DAO.
- The quest will run for a two-week period.
- The first 2000 users to do the tasks and confirm proof on RabbitHole by signing a message will split $40k paid out in Aave (approximately .09 Aave per user as of 6/23)
- RabbitHole integrates Sybil protection through BrightID to ensure limit of one redemption per user.
- These users will also be awarded an Aave themed NFT.
- The Aave tokens received by the RabbitHole DAO will be locked for 1 year and will be used actively in governance as a DAO delegate.
RabbitHole is the best way for treasuries to spend directly on user acquisition and we hope to use our Aave grant to do just that. Moving forward, we hope that this is the start of a long-term relationship with Aave where we can help Aave incentivize any on-chain action that is important to Aave’s success, including proposal creation, voting, delegating, and more.
We are interested to hear the community’s input on our proposed plan and we look forward to hopefully implementing the quest soon!