Rari Foundation

Authors: @Jaf Reviewers: @JanaBe , @addie , @WinVerse , @Matt_StableLab , @jarisjames

Abstract:

This draft proposal aims to distribute the remaining budget of the Incentives Rewards Program in a proportional manner among those who delegated during the program. This will encourage program participants to feel incentivized to participate in future programs.

Motivation:

After concluding the program and observing promising results in the primary objective of boosting veRARI delegation and encouraging delegates to actively seek delegation, it is in the Rari DAO’s best interest to ensure participants remain motivated for future programs. Distributing the unallocated surplus of rewards proportionally aims to sustain this level of community engagement.

Rationale:

Upon finalizing the program and receiving participants feedback, it became apparent that some members of the community had interpreted the rewards differently than intended. To address this, we propose distributing the remainder of the reward budget proportionally to those who delegated during the program.

After the program is concluded, the following results are obtained.

• 81,974.08 locked $RARI during the program
• 45,008.91 veRARI delegated during the program
• 5,661.05 $RARI Rewards distributed throughout the program

Initially, as outlined in RRC-13, 30,000 $RARI were designated as rewards for delegators, leaving a balance of 24,338.95 $RARI for distribution.

Allocating the remaining 24,338.95 $RARI in this proportional manner is beneficial to make delegators genuinely feel incentivized and aligned with their initial expectations when they delegated.

Key Terms

Delegate - Someone who votes/participates in governance on behalf of themselves or their delegators.

Delegator - Someone who owns $RARI but does not actively participate in governance. Instead, they entrust their tokens to a delegate. This way, their tokens are still actively being used in governance.

$RARI - Rarible’s ecosystem native token, tradable on major exchanges. When locked, it is turned into veRARI tokens, which can be used in RARI Foundation’s governance.

veRARI: veRARI, or vote-escrowed $RARI, is a token you receive in exchange for locking $RARI (which is done automatically when you claim your reward). This token lets you participate in the governance of the Rarible Protocol and RARI Foundation by voting on proposals submitted to the DAO and grants you RARI Prime status.

Specifications:

Rewards will be made available for all delegations carried out during the program (Nov 21st - Dec 15 2023) to claim following the pre-established program parameters: rewards automatically locked when claimed and following a 6 months lock + 3 months linear unlock.

Steps to Implement:

The solution is ready to implement upon proposal passing.