I want to propose a new rewards program similar to rainfall that uses a smart contract and would be inherently less centralized, less complex, and less error prone than our existing rewards programs.
Instead of holding fox in their wallet to be eligible for rewards, it could be done in a smart contract as follows:
Use the existing staking contract code with FOX as the staking token (instead of uniswap fox/eth LP tokens) and USDC or whatever token we want as reward token (maybe even fox). This would be a bit different than rainfall in that there would be no “random” rewards but in the end it achieves the same thing – rewarding users for their relative fox holdings. It also adds some additional friction to the movement of fox tokens by having them staked.
It’s awesome from a developer perspective because rainfall has LOT of complexity and needs at least 3 different systems to talk with each other (watchtower, northstar, axiom + token ledger & various databases). Using a contract could remove most of this complexity while turning it into a decentralized reward system that does the same thing with less potential for bugs and less maintenance (worrying about hot wallet funding, etc). We might want to modify the existing contracts and allow us to end the rewards program early / withdraw excess funds but it wouldnt be that hard
Would love to hear anyones thoughts on this or other ways we could do it