It's time for some big prizes...
We've been running with the assumption that there is a circular relationship between big prizes and more people saving money with PoolTogether. We've seen a bit of this with previous protocol version, but it's time to really put it to the test.
Over the past month we've had an active discussion on how to make this happen. Some details and projections of using the "GP Booster" contract were shared which I'll shortly comment on further below. More recently we've held a snapshot vote on where to make this happen. We've chosen Base.
How It Works
The ETH requested through this proposal would be linearly contributed to the prize pool on Base throughout a period of 2 months. While somewhat dependent on probability, recent estimates and onchain experiments show approximately ~70% of this value would increase the prize pool's grand prize tier (keeping in mind that half of this goes towards the next grand prize and the rest to following grand prizes). The other ~30% would increase other prize tiers' sizes as well as increase the chances of POOL stakers (przPOOL depositors) to win prizes.
Throughout this 2 month period the "GP Booster" contract itself will have a very high chance of winning prizes, in which case it instantly re-contributes the prize amount back into the prize pool. It is prevented from winning the grand prize. During this period, while prizes may be larger, the fact that users may not win as often points to the need for some temporary drip. Another proposal alongside this one will be posted to address this.
Some Projections
With these estimates in mind it is expected that the next grand prize on Base would grow by approximately ~21 ETH. At current ETH prices, this is $70k. This amount does not take into consideration the 0.68 ETH ($2.2k) already in the Base prize pool's grand prize as well as any natural growth of deposits/yield during this 2 month period.
Custody Details
This proposal directs the funds for this boosting to a multisig controlled by Generation Software. These funds would then be swapped for WETH, bridged to Base, and a "GP Booster" contract would have to be setup where these funds could finally be deposited.
