QUEST Pools Leveling Up — Patch notes 20210614
LOOTers! The project has grown quite quickly and we may have drifted from our original intent in the midst of the excitement. Moving forward, we are setting some clear expectations so that the LOOTers can know what to expect. We believe this QUEST restructuring will be in our LOOTer’s best interest and will enable us to expand out the platform in an appropriate way.
Branding
The previous week we were working on restructuring to optimize our workflow. This week, we are working on branding. Part of that, we are rebranding the Quest Allocation Points as “Levels”. The equation to find out emission per QUEST still follows the same setup:
Level / Total QUEST Levels * LOOT per Block
QUEST Council
We are creating a QUEST Council that oversees “leveling up” QUESTs. The council will level up QUESTs in favor of the community. Due to the complex nature of QUESTs, there is no set rule of leveling up QUESTs. However, this is the baseline rules for the QUESTs:
— The QUEST Council may grant 1 Level or remove 1 Level of any QUEST by 1 point per week with a majority council vote (51%).
— The QUEST Council may grant 2 Levels or remove 2 Levels with a overwhelming majority council vote (67%).
— Core QUESTs consist of the 4 original tokens launched on LootSwap (ONE paired with: BTC, ETH, BNB, BUSD)
- Level 9 is the max cap of the Core QUESTs.
- Any QUEST exceeding level 9 must be approved through a governance vote utilizing LOOT tokens.
— Base QUESTs are tokens that are within the top 100 market cap.
- These tokens by default start off at level 3 but may be set to 4 on a overwhelming majority council vote.
- Max level 6.
- May only enter “Core” QUEST through Governance Vote utilizing LOOT tokens.
— Community QUESTs are any other token outside of the top 100 token market cap.
- By default, Community QUESTs are paired with LOOT tokens. May be changed with a overwhelming majority council vote.
- By default, start from level 1 but may be set to level 2 on a overwhelming majority council vote.
- Max Level of 3.
- Community QUESTs require a overwhelming council vote for upgrading a Community QUEST to Base QUEST.
- Due to the nature of the restructuring, XYA and WISB will be placed in the Base QUEST range despite their market caps.
— All Council Votes will be held publicly in Discord Chat.
— All Council Members are subject to removal through Governance Vote utilizing LOOT tokens.
— Outside of the first 5 members and any future OP Guild Leaders, additional community members are added through governance vote utilizing LOOT tokens.
Leveling up a QUEST isn’t always about total liquidity locked. There should be other factors to consider when the council debates on leveling or deleveling a QUEST. Here are a few considerations:
TVL, Volume Traded, Cross Marketing, Value Added, Partnership Value
It will not be the responsibility of LootSwap developers to convince LOOTers to adventurer into QUEST pools. In the end, it is up to the community to decide leveling up the QUESTs (or deleveling). It will not be an easy task but the QUEST council has great responsibility to act in the LOOTers best interest.
The QUEST council will consist of:
- I Am Carpe DIEM
- 1 Community Member
- Any OP Guild Leader [automatically]
- ForeverHobbyist will temporarily sit on the council until the first 5 slots are taken.
OP Guild Leader? Yes, yes any “Official Partner” Guild Leader. There will be strict parameters set to be an Official Partner “OP” Guild Leader. OP Guild Leaders will have a great responsibility and trust for the community. To earn the OP Guild Leader Sticker/Title, Guild Leaders must commit to the highest of standards which will minimize the risk for the community. The official requirements of being an OP Guild Leader will be announced later in the week.
So what’s next?
We are launching three new pairings.
- bscBNB<>bscCAKE
- 1ETH<>1UNI
- LOOT<>BUSD
Strategically, these pairings will add more value to LootSwap. bscBNB<>bscCAKE and 1ETH<>1UNI are very common pairings and this will help mitigate some of the pairings impermanent losses. For the LOOT<>BUSD pairing, this will bring in some BUSD into LootSwap while letting LOOT have a second source to peg against.
The new QUEST Levels and new QUEST pools will take place between 1200–2000 15JUN21.
Why restructure/rebrand now?
Our moderators do an excellent job engaging with the community and giving us feedback. To be blunt, we also read a LOT of the chat ourselves and we take a lot of the suggestions to heart. While these changes may seem abrupt, they are not taken halfheartedly. Our friends over at WISE and XYA have done a lot of positive things for the community, and we have greatly appreciated their help for the project. This new program will set clear expectations, limitations, and guidance for the council to help assist adding as we are in the explosive early stages of the project. Regarding LootSwap QUEST Levels, this may be too much power to have for one single person so that is why we are leaving it up to the council to execute the community’s best interest.
