Request for Ideas: Improving KNC utility

KyberSwap Feature Requests & Research KNC & KyberDAO
8

Hi there!

I also filled this out via the Feature Request form. But going off of your ‘cashback’ I would like to build upon this with what I would summarize as a “Gas Rebate Pilot Program”.

  1. Summary: I propose a gas rebate program in which stakers of a certain amount are refunded a percentage of gas fees in the form of KNC token. This feature could be tested on Ethereum, and extended to all chains in a separate governance vote.

A sample breakdown of the incentive structure:

Staking of 100 KNC allows users to get a 25% gas refund;

Staking of 1,000 KNC allows users to get a 50% gas refund;

Staking of 10,000 1INCH allows users to get a 75% gas refund;

Staking of 100,000 1INCH allows users to get a 95% gas refund.

Other considerations:

-Only transactions made through the KyberSwap Dapp (web or mobile iOS/Android) are eligible for the rebate. Any use of automated swap tools would be prohibited.

-Rebates would easily be paid out bi-weekly, manually claimed through a button.

-The DAO is encouraged to weigh in more on potential modifications to (a) both the rebate breakdown suggested above; and (2) the frequency of rebate rewards.

-I would propose an initial pilot program not to exceed 180 days where the DAO can evaluate its effectiveness and vote for a further extension, modification, or termination.

-Gas Rebate program would begin on Ethereum, possibly to be extended to other chains based on future votes.

  1. Tokenomics/Benefits:

-Frequent traders on Ethereum will be incentivized to not only buy, but hold, KNC.

-KNC holders will have other benefits besides voting.

-Rewards our most loyal DAO members on a dynamic scale.

  1. Backing research and data is limited, but see 4.

  2. Other similar token model from other DeFi project 1Inch (now deprecated):
    The 1inch Foundation extends the gas refund program | by 1inch Network | 1inch Network

  3. Difficulty level would be low, based only off the fact that it is a feature similar to the one OP already alluded that the team was looking into and that other protocols have implimented.

You can to my post on the KNC utility request page for more info, and kindly ‘up-vote’: Gas Rebate Pilot Program | Voters | KyberSwap

Please feel free to contact me on Discord (Tommi#9145) or follow me on Twitter (@CameronErickson). Thank you!

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