Bribe Pots: The Incentives Lego for DAOs on Snapshot
Bribe Pots is the incentives lego of Bribe Protocol which allows DAO token holders to receive compensation from those interested in influencing a proposal outcome or amassing voting power. Buyers deposit incentives to reward their supporters, and Bribe users can claim those incentives after voting. They no longer need to stake in the protocol to earn bribes.
Initially, Bribe users will vote manually for their preferred incentives. Later, voters can delegate to Bribe for yield-optimized bribing — the protocol will automatically vote for the choice with the best offered incentives. For now, Bribe accepts incentives in the native currencies of integrated protocols, and a performance fee of 4% is applied to each incentive. We are exploring options to whitelist other currencies for incentives, including BRIBE. Incentives deposited in BRIBE would not be subject to fees. All incentives are deposited on Polygon, even if the underlying DAO is on a different network. Excluding gas, there is no cost for voters to use the protocol.
We are excited to partner with QiDAO as the first Bribe Pots integration. The Pots framework is also easily replicated for any protocols using Snapshot for governance. For integration inquiries, email info@bribe.xyz or reach out on Discord.
Bribe Pots on QiDAO
QiDao is an autonomous, community-governed protocol that allows users to borrow stablecoins interest-free against crypto assets used as collateral. Loans are paid out and repaid in MAI, a stablecoin soft pegged to the USD. MAI is created when a user locks up tokens in a vault as collateral. Users can then use MAI while maintaining ownership of the locked collateral tokens.
QiDao’s governance recently passed QIP047 to instate a gauge for vault incentives. Passage of this proposal empowers Qi holders to decide which collateral types will receive borrow and vault incentives for MAI. Every two weeks, Qi holders vote on the distribution of vault incentives, a set amount of rewards, to various collateral types. This is where Bribe demonstrates a critical use case. We will enable buyers to deposit incentives for Qi holders who support certain collateral types in these bi-weekly gauge votes. Bribe currently accepts incentives for QiDAO in MAI.
Bribe Pots on Snapshot
Snapshot is an ever-growing decentralized voting system that provides governance infrastructure to more than 6,000 listed projects, including Uniswap, Gitcoin, and Sushi. Bribe V1 prioritized custom built integrations like the Aave Bribe Pool. However, Bribe Pots was developed for rapid scalability, as it can integrate with any protocol using Snapshot governance.
Similar to Bribe’s coalition model, governance token holders maintain 1:1 ownership of their tokens while receiving compensation for their voting power. Bribe Pots, however, allows buyers to set amounts they are willing to pay for users to vote according to their directive, known as incentives. This puts more bargaining powers in the hands of voters. The incentives generated from the Pots are distributed as rewards to token holders who vote, while buyers are able to amass voting power towards their cause.
There are two sides to Bribe Pots; buyers and voters. Buyers enter Bribe Pots and set incentives for a certain vote on a specified protocol. This category of user is driven by a desire to bring about specific outcomes on a protocol, similar to bidders on the current auction mechanism of Bribe. Just as the highest bidder pays token holders to use the collected voting power of our coalition, buyers on Bribe Pots pay token holders (voters) to steer their voting power on a proposal or gauge vote in a specific direction. Voters can then claim incentive rewards set by the buyers after voting manually.
How to use Bribe Pots
The Bribe Pots user flow is simple. Any user can create an incentive by selecting a vote choice (for example, yay or nay on a given proposal or a gauge to support) and selecting the reward amount. Those who wish to earn these incentives are redirected to vote on the proposal and can return to Bribe to claim their rewards after the voting period has ended. Incentives are distributed proportional to the number of votes submitted per voter.
Buyers:
- Create your incentive — select a vote choice and reward amount at app.bribe.xyz
- Users will vote according to your directive to earn incentives
- Incentives are distributed at the end of the voting period — you may retrieve any incentives not claimed by eligible voters after 90 days.
Voters:
- Examine available incentives and select the pot you would like to earn bribes from
- Vote in the specified direction on app.bribe.xyz or Snapshot
- Come back to claim your rewards after the voting period has ended
The Future of Bribe Pots
The introduction of Bribe Pots demonstrates our commitment to radically transforming DeFi governance through transparent voter incentivization. Bribe Pots plans to offer bribing opportunities to a host of Snapshot DAOs, as well as custom builds for projects like QiDAO. The introduction of Bribe Pots also lays the foundation for Bribe Pro, our governance market ecosystem which compensates voters with incentives from buyers (Pots), offers automated voting for the best offered incentives (Delegation), and empowers BRIBE holders to govern key parameters of the platform (veBRIBE). Stay tuned for updates on Bribe Pots and other developments from Bribe!
About Bribe
Bribe creates DAO infrastructure tooling to incentivize protocol participation. Bribe V1 introduces Voter Extractable Value (VEV) to coordinate and auction powerful coalitions of DAO votes. Depositors stake their governance tokens in the Bribe Pool to earn income. Bidders borrow the staked votes to support or reject governance proposals. Bribe V2 introduces Bribe Pots, the incentives lego of Bribe Protocol. Buyers interested in amassing voting power deposit incentives to reward supporters, and users claim those incentives after voting. They no longer need to stake in the protocol to participate.
Bribe is best used as part of a well-balanced and active delegation strategy. For more information, visit:
