Proposal to Further Incentivize Ignition Hackathon Builders

PsyOptions has committed to sponsoring a $30,000 prize for the Solana Ignition Hackathon which is running from August 31st, 2021 to October 8th, 2021. This is not only to give back to the community as previous hackathon winners ourselves, but also to incentivize new builders to help us fulfill the vision of making PsyOptions one of the foundational DeFi primitives for the Solana ecosystem.

This prize sponsorship alone will get us closer to fulfilling our vision, as the winner is likely to find sustained success within the Solana ecosystem. In turn, they will bring benefits to the PsyOptions Foundation such as increased TVL, revenue generated, a “proof of concept” on the flexibility and composability of PsyOptions, and more. However, I would like to propose that we up the ante, and award the runner ups with cash compensation as well.

In order to realize our vision of becoming a foundational DeFi primitive within the Solana ecosystem, we must bootstrap the network. Rather than giving the teams who end up not winning the PsyOptions prize a pat on the back, we need to reward them for their effort, and incentivize them to continue building out their product. The more teams we have building on top of PsyOptions, and further increasing its value proposition and moat within the market, the better.

My proposal is simple: in addition to the $30,000 grand prize, we should also award a prize to second place, and a prize to third place. The amount of work done that benefits the community for the total cost of sponsorship is at least 10x greater than what we’re receiving from any one member on our core team. This also establishes a sense of good will between us and the teams building on top of PsyOptions; they know we will take care of them.

The total amount awarded to second place and third place is up for discussion, and I would love to get feedback from both our community members as well as the hackathon participants themselves. I would also like to add the stipulation that these second and third place projects must be “finished products”. What a “finished product” is would be up to the discretion of the PsyOptions core team.

To take it a step further, we should also flesh out an incentivization program that runs indefinitely. We want to make PsyOptions the go to place for up and coming builders in the Solana ecosystem.

If you want to go fast, go alone. If you want to go far, go together.

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This a wonderful idea for all the mentioned reasons. A few questions would be:

  1. Where would the money for the 2nd-3rd place winners derive from?

  2. How much total should we award? (ex. No more then $15,000). Would be cool to give 2nd place $10,000 and 3rd place $5,000.

  3. Time frame: For the Hackathon, would projects need to be “fully completed” by the October 8th end date or will this continually run until we have 3 completed projects. If we don’t have 3 fully completed projects, should we extend the timeline to help promote teams to finish?

It would be nice to reward these winners with a future governance token. Their teams will have a say in how PsyOptions can be built towards the future.

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I think the timeline could be extended for those that don’t finish by the 8th but are serious about contributing to the PSY DAO. The ultimate goal is to spur development and gain new contributors, so any flexibility that makes them more comfortable to get involved is worth it

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