INSTANT Flash Lottery Prize with No Loss!

Hey guys, I have been thinking about this idea for a while (and I even made a quick app draft for it, link is at the end!) that I think it could be great for the Flash Protocol, giving more utility adding a random factor.

The idea is that everyone could add their FLASH tokens to a pool, which then the entire pool would be automatically flash-staked at a specific time every week and the upfront yield tokens will be given randomly to one of the users that are participating in the pool (something similar to PoolTogether, but the rewards would be higher due to the high yield rates in the flash protocol, and with one big difference: the prize will be delivered inmediately because of the nature of the protocol! …you will then have to wait for your FLASH tokens to be unlocked though as they will be flash staked in the protocol for the period being)

I think this would give more utility to FLASH token…even if someone has few tokens and can not get much tokens using the flashstake dApp (also because of the high fees limitations) they could add them into the pool, where one day they could be lucky, winning the weekly prize, making this decision of pooling the tokens in the lottery more beneficial!

Aditionally, some FLASH tokens could be added or minted from the foundation to these specific pools making the final yield rates a bit higher than in the flashstake dApp (as these tokens will not be participating in the drawn but they will be used when flashstaking in the protocol, giving more tokens rewards), so that people would be more encourage to use the lottery and leave the tokens sitting there, thinking that in the long-term is more beneficial despite in the short term they might not win.

I have made a quick draft so it is easier to understand and know aprox the prizes it could have (even without any FLASH tokens added from the foundation/incentives, only tokens from the users…if only 1 user enters the lottery pool, it would be the same as the person would have gone to the flashstake dapp and would have flashstaked for a week): https://flash-lottery.herokuapp.com/

I think this could be done easily in a few months (or even weeks!) and that it could be a great feature to be built on top of the protocol…what do you think? would people use it?

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Sounds like a cool idea but what would the gas fee structure be like? As someone with not much FLASH what’s preventing me from staking it is the gas fees, so if the fee structure is the same there still isnt much point :confused:

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I think that the gas fees would be a lot less as you only have to delegate the tokens to the lottery dApp once and you will just forget about it…after that, the lottery dApp will have to flash-staked them every week (and use gas fees every week for this) but people will have pay gas fees for delegating only once, when they decided to join…at least this is how it works in PoolTogether, you have to spend gas fees only once to delegate your tokens and then you just forget about them, the protocol then does all automatically each week.

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Epic idea!! As long as the fees weren’t high for the initial pooling then I am sure heaps of people would use that!

Maybe add a few options such as 2 week, 1 month, and 3 month Flashstake lotto? Give people choices for the length they want to lock in for. You would want to keep these time-frames relatively low to incentivize people returning improving the gamification factor.

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yeah, agreed. it would be fun, with a few different time-lock options, but will only really be possible if GAS fees are lowered. Hopefully that won’t be too far away with Optimism / L2s. Additionally, with Zynthetic, one could do this with any token, not just FLASH, but step-by-step.

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Yes, other pools with different time-lock future could definitely be added, they would have better prize rewards because of the longer period, but at first I think I would go with only one pool because of low liquidity/users…also another thing to consider would be adding more than one prize, like for example, 1st prize: one address receives 60% of the total tokens flash-staked, 2nd prize: other address receives 30% of the prize, and 3rd position receives the rest (10%)…this will make less prizes but better distribution/more winners each week

I agree with you all, its a brilliant idea!

IMO with current Gas fees the viability is not sure, with L2 it would be a good implementable idea

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Sound very good… The way I get it, is like a Flash collect from a number of users to Flashstake together and have one beneficiary each week. In my country, we call it “cotisations” in french.
These are some of my preoccupations :

  • is it the same amount of flash each user is putting in the lottery??
  • if there are 10 users participating, with the random chosing, will each user benefict each week for a total of 10 weeks?
  • how the time of staking is chosen?
  1. No, each user enters the tokens they want: the more they put, the bigger chances they have in the pool (you can check this at the demo app: https://flash-lottery.herokuapp.com/ ) but also the extra tokens they will win will be fewer comparing to just using the normal dApp. The less they put, the less chances of winning they have, but they would get a lot more rewards as flashstaking on their own.
  2. No, it could happen that a user doesn’t win in any of the 10 weeks because of the random factor. Also, it depends much on how many tokens each user has entered…if a user entered only 0.1% of the pool the chances are very low that he will win in any of the 10 weeks (but if the user wins any, will be a lot of money compared to just flashstaking)…if a user has 50% of the pool, chances are that he will win 5 weeks of the 10 weeks, but could be less or more because of the random factor.
  3. I chose a week as it is what is being used in PoolTogether and because I think is the right duration to make it more dynamic but this could be decided to the community or give different pool options with different timeframes…if it is monthly, the prizes are going to be bigger, but the users will have to wait for a full month so its a bit more boring and not as dynamic as weekly…
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Thanks for these clarification’s. Sound very interesting

Just want to say, thank you for bringing this idea forward. Love the enthusiasm, and I think it would be a great feature to implement.

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